Wamid, the technology division of Saudi Tadawul Group, has formed a multi-year partnership with BMLL Technologies to deliver the Saudi market's first white-labeled cloud analytics platform for institutional investors and quantitative analysts.

Wamid And BMLL to Launch Saudi Arabia's First Cloud-Based Market Analytics Platform

The collaboration will provide market participants in Saudi Arabia with access to comprehensive historical order book data and the ability to execute complex financial models through a Python-based environment. This is the first platform of its kind in Saudi Arabia, representing a major step forward for the region's financial technology sector.

It will enable quantitative teams, analysts, and institutional investors to access detailed historical trading data while running sophisticated analytical models. Users will be able to analyze market behavior patterns and optimize trading strategies through cloud-based tools that eliminate the need for internal data curation and harmonization.

“We are thrilled to partner with Wamid and support the Kingdom's ambition to create a more transparent and advanced market ecosystem,” said Paul Humphrey, Chief Executive Officer of BMLL. “Our mission at BMLL is to democratize access to the most sophisticated market data and 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 of the highest quality, enabling firms to make better-informed decisions.”

BMLL Technologies, an independent provider of Level 3, 2, and 1 historical market data, brings extensive global coverage to the partnership. The company's data encompasses 100% of the MSCI All Country World Index, including equities, ETFs, futures, and US equity options across more than 100 trading venues worldwide.

Kingdom's Capital Markets Get Major Tech Upgrade

The partnership reflects broader efforts to enhance Saudi Arabia's capital market infrastructure and attract institutional investment. By providing access to advanced analytics tools previously unavailable in the region, the collaboration aims to support more sophisticated trading strategies and improve market transparency.

The platform will deliver T+1 order book data and pre- and post-trade analytics directly into users' workflows, enabling applications such as market impact analysis, order book simulation, and compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term monitoring. This eliminates traditional barriers associated with data acquisition and processing for financial institutions operating in the Saudi market.

The partnership reflects Wamid's ongoing efforts to bring advanced financial technology to Saudi Arabia, supporting Saudi Tadawul Group's broader market development goals.

BMLL Background and Funding

BMLL Technologies, founded in 2014 within the machine learning laboratories of the University of Cambridge, recently secured $21 million in funding during Q4 2024. The investment round was led by Optiver, with participation from CTC Venture Capital and existing investors including Nasdaq Ventures, FactSet, IQ Capital's Growth Fund, and Snowflake Ventures.

The company has raised a total of $83 million across multiple funding rounds, including a $26 million Series B investment in 2022/2023 and $36 million through Series A and seed rounds. This financial backing has supported BMLL's expansion across global financial markets and development of its cloud-native data science platform.

This Wamid move marks another collaboration for BMLL this year, following its expanded partnership with Exegy several months ago, which concentrated on combining historical and real-time data for U.S. equity options trading.

Earlier, the company also established a partnership with Pico, a financial markets technology service provider, designed to address increasing demand for concurrent access to both real-time and historical data, with objectives of enhancing research capabilities, liquidity analysis, and trading performance.