BMLL adds Five Rings to market data advisory board

By Aarav Garg

BMLL has appointed Five Rings to its Client Product Advisory Board as the company continues expanding its historical market data and analytics platform.

Five Rings joins a group of financial institutions and trading firms already participating in the advisory board, including Berenberg, Kepler Cheuvreux, Norges Bank Investment Management, Optiver, Rothschild & Co Redburn, State Street Global Advisors and Stifel.

Parker Lim, Head of Special Projects, Five Rings, said, “We work in teams of quantitative researchers, developers, and traders, continuously seeking new opportunities and deploying our strategies.” 

The advisory board was launched in February 2025 to support collaboration between trading firms, asset managers, banks and liquidity providers on market data standards, delivery methods and analytics requirements. BMLL said the initiative is intended to help shape future product development and improve access to high-quality historical market data across the financial industry.

BMLL Chief Executive Officer, Paul Humphrey, said, “The CPAB continues to gain strong momentum as a client-led initiative, and we’re delighted to welcome a highly sophisticated firm like Five Rings to the community.” 

New York-based Five Rings specialises in quantitative trading across global markets and uses BMLL’s historical order book data and analytics tools for quantitative research and trading analysis.

BMLL provides Level 1, Level 2 and Level 3 historical market data covering more than 100 trading venues globally across equities, ETFs, futures and US equity options markets. The company expanded its options data offering in 2024 through the addition of OPRA options data available through its Data Lab and Data Feed services.