Secure exchange feed market data embargo

A system for managing communication of a plurality of financial messages to a plurality of market participants via a network, the plurality of messages including a first financial message, the first financial message including data intended to be received and comprehended by a first market participant of the plurality of market participants, and a second financial message corresponding to the first financial message and including data intended for all of the plurality of market participants, the system comprising:

• a first logic stored in a memory and configured to be executed by a processor to cause the processor to encrypt at least a portion of market data included in the first financial message of the plurality of financial messages by transforming readable plain text into unreadable ciphertext using an encryption algorithm comprising a symmetric-key algorithm or an asymmetric-key algorithm, such that the encrypted portion is incomprehensible to a first market participant without an associated key;
• a second logic stored in the memory and configured to be executed by a processor to cause the processor to augment the second financial message with an associated key capable of decrypting the encrypted portion of the first financial message and with identification data linking the associated key in the second financial message with the first financial message;
• a third logic stored in a memory and configured to be executed by a processor to cause the processor to transmit, via a network, the first financial message to the first market participant;
• and
• a fourth logic stored in the memory and configured to be executed by a processor to cause the processor to transmit, via the network, the second financial message to the plurality of market participants;
• wherein regardless of whether the first financial message experiences a different transmission delay while being communicated via the network than a transmission delay experienced by the second financial message and arrives at the first market participant before the second financial message, the first market participant is unable to comprehend the encrypted portion of the first financial message prior to receipt of an associated key capable of decrypting the encrypted portion of the first financial message.

A system for generating a plurality of messages to a plurality of market participants, the plurality of messages including a first message, the first message including data intended to be received and comprehended by a first market participant, and a second message corresponding to the first message but including no indicia indicative of the first market participant the system comprising:

• a processor and a non-transitory memory coupled therewith, the memory storing computer-executable instructions that, when executed by the processor, cause the processor to:
• encrypt at least a portion of market data included in the first message by transforming readable plain text into unreadable ciphertext using an encryption algorithm comprising a symmetric-key algorithm or an asymmetric-key algorithm, such that an encrypted portion of the first message is incomprehensible without an associated key, and augment the second message with an associated key configured to decrypt the encrypted portion and with identification data linking the associated key in the second financial message with the first financial message;
• and
• transmit the first message to the first market participant and the second message to the plurality of market participants;
• wherein regardless of whether the first financial message experiences a different transmission delay while being communicated via the network than a transmission delay experienced by the second financial message and arrives at the first market participant before the second financial message, the first market participant is unable to comprehend the encrypted portion of the first financial message prior to receipt of the associated key in the second financial message.