The provider of innovative solutions for financial data designed for analytical applications of emerging technologies and industry leading opportunities, FactSet (NYSE:FDS) (NASDAQ:FDS) is collaborating with leading, independent provider of Level 3 historical data and analytics globally, BMLL Technologies (BMLL) to incorporate the company’s full breadth and depth of tick history in cloud.
This collaboration in its initial phase had offered price data of products, final bids and ask price and their size, all in deep market insight (Level 2 Tick History) which provides better data quality than contemporary Level 2 offerings in the industry. FactSet is setting up a unique Level 2 product using BMLL’s Level 3 data engineering capabilities and providing clients with market depth in real-time updating data. Through this partnership, the Level 2 data is accessible through the same programming Interface as the Level 1 data all put up in the same delivery platform for progressive analysis, research and workflow optimization.
The CEO of BMLL Paul Humphrey 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.”
BMLL’s cloud-friendly, normalized tick history and analytics offer market breadth and depth that meets the requirement of clients from FactSet for a wide range of applications- Quant Research, Best Execution, Back Test Strategy to generate alpha, Transaction Cost Analysis (TCA), Compliance, Surveillance and risk. It propagates FactSet’s goal to provide cloud solutions for integrated financial information to help improve client’s grasp on real-time data and betters market insight. Recently, FactSet made its entire Level 1 tick history accessible using Snowflake, a cost-optimized solution that provides normalized data without the need to download a large amount of data.
FactSet has also, along with IQ capital co-led BMLL’s fresh $26million Series B investment with the goal of growing BMLL engineering capabilities and acquiring new data sets. This would allow the financial community to make well informed decisions by accessing high quality data.
Head of content and technology Solutions, FactSet, Jonathan Reeve, EVP said: “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. 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.”
