BMLL and Exponential partner to deliver new class of investor-flow analytics. * XTech US Equity Flow, powered by BMLL, disentangles institutional vs retail positioning with unprecedented granularity to deliver tradable signals * This unique analytics category provides market participants with high-resolution visibility into investor behaviour and intentions before they are fully priced into the market London, New York, 2 July 2026: BMLL, the leading independent provider of continually engineered, harmonised, historical Level 3, 2 and 1 data and analytics for Capital Markets, spanning global equities, ETFs, futures and US equity options, and Exponential Technology, the pioneer of market-microstructure analytics that transforms full-depth order-book data into investor-flow analytics - decomposing market activity into institutional, market-maker and retail buying and selling, today announced a partnership to launch XTech US Equity Flow, a new class of investor-flow analytics powered by BMLL. The first product to launch as a result of the collaboration, XTech US Equity Flow decodes full-depth US equity order book data into net buying and selling activity by investor type, transforming raw market microstructure into highly granular, tradable signals. Additional products will be launched in due course. Decoding trader intentions with confidence. Understanding whether a market move is being driven by institutions or retail investors is critical for identifying profitable trading opportunities. This separation of investor types, breaking flow down into high-frequency traders (HFTs), funds, and retail investors to achieve a higher benchmark for accuracy, is made possible by the unprecedented granularity, depth and breadth of the underlying BMLL data. For discretionary portfolio managers in particular, this turns a familiar problem on its head: when a stock moves, flow reveals whether the move is temporary market impact, such as a large player pushing price as they trade, or genuine repricing on new information. While traditional market offerings typically rely on consolidated feeds, Exponential Technology integrates BMLL's full Level 3 order book data across all US equity venues. By blending historical (T+1) data with other delayed sources and proprietary inference methods, XTech US Equity Flow transforms raw market microstructure into the actionable, near real-time signals needed to separate institutional and retail flow. Clients can access data in one-minute, hourly, daily, or weekly intervals, alongside T+1, 15-minute delayed delivery options. The dataset provides over six years of history spanning from January 2020 to the present, while advanced tiers add decomposition into HFT, fund, and retail flow on a per-exchange and per-ticker basis. Accessible visualisations for a diverse target audience. To ensure broad accessibility, the product features a visualisation layer and data analytics platform complete with interactive dashboards and agentic research workflows. This enables non-quant users, such as discretionary asset managers, to monitor discrepancies between institutional and retail flows in near real-time. XTech US Equity Flow is tailored for key market participants, including: * Quant and systematic funds: A ready-to-use flow signal with six years of history, sourced from harmonised, nanosecond-granular Level 3 data. * Discretionary asset managers and hedge funds: Near real-time visibility into whether institutions or retail investors are driving a market move. * Banks and the sell-side: Institutional-grade microstructure intelligence built on the same Level 3 data trusted by banks, exchanges, and regulators worldwide. Paul Humphrey, Chief Executive Officer, BMLL, said: "This partnership marks a critical shift in how the market extracts intelligence. The richest, most actionable insights are no longer found in top-of-book data or simple trade prints, but in complete order-book reconstruction. We are incredibly proud to see sophisticated partners like Exponential utilise BMLL's Level 3 data as the definitive foundation for this entirely new class of investor-flow analytics." Morgan Slade, Chief Executive Officer and Head of Research, Exponential Technology, added: "We have seen first-hand that institutional flow, decoded from order-book data, explains roughly 80% of open-to-close price moves in US equities and reliably anticipates directional performance. By applying our proprietary inference methods, built on 25+ years of running HFT and systematic strategies, to BMLL's unique Level 3 venue data, we decode order-book activity into institutional and retail flow at a granularity never before available to the market. BMLL's data is the ideal foundation. Together, we are giving investors a genuinely new perspective on previously hidden investor movements." out BMLL. BMLL Technologies is the leading, independent provider of harmonised, Level 3, 2 and 1 historical data and analytics to the world's most sophisticated capital market participants, covering global equities, ETFs, futures and US equity options. BMLL offers banks, brokers, asset managers, hedge funds, global exchange groups, academic institutions and regulators immediate and flexible access to the most granular Level 3, 2 and 1 T+1 order book data and advanced pre and post-trade analytics. BMLL gives users the ability to understand market behaviour, accelerate research, optimise trading strategies and generate alpha more predictably. Founded in 2014 in the machine learning laboratories of the University of Cambridge, the platform enables researchers and quants across global financial services firms to apply complex statistical techniques to BMLL's unique big-data sets with applications such as market impact, pre and post trade analytics, order book simulation and compliance. Users no longer need to buy, curate and harmonise data. With BMLL, they gain cost-effective, instant access to a cloud-native Data Science environment via a single web portal, with a long history of the most granular, full order book data across global equities, US equity options, futures and ETFs for back-testing and simulation, delivered directly into their workflows. In October 2025, Nordic Capital acquired BMLL. The investment was made in close partnership with the management team of BMLL and minority shareholder Optiver, marking a joint commitment to accelerate the company's next phase of growth. Before this, BMLL secured $21 million strategic investment in October 2024, led by Optiver; $26 million Series B investment in 2022/2023; and $36 million in Series A and seed funding rounds. About Exponential Technology. Exponential Technology Inc. is the pioneer and world leader in investor-flow analytics and global macro forecasting - decoding the order book to reveal who is moving the market, and why. Applying proprietary inference methods, built on more than 25 years of high-frequency and systematic trading experience, Exponential transforms full-depth, order-book data into clean supply-and-demand analytics, decomposing market activity into institutional, market-maker and retail buying and selling. Its flagship offering, XTech Flow, is available two ways: XTech Flow Analytics, the full point-in-time dataset for systematic funds, and XTech Flow Factors, ready-to-use factor libraries for the broader quant market. Both are delivered through the Unifier API and the Tesseract portal, which adds natural-language access, charting and flow alerts. Complementing its flow analytics, Exponential's global macro forecasting anticipates major economic releases before they are printed. Its real-time CPI forecasts publish roughly 20 days ahead of the official number and call the direction of inflation correctly 81.9% of the time - ahead of the 75.5% market consensus and the large majority of professional economists, across both headline and core. Exponential's analytics are grounded in published research validated out-of-sample across multiple market regimes, including work on order-book-driven measures of market behaviour and the prediction of large institutional positioning ahead of regulatory filings. Founded in March 2024 and headquartered in Chicago, Exponential Technology serves quant and discretionary investors, hedge funds, and sell-side trading desks. For more information, visit https://www.exponential-tech.ai/ and follow Exponential Technology Inc. on LinkedIn.

BMLL touts nanosecond-level data as AI era raises the bar on market surveillance. May 5, 2026 At FIA's Boca conference, BMLL CEO Paul Humphrey and Americas head Rob Laible say full-depth, "AI-ready" limit order book data is displacing legacy feeds and armies of quants as clients tackle spoofing, 24/7 trading and the rise of prediction markets. BOCA RATON, FL (JLN) - May 5, 2026 - BMLL Technologies is betting that nanosecond-level, full-depth order book data will become the new standard for market surveillance and quantitative research as AI adoption accelerates and regulators grapple with 24/7 trading and emerging venues such as prediction markets, Chief Executive Officer Paul Humphrey and Americas Head Rob Laible said in an interview with John Lothian News at FIA's International Futures Industry Conference at The Boca Raton. Humphrey said clients are rethinking the "total cost" of market data, arguing that firms have long underestimated how much they spend on quant teams "cleaning, scrubbing, munging, organizing really poor quality data," and that BMLL's model is to "spare our clients that pain" so their quants can focus on adding value instead of acting as an "army of talented people just to clean data." He said BMLL has "democratized access to the best quality of that data out there," filling a gap left by traditional vendors that "just didn't invest in the historical market infrastructure" required to deliver deep, analytics-ready datasets. Describing the firm's partnership with Features Analytics, Humphrey highlighted BMLL's full-depth, level-three data, explaining that metrics such as cancelled trades - "someone's peppering an exchange with buy orders and cancelling" - require being inside the order book so users can see orders come in and then disappear, and that when the same stock trades across multiple venues, such data can reveal "good old fashioned fishing," with a spike in cancellations on one exchange coinciding with sell interest on another. Laible said the ability for clients to "take control of the data themselves instead of trying to rely on a monolithic system" is crucial to reducing false positives in surveillance, because access to "the highest quality, most granular data" lets users pull exactly what they need, via Python or a lightweight front end, and be "much more precision-oriented," customized and flexible in how they interrogate suspicious activity. Laible said around-the-clock trading is not new in futures, where e-minis "have been able to look at that information around the clock" for years, but noted that 24/7 is now spreading into equities, especially ATSs and, increasingly, exchanges, which makes granular depth-of-book data essential for spotting patterns such as spoofing or fishing in continuous markets. With BMLL's "huge data set," he added, users can now overlay AI models on top of that depth data and "pretty quickly zero in on specifically where you think those things are occurring," then drill down into the book and, if they are regulators, "look beyond the broker-dealer and find out who the end client was." On prediction markets, Laible warned that insider trading is the "big thing right now," saying some traders appear to know "exactly when it seemed something was going to happen in Venezuela or exactly when something was going to happen in Iran," and that when activity is offshore "it's very difficult for a US regulator to actually reach that end client," creating a "bit of the wild west" that is "moving faster than what the regulators are comfortable with." Humphrey said clients are already "leaning into us to ask us what are we doing in those prediction markets" and whether BMLL will onboard that data, noting that the firm is still in the "investigating stage" but that buy-side interest reflects the value they see in the same quality of insight BMLL has delivered in other asset classes over recent years. Laible said this demand "speaks to our potential future roadmap," pointing out that BMLL has already built coverage of equities, futures, and options and "continues to expand," with the next asset class potentially being FX, rates, crypto, or the prediction markets. Humphrey argued that full-depth data "contains every trading intention that has ever existed at any nanosecond in time" over years of history, allowing users to see "what the market is trying to do at any moment in time," including how many buyers and sellers existed, in what sizes and at what price levels at the instant a trade occurred, so that "the story is there in the data." Laible added that with that level of detail, "you know who crossed the spread, how many trades occurred on the offer, how many trades occurred on the bid, how many cancellations were there," which is "exactly what, you know, high frequency guys do" with short-term, low-latency models built on recognizable micro-patterns. Historically, Humphrey said, "the only people that had access to data of this quality was the most sophisticated funds out there who built this themselves," and they "wouldn't trust anyone else to do the normalization," but now those capabilities are available off the shelf so that clients "don't have to necessarily build it themselves and they can put talent to work on top of that data," a shift he believes will accelerate as "the adoption of AI will see that play out." He pushed back on widespread marketing claims about "AI-ready" data, saying, "The amount of firms I've heard say that their data is AI-ready, I would challenge that; ours, nanosecond by nanosecond and full depth, it is AI-ready." Looking ahead, Humphrey said BMLL's Active Data Credits program is designed to lower barriers for innovative startups that need institutional-grade data to validate their ideas, explaining that the firm is "interested to hear from companies, small companies, who've got innovative ideas to attack this marketplace," but whose biggest hurdle is often "the buying of the data to prove out the value of their initiative." Under the program, BMLL is "selective with our partners" and asks them to present a business plan so the firm understands "what success looks like out the other side of it"; if they agree on that plan, BMLL gives those firms access to the data, with the goal of "either building customers, we're building partners," and "fuel[ing] that ecosystem of initiatives" around its historical limit order book. Humphrey framed all of these efforts, cleaner data, deeper history, credits for innovators, and an expanding asset-class roadmap, as part of a broader shift away from legacy market data stacks and towards a world in which regulators, brokers, and asset managers expect to be able to query years of nanosecond-level depth data with AI-driven tools rather than patching together inconsistent feeds and manual cleansing.

BMLL onboards King to lead sales in APAC. Image: BMLL BMLL Technologies, an independent provider of historical Level 3 data and analytics, has appointed Karen King as head of sales, APAC. Based in Hong Kong, King will be responsible for growing BMLL's client base across Asia Pacific and for developing and implementing the company's growth strategy in the region. Paul Humphrey, CEO of BMLL, comments: "Following Nordic Capital's investment in BMLL, Assetservicingtimes is focused on accelerating the company's next phase of growth. "Assetservicingtimes is strengthening its leadership and commercial presence, coupled with a broader push into greater global derivatives market coverage. "Asia Pacific is a key part of that wider strategy as we aim to better serve our customers across the region, and Karen's appointment brings deep capital markets experience alongside a proven track record of leadership in data solutions." King brings more than two decades of global financial services and data solutions experience to the role, having most recently departed from S&P Global Market Intelligence as managing director, head of data solutions sales for APAC. She began her two-decade-long tenure at S&P Global Market Intelligence prior to the company's numerous mergers and acquisitions, starting in what was then Data Explorers. During her career, King has led sales and client engagement across Asia Pacific, the Middle East, and Africa, working closely with both buy side and sell side institutions. Earlier in her career, King worked at Goldman Sachs in London within prime brokerage, covering Southeast Asia. The appointment follows BMLL's acquisition by Nordic Capital, which launched a partnership built on a joint commitment to accelerate the firm's next phase of growth. Further, the hire of King will build on the significant expansion of BMLL's data and analytics coverage across Asia Pacific over the past 14 months. During this period, BMLL has added data from Shanghai, Bombay, NSE India, Korea, Taipei, Thailand, Taiwan, New Zealand, and ASX 24 futures. BMLL provides market participants the ability to compare venues globally and analyse full order book data at unprecedented levels of granularity. Asia exchanges can perform venue comparisons against their peers, locally and globally, to better understand market quality and the performance of liquidity providers, says BMLL. Commenting on her appointment, King says: "BMLL has seen increasing demand from market participants looking to optimise trading strategies, improve execution outcomes, and gain deeper insight into market behaviour, and I look forward to working closely with clients across the region." Humphrey adds: "Her understanding of how financial institutions leverage data to drive performance and manage risk will be instrumental as we continue to expand our footprint and capabilities throughout APAC."