BMLL Tech launches derived data service for advanced trading analytics

BMLL Technologies announced the launch of its new Derived Data Service, which provides access to granular Level 3 Limit Order Book data as well as analytics based on this data. BMLL describes itself as a cloud-based capital markets Data-Engineering-as-a-Service company. The service means market participants can consume bespoke metrics derived from the most granular message-by-message exchange data directly into their trading systems both at speed and at scale. The BMLL Derived Data capability can process 225 billion messages in a matter of hours rather than days at a significantly reduced cost.

Before BMLL’s service, Level 3 data was only accessible to a handful of the most sophisticated trading firms, who spent millions of dollars to maintain an edge via data arbitrage. L3 data displays all the individual messages in the limit order book (LOB) and provides traders and researchers with visibility into the workings of the market. These datasets are large and complex, so most firms don’t have the computing infrastructure to derive meaningful analytics from them. The technical challenges they face include too much noise in their data, non-normalised data sets across venues, complications with legacy infrastructure, severely constrained quant resource, and a lack of execution performance analytics tools.

Elliot Banks, chief product officer at BMLL Technologies, said in a statement that public exchange data can be combined with a client’s private data to create bespoke derived data, which can support decisions throughout the trade lifecycle, including pre-trade decisions, real-time feedback, and post-trade reporting.

Read the full release

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