BMLL Technologies is collaborating with OpenFin, the operating system (OS) for finance, to build their Derived Data desktop application which will be designed for the buy-side to review portfolio performance.
Buy-side users will have access to market metrics created from the most granular Level 3 order book data, to analyze and visualize their portfolio over time, thus gaining a deeper understanding of the liquidity profile and risk of their portfolio and associated trades.
Traders, portfolio managers, risk and compliance officers will be able to screen for, highlight, view, and compare market quality metrics in order to measure and improve their execution performance and assist with best execution oversight.
The Derived Data desktop application will be delivered to trading participants in Q2 2020. The firm will add execution analytics, market impact and trading costs, and tools to visualize the order book during 2020.
The OpenFin OS is used to deploy over 1,200 applications across more than 225,000 desktops at 1,500 institutions, in more than 60 countries. Interoperability allows them to share information, intent, and context with third-party apps in a permissioned manner. By building on OpenFin, BMLL will make its data and analytics available to OpenFin’s ecosystem of users, including banks, buy-side and sell-side firms, technology vendors and the fintech community at large. Moreover, BMLL’s Derived Data desktop app will be fully interoperable with other third-party applications.
Elliot Banks, Chief Product Officer at BMLL, commented: “We are very excited to be working with OpenFin to build our Derived Data application on the OpenFin OS. The speed of development, ease of integration into existing desktop environments and interoperability with other applications is a very powerful combination. It means that our customers can quickly and easily access the most granular data and analytics they need, delivered directly into their trading systems, at speed and scale, while enhancing their existing workflows.
Paul Humphrey, Chief Executive Officer of BMLL, added: “The future of our industry is interoperable and collaborative. Building on OpenFin is a strategic decision for us; it enables us to make our derived data and analytics available to the wider OpenFin community and help them extract the maximum value from the data they consume. We have seen unprecedented levels of volatility and trading volumes recently, so it is more important than ever for the industry to understand what’s going on in the markets, be able to analyse trading activity and improve execution performance”.
Adam Toms, CEO of OpenFin Europe, added: “We are delighted to welcome BMLL to our community of users. BMLL brings a unique set of capabilities to the OpenFin ecosystem; their derived data and analytics tools are invaluable for all market participants, helping them unlock the predictive information embedded in pricing data to optimise their trading strategies. We look forward to continuing our collaboration with BMLL to make additional analytics available on
financial services desktops throughout 2020.”
