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24 October, 2025

Goldman Sachs: How Well Are UK & EU Stock Markets Working?

Stock markets in the UK and the EU have transformed over the last decade as increased competition among trading venues and a shift in the composition of market participants have changed how and where trading happens.

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26 November, 2026

A-Team Insight - From Broker Bias to Independent Insight: The Case for Cloud-Native TCA

For years, the path of least resistance for buy-side transaction cost analysis (TCA) was simple: let the broker do it. To escape this fragmentation and gain an independent view, firms have traditionally faced a new dilemma, a binary choice between building a solution from scratch or buying...

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5 December, 2026

Study on consolidation and reducing fragmentation in trading and post-trading infrastructures in Europe

EU capital markets remain too fragmented and complex to support the SIU’s goals. Outdated, costly infrastructure and slow progress on legal harmonisation, especially in tax and securities law, continue to block integration. Interviews with about 100 stakeholders confirm that national legal...

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26 November, 2025

HRT and SIG execution quality steady in busier September market

Hudson River Trading (HRT) and Susquehanna (SIG) kept improving their share weighted-execution-quality edge in September as US equity volumes and retail price improvement covered by Rule 605 disclosures rebounded to US$422.5 million. Citadel Securities remained dominant in size, trading more than 28.9 billion shares.

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18 November, 2025

ESMA transparency changes set to backfire, SIs say

ESMA’s move from the double to single volume cap was promoted as an easing in regulation. But systematic internalisers say the move will result in dark volume moving to periodic auctions, harder to tailor liquidity provision in bilateral relationships, and an equally opaque post-trade liquidity picture.

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28 October, 2025

When size matters in options markets

While traders often compare options markets by number of contracts traded, that metric can be misleading — because the economic value of contracts differs across markets. Instead, you should use notional traded and premium traded to get a clearer picture of market size.

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10 September, 2025

A-Team Insight - BMLL Frees Quants from Data Prep with New Trades Plus Offering

Data and analytics provider BMLL has launched Trades Plus, a new equities dataset designed to eliminate the complex and time-consuming process of combining trade and quote data, a significant and resource-intensive challenge for quantitative analysts and trading firms.

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10 September, 2025

SIX Swiss Exchange - Trading InfoSnack #15: Mirror, Mirror on the Wall

The new data driven research feature of SIX Swiss Exchange examines the patterns of price setting and price mirroring across venues in a fragmented liquidity environment, resulting in important insights into the price formation process and its influence on liquidity and market share dynamics.

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3 September, 2025

Liquidity Landscape: EMEA Mid-Point Update

Year-to-date, the Europe 600 and US 500 indices have delivered comparable performance. After trailing its European counterpart by nearly 10% at the end of Q1, the US index has regained significant ground as Trump’s trade deals have taken shape and the Magnificent 7 has continued to set new highs.

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14 August, 2025

A-Team Insight - Broadridge and BMLL Partner to Embed Pre-Trade Analytics into Trading Workflows

Dr Elliot Banks, Chief Product Officer, BMLL, recently met with Mike O’Hara, A-Team Insight, to discuss how Broadridge is integrating BMLL’s granular Level 3 data and analytics infrastructure into its own tailored solutions.

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6 August, 2025

Markets Media - KCx Partners with BMLL to Speed Roll Out of New Trading System

KCx, the execution services division of independent European broker Kepler Cheuvreux, accelerated the development of its trading technology stack by using historical data from BMLL to build a new smart order router.

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16 July 2025

THE LIQUIDITY MATRIX

We are proud to have provided the highly granular Level 3 data in Oliver Wyman's recent report, addressing fragmentation in European equity markets and diving deep into the complexities of European market fragmentation and price discovery. It looks at striking the balance between deepening liquidity, innovation, and competition.

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15 June, 2025

Tragedy of the Commons - Price Formation Edition

Stefan Schlamp, Head of Quantitative Analytics, Deutsche Borse writes "Tragedy of the Commons - Price Formation Edition" using BMLL data.

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3 June, 2025

BMLL and Saudi Tadawul Group partner on launch of cloud-based analytics tools

Through the partnership institutional investors, quants and analysts will be able to access deep historical order book data and run advanced models in a Python-native environment.

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27 May, 2025

Unlocking the Value of Data as a Differentiator

Data access is no longer the challenge—it’s how well organizations manage and use it to create value. This requires a mindset shift: treating data as a product that is discoverable, trusted, and fit for purpose.

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