Market Insight

Stay ahead of evolving market dynamics with expert perspectives, research and analysis from BMLL.

Our Market Insights bring together observations from across the capital markets ecosystem, helping firms better understand market behaviour, optimise execution strategies and uncover opportunities through high-quality historical data and analytics.

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BMLL Market Lens: European Liquidity Maps

How you read the European tape depends on which viewpoint you take. This month only and in the context of ESMA...

17 July, 2025

Billion-dollar World Cup Kalshi market ends with Spanish-speaking winner

BMLL Level 2 data shows that $1.16 billion of outright World Cup contract notional traded on Kalshi through 15 July 2026. We explore trading conditions of Kalshi outright...

16 July, 2026

BMLL Market Lens: View From The Feed

A selection of 10 aggregated metrics to better understand the market, including Volatility, TWA Spread, Quote to Trade, Mean Resting Time, Notional Liquidity Around BBO, ...

9 July, 2025

View From The Feed - Futures

Using BMLL’s granular Level 3 Data, explore the micro-structure for a variety of future assets. The metrics used to describe the market state include Liquidity, Volatilit...

2 July, 2026

BMLL Market Lens: US Liquidity Maps

BMLL Market Lens: US Liquidity Maps provide insight into the US equity markets with a view of the top 500 US stocks across the major trading and execution venues over a 1...

26 June, 2026

Measuring ICE Futures Liquidity Beyond the Lit Book

When 39% of cotton futures trading occurs via ICE implied order book, building an exhaustive view of executable liquidity becomes critical.

16 June, 2026

Beyond the Headlines: The Market Mechanics Behind SpaceX's First Day

SpaceX (SPCX) traded US$85.3 billion on 522 million shares, or 94% of float, during its first trading session. It closed 19.2% above its US$135 offer price and 7.3% above...

10 June, 2026

The "Buy to Build" Paradigm: Redefining Data Strategy for Buy-Side Execution

Buy-side trading desks are moving away from costly in-house data management toward a "buy to build" model — purchasing clean, normalised data from vendors so teams can fo...

6 May, 2026

BMLL at TradeTech 2026 - BMLL Trades Plus

At TradeTech, Sybille Mueller, Streets Consulting, spoke with Dr Elliot Banks, BMLL’s Chief Product Officer, about BMLL Trades Plus. Designed to bring everything needed ...

23, April, 2026

How Options Flows Move Equity Markets: Insights from High-Quality Historical Data

In this analysis, we demonstrate how you can capture these interconnected market behaviours by combining two complementary datasets: SpiderRock's options volatility surfa...

21 April, 2026

Decoding Geopolitical Risk: A Level 3 Market Microstructure Analysis of Crude Oil at the Start of the Iran War

Geopolitical risk in financial markets is typically understood as a macro phenomenon - stress escalates, supply is threatened, prices spike. But the order book tells a di...

20 April, 2026

From Fragmented Feeds to Strategic Edge: Inside the Exchange Data Revolution

From building self-serve analytics capabilities, to replicating each others' public research papers to launching new products and trading mechanisms, the message to the m...

14 April, 2026

Beyond the Checkbox: Reshaping Sell-Side Execution Analytics

In today’s markets, execution analytics has evolved from a best execution reporting chore into a front-line differentiator. What was once a reactive, box-ticking TCA proc...

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