Products and processes for utilizing order data and related data

Abstract

In an embodiment, an apparatus comprises a processor, and a memory that stores a program. The program, when executed by the processor, directs the processor to perform a method including the following steps: receiving an encrypted query, in which the query indicates at least one security, and at least one price; determining whether the encrypted query corresponds to any order in an encrypted data set that represents orders; outputting a response to the query, in which the response indicates whether the encrypted query corresponds to any order in an encrypted data set that represents orders; receiving order data that represents the orders; and encrypting the order data to yield the encrypted data set that represents orders.

1 - 4 . (canceled) 
     
     
         5 . An apparatus comprising:
 a computing device configured as an electronic trading system configured to:
 determine that an order from a first participant of a plurality of participants meets criteria of a rule shared among the plurality of participants of the electronic trading system; 
 in response to determining that the order meets the criteria of the rule, transmit an encrypted query indicating at least one security and at least one price defining the order to an order management system of a second participant of the plurality of participants, in which the order management system is configured to receive the encrypted query, determine that the encrypted query corresponds to a matching order in an encrypted data set that represents trading interests of the second participant and transmit a response to the encrypted query to the electronic trading system indicating that the encrypted query corresponds to the matching order in the encrypted data set; 
 receive a response to the encrypted query; and 
 in response to receiving the response, facilitate a trade fulfilling the order and the matching order. 
   
     
     
         6 . The apparatus of  claim 5 , in which the criteria of the rule relates to a prior order related to the first participant. 
     
     
         7 . The apparatus of  claim 5 , in which the order management system is configured to: store information representing a plurality of orders of the second participant in the encrypted data set;
 determine that the encrypted query satisfies a rule specifying that the trade fulfilling the matching order should be executed; and in which transmitting the response includes transmitting the response in response to the determination that the encrypted query satisfies the rule.   
     
     
         8 . The apparatus of  claim 5 , in which the order management system is configured to: receive order data and encrypt the order data to make the encrypted data set. 
     
     
         9 . The apparatus of  claim 5 , in which the order management system is configured to: generate a message that the encrypted query corresponds to the matching order in the encrypted data set. 
     
     
         10 . The apparatus of  claim 9 , in which the order management system is configured to transmit the generated message to a predetermined recipient. 
     
     
         11 . The apparatus of  claim 5 , in which the rule identifies whether the first participant has traded above a threshold amount of a financial instrument in a time period. 
     
     
         12 . The apparatus of  claim 5 , in which the rule identifies whether the first participant is a proper type to originate the order. 
     
     
         13 . The apparatus of  claim 12 , in which the proper type includes a large buy-side participant. 
     
     
         14 . The apparatus of  claim 5 , in which the electronic trading system is configured to provide a rating of the first participant to the second participant. 
     
     
         15 . The apparatus of  claim 14 , in which the rating is based on prior activity of the first participant. 
     
     
         16 . The apparatus of  claim 5 , in which the criteria relates to a prior order related to the first participant, in which the rule identifies whether a the first participant has traded above a threshold amount of a financial instrument in a time period, in which the rule identifies whether the first participant is a proper type to originate the order, in which the proper type includes a large buy-side participant; in which the order management system is configured to: store information representing a plurality of orders of the second participant in the encrypted data set; determine that the encrypted query satisfies a rule specifying that the trade fulfilling the matching order should be executed; and in which transmitting the response includes transmitting the response in response to the determination that the encrypted query satisfies the rule; receive order data and encrypt the order data to make the encrypted data set; generate a message that the encrypted query corresponds to the matching order in the encrypted data set; transmit the generated message to a predetermined recipient; in which the electronic trading system is configured to provide a rating of the first participant to the second participant, and in which the rating is based on prior activity of the first participant. 
     
     
         17 . A method comprising:
 determining, by an electronic trading system, that an order from a first participant of a plurality of participants meets criteria of a rule shared among the plurality of participants of the electronic trading system;   in response to determining that the order meets the criteria of the rule, transmitting, by the electronic trading system, an encrypted query indicating at least one security and at least one price defining the order to an order management system of a second participant of the plurality of participants, in which the order management system is configured to receive the encrypted query, determine that the encrypted query corresponds to a matching order in an encrypted data set that represents trading interests of the second participant and transmit a response to the encrypted query to the electronic trading system indicating that the encrypted query corresponds to the matching order in the encrypted data set;   receiving, by the electronic trading system, a response to the encrypted query; and   in response to receiving the response, facilitating, by the electronic trading system, a trade fulfilling the order and the matching order.