BMLL CEO Paul Humphrey Talks Expansion & Quality Data in JLN Interview

Paul humphrey speaks at fia boca 2024 event.
John Lothian

John Lothian

Executive Chairman and CEO

BMLL is on a roll after an investment from Nasdaq and Factset allowed it to expand its content, hire more engineers to onboard the data and grow its go-to-market division, including expanding into the U.S.  John Lothian News interviewed BMLL Technologies CEO Paul Humphrey for the JLN Industry Leader series sponsored by Wedbush at the FIA International Futures Conference in Boca Raton, FL, where he discussed the complexities traders face when testing strategies across different asset classes. He also talked about BMLL’s post investment growth and highlighted the pivotal role of high-quality data in enhancing trading outcomes.

BMLL’s data collection will encompass 99% of equity exchanges globally by the end of the first half of 2024, he said. Humphrey also said BMLL has a team of seven employees in the U.S. and is already covering data from CME Group, Intercontinental Exchange and Eurex. Additionally, BMLL will be adding more derivatives exchanges worldwide, he said. The company experienced a doubling of customers in 2023, with many expressing interest in its futures coverage.

Humphrey spoke about how better quality data improves trading outcomes. He elaborated  on the diverse types of data collected by BMLL for equity markets, highlighting the complexity stemming from multiple trading venues. Regarding futures markets, Humphrey emphasized BMLL’s process of organizing data into a harmonized format. He underscored that BMLL’s strength in futures becomes apparent when exchanges vie for the same contract.

Humphrey further elucidated the distinction between BMLL harmonizing and not normalizing data. “What’s important is that we don’t lose any of the individual attributes and all of those venues, because they’ve got Unique Flag’s unique identifiers. So we say harmonized because we don’t squash this data into one format,” Humphrey said.

JLN asked Humphrey about the distinction between BMLL’s Level 1 and Level 2 data compared to its competitors, eliciting an enthusiastic response. As a Level 3 provider, BMLL supplies end-of-day data meticulously engineered for consistency.  Humphrey said every provider of Level 1 and Level 2 data in the market today are real-time data providers, which leads to gaps in the data. “We’re the only ones that provide a product that’s built from the bottom of the book. So there’ll be no gaps, no flaws, no spikes,” he said.

Humphrey also spoke about the growth metrics for BMLL, saying doubling the number of clients last year was great. He said BMLL is a land and expand firm, landing a client and then expanding sales to them.  “Last year we up-sold to over half of our client base, and that’s a metric we look at,” he said.

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As a writer who advocates for market-based solutions, I believe certain market principles to be self-evident. I hold that markets should be open, transparent, and fair. These were the values that the open outcry futures markets I grew up with strived for every day, in every session and trade. These values produced the critical concept of price, which was the most powerful news imaginable. They gave the markets and their prices integrity, instilling in traders a way of life that transcended the action of the trading pit. From this openness, transparency, fairness, and integrity came a greatness that spread throughout the world as different financial communities embraced derivatives trading.

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