FactSet and BMLL collaborate to provide cloud-based granular historical tick data and analytics

By Edlyn Cardoza

FactSet, a global provider of integrated financial information, analytical applications, and industry-leading services, announced its collaboration with BMLL Technologies (BMLL) to offer the company’s granular order book history and analytics in the cloud.

The initial release of the FactSet-BMLL offering includes ‘Market by Price’ Level 2 Tick History, which addresses the data quality challenges with current industry Level 2 offerings. By building upon BMLL’s leading historic Level 3 data engineering capabilities, FactSet brings a Level 2 product to market, equipping clients with deep market insights and real-time data.

BMLL’s high-quality, cloud-native data and analytics offer the breadth and depth of venue coverage that seamlessly complement the needs of FactSet clients across a wide range of use cases, including Quant Research, Back Testing, Best Execution, Transaction Cost Analysis (TCA), Compliance, Surveillance, and Risk. 

Paul Humphrey, CEO of BMLL, said, “BMLL is a specialist provider of historic Level 3 Data. Our unique industry-leading normalization and harmonization processes, capturing every message at nanosecond precision timestamps, enable us to deliver the cleanest market data available anywhere in capital markets. We are excited to work with FactSet to offer our products and services to its global client base.”

The collaboration represents a continuation of FactSet’s strategy to provide innovative cloud solutions that help clients modernise and improve their market data technology. It also reinforces the company’s commitment to expand its real-time data and tick history capabilities.

FactSet recently made its entire global archive of Level 1 Tick History across 300+ venues accessible via a cost-optimised solution in Snowflake, enabling clients to access ready-to-query, normalised data without having to download and store petabytes of data themselves. The tick data can be easily combined with any of FactSet’s other content sets available in Snowflake, such as Corporate Actions, Symbol History, Sentiment Data, Fundamental Data, Event Transcript Data, and more. 

“Through our collaboration and investment in BMLL, FactSet is empowering a broader set of clients and democratizing 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, 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.”

Through the joint solution with BMLL, clients can now access Level 2 Data via the same symbology and APIs as the Level 1 Tick History on a common delivery platform to accelerate research, optimise workflow and trading strategies, and generate alpha at speed and scale.

With this collaboration, FactSet co-led BMLL’s latest $26 million Series B investment round to empower the financial community to make more informed investment decisions by accessing high-quality data and analytics.