BMLL, the market data provider specializing in historical order book information, has added New York proprietary trading firm Five Rings to its Client Product Advisory Board, the company announced Thursday. Five Rings becomes the second prop trading firm on the panel, joining Optiver and major institutional names including Norges Bank Investment Management, State Street Global Advisors, and Rothschild & Co Redburn.
The advisory board, launched in February 2025, helps shape BMLL’s product roadmap by providing feedback on data standards and delivery formats. The arrangement has already yielded commercial results, with BMLL releasing its Trades Plus execution analytics dataset last September based directly on member requests. The addition creates an unusual dynamic, as existing board member Optiver is also a minority shareholder following its twenty-one million dollar investment in October 2024, meaning a part-owner now advises alongside a competing prop firm.
BMLL faces intensifying competition from Databento, Kaiko, and exchange operators like Nasdaq and CME Group migrating historical data to cloud platforms.
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FXnCO Insight
** Watch whether BMLL’s advisory-board-as-product-development model translates to market share gains against exchange-owned data offerings now flooding cloud marketplaces.
Source: Finance Magnates