BMLL Millisecond Consolidated BBO

The BMLL Millisecond Consolidated Best Bid and Offer (CBBO) dataset offers a millisecond granularity view of the regional order book, aggregated by price level with up to 10 levels of depth.

**The Challenge: Opaque Regional Liquidity** Market participants struggle to understand how markets behave across an entire region and how much liquidity is genuinely available across fragmented venues.
**The Solution: A Complete Lit Market View** The CBBO seamlessly aggregates the top 10 price levels across all primary and secondary lit equity markets in a region, bringing clarity to fragmented landscapes.

**Key Features & Capabilities:**

- **Regional Aggregation:** Top 10 price levels aggregated by price across all equity markets in a given region.
- **Equivalency Standards:** Includes primary and secondary lit markets considered in the same condition as the primary (same currency, OPOL, regulatory framework).
- **High-Resolution Timing:** Millisecond granularity with timestamps at or exceeding venue matching engine precision.

**Core Benefits:**

- **Buy-Side:** Understand liquidity across markets to benchmark brokers and backtest trading strategies.
- **Sell-Side:** Benchmark executions against the best available liquidity in fragmented markets.
- **Exchanges**: Contextualise order behaviour with a complete view of all lit market quotes.

**Data / Documentation Specifications:**

- **Factsheet:** [Millisecond CBBO Factsheet](https://www.bmlltech.com/files/documents/BMLL-MILLISECOND-CBBO-FACTSHEET.pdf)
- **Documentation:** [Millisecond CBBO Documentation](https://www.bmlltech.com/files/documents/BMLL-Millisecond-CBBO.pdf)
- **Coverage:** [Data Coverage](https://www.bmlltech.com/market-data-coverage)