BMLL welcomes Five Rings to its Client Product Advisory Board
Five Rings joins the BMLL Client Product Advisory Board alongside Berenberg, Kepler Cheuvreux, Norges Bank Investment Management, Optiver, Rothschild & Co Redburn, State Street Global Advisors and Stifel
London, New York, 28 May 2026, BMLL, the leading, independent provider of harmonised, Level 3, 2 and 1 historical data and analytics to the world’s financial markets, today welcomes Five Rings to its Client Product Advisory Board (CPAB).
Five Rings is a New York-based proprietary trading firm founded with a vision of combining quantitative expertise, rapid innovation, and highly-scalable technology to succeed in today’s global markets, trading in various domestic and international markets, both established and esoteric.
They join the CPAB in support of its mission to elevate the standard of historical market data for the benefit of the entire industry and to offer its breadth of technological and market structure expertise to help shape BMLL’s future product roadmap.
Five Rings values BMLL Data Lab, the scalable Python research sandbox that provides access to full-depth, Level 3 order book data; and BMLL Data Feed for flexible data delivery. With experience in quantitative trading across asset classes, Five Rings relies on high-fidelity data to explore new market opportunities, to make effective data-driven decisions, and to enhance its quantitative research and analytics workflows.
BMLL added OPRA options data in November 2024, and today, over seven years of historical, nanosecond unconflated OPRA options data are available to market participants globally, complementing BMLL’s existing US equity and futures datasets. OPRA options data is immediately available via BMLL Data Lab and BMLL Data Feed, via AWS S3, and at multiple levels of conflation that suit clients’ individual specific requirements.
Parker Lim, Head of Special Projects, Five Rings, said: “We work in teams of quantitative researchers, developers, and traders, continuously seeking new opportunities and deploying our strategies. BMLL’s high-quality data and research environment have become instrumental as we continue to expand into new markets and modes of execution, enabling us to perform reliable quantitative analysis to move quickly from insight to implementation.”
BMLL Chief Executive Officer, Paul Humphrey, said: "The CPAB continues to gain strong momentum as a client-led initiative, and we’re delighted to welcome a highly sophisticated firm like Five Rings to the community. Leading firms like theirs are placing trust in our data normalisation capabilities and are increasingly leveraging our historical data to shape their global strategies.
While their involvement gives them visibility of and input into the evolution of BMLL’s product offering, their contribution to the CPAB provides us with valuable insight as we look to elevate the standard of historical market data across the industry.”
Launched in February 2025, in response to client requests, the CPAB is a forum that aligns the leading sovereign wealth funds, asset managers, banks, liquidity providers, and proprietary trading firms around a common goal: to set the standard of historical data across the industry. Specifically, member firms collaborate and define best-in-class data symbology and normalisation processes and protocols, data delivery methods and coverage needs, and make these available to the wider market.
Globally, BMLL’s historical market data now covers more than 100 trading venues, spanning global equities, ETFs, futures and US equity options; its equities offering covers 100% of the MSCI World Index.
ENDS
About BMLL
BMLL Technologies is the leading, independent provider of harmonised, Level 3, 2 and 1 historical data and analytics to the world’s most sophisticated capital market participants, covering global equities, ETFs, futures and US equity options.
BMLL offers banks, brokers, asset managers, hedge funds, global exchange groups, academic institutions and regulators immediate and flexible access to the most granular Level 3, 2 and 1 T+1 order book data and advanced pre and post-trade analytics. BMLL gives users the ability to understand market behaviour, accelerate research, optimise trading strategies and generate alpha more predictably.
Founded in 2014 in the machine learning laboratories of the University of Cambridge, the platform enables researchers and quants across global financial services firms to apply complex statistical techniques to BMLL’s unique big-data sets with applications such as market impact, pre and post trade analytics, order book simulation and compliance. Users no longer need to buy, curate and harmonise data. With BMLL, they gain cost-effective, instant access to a cloud-native Data Science environment via a single web portal, with a long history of the most granular, full order book data across global equities, US equity options, futures and ETFs for back-testing and simulation, delivered directly into their workflows.
In October 2025, Nordic Capital acquired BMLL. The investment was made in close partnership with the management team of BMLL and minority shareholder Optiver, marking a joint commitment to accelerate the company’s next phase of growth. Before this, BMLL secured $21 million strategic investment in October 2024, led by Optiver; $26 million Series B investment in 2022/2023; and $36 million in Series A and seed funding rounds.
For more information please explore our website and follow us on X (Twitter) and LinkedIn.
About Five Rings
For more information on Five Rings please explore their website: https://fiverings.com/
