Wamid, the technology division of Saudi Tadawul Group, has entered into a multi-year partnership with BMLL Technologies to launch Saudi Arabia’s first white-labeled cloud analytics platform aimed at institutional investors and quantitative analysts. This initiative marks a significant advancement in the region’s financial technology sector.

The collaboration will provide market participants in Saudi Arabia with access to extensive historical order book data, enabling them to execute complex financial models in a Python-based environment. This platform will allow quantitative teams and analysts to analyze market behavior patterns and refine trading strategies through cloud-based tools that streamline data curation and harmonization.

Paul Humphrey, Chief Executive Officer of BMLL, expressed enthusiasm for the partnership, stating, “We are thrilled to partner with Wamid and support the Kingdom’s ambition to create a more transparent and advanced market ecosystem.” BMLL Technologies, known for providing comprehensive Level 1, 2, and 3 historical market data, offers global coverage that includes 100% of the MSCI All Country World Index across more than 100 trading venues worldwide.

This partnership is part of broader efforts to improve Saudi Arabia’s capital market infrastructure and attract institutional investment. By offering advanced analytics tools that were previously unavailable in the region, the collaboration aims to foster more sophisticated trading strategies and enhance market transparency.

The platform will deliver T+1 order book data as well as pre- and post-trade analytics directly into users’ workflows. This facilitates applications such as market impact analysis, order book simulation, and compliance monitoring, which help eliminate traditional obstacles related to data acquisition and processing for financial institutions in Saudi Arabia.

BMLL Technologies, founded in 2014 at the University of Cambridge’s machine learning laboratories, recently raised $21 million in a funding round led by Optiver, with participation from CTC Venture Capital and existing investors like Nasdaq Ventures. This funding adds to a total of $83 million raised across various investment rounds, including a $26 million Series B investment in 2022-2023, which has fueled BMLL’s global expansion and the development of its cloud-native data science platform.

This collaboration with Wamid is the latest in a series of partnerships for BMLL, following their earlier agreement with Exegy focused on combining historical and real-time data for U.S. equity options trading. Additionally, BMLL has partnered with Pico, a financial markets technology service provider, to cater to the rising demand for simultaneous access to real-time and historical data, with aims to enhance research capabilities and trading performance.