BMLL Technologies and Wamid, the technology and innovation arm of Saudi Tadawul Group (STG), have agreed a multi-year strategic partnership which will see the firms launch a suite of tools tailored for the Saudi market.
Speaking to The TRADE, Paul Humphrey, chief executive, BMLL, said: “We’re thrilled with our latest partnership, which has come as a direct result the sophistication of what we’ve built around the world, working with the largest exchanges, sell-side and buy-side firms.
“We’re leveraging all of that expertise to deliver in this new region […] Both Wamid and ourselves are very excited about the prospects for our partnership. We’re both incentivised on both sides to grow – every good partnership has a win-win strategy and that’s what we have here”.
Specifically, the move will offer the market white-labelled cloud analytics tools – aimed at institutional investors, quants and analysts, the first of its kind for the Saudi market.
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“Our mission at BMLL is to democratise access to the most sophisticated market data and analytics of the highest quality, enabling firms to make better-informed decisions. This partnership is a testament to the trust global institutions place in our data and analytics solutions,” added Humphrey in an official statement.
Through the partnership, users will be able to access deep historical order book data and run advanced models in a Python-native environment.
In 2024, Optiver and CTC Venture Capital became the latest investors in BMLL, joining an investor base which includes: Nasdaq Ventures, FactSet, IQ Capital’s Growth Fund and Snowflake Ventures.
Looking ahead, Humphrey tells The TRADE that BMLL will soon add to its UK and US presence and look to form an APAC base in the near future as its partnerships and client penetration across both Asia and the Middle East ramp up.
He explains: “Historical data has for too long been the exhaust of the market data industry. It’s not an area that’s been invested into by the large market data companies because so far, real time and pre-trade has been more interesting.
“However, in the world we’re living in today, you can not have poor quality historical data. The only alternative for firms as they become more sophisticated is to build this product out themselves, because they don’t trust anyone else to do it. But they trust BMLL and many are building their quant strategies on top of our data.”