News, Insight and Events | BMLL

News, Insight and Events

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7 January, 2026

The data beneath the surface: what the first month of Reg NMS changes actually revealed

The US equity market is undergoing major structural change, and early analysis of the first Reg NMS updates shows that while reported liquidity metrics have shifted, underlying liquidity has not - only the way it is measured. Changes to round lots, upcoming fractional share reporting, odd-lot NBBOs, and dynamic tick sizes mean firms can no longer rely on top-of-book data without risking flawed analysis and backtests. At the same time, structurally growing overnight and hidden liquidity underscore the need for granular Level 3 data to trade, manage risk, and generate alpha as the market heads into 2026.

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24 November, 2025

Competing in today’s dynamic markets with faster, smarter execution analytics: How a leading $1.5 Trillion AUM asset management firm leveraged BMLL data to optimize TCA workflows

How a leading $1.5 Trillion AUM asset management firm leveraged BMLL data to optimize TCA workflows

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27 October, 2025

A New Chapter: Nordic Capital to Accelerate BMLL’s Mission

This is truly a proud day for BMLL, for our clients and our team as we announce that Nordic Capital is acquiring BMLL. Only a few months ago, I talked about the game-changing years we’ve had, but now, we are playing in a different league. Let’s be clear - this is more than just an acquisition; it is a profound partnership built on a joint commitment to acce...

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8 January, 2025

Aggregated metrics to better understand the market

A selection of 7 aggregated metrics to better understand the market, including Volatility, TWA Spread, Quote to Trade, Mean Resting Time, Notional Liquidity Around BBO, Fill Probability and Auction Dislocation.

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18 December, 2025

BMLL Market Lens: European Liquidity Maps

BMLL Market Lens: European Liquidity Maps provides insight into the fragmentation of European equity markets via a view of all Cboe Europe All Companies index constituents across the major European trading and execution venues over a 12-month period.

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4 December, 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, Volatility, Iceberg order (CME produce only), and more. You can access the full picture of an individual future product, in a six month time span.

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27 November, 2025

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 13-month period.

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27 October, 2025

(Round) Lots of Change: What the upcoming Reg NMS changes mean for trading

The new rules have the potential to alter order queue dynamics, execution priority, routing decisions and price discovery. Understanding the impact of these changes, and what it means for trading, is critical for market participants in order to manage risk and to continue to trade effectively. In this article, we analyze some of the key Reg NMS changes, and what these might mean for market participants.

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20 October, 2025

Would you hire Picasso to paint your living room?

I’m sure we’d all want to say yes, knowing that this wouldn’t be the best use of his time and skills. By the same token, every day, some of the industry’s most experienced quants, hired at great expense, spend 80% of their valuable time scrubbing data before they can start using it. But is that the best use of their skills? That debate is now over. And here is why.

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3 October, 2025

Accelerating Market Insight with BMLL Trades Plus

BMLL Trades Plus is a dataset that links trades and quotes to give users a richer, holistic view of intraday market dynamics. This article highlights how Trades Plus helps buy-side firms optimise routing, brokers benchmark algorithms, and venues assess performance - delivering deeper insights with less complexity.

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29 September, 2025

Enhancing Venue Performance: How Aquis Markets Built an Analytics Solution with BMLL to Drive Growth

Aquis Markets selected BMLL to scale its analytics without building a complex in-house data system. Aquis combined its own data with BMLL harmonised market data to compute custom KPIs, benchmark members, and assess liquidity and market quality. This approach reduced cost and complexity, sped up analysis, and supported business development by enabling rapid, actionable insights.

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17 September, 2025

Garbage In, Losses Out - What defines high-quality historical market data, and why it matters

In this article, Dr Elliot Banks explores what makes good quality, usable historical market data, and the key questions to ask when sourcing it.

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1 September, 2025

Scaling Historical Trading Data Storage Using Amazon S3 with BMLL

Learn how financial data and insights provider BMLL is storing petabytes of historical financial data at scale on AWS.

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6 August, 2025

Powering Smarter Execution: How KCx Built a Best-in-Class SOR with BMLL

KCx partnered with BMLL to accelerate the development of KCx Spark, a Smart Order Router designed to deliver best execution across fragmented European equity markets. By leveraging BMLL’s harmonised Level 3 data and scalable analytics platform, KCx rapidly moved from data exploration to live execution without the burden of internal data engineering. This collaboration laid the foundation for KCx’s broader trading technology transformation, including the future development of its next-gen platform, KCx Omni.

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24 June, 2025

Into the Close: Unpacking U.S. Closing Auction Dynamics and the Impact of the Russell Reconstitution

This article examines U.S. closing auctions and their behavior during the annual Russell Reconstitution. It shows how different exchanges (NYSE, Nasdaq, NYSE Arca) and order types (like NYSE D-Orders) impact price formation, and how auction volumes and imbalances spike on rebalance day. Understanding these dynamics and historical data is key for traders managing execution and risk into the 2025 reconstitution.

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