BMLL has partnered with AI-driven surveillance solutions firm, Features Analytics, to support the development of new trade surveillance benchmarking and market integrity analytics products.
Paul Humphrey
Under the partnership, Features Analytics will build new surveillance benchmarking tools on top of BMLL’s harmonised historical Level 3, 2 and 1 order book data spanning global equities, ETFs, futures and US equity options.
The collaboration is designed to enable firms to independently measure how their surveillance frameworks are performing, including like-for-like benchmarking of market abuse detection rates across incumbent solutions.
The products will also provide “regulator-ready, explainable evidence trails grounded in real-world reconstructed order book behaviour,” according to the firms.
Paul Humphrey, chief executive of BMLL, said: “Market integrity and surveillance are a natural application layer on top of high-quality historical order book data. This partnership reflects our focus on enabling sophisticated workflows on top of BMLL data, now extending beyond market quality into market integrity and surveillance benchmarking use cases.”
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Specifically, the initiative is intended to address ongoing challenges around model benchmarking and risk measurement in trade surveillance, particularly where legacy, parameter-heavy systems generate high false positive rates and require continuous recalibration.
Cristina Soviany, chief executive and co-founder of Features Analytics, added: “Our mission is to help financial institutions stay ahead of regulatory requirements.. Access to deep, harmonised, high-quality historical order book data through BMLL’s Activate program supports faster development and validation of the new products we are bringing to market.”