BMLL Partners with SpiderRock to Expand Cross-Asset Market Analytics

WHY THIS MATTERS

Institutional investors are increasingly struggling with the fragmentation of data across equity and derivatives markets, which often obscures the true drivers of intraday price movements. Historically, quantitative researchers had to source and clean disparate datasets from different providers to study how options hedging affects the underlying stock. This partnership matters because it consolidates SpiderRock’s high-fidelity options analytics with BMLL’s granular historical order book data into a single, cloud-native research environment.

The timing is particularly relevant given the structural growth of the US options market and the rise of complex volatility-driven strategies. By providing integrated access to Greeks and implied volatility alongside nanosecond-level equity data, BMLL is enabling firms to model dealer gamma positioning and its impact on spot liquidity with far greater precision. This unified approach reduces the technical overhead for hedge funds and asset managers, allowing them to accelerate the development of cross-asset strategies and better predict how options-driven flows will amplify market momentum.

BMLL, the leading independent provider of harmonised, historical Level 3, 2 and 1 data and analytics across global equities, ETFs, futures and US equity options, today announced that SpiderRock’s Options Print Set data is available through the BMLL Data Lab.

SpiderRock Options Analytics Now Available in BMLL Data Lab

The addition of SpiderRock’s Options Print Set data enhances BMLL’s cross-asset research environment, enabling clients to analyse the interaction between options markets and underlying cash equity behaviour within a single framework. By combining SpiderRock options print level analytics with BMLL’s high-quality historical equity data, users can explore how dealer positioning, hedging flows and volatility conditions influence intraday price formation and liquidity.

Through the BMLL Data Lab, clients will be able to access SpiderRock’s options print level implied volatility and Greeks data alongside BMLL’s historical equities, futures and options market data to support quantitative research, strategy development and market structure analysis. This provides a unified environment for studying how options hedging flows affect spot liquidity patterns, and how underlying market microstructure in turn affects options pricing and risk.

Joint White Paper Highlights the Power of Cross-Asset Research

The launch is supported by a joint white paper, which demonstrates how SpiderRock’s options analytics can be used alongside BMLL’s intraday equity data to estimate dealer gamma positioning and analyse resulting price dynamics in the underlying stock. The paper shows how net short-gamma positioning can amplify intraday momentum through delta-hedging activity, and how these dynamics can be studied systematically using an integrated data approach.

Elliot Banks, Chief Product Officer, BMLL, said: “At BMLL, we are focused on giving clients access to the data they need to answer increasingly complex cross-asset questions. Making SpiderRock’s options print analytics available in the BMLL Data Lab allows users to combine SpiderRock’s options analytics with detailed historical market data in one environment, helping them accelerate research and generate deeper insight into market dynamics.”

Craig Iseli, Chief Operating Officer at SpiderRock, added: “SpiderRock’s options analytics are designed to help market participants better understand volatility and risk. Making this data available through BMLL Data Lab extends that value further, enabling clients to connect options market signals with underlying equity behaviour and supporting more advanced quantitative and market structure research.”

The availability of SpiderRock data in BMLL Data Lab marks a further step in BMLL’s strategy to bring together high-value partner datasets with its own historical market data and analytics, helping clients accelerate research and unlock new trading and market intelligence use cases. The BMLL and SpiderRock partnership allows institutional clients to better understand, predict, and capitalise on the complex market interdependencies between equity spot and options markets.

FF NEWS TAKE

The integration of SpiderRock’s data into the BMLL Data Lab is a clear response to the “quantification” of the modern trading desk, where the boundary between cash and derivatives is rapidly disappearing. While BMLL has built its reputation on deep Level 3 historical data, the addition of third-party analytics like SpiderRock’s Options Print Set signals a shift toward becoming a comprehensive “intelligence hub” rather than just a data repository. The accompanying white paper on dealer gamma positioning serves as a powerful proof of concept, showing how these combined insights can reveal the hidden mechanics of intraday price formation.

However, the challenge for users will be managing the sheer volume and complexity of this multi-asset data stack. While the Data Lab streamlines access, the ability to generate alpha still depends on the sophistication of a firm’s internal models and its capacity to act on these high-frequency signals. This partnership reflects a broader industry trend where the “buy-to-build” approach is winning out, as firms look to leverage pre-harmonized, institutional-grade datasets to maintain a competitive edge in an increasingly automated and interdependent global market.

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