BMLL, an independent provider of harmonised, historical Level 3 Data and analytics, today revealed its collaboration with Aquis Exchange, operator of Pan-European equity trading exchanges, to provide its Members with insights into market structure dynamics, including venue quality and liquidity analytics.
Aquis will be able to use BMLL’s granular Level 3 Data and analytics. This will allow Aquis to monitor liquidity dynamics and provide its Members with third-party, independent verification on the availability of passive liquidity on its own venues versus other European exchanges. This insight helps increase fill probabilities at a better rate and with minimum market impact.
BMLL provides full order book transparency through aa combination of granular Level 3 Data from 65 venues across equities, ETFs and futures in one harmonised format. BMLL Level 3 Data records all individual orders and messages and providers market participants with insights into order fill probability; order resting time; and order queue dynamics. Furthermore, the company’s cloud engineering improves research and analysis performance. Market participants can derive meaningful venue and market quality analytics as well as liquidity and order book dynamic insights to make better informed decisions on the markets they trade and the venues they run.
