News, Insight and Events

2 March, 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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26 February, 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 13-month period.

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19 February, 2026

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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12 February, 2026

View From The Feed

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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10 February, 2026

Beyond the Benchmarks: A New Era for the Buy-Side Desk

In this blog, Rob Laible reflects on a buy-side panel at the Equity Leaders Summit that explored how trading infrastructure and data are transforming the modern trading desk. The discussion moved beyond technical market structure to focus on the evolving role of traders, the alignment between portfolio intent and execution, data cost challenges, and how analytics and technology are reshaping execution strategies.

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6 February, 2026

UK market at close - where does liquidity really lie?

In 2025, UK closing auction activity increased significantly, with volumes rising from 33% to 42% of total lit trading. Although the primary exchange sets the official closing price, up to 20% of close-time trading now takes place on alternative venues such as MTFs and SIs, making visibility into close-price liquidity increasingly important.

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19 January, 2026

Periodic auctions: shaping the balance of liquidity for European equities

Periodic auctions (PA) are no longer marginal; they have come to shape European market microstructure and are now both measurable and actionable. In this article you can understand and adapt to these evolving market structural shifts with our insights into the rise of PAs and their impact on market microstructure.

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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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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 accelerate BMLL’s next phase of growth. With Nordic Capital by our side, along with Optiver as a minority shareholder, we are very excited about the future and the impact we will have on the way that the market thinks about and consumes historical market data.

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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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