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 . (canceled) 
     
     
         2 . An apparatus comprising:
 at least one processor configured to control:
 determining whether an order, over a communication network, from a first remote device of a plurality of remote devices of a first participant of a plurality of participants, meets criteria of a rule shared among the plurality of participants; 
 determining whether a second participant of the plurality of participants is a predetermined type of entity in a transaction; 
 receiving, over the communication network, market information; 
 determining, based on the market information, whether a price of a financial instrument defined by the order satisfies the criteria of the rule; 
 responsive to determining that the price satisfies the criteria of the rule, and when the second participant is determined to be the predetermined type of entity, causing in real time, over the communication network, presentation on a graphical user interface of an order management system of a second remote device of the second participant, a dialog box including a display alert notifying that the order meets the criteria of the rule and a selectable button, which when selected, automatically initiates an electronic communication connection with the first remote device, in which the second remote device is of the plurality of remote devices; 
 transmitting, over the communication network, a query comprising encrypted data indicating at least one security and at least one price defining the order to the order management system; 
 receiving, over the communication network, from the order management system, a response to the query indicating that the query corresponds to a matching order in an encrypted data set that represents trading interests of the second participant; and 
 in response to receiving the response, executing a trade fulfilling the order and the matching order. 
   
     
     
         3 . The apparatus of  claim 2 , in which the criteria of the rule relates to a prior order related to the first participant. 
     
     
         4 . The apparatus of  claim 2 , in which the response is transmitted based on a determination that the query satisfies a rule specifying that the trade fulfilling the matching order should be executed. 
     
     
         5 . The apparatus of  claim 2 , in which the encrypted data set is based on given received order data. 
     
     
         6 . The apparatus of  claim 2 , in which the response is of a message that the query corresponds to the matching order in the encrypted data set. 
     
     
         7 . The apparatus of  claim 6 , in which the message is configured for a predetermined recipient. 
     
     
         8 . The apparatus of  claim 2 , in which the rule identifies whether the first participant has traded above a threshold amount of a financial instrument in a time period. 
     
     
         9 . The apparatus of  claim 2 , in which the rule identifies whether the first participant is a proper type to originate the order. 
     
     
         10 . The apparatus of  claim 9 , in which the proper type includes a large buy-side participant. 
     
     
         11 . The apparatus of  claim 2 , in which the at least one processor is configured to control providing, over the communication network, a rating of the first participant to the order management system of the second participant. 
     
     
         12 . The apparatus of  claim 11 , in which the rating is based on prior activity of the first participant. 
     
     
         13 . The apparatus of  claim 2 ,
 in which the criteria relates to a prior order related to the first participant, in which the rule identifies whether 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; and   in which the at least one processor is configured to control providing, over the communication network, a rating of the first participant to the second participant, and in which the rating is based on prior activity of the first participant.   
     
     
         14 . The apparatus of  claim 2 , in which the predetermined type of entity is a buy side entity. 
     
     
         15 . A method comprising:
 controlling, by at least one processor:   determining whether an order, received over a communication network, from a first remote device of a plurality of remote devices of a first participant of a plurality of participants, meets criteria of a rule shared among the plurality of participants;   determining whether a second participant of the plurality of participants is a predetermined type of entity in a transaction;   receiving over the communication network, market information;   determining, based on the market information, whether a price of a financial instrument defined by the order satisfies the criteria of the rule;   responsive to determining that the price satisfies the criteria of the rule, and when the second participant is determined to be the predetermined type of entity, causing in real time, over the communication network, presentation on a graphical user interface of an order management system of a second remote device of the second participant, a dialog box including a display alert notifying that the order meets the criteria of the rule and a selectable button, which when selected, automatically initiates an electronic communication connection with the first remote device, in which the second remote device is of the plurality of remote devices;   transmitting, over the communication network, a query comprising encrypted data indicating at least one security and at least one price defining the order to the order management system;   receiving, over the communication network, from the order management system, a response to the query indicating that the query corresponds to a matching order in an encrypted data set that represents trading interests of the second participant; and   in response to receiving the response, executing a trade fulfilling the order and the matching order.