BMLL, a supplier of harmonised, historical Level 3 data and analytics across global equity and futures markets, has secured funding from Snowflake Ventures.
This collaboration will see BMLL join forces with Snowflake to offer detailed data and analytics to market participants worldwide.
This announcement comes on the heels of a substantial $26m Series B funding BMLL secured from investors such as Nasdaq Ventures, FactSet, and IQ Capital in the latter part of 2022.
A primary goal of BMLL has always been to widen the access to its in-depth order book data and analytics on a global scale. The partnership with Snowflake is set to redefine how market participants can access and utilise Level 3 data. This data is curated, stored, and harmonised by BMLL and will now be available on the Snowflake Marketplace. This new collaboration aims to eliminate the high costs associated with in-house storage and data engineering. It’s a move that promises faster insights, making tools that were once exclusive to top-tier quantitative firms now accessible to a broader audience.
As Snowflake continues to expand its clientele in the capital market sector, they can now tap into BMLL’s data and analytics, which span over 75 venues for equities, futures, and ETFs via the expanding Snowflake Marketplace and their respective private clouds. This integration means that capital market clients can combine their unique trading data securely with BMLL’s market data. This amalgamation aims to provide a richer understanding of market behaviours, facilitating superior decision-making processes.
BMLL’s strategic move to offer its data via the Snowflake Marketplace, in addition to their existing API and FTP options, plays a pivotal role in making Level 3 data more democratic.
FactSet took the lead in utilising BMLL’s detailed order book history and analytics through Snowflake, catering to diverse client needs such as Quant Research, Back Testing, Best Execution, Transaction Cost Analysis (TCA), and more. This innovative joint venture between BMLL and FactSet sets new standards in the historical data market.
Paul Humphrey, CEO of BMLL, commented, “We are immensely thrilled to have garnered strategic investment from Snowflake Ventures. They fully support and resonate with our mission of providing universal access to high-calibre, large-scale historical data, noting that our data and analytics offer one of the best applications for extensive financial market data in the cloud.”
Kieran Kennedy, Head of Marketplace at Snowflake, shared, “Aligning ourselves with top-tier content providers like BMLL fits perfectly with our ambition. With a commendable history in serving global financial entities and academics, BMLL offers profound insights into market dynamics, and we’re eager to announce our partnership and investment with BMLL Technologies.”
Harsha Kapre of Snowflake Ventures also weighed in, stating, “By making BMLL’s data and analytics accessible via the Snowflake Marketplace, we’re addressing the increasing customer demand for core analytics. Collaborating with premier content providers like BMLL allows firms to enjoy expansive content without the conventional hassles of on-site storage, streamlining their focus on value-driven initiatives.”
In a broader perspective, Snowflake aims to facilitate organisations in harnessing their data, consolidating fragmented data sets, and offering secure data sharing. The Snowflake Marketplace is an avenue for clients to safely acquire third-party data sets and tools without the cumbersome process of data relocation. Concurrently, Snowflake’s Data Cloud supports an organisation’s primary workloads, enabling seamless data collaboration within and outside its structure.
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