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 audienceTo 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.”NoYesData02 Jul, 2026