BMLL, an independent provider of historical Level 3 data and analytics for global equity and futures markets, has expanded its coverage by adding Asian markets. It added Level 3 data from CBOE Japan, Japannext, and Singapore Exchange.

BMLL Expands APAC Data Coverage

Announced on Monday, the recent expansion complemented the already available equities and ETF data for Tokyo Stock Exchange within the BMLL product suite.

Paul Humphrey, the CEO of BMLL, stated: "The demand for high-quality historic market data has grown exponentially as participants need to understand market or venue behaviour across the US, EMEA, and APAC. They need to get the full picture of market quality, liquidity, and order dynamics to ultimately make better-informed decisions on the markets they trade and the venues they run."

BMLL was established in 2014 and offers services to several Tier-1 clients, including investment banks, exchanges, and buy-side firms. Some of its clients are the Financial Conduct Authority (FCA), NYU's Quant Team, and Kepler Cheuvreux's teams. The platform provides Level 3 data from 65 venues and in 3 asset classes.

The latest addition of coverage for Asian exchanges would benefit buy-side firms and even sell-side execution firms, specifically the ones looking to enhance their products with level 3 order book data and analytics.

"It is our mission to continue to democratize access to Level 3 data and analytics and widen our data coverage across global jurisdictions. With phase one of our APAC data coverage expansion complete, we are delivering on the strategy we set out following our successful Series B fundraiser in October 2022. Further exchange coverage announcements to follow in due course," Humphrey added.

Further Expansion in Pipeline

The addition of the data coverage from the three Asian exchanges by BMLL came as the first phase of the company's Asia Pacific expansion efforts. However, the company did not disclose the next market in the region it would target.

BMLL's expansion efforts came a few months after the company raised $26 million in a Series B funding round for expanding its data coverage across global markets. According to Crunchbase, the company raised $11.7 million in earlier rounds.

"Expanding our data offering to include APAC moves us closer towards our goal of having global coverage to benefit our community of users," said Dr Elliot Banks, the Chief Product Officer at BMLL.

"Exchanges across APAC, EMEA, and the US can carry out venue analytics, compare equities and ETFs, without the need to buy, curate and harmonise data. They can do this across a much larger, global market that now also includes Japan, a fragmented trading environment with multiple venues. What's more, regulators are now able to not only analyse the European and US markets, but also follow the development of Asia markets, which have different regulatory structures."

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