BMLL Technologies has brought SpiderRock's US equity options analytics into its cloud research environment, giving Data Lab users access to the technology firm's Options Print Set data alongside BMLL's own historical order book records across equities, ETFs, futures and options.

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Options Print Set Lands in BMLL Data Lab

Under the arrangement, clients working in the Data Lab will be able to pull SpiderRock's print-level implied volatility and Greeks data alongside BMLL's Level 3, 2 and 1 market data for equities, futures and options.

The two companies said the combined environment is meant to support quantitative research, strategy development and market structure work, though neither firm named initial users or disclosed how many clients have already signed up to the joint offering.

Elliot Banks, chief product officer at BMLL, said the integration is designed to help users tackle "increasingly complex cross-asset questions," adding that the goal is to help them "accelerate research and generate deeper insight into market dynamics."

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The tie-up is the latest product collaboration BMLL has stacked on top of its core historical dataset since being acquired by Nordic Capital last October, following this week's disclosure of nine new hires across partnerships, sales, revenue operations, finance and engineering. Pricing for the new dataset channel was not disclosed.

Chicago-based SpiderRock is a trading technology vendor whose Data and Analytics arm sells institutional-grade options data to hedge funds, bank trading desks and proprietary trading firms.

The company also runs a broker-dealer, SpiderRock EXS, and a cloud-based trading platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term for options strategies, according to its website.

Joint White Paper Models Dealer Gamma and Hedging Flows

The data launch is backed by a joint white paper that the two firms say illustrates how SpiderRock's options analytics can be paired with BMLL's intraday equity records to estimate dealer gamma positioning and track how that positioning plays out in the underlying stock.

The paper argues that net short-gamma exposure can amplify intraday momentum through delta-hedging activity, a dynamic the companies say can be studied systematically using the integrated dataset.

Craig Iseli, chief operating officer at SpiderRock, said in a statement that "SpiderRock's options analytics are designed to help market participants better understand volatility and risk," and that distributing them through BMLL's research platform extends that use case further.

OPRA Push Puts BMLL Into a Busier US Options Data Market

The SpiderRock deal marks another step in BMLL's gradual build-out in US equity options, a segment where the company has been layering partner content on top of its own OPRA dataset.

BMLL first launched six years of nanosecond OPRA data in November 2024, and in early 2025 expanded an existing partnership with Exegy to stitch historical OPRA records to Exegy's real-time feed, targeting clients moving from research to production.

Rivals in the US options analytics Analytics Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision-making. In the trading space, analytics are applied in a predictive manner in an attempt to forecast the price more accurately. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analy Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision-making. In the trading space, analytics are applied in a predictive manner in an attempt to forecast the price more accurately. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analy Read this Term space include Cboe's LiveVol unit, which sells historical options data and analytics through Cboe DataShop, and OptionMetrics, whose IvyDB datasets have long been a reference point for academic and quantitative research.

ICE Data Services and Nasdaq also distribute historical options content, while Bloomberg and Refinitiv sit above the niche with broader cross-asset research environments.

Partnerships Stack Up a Year After Nordic Capital Deal

The SpiderRock integration slots into a pattern BMLL has followed across the past eight months, bolting partner data onto its cloud platform rather than building every dataset in-house.

In February, the firm teamed up with Features Analytics on market abuse benchmarking products. In March, it opened a year-long pilot with Tradefeedr to extend transaction cost analysis from FX into equities and futures. Earlier this month, the London-based firm plugged its order book records into Databricks, adding another cloud distribution channel.