BMLL has launched a new multi-purpose equities dataset, Trades Plus, as part of its bid to achieve large scale execution analysis and deliver greater market transparency in a single feed.
Dr Elliot Banks
The offering provides a singular dataset which combines granular historical trade data with BMLL’s proprietary trade classifications, L1 quotes, custom flags and order book analytics across global exchanges, and convert trade records into actionable intelligence that produces detailed transaction cost analysis (TCA), backtest execution algorithms and identify liquidity provision opportunities.
Specifically, the development is expected to remove the requirement to write and maintain the underlying code, helping users save time when handling data.
Additionally, the offering follows marks the first product developed following consultations with members of the BMLL Client Product Advisory Board (CPAB).
“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. To date, this has been a highly repetitive, iterative, and time-consuming process,” said Elliot Banks, chief product officer at BMLL.
“BMLL Trades Plus is solving a real-world problem. Our CPAB members told us they spend ‘all day long grappling with poor data’ and wanted to be able to get this new dataset off the shelf.
“BMLL recognises that many other industry participants are facing the same challenge, and we are committed to ensuring they have access to high-quality, usable data that enables better decision-making and supports the wider market.”
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Trades Plus is already available across Europe, and a US dataset is set to be launched at the beginning of Q4 2025.
Paul Humphrey, chief executive officer, BMLL, said: “Our mission is to elevate the standard of market data for the industry. Our CPAB members include sovereign wealth funds, global asset managers and sophisticated proprietary trading firms, including global banks and liquidity providers. These firms were grappling with the same issue – collating poor quality and disparate data sets into an acceptable, consistent and usable standard – so we knew we had to act.”
The launch follows BMLL’s recent strategic partnership with Broadridge Financial Solutions in August 2025, which integrates BMLL’s pre-trade analytics into the firm’s sell-side global order management system (OMS) and buy-side execution management system (EMS) – Xilix – in Japan to provide clients with new pre-trade capabilities.