BMLL National Best Bid Offer (NBBO)

The NBBO feed provides the official national best bid offer for supported countries (defined as the Consolidated Tape in the US and Canada), offering a tick-by-tick Level 1 view of the order book.

**The Challenge: Navigating Regulatory Liquidity** Grasping the true, official liquidity profile available for a given instrument within a specific regulatory framework requires direct access to consolidated tape data.
**The Solution: The Official Benchmark Feed** This historical feed aggregates the best bid and offer across all applicable venues in the regulatory environment, delivering an authoritative benchmark.

**Key Features & Capabilities:**

- **Official Benchmarks:** Historical feed providing the official best bid and offer across applicable venues in the region.
- **Tick-by-Tick Granularity:** A Level 1 quote dataset offering a tick-by-tick view of the order book.
- **High Precision:** Features timestamps at or exceeding venue matching engine precision (nanosecond or microsecond).

**Core Benefits:**

- **Buy-Side & Sell-Side:** Power Transaction Cost Analysis (TCA) benchmarking and Best Execution processes with official tapes.
- **Exchanges:** Conduct authoritative venue price and liquidity quality analysis.

**Data / Documentation Specifications:**

- **Documentation:** [NBBO Documentation](https://www.bmlltech.com/files/documents/BMLL-NBBO.pdf) / [NBBO OPRA Documentation](https://www.bmlltech.com/files/documents/BMLL-NBBO-OPRA.docx.pdf)
- **Coverage:** [Data Coverage](https://www.bmlltech.com/market-data-coverage)