BMLL appoints brad Hunt as chairman after Nordic Capital buyout. BMLL, the independent provider of historical order book data and analytics for capital markets, has appointed Brad Hunt as Chairman of the Board. The appointment follows Nordic Capital's acquisition of BMLL in October 2025 and is framed by the company as the next governance step in a planned push to scale internationally. Hunt brings three decades of experience in financial data businesses. He most recently served as CEO of Rimes Technologies, where he oversaw an expansion from benchmark data management into enterprise data management and investment solutions, culminating in the company's sale in 2024. Prior to that he held strategy and business development roles at Bank of New York Mellon's global markets division, and senior positions at IHS Markit and Goldman Sachs International in London. He succeeds Lee Hodgkinson, who moves to an independent Non-Executive Director role. Hodgkinson previously served as CEO of Euronext London and head of markets and global sales at OSTC, the derivatives trading firm. BMLL has also added Spiros Giannaros as a US-based independent NED. Giannaros currently serves as CEO of Gresham Technologies and previously held the chief executive role at Charles River Development and an executive vice president post at State Street Bank. Board composition after the acquisition. The full board now includes BMLL chief executive Paul Humphrey and chief financial and operating officer Nigel Medhurst alongside the Nordic Capital, Partner David Samuelson and Dan Rosenberg, Managing Director, and Optiver representative Hilde Kaemingk. Optiver was among the strategic investors that participated in BMLL's prior funding, which totalled $83 million across seed, Series A and Series B rounds before Nordic Capital stepped in. Humphrey said the appointment delivered on the ambitions set out when Nordic Capital came on board, and described Hunt's experience as valuable as BMLL moves to extend its global footprint. Hunt, in his own statement, pointed to what he characterised as a growing appetite among market participants for deep historical data insight without the traditional operational overhead of sourcing, cleaning and harmonising raw data, a workload BMLL's platform is designed to absorb on the client's behalf. Market context and competitive positioning. The market for institutional-grade historical market data is concentrated but contested. BMLL competes in a segment that includes exchange data subsidiaries, specialist vendors and the data arms of large financial information groups. Its distinguishing claim is the depth of its Level 3 order book coverage: full message-level reconstruction of order flow, which supports backtesting, execution analysis and the training of quantitative and AI-driven trading models. The strategic logic of the Nordic Capital acquisition mirrors a broader pattern in this sector, where private equity has increasingly acquired specialist financial data businesses to consolidate operations, expand distribution into new geographies and add adjacent product lines. Hunt's background at Rimes, which grew by moving from a narrow benchmark data remit into broader enterprise data management, is directly relevant to that playbook. Regulatory dynamics also shape the competitive environment. MiFID II and its successor framework have raised the bar for best execution reporting and transaction cost analysis across European equities and derivatives, generating structural demand for granular pre- and post-trade data. That regulatory driver is unlikely to soften, and it gives vendors with high-fidelity historical data a durable commercial position, provided they can demonstrate data quality at the level regulators and institutional risk functions expect. BMLL's near-term milestones will include named client wins in new geographies, any expansion of its asset class coverage beyond equities, ETFs and futures, and the pace at which the new board composition translates into partnership or distribution announcements.

BMLL and SIGMA AI partner to deliver historically benchmarked, real-time execution intelligence - BMLL's high-fidelity historical order book data will act as the analytical foundation for SIGMA's ai-driven, real-time alerting, anomaly detection and decision support. Date 22/07/2026 BMLL, the independent provider of harmonised, continually engineered historical Level 3, 2 and 1 data and analytics for Capital Markets, today announced a partnership with SIGMA AI, a provider of real-time actionable intelligence for financial markets. The partnership will combine BMLL's high-fidelity historical order book data with SIGMA's real-time engine to deliver a new intelligence layer that will allow market participants to instantly contextualise live market flow against deep historical benchmarks. Actionable insights through combined historical and real-time analytics. The collaboration will create a unique product category by pairing the "normal" with the "now". BMLL will bring its definitive historical Level 3, 2 and 1 order book data to establish baseline metrics around volatility, liquidity, spread behaviour, and auction dynamics. SIGMA AI will add its "Quant in the Cloud" streaming platform, applying continuous real-time computation, machine learning inference, and natural language delivery to live market data. This combined approach will enable SIGMA's platform users to detect anomalies, classify market regimes, and generate actionable alerts by continuously comparing live market conditions to the historical context provided by BMLL. Anticipated users include exchanges and market data providers, low-touch and high-touch buy-side institutions, sell-side brokers and platform vendors, as well as market makers and quantitative firms. Use cases will include execution intelligence and benchmarking, market impact scoring and regime classification. Paul Humphrey, Chief Executive Officer of BMLL, said: "We are delighted to welcome SIGMA AI to our BMLL Activate Data Credits Programme. Real-time analytics and decision support are a natural application layer on top of high-quality historical order book data; this partnership reflects our focus on enabling sophisticated, AI-driven workflows on top of BMLL data. Jointly, we will empower market participants with a new level of execution intelligence". Andy Simpson, Founder & CEO at SIGMA AI, said: "Mondo Visione Ltd. is very excited about its collaboration with BMLL. Together, Mondo Visione Ltd. is building a production-ready analytics layer that generates actionable intelligence by comparing live conditions to a BMLL-derived historical context. BMLL's strength is the definitive historical record, while SIGMA AI's strength is continuous real-time computation, ML inference, and natural language delivery on live market data. The combination will create a product category that doesn't exist today and will help market participants measure execution quality against historical baselines. The solution is intended for global trading. It will initially focus on Saudi Arabia, the UK and European instruments before expanding to the US, bridging the gap between historical reporting and real-time actionable insights." Partnership anchored in SIGMA's participation in the 'BMLL Activate' Data Credits Programme. SIGMA AI is a participant in the 'BMLL Activate - Data Credits Programme', which is designed to help high-potential partners build, test, and launch new analytics or data-driven solutions on top of BMLL's historical Level 3, 2 and 1 market data. The program helps firms move from idea to market validation more quickly by offering lower to no upfront data licence costs during the build phase. Under this programme, selected partners receive a defined allowance of BMLL data credits that can be redeemed for agreed, structured access to the BMLL Data Lab and/or BMLL Data Feed. This covers a defined scope of selected datasets, instruments, venues, and historical time windows, supporting rapid product development in a controlled way while providing a clear path to commercial rollout if the use case is successful.

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.