FactSet and BMLL Collaborate to Offer Level 2 Tick History and Analytics on the Cloud

FactSet, the global provider of integrated financial information and analytical applications, has collaborated with historical Level 3 data and analytics specialist BMLL Technologies, to offer granular order book history and analytics in the cloud. The initial release includes “Market by Price” Level 2 Tick History, which builds upon BMLL’s historic Level 3 data engineering capabilities.

Last month, FactSet led a USD 26 million Series B funding round in BMLL, along with Nasdaq Ventures and IQ Capital’s Growth Fund, to empower the financial community to make more informed investment decisions by accessing high-quality data and analytics.

Through the joint solution with BMLL, FactSet clients can now access Level 2 Data via the same symbology and APIs as the Level 1 Tick History that the company recently made available in Snowflake, using a common delivery platform. The tick history data can be combined with any of FactSet’s other content sets available in Snowflake, such as Corporate Actions, Symbol History, Sentiment Data, Fundamental Data, Event Transcript Data, and more.

“This is a combination of secret sauces,” says Jonathan Reeve, EVP & Head of Content and Technology Solutions at FactSet. “BMLL’s secret sauce is in how capture Level 3 data, which creates a high-fidelity Level 2 product from a tick history perspective. What FactSet brings to the equation is our next generational distribution. We deliver a lot of content over cloud technologies, and much of that is done through Snowflake. Snowflake’s secret sauce is the capability it offers around data sharing, so users no longer have to ship large amounts of data. And obviously, tick data is very large. FactSet’s other secret sauce is our symbology and reference data, providing the ability to connect symbols and the data itself, which brings context to the tick data, adding more insight.”

“This very much a client-driven initiative,” adds Paul Humphrey, CEO of BMLL. “FactSet knows these clients intimately and has done for many years. Those clients want a high-quality Level 2 product. That’s what’s driven this, and why the partnership made sense. FactSet came to a Level 3 specialist to help them build a better Level 2 product, precisely because they knew what their customers wanted.”