BMLL Technologies has said it will build a Derived Data desktop application on the OpenFin’s operating system under a new partnership.
The data engineering and analytics firm has teamed up with the operating system for finance, OpenFin, to create and deliver a Derived Data desktop application to buy-side clients. The companies expect the desktop app to be available by the second quarter this year.
BMLL said the data app will give its users access to market metrics compiled from Level 3 order book data, enabling traders, portfolio managers, risk and compliance officers a chance to grasp a greater understanding of the liquidity profile and risk of their portfolios. Clients can use the service to compare market quality and improve the execution of their trades.
As part of the collaboration, BMLL’s data and analytics will be made available to every user, including banks, buy-side and sell-side firms, technology vendors and the fintech community, in OpenFin’s ecosystem. Currently OpenFin is used to deploy over 1,200 applications across more 1,500 institutions in over 60 nations.
“The future of our industry is interoperable and collaborative,” said Paul Humphrey, CEO of BMLL. “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.”
Earlier this month, BMLL entered into a partnership with outsourced market data services provider EOSE to distribute its Derived Data service to new clients. EOSE will act as a sales resource for BMLL, working with the sales teams to expand its outreach to the industry.
“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,” Adam Toms, CEO of OpenFin, also commented.