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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 surface data to estimate dealer gamma positioning, and BMLL's high-frequency equity market data.
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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 different story. Using BMLL Level 3 data, containing every insert, cancel, and execution at every price level, we show tha...
19 March, 2026
How Building an Equities Business Changed Our View of Liquidity
Liquidity isn’t just trading volume—it’s fragmented and often hidden across multiple venues. Building an equities business revealed that relying on traditional data gives an incomplete picture, so understanding liquidity requires a broader, more holistic view.
