Buyside to benefit from derived data and analytics visualisation to review portfolio performance
BMLL Technologies, the data engineering and analytics firm, today announced a collaboration with OpenFin, the operating system (OS) for finance, to build their Derived Data desktop application on OpenFin’s OS.
The Derived Data application will provide buy-side users with access to market metrics created from the most granular Level 3 order book data, to analyse and visualise their portfolio over time. Specifically, the tool will enable traders, portfolio managers, risk and compliance officers to gain a deeper understanding of the liquidity profile and risk of their portfolio and associated trades. They are now able to screen for, highlight, view and compare market quality metrics in order to measure and improve their execution performance and assist with best execution oversight.
By building on OpenFin, BMLL will make its data and analytics available to OpenFin’s ecosystem of users, including banks, buy-side and sell-side firms, technology vendors and the fintech community at large. At the same time, BMLL’s Derived Data desktop app will be fully interoperable with other third-party applications built on OpenFin’s OS and easy to integrate into existing client workflows.
Elliot Banks, Chief Product Officer at BMLL, said: “We are very excited to be working with OpenFin to build our Derived Data application on the OpenFin OS. The speed of development, the ease of integration into existing desktop environments and the interoperability with other applications is a very powerful combination. It means that our customers can quickly and easily access the most granular data and analytics they need, delivered directly into their trading systems, at speed and scale, while enhancing their existing workflows”.
Paul Humphrey, CEO of BMLL, added: “The future of our industry is interoperable and collaborative. Building on OpenFin is a strategic decision for us; it enables us to make our derived data and analytics available to the wider OpenFin community and help them extract the maximum value from the data they consume. We have seen unprecedented levels of volatility and trading volumes recently, so it is more important than ever for the industry to understand what’s going on in the markets, be able to analyse trading activity and improve execution performance”.
The BMLL Derived Data desktop application will be delivered to trading participants in Q2 2020. Additional metrics such as execution analytics, market impact and trading costs, and tools to visualise the order book will be added to the Derived Data desktop application during 2020.
Adam Toms, CEO of OpenFin Europe, commented: “We are delighted to welcome BMLL to our community of users. BMLL brings a unique set of capabilities to the OpenFin ecosystem; their derived data and analytics tools are invaluable for all market participants, helping them unlock the predictive information embedded in pricing data to optimise their trading strategies. We look forward to continuing our collaboration with BMLL to make additional analytics available on financial services desktops throughout 2020.”
Globally, OpenFin is used to deploy over 1,200 applications across more than 225,000 desktops at 1,500 institutions, in more than 60 countries. Interoperability comes as standard for all applications built on OpenFin OS, allowing them to share information, intent and context with third party apps in a permissioned manner.