London based financial data analytics provider BMLL has announced a partnership with Features Analytics, an AI-driven trade surveillance and market integrity analytics provider. The partnership will support Features Analytics’ development and commercialisation of new surveillance benchmarking and integrity analytics built on top of BMLL’s high-fidelity historical order book data.

Bringing market integrity analytics to life on high-precision historical order books

Trade surveillance and market integrity analytics require high-quality historical order book data to reconstruct market and trading behaviour, provide context, measure risk and enable explainability.

Combining BMLL’s historical Level 3, 2 and 1 order book data and Features Analytics’ AI-driven detection approach accelerates the launch of new data products. Specifically, the collaboration enables rapid development of proprietary Features Analytics products designed to address model benchmarking and risk measurement challenges in trade surveillance.

As a result, Features Analytics’ solutions help improve surveillance precision and reduce the operational burden driven by legacy, parameter-heavy approaches, where firms can face extremely high false positives and ongoing calibration costs.

Measuring and benchmarking market abuse detection rates

By developing these products, BMLL and Features Analytics open up a new category of surveillance benchmarking data that enables firms to independently measure how their incumbent surveillance stack is performing, both over time and against market conditions. This enables like-for-like benchmarking of market abuse detection rates across existing solutions, while providing regulator-ready, explainable evidence trails grounded in real-world reconstructed order book behaviour.

Paul Humphrey, Chief Executive Officer of BMLL, said,

“Market integrity and surveillance are a natural application layer on top of high-quality historical order book data. This partnership reflects our focus on enabling sophisticated workflows on top of BMLL data, now extending beyond market quality into market integrity and surveillance benchmarking use cases.”

Cristina Soviany, PhD, Chief Executive Officer and Co-founder of Features Analytics, added,

“Our mission is to help financial institutions stay ahead of regulatory requirements with our unique eyeDES® AI technology and tools that deliver measurable coverage and accurate detection of market abuse. Access to deep, harmonised, high-quality historical order book data through BMLL’s Activate program supports faster development and validation of the new products we are bringing to market.”

Partnership anchored in Features Analytics’ participation in the ‘BMLL Activate: Data Credits Program’

Features Analytics participated in the ‘BMLL Activate: Data Credits Program’, a time-limited initiative designed to enable qualified partners to build and validate new products on top of BMLL historical order book data with no upfront data licence cost during the build period, and a clear conversion path to longer-term commercial deployment. Under the BMLL Activate program, BMLL provides Features Analytics with a BMLL data allowance (credits) redeemable against defined-scope usage of the BMLL Data Lab (Python research sandbox) and access to the BMLL Data Feed.

About Features Analytics

Features Analytics delivers next-generation, AI-driven trade surveillance for financial institutions. Building on principles originally developed for cancer detection, Features Analytics developed eyeDES® – a unique AI technology and platform that detects market abuse across financial markets with exceptional accuracy. It requires no parameters and eliminates time-consuming calibration. eyeDES® continuously assesses market context, and proactively surfaces emerging, previously unseen abuse patterns across any asset class. Features Analytics provides the future-proof AI-driven component for today’s trade surveillance systems.

About BMLL

BMLL Technologies is the leading, independent provider of harmonised, Level 3, 2 and 1 historical data and analytics to the world’s most sophisticated capital market participants, covering global equities, ETFs, futures and US equity options.

BMLL offers banks, brokers, asset managers, hedge funds, global exchange groups, academic institutions and regulators immediate and flexible access to the most granular Level 3, 2 and 1 T+1 order book data and advanced pre and post-trade analytics. The company gives users the ability to understand market behaviour, accelerate research, optimise trading strategies and generate alpha more predictably.

Founded in 2014 in the machine learning laboratories of the University of Cambridge, the platform enables researchers and quants across global financial services firms to apply complex statistical techniques to BMLL’s unique big-data sets with applications such as market impact, pre and post trade analytics, order book simulation and compliance. Users no longer need to buy, curate and harmonise data. With BMLL, they gain cost-effective, instant access to a cloud-native Data Science environment via a single web portal, with a long history of the most granular, full order book data across global equities, US equity options, futures and ETFs for back-testing and simulation, delivered directly into their workflows.

In October 2025, Nordic Capital acquired BMLL. The investment was made in close partnership with the management team of BMLL and minority shareholder Optiver, marking a joint commitment to accelerate the company’s next phase of growth. Before this, BMLL secured $21 million strategic investment in October 2024, led by Optiver; $26 million Series B investment in 2022/2023; and $36 million in Series A and seed funding rounds.