BMLL Technologies, the data engineering and analytics firm, announced its collaboration with OpenFin, the operating system (OS) for finance, to build their Derived Data desktop application on OpenFin’s OS.
The Derived Data application, which will be available in the second quarter, will provide buyside users with access to market metrics created from the granular Level 3 order book data. Additional metrics such as execution analytics, market impact and trading costs as well as tools to visualise the order book will be added during the year.
Traders, portfolio managers, risk and compliance officers will be able to analyse and visualise their portfolios over time, giving them a deeper understanding of the liquidity and risk profiles of their portfolio and associated trades. It will enable them to screen for, highlight, view and compare market quality metrics to measure and improve their execution performance and best execution oversight.
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.
Data visualisation and the ability to deliver data in an interoperable way has become increasingly important, especially in the current environment., according to Paul Humphrey, CEO of BMLL. “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,” he adds.
Adam Toms, CEO of OpenFin Europe, agrees that “data is the name of the game” and the Derived Data app will provide more detailed and predictive information embedded in pricing data for pre- and post trade to optimise their trading strategies.
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.