Financial data and analytics provider BMLL has welcomed proprietary trading firm Five Rings to its Client Product Advisory Board (CPAB). The New York-based firm will contribute its technological and market structure expertise to help shape BMLL’s future product roadmap, supporting the board’s mission to elevate historical market data standards across the industry.
Five Rings utilizes the BMLL Data Lab, a scalable Python research sandbox providing access to Level 3 order book data, alongside the BMLL Data Feed for flexible delivery. The trading firm relies on this high-fidelity data to explore market opportunities and enhance its quantitative research workflows across various asset classes. This includes utilizing BMLL’s Options Price Reporting Authority (OPRA) options data, which has been available since November 2024 and features over seven years of historical, nanosecond unconflated data.
Launched in February 2025, the CPAB serves as a collaborative forum aligning sovereign wealth funds, asset managers, banks, liquidity providers, and proprietary trading firms. Member firms work together to define best-in-class data symbology, normalization protocols, and delivery methods for the wider market. BMLL’s global historical data coverage currently spans more than 100 trading venues across equities, ETFs, futures, and US equity options, including 100% of the MSCI World Index.
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