BMLLTechnologies and Tradefeedr have announced a data partnership that the twocompanies say will extend Tradefeedr's transaction cost analysis capabilitiesfrom foreign exchange into equities and futures markets.SingaporeSummit: Meet the largest APAC brokers you know (and those you still don't!)The dealpairs BMLL's historical order book datasets, covering Level 3, 2 and 1 dataacross global equities, ETFs, futures and US equity options, with Tradefeedr'sAPI-based analytics network, which the company says connects more than 100institutional clients including banks, asset managers and trading platforms. Outputs,the firms said, will be delivered through Tradefeedr's existing client networkand legal framework via a single unified API.Filling the Multi-AssetData GapTradefeedrbuilt its business primarily around FX pre- and post-trade analytics. Movinginto equities and futures has long required access to granular historicalmarket microstructure data, which BMLL says it can now supply through its harmonizeddatasets."Tradefeedrhas built a strong distribution model for execution analytics but the sourcingof high quality market data has always been a challenge until now," PaulHumphrey, Chief Executive Officer of BMLL, pointed to data sourcing as the keybarrier this arrangement is meant to address.[#highlighted-links#] "Thispartnership brings BMLL's harmonized historical order book datasets into thatworkflow to support more consistent benchmarking across futures andequities."BMLL hasbeen expanding its data partnerships at a steady pace. In February 2026, the companyjoined forces with Features Analytics to build surveillance benchmarkingproducts usingBMLL's order book records. Earlier, inSeptember 2025, BMLL launchedits Trades Plus dataset, described by the company as its first product built directly fromclient feedback, combining trade records with proprietary classifications.AI Ambitions Drive theCase for Cleaner DataBothcompanies frame the deal around the broader push toward front-office AIadoption, arguing that execution data fragmented across asset classes, brokersand platforms is limiting firms' ability to feed consistent analytics and AItools. They say a standardized, enriched data layer delivered through a commonAPI would form what they describe as a foundation for the next wave ofexecution analytics innovation."Clientswant multi-asset execution analytics that are consistent, scalable and easy to operationalize,"Balraj Bassi, Chief Executive Officer at Tradefeedr, added."Accessto harmonized historical order book datasets from BMLL gives us the foundationto expand our TCA coverage into equities and futures. We're inviting marketparticipants to join this pilot to shape what comes next, building theanalytics delivery stack for the AI era."Thepartnership is being enabled through Tradefeedr's participation in the BMLLActivate: Data Credits Program, an initiative that BMLL says allows qualifiedpartners to build and validate new products using its data, with a path towardlonger-term deployment.Open Pilot Invites MarketParticipants to Shape the ProductRather thanlaunching a finished product, the two firms are opening a year-long pilot andinviting market participants to help define it. Participants, according to theannouncement, will work alongside BMLL and Tradefeedr to set metrics,stress-test data quality, develop AI-ready context layers and feed back onbenchmarks and reporting outputs, all delivered within Tradefeedr's existingnetwork and contractual framework.Tradefeedrbuilt its institutional base by bringing major sell-side firms onto its FXanalytics platform. Goldman Sachs,UBS and XTX Markets joined the platform in 2019 as its first market maker clients.The firm has alsorecently expanded through data alliances with sell-side and buy-sideinstitutions across its advisory board.BMLL wasacquired by Nordic Capital in October 2025, in a deal made alongside minorityshareholder Optiver, following a $21 million funding round that Optiver led theprevious year. In July 2025,BMLL also partnered with ETF data provider Ultumus on a deal the firms said helped reduceETF spreads by 16% in initial tests, pointing to a pattern of commercialvalidation pilots the company has been using to bring new asset classcapabilities to market. A previouspartnership with Exegy, announced in March 2025, targeted the US equity optionsmarket througha similar integrated data model.Theequities and futures pilot does not have a stated timeline for full commerciallaunch.This article was written by Damian Chmiel at www.financemagnates.com.