Leaders in Trading 2022: Meet the nominees for…. Outstanding Market Data Provider

Learn more about the five firms shortlisted for our Editors’ Choice Award for Outstanding Market Data Provider this year: including big xyt, BMLL, Bloomberg, FactSet and Parameta Solutions, TP ICAP.

The TRADE is delighted to introduce the shortlist for this year’s Editors’ Choice, Outstanding Market Data Provider. The shortlisted market data providers have all experienced great years and achieved outstanding performance. Learn more about our shortlisted candidates below, including big xyt, BMLL, Bloomberg, FactSet and Parameta Solutions, TP ICAP.

big xyt

big xyt provides independent smart data and analytics solutions to the global trading and investment community. The market data provider allows firms to process and normalise large data sets on demand and in real time, allowing execution performance to be analysed, compliance with regulatory standards, and to reduce the complexity and costs of technology and operational requirements.

big xyt’s security analytics solution, Liquidity Cockpit, helped position the firm as an independent reference for equity market structure, alongside serving as a building block for more accurate benchmarking of global execution strategies. In addition, Open TCA, which is used for execution analytics, is redefining independent analysis with optimal flexibility for the user, according to big xyt. The firm provides actionable insights for complex markets, while providing flexibility for data scientists and clarity for decision makers.

Over the past year, big xyt has partnered with a number of firms to improve market data access. In November last year, big xyt and ETFbook partnered to improve transparency in European ETF/Ps. The partnership looked to make it easier to identify available products across any segment or exposure. In February, big xyt partnered with Cambridge University to launch a Global Exchanges Directory to centralise key information on major exchanges into a single portal for easy reference.

Elsewhere, Cowen Execution Services integrated big xyt data to drive European equities trading growth. The integration offers additional market structure visibility and provides clients with access to liquidity opportunities, Cowen said.


BMLL Technologies is a provider of harmonised, Level 3 historical data and analytics to the world’s capital markets participants. The firm offers banks, brokers, asset managers, hedge funds, global exchange groups and academic institutions immediate and flexible access to the most granular Level 3, T+1 order book data and advanced analytics, in a harmonised format.

Over the last 14 months, the company claims to have doubled  its revenue alongside adding Tier 1 clients including investment banks, exchanges, buy-side firms and regulators. In March, BMLL expanded geographically, with Tim Baker appointed as senior adviser, responsible for growing the firm’s US client base, and developing and implementing the company’s growth strategy in the region.

In November 2021, BMLL expanded into futures, offering full-depth Level 3 futures order book data from CME, Eurex and ICE in one harmonised format. Full-depth order book data covers equity indices, fixed income, short-term interest rates, commodities, cryptocurrencies and FX.

Elsewhere, BMLL introduced the Exchange Market Participant Analytics (EMPA) service in November last year – a managed service for exchanges to better analyse and understand their market participants. The service allows exchanges to analyse and report on granular executions per liquidity provider to benchmark and report activity. 

In February, BMLL also became one of the founding members of the Sustainable Trading initiative, a membership network set up by industry veteran, Duncan Higgins, to drive positive change in the financial markets trading industry by helping firms improve the ESG performance of their trading businesses.


Bloomberg’s market data feed generates value from data across the enterprise. A consolidated feed from 35 million instruments provides normalised data, enhancing analysis and decisions from front-office to operations. Bloomberg offers flexible delivery options including cloud and API, and with timely accurate data, enterprises are able to capture opportunities, evaluate risk and ensure compliance in fast-moving markets.

The Bloomberg Market Data Feed (B-PIPE) offers global connectivity to consolidated, normalised market data in real time. B-PIPE, which was built for the front-office, provides coverage of all the same asset classes as the Bloomberg Terminal.

Over the past year, Bloomberg has collaborated with a range of companies to offer improved market data access. In March, Bloomberg launched real-time data access on Google cloud. The Google cloud collaboration gives both front and back-office professionals access to Bloomberg’s tick-for-tick data and real-time analytics services.

In July, GAM Investments integrated a suite of solutions from Bloomberg in a bid to simplify its risk and portfolio management capabilities. The asset manager will use the suite of buy-side solutions to manage market risk exposure and liquidity and investment risk.

In June, Bloomberg revealed plans to launch new set of tradable trackers based on its own indices. Tradeable Trackers, the new indices set to launch in Q4, are expected to deepen liquidity and improve intraday price transparency.


FactSet offers data solutions that powers users’ investment workflows with hundreds of fundamental and alternative datasets backed by advanced data connectivity. FactSet offers over 40 years of data collection, integration, and management behind clients’ investment strategy and leverages open technology and flexible delivery options to maximise the value of clients’ data. The firm allows users to monitor global markets, research public and private companies, and gain industry-level insight with multi-asset class coverage, governance, and linking of financials, estimates, debt, ESG, news and research, and more.

In December last year, FactSet snapped up CUSIP as S&P Global ended its more than 50-year relationship with the company. As part of the acquisition, ‘Gold standard’ for securities identifiers, CUSIP became part of FactSet Content and Technology Solutions.

On the EMS side, FactSet has partnered with a couple of firms over the past year. BlackRock continued its Aladdin expansion with FactSet EMS integration in February this year. The multi-year partnership sees mutual clients of FactSet’s EMS and BlackRock’s flagship platform optimise trading workflows through a turnkey solution. Elsewhere, FactSet expanded its asset class offering with new fixed income trading capabilities. The offering on FactSet’s Portware trading solution allows clients to trade efficiently across more asset classes.

In July, State Street streamlined data flows through a partnership with FactSet. The collaboration promised an improved experience from client portals for equity, fixed income and multi-asset strategies.

Parameta Solutions, TP ICAP

Last year, Interdealer broker TP ICAP rebranded its data and analytics division and combined it with the post-trade business under one umbrella. Operating as Parameta Solutions, the new division includes TP ICAP’s data and analytics products and solutions with post-trade services. 

Parameta Solutions, TP ICAP offers OTC market data, from pre- to post-trade, which helps clients manage complex markets more effectively. The firm’s global platform offers clients access to scarce and valuable OTC market data and information-led products.

Parameta Solutions draws data from brands in the industry, including Tullett Prebon, ICAP and PVM, and covers all major asset classes.TP ICAP’s portfolio of brands offers deep liquidity pools and the firm’s pricing sources, technology infrastructure and delivery options help clients address their challenges. In addition, the company supports clients in meeting regulatory requirements, managing risk, improving operational efficiency and implementing new technology.

In August, Parameta Solutions partnered with PeerNova to launch a consensus network for independent price valuation. The two firms claimed that the service improves both business resilience and regulatory response by addressing the evolving risk environments for price valuation and control groups at banks globally.