Level 3 (L3) data, which display all the individual messages in the limit order book (LOB), are large and complex datasets, leaving most firms unable to derive meaningful analytics from them because of data noise, non-normalised data sets across venues, complications with legacy infrastructure, severely constrained quant resource, and a lack of execution performance analytics tools.
BMLL Technologies, the cloud-based Capital Markets Data-Engineering-as-a-Service company, launched it’s Derived Data Service, which enables market participants to consume bespoke metrics derived from the most granular message-by-message exchange data directly into their trading systems both at speed and at scale.
BMLL’s Derived Data Service is democratizing the access to L3 data in multiple delivery formats and directly to a firm’s production environment. The competitive edge offered by BMLL optimizes customers’ trading strategies through increased levels of insights and transparency, improving
performance while lowering execution costs.
Ben Collins, Head of Sales at BMLL Technologies, said:
“Our goal is to democratize and broaden access to derived metrics and analytics from Level 3 data for market participants, their research, and quant teams. We have already carried out the hugely complex engineering tasks necessary to integrate data, hardware, and analytics into a single
managed platform that operates both at scale and at speed. Our clients can outsource the processes of data curation, normalisation, and data engineering for derived data to us, allowing them to make more informed decisions and focus on alpha generation and execution efficiency.”
Elliot Banks, Chief Product Officer at BMLL Technologies, commented;
“What is unique to the service is that public exchange data can be combined with a client’s private data to create bespoke derived data. This derived data can support decisions throughout the trade lifecycle, including pre-trade decisions, real-time feedback, and post-trade reporting. Built by world-class data scientists, the platform is flexible and scalable, allowing a client’s data strategy to be enhanced or accelerated at relatively low cost.”
According to the statement, the BMLL Derived Data capability can process 225 billion messages in a matter of hours and provides a collaborative framework for completely customizable time-series data sets and uses the most granular tick-by-tick data from primary equity and derivatives exchange, delivered in a range of market standard formats.
The London-based firm also targets research scientists who need a platform to immediately lever their statistical skills and quickly and efficiently investigate the problems their organization faces. BMLL hosts historical data for all global liquid electronically traded securities.