BMLL Market State Data

The BMLL Market State dataset provides a powerful, normalised representation of the specific trading phase a market is in, delivered on a per-listing basis.

**The Challenge: Inconsistent Venue Terminology** Analysing trading phases across multiple global venues is hampered by disparate naming conventions and varying phase messages from each individual exchange.

**The Solution: Standardised Phase Intelligence** BMLL translates complex venue phases into a normalised set of 14 distinct values, while preserving the original exchange description to guarantee both standardisation and maximum fidelity.

**Key Features & Capabilities:**

- **Normalised Framework:** Converts complex trading phases into 14 distinct, normalised values.
- **Uncompromised Fidelity:** Presents the original exchange description alongside the normalised value.
- **Broad Global Coverage:** Available globally across EMEA, Americas, and APAC for Equities, ETFs, and Futures.

**Core Benefits:**

- **Accelerate Engineering:** Enables fast, seamless cross-venue analysis by standardising market state messages.
- **Reduce Errors:** Removes the risk of misinterpreting complex or proprietary exchange phase terminology.

**Data / Documentation Specifications:**
- **Documentation:** [Market State Documentation](https://www.bmlltech.com/files/documents/BMLL-Market-State.pdf) / [Futures Market State Documentation](https://www.bmlltech.com/files/documents/BMLL-Futures-Market-State.pdf)
- **Coverage:** [Data Coverage](https://www.bmlltech.com/market-data-coverage)