This study - using BMLL data - aims to provide an insight into the structure of the main order books in which Spanish securities are traded. Some metrics such as ‘fill probability’ represent the interaction between aggressive and passive orders.&l
Kepler Cheuvreux works with BMLL to boost its order book analytics and improve algo performance. The collaboration will free up Kepler’s quant researchers to spend more time on research and less time on data management.
Using BMLL Data, Euronext provides analysis comparing the market quality metrics in 2020 during the first wave of the Covid-19 outbreak and the recent market turmoil in 2022 caused by the Ukraine-Russia crisis.
Read about the core factors that trading participants take into consideration when routing orders. 
BMLL is proud to support European order book quality research by SIX Swiss Exchange and the Institute for Operations Research and Computational Finance (ior/cf-HSG) of the University of St.Gallen.
Paul Humphrey, CEO, BMLL Technologies: 'When you understand the predictive power of Level 3 data, you understand the future was created yesterday.'
Using BMLL Level 3 Data, Euronext provides a short market quality analysis in order to tackle this lack of information, while opening the door for further research.
Marc Berthoud, Head of Exchange Data Strategy at SIX, explains in a video interview how SIX Swiss Exchange partners with BMLL.
and deploys cloud computing capabilities to carry out detailed analysis, allowing the team to understand on a granular level what happens to the order book when they trade passively or aggressively.
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