FactSet is collaborating with BMLL Technologies to offer its granular order book history and analytics in the cloud.
FactSet and BMLL’s initial offering will include Market by Price Level 2 Tick History, which aims to resolve data quality challenges associated with current industry Level 2 offerings.
The new offering builds upon BMLL’s historical Level 3 data engineering capabilities, allowing FactSet to bring an improved Level 2 product to market, providing clients with deep market insights and real-time data.
BMLL’s cloud-native data and analytics will provide the depth of venue coverage needed by FactSet’s clients across a range of use cases including quant research, back test, best execution, transaction cost analysis, compliance, surveillance and risk.
The collaboration comes as part of FactSet’s strategy to provide cloud solutions that help clients improve and modernise their market data technology, as well as expanding the firm’s real-time data and tick history capabilities.
FactSet’s joint solution with BMLL will allow clients to access Level 2 Data on a common delivery platform which FactSet claims will accelerate research, optimise workflow and trading strategies, and generate alpha.
“BMLL is a specialist provider of historic Level 3 Data. Our unique industry-leading normalisation and harmonisation processes, capturing every message at nanosecond precision timestamps, enable us to deliver the cleanest market data available anywhere in capital markets,” said Paul Humphrey, chief executive of BMLL.
The move follows BMLL’s latest $26 million Series B funding round, which was co-led by FactSet, among others, to provide market participants with the ability to make more informed investment decisions by accessing improved data and analytics.
“Through our collaboration and investment in BMLL, FactSet is empowering a broader set of clients and democratising access to rich insights derived from the full depth of historic order book data, which was previously only available to those with dedicated infrastructure and in-house capabilities to curate this level of data and analytics,” said Jonathan Reeve, EVP, head of content and technology solutions at FactSet.
“We share a common vision with BMLL and look forward to delivering a differentiated advantage to our clients by leveraging the full power of Level 3 granular tick data.”