BMLL Technologies launched its Trades Plus dataset today (Tuesday), marking the first time the market data provider has developed a product directly from feedback gathered from customers.
The new offering combines detailed trade records with proprietary classifications and market analytics, allowing trading firms to conduct execution analysis without building custom code. The product aims to address what the company says is a widespread problem among institutional investors who spend significant time managing inconsistent data feeds.
BMLL Launches Client-Driven Dataset for Trading Execution Analysis
BMLL created the dataset after receiving consistent feedback from members of its Client Product Advisory Board, which includes sovereign wealth funds, asset managers and proprietary trading firms. These clients reported spending considerable time combining different data sources to conduct transaction cost analysis and execution studies.
“Traders and analysts need to combine trade data with quote data to generate TCA, Best Execution Analysis or compare Market Quality, using a combination of data feeds,” said Dr. Elliot Banks, chief product officer at BMLL. “To date, this has been a highly repetitive, iterative, and time-consuming process.”
The company claims research that previously required 100 lines of code can now be completed with just three lines using the new dataset. The product includes BMLL's trade classifications, extensive trade flags and order book analytics in a single feed.
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Addressing Data Quality Challenges
Paul Humphrey, BMLL's chief executive, said the advisory board members described spending “all day long grappling with poor data” and wanted an off-the-shelf solution. The feedback prompted BMLL to consolidate various data elements into one standardized product.
“Our CPAB members include sovereign wealth funds, global asset managers and sophisticated proprietary trading firms, including global banks and liquidity providers,” Humphrey said. “These firms were grappling with the same issue – collating poor quality and disparate data sets into an acceptable, consistent and usable standard.”
One advisory board member testing the product noted the computational benefits of having trades automatically matched to quotes. The client highlighted the improved trade classification capabilities, calling it “a real and significant challenge for us and most of our peers.”
Market Expansion Following Recent Partnerships
The launch comes as BMLL continues expanding its market coverage and client base. The company recently partnered with Ultumus to enhance ETF trading analytics, with early results showing a European ETF issuer achieved a 16% reduction in spread threshold breaches and 12% performance improvement using the combined datasets.
BMLL also partnered with Wamid, the technology arm of Saudi Tadawul Group, to deliver Saudi Arabia's first cloud analytics platform for institutional investors and quantitative analysts. The multi-year deal provides market participants in the Kingdom with access to historical order book data through a Python-based environment.
Product Availability and Technical Specifications
Trades Plus is immediately available for European markets through BMLL's Data Lab research platform and Data Feed services, accessible via AWS S3, API, SFTP and Snowflake. The company plans to release US market data in early fourth quarter 2025.
The dataset includes distinct trade classifications for on- and off-exchange activity, filtering capabilities for retail and block trades, and order book analytics for calculating metrics like spread capture and price improvement. Users can access the data through BMLL's scalable Python research environment.
BMLL raised $21 million in strategic funding last October, led by market maker Optiver, following previous investments totaling over $60 million from Nasdaq Ventures, FactSet and other investors since its 2014 founding in Cambridge University's machine learning laboratories.
