Exchange method and apparatus

A method for operating an information publishing system comprising the following steps:

• (a) receiving [1402] from an offer matching system a first description [1451] of a first offer, wherein:
• the first description includes a first identifier associated with the first offer,
• the first identifier not associated with any offer other than the first offer,
• (b) receiving [1502] a first request [1551] for information, the first request includes the first identifier, from a first disclosee, wherein:
• the first disclosee did not previously send a description of the first offer to the offer matching system and
• the first disclosee possesses information which discloses that a first related person satisfies a first condition, wherein the first condition is selected from the group consisting of:
• the first offer is for the benefit of the first related person,
• the first offer is for the account of the first related person,
• the first related person made an investment decision to make the first offer,
• the first related person has a financial interest in the first offer,
• the first related person is financially responsible (as principal, guarantor or otherwise) for the first offer,
• the first related person is financially responsible (as principal, guarantor or otherwise) for a trade arising out of the first offer,
• the first related person is acting as an agent with respect to the first offer, and
• the first related person is acting as a principal with respect to the first offer,
• (c) in response to the first request, and without the information publishing system's determining that the first request is from a person entitled to receive confidential information concerning the first offer, sending [1504] to the first disclosee a first data item [1552], wherein:
• the first data item concerns the first offer, and
• before receiving the first data item, the first disclosee does not possess information which discloses that the first data item concerns the first offer,
• whereby the first disclosee, which already possesses information which discloses that the first related person satisfies the first condition, gains possession of information which discloses 5 that the first data item concerns the first offer.

A method for operating an information publishing system comprising the following steps:

• (a) receiving from an offer matching system a description of a first offer, wherein:
• the first description includes a first identifier associated with the first offer,
• the first identifier not associated with any offer other than the first offer;
• (b) receiving from an offer matching system a description of a second offer;
• (c) receiving a first request for information, the first request includes the first identifier, from a first disclosee, wherein
• the first disclosee did not previously send a description of the first offer to the offer matching system and
• the first disclosee possesses information which discloses that a first related person satisfies a first condition, wherein the first condition is selected from the group consisting of:
• the first offer is for the benefit of the first related person,
• the first offer is for the account of the first related person,
• the first related person made an investment decision to make the first offer,
• the first related person has a financial interest in the first offer,
• the first related person is financially responsible (as principal, guarantor or otherwise) for the first ‘offer,
• the first related person is financially responsible (as principal, guarantor or otherwise) for a trade arising out of the first offer,
• the first related person ‘is acting as an agent with respect to the first offer, and
• the first related person is acting as a principal with respect to the first offer;
• (d) determining that the second offer satisfies a second condition that comprises a requirement selected from the group consisting of:
• that the first offer executed at least in part against the second offer,
• that both the first offer and the second offer are for a single traded item,
• that both the first offer and the second offer are for a single traded item and a side,
• that both the first offer and the second offer are for a single traded item, the first offer is for a first side and the second offer is not for the first side,
• that at a time when the first offer was capable of execution, the second offer executed in whole or in part against a third offer, wherein the third offer is not the first offer, and
• that at a first time when the first offer was capable of execution:
• the second offer executed in whole or in part against a fourth offer, wherein the fourth offer is not the first offer, and the first offer could have executed in whole or in part against the fourth offer in accordance with the set of rules if the offer matching system had not possessed information concerning any other offers for a same side as the first offer;
• (e) in response to the first request, and without the information publishing system's determining that the first request is from a person entitled to receive confidential information concerning the second offer, sending to the first disclosee a first data item concerning the second offer, whereby the first disclosee, which already possesses information which discloses that the first related person satisfies the first condition, gains possession of information which discloses that the first data item concerns the second offer which satisfies the second condition.

A method for interacting with an offer matching system comprising the following steps:

• (a) communicating [1103,1104] from a first participant to the offer matching system a first description [1152] of a first offer;
• (b) associating [1105] the first offer with a first identifier, the first identifier not associated with any offer other than the first offer;
• (c) if the first description does not disclose the first identifier, then communicating [1106,1107] the first identifier [1153] from the offer matching system to the first participant in a manner that discloses to the first participant that the first identifier is associated with the first offer;
• (d) communicating [1201,1202] from a second participant to the offer matching system a description [1251] of a second offer;
• (e) the offer matching system's executing [1203] the first offer at least in part against the second offer in accordance with a set of rules that govern the operation of the offer matching system;
• (f) if a first disclosee does not already possess information which discloses that the first identifier is associated with the first offer and that a first related person satisfies a first condition selected from the group consisting of:
• the first offer is for the benefit of the first related person,
• the first offer is for the account of the first related person,
• the first related person made an investment decision to make the first offer,
• the first related person has a financial interest in the first offer,
• the first related person is financially responsible (as principal, guarantor or otherwise) for the first offer,
• the first related person is financially responsible (as principal, guarantor or otherwise) for a trade arising out of the first offer,
• the first related person is acting as an agent with respect to the first offer, and
• the first related person is acting as a principal with respect to the first offer,
• then, after the first participant possesses information which discloses that the first identifier is associated with the first offer, communicating [1112,1113,1114] the first identifier from the first participant to the first disclosee in a manner which discloses to the first disclosee that the first related person satisfies the first condition;
• (g) attempting to avoid public disclosure of information that is reasonably likely to disclose that the first related person satisfies the first condition;
• and
• (h) the offer matching system's publishing [1605] a first data packet [1652] that comprises the first identifier and a first data item, wherein:
• the first data item concerns the first offer,
• the data packet is published in a manner that permits the first disclosee to receive it regardless of whether the first disclosee has a right to receive confidential information concerning the first offer, and
• prior to publication of the first data packet, the first disclosee does not possess information which discloses that the first data item concerns the first offer;
• and
• (i) the first disclosee's receiving [1606] the first data packet and detecting [1607] that the first data packet includes the first identifier, whereby the first disclosee, which already possesses information which discloses that the first related person satisfies the first condition, gains possession of information which discloses that the first data item concerns the first offer.

A method for interacting with an offer matching system comprising the following steps:

• (a) communicating [1103,1104] from a first participant to the offer matching system a first description [1152] of a first offer;
• (b) associating [1105] the first offer with a first identifier, the first identifier not associated with any offer other than the first offer;
• (c) if the first description does not disclose the first identifier, then communicating [1106,1107] the first identifier [1153] from the offer matching system to the first participant in a manner that discloses to the first participant that the first identifier is associated with the first offer;
• (d) communicating [1201,1202] from a second participant to the offer matching system a description [1251] of a second offer;
• (e) the offer matching system's executing [1203] the first offer at least in part against the second offer in accordance with a set of rules that govern the operation of the offer matching system;
• (f) if a first disclosee does not already possess information which discloses that the first identifier is associated with the first offer and that a first related person satisfies a first condition selected from the group consisting of:
• the first offer is for the benefit of the first related person,
• the first offer is for the account of the first related person,
• the first related person made an investment decision to make the first offer,
• the first related person has a financial interest in the first offer,
• the first related person is financially responsible (as principal, guarantor or otherwise) for the first offer,
• the first related person is financially responsible (as principal, guarantor or otherwise) for a trade arising out of the first offer,
• the first related person is acting as an agent with respect to the first offer, and
• the first related person is acting as a principal with respect to the first offer,
• then, after the first participant possesses information which discloses that the first identifier is associated with the first offer, communicating [1108,1109] the first identifier [1154] from the first participant to the first disclosee in a manner which discloses to the first disclosee that the first related person satisfies the first condition;
• (g) attempting to avoid public disclosure of information which discloses that the first related person satisfies the first condition;
• (h) communicating [1401,1402] from the offer matching system to a first information publisher a first data packet [1451] that comprises the first identifier and a first data item, the first data item concerning the first offer;
• (i) the first information publisher's publishing [1705] a second data packet [1752] comprising the first identifier and a second data item, wherein:
• the second data item concerns the first offer,
• the second data packet is published in a manner that permits the first disclosee to receive it regardless of whether the first disclosee has a right to receive confidential information concerning the first offer, and
• prior to publication of the second data packet, the first disclosee does not possess information which discloses that the second data item concerns the first offer;
• (j) the first disclosee's receiving [1706] the second data packet [1752] and detecting [1707] that the second data packet includes the first identifier, whereby the first disclosee, which already possesses information which discloses that the first related person satisfies the first condition, gains possession of information which discloses that the first data item concerns the first offer.

A method for interacting with an offer matching system comprising the following steps:

• (a) communicating from a first participant to the offer matching system a first description of a first offer;
• (b) associating the first offer with a first identifier, the first identifier not associated with any offer other than the first offer;
• (c) if the first description does not disclose the first identifier, then communicating the first identifier from the offer matching system to the first participant in a manner that discloses to the first participant that the first identifier is associated with the first offer;
• (d) communicating from a second participant to the offer matching system a description of a second offer;
• (e) the offer matching system's executing the first offer at least in part against the second offer in accordance with a set of rules that govern the operation of the offer matching system;
• (f) if a first disclosee does not already possess information which discloses that the first identifier is associated with the first offer and that a first related person satisfies a first condition selected from the group consisting of:
• the first offer is for the benefit of the first related person,
• the first offer is for the account of the first related person,
• the first related person made an investment decision to make the first offer,
• the first related person has a financial interest in the first offer,
• the first related person is financially responsible (as principal, guarantor or otherwise) for the first offer,
• the first related person is financially responsible (as principal, guarantor or otherwise) for a trade arising out of the first offer,
• the first related person is acting as an agent with respect to the first offer, and
• the first related person is acting as a principal with respect to the first offer;
• then, after the first participant possesses information which discloses that the first identifier is associated with the first offer, communicating the first identifier from the first participant to the first disclosee in a manner which discloses to the first disclosee that the first related person satisfies the first condition;
• (g) attempting to avoid public disclosure of information that is reasonably likely to disclose that the first related person satisfies the first condition;
• (h) the offer matching system's publishing a first data packet that comprises the first identifier and a first data item, wherein:
• the first data item concerns the first offer, and
• the first data packet is published in a manner that permits the first disclosee to receive it regardless of whether the first disclosee has a right to receive confidential information concerning the first offer;
• (i) the offer matching system's publishing a first collection of information, wherein the first collection comprises information which discloses that a second data item concerns a third offer that satisfies a second condition, the second condition comprising a requirement selected from the group consisting of:
• that the first offer executed at least in part against the third offer,
• that both the first offer and the third offer are for a single traded item,
• that both the first offer and the third offer are for a single traded item and a side,
• that both the first offer and the third offer are for a single traded item, the first offer is for a first side and the third offer is not for the first side,
• that at a time when the first offer was capable of execution, the third offer executed in whole or in part against a fourth offer, wherein the fourth offer is not the first offer, and
• that at a first time when the first offer was capable of execution:
• the third offer executed in whole or in part against a fifth offer, wherein the fifth offer is not the first offer, and the first offer could have executed in whole or in part against the fifth offer in accordance with the set of rules if the offer matching system had not possessed information concerning any other offers for a same side as the first offer,
• wherein the first collection is published in a manner that permits the first disclosee to receive the first collection regardless of whether the first disclosee has a right to receive confidential information concerning the third offer;
• (j) the first disclosee's receiving the first data packet;
• (k) the first disclosee's receiving the first collection;
• (l) the first disclosee's detecting that the second data item concerns an offer that satisfies the second condition.

A method for interacting with an offer matching system comprising the following steps:

• (a) communicating from a first participant to the offer matching system a first description of a first offer;
• (b) associating the first offer with a first identifier, the first identifier not associated with any offer other than the first offer;
• (c) if the first description does not disclose the first identifier, then communicating the first identifier from the offer matching system to the first participant in a manner that discloses to the first participant that the first identifier is associated with the first offer;
• (d) communicating from a second participant to the offer matching system a description of a second offer;
• (e) the offer matching system's executing the first offer at least in part against the second offer in accordance with a set of rules that govern the operation of the offer matching system;
• (f) if a first disclosee does not already possess information which discloses that the first identifier is associated with the first offer and that a first related person satisfies a first condition selected from the group consisting of:
• the first offer is for the benefit of the first related person,
• the first offer is for the account of the first related person,
• the first related person made an investment decision to make the first offer,
• the first related person has a financial interest in the first offer,
• the first related person is financially responsible (as principal, guarantor or otherwise) for the first offer,
• the first related person is financially responsible (as principal, guarantor or otherwise) for a trade arising out of the first offer,
• the first related person is acting as an agent with respect to the first offer, and
• the first related person is acting as a principal with respect to the first offer,
• then, after the first participant possesses information which discloses that the first identifier is associated with the first offer, communicating the first identifier from the first participant to the first disclosee in a manner which discloses to the first disclosee that the first related person satisfies the first condition;
• (g) attempting to avoid public disclosure of information that is reasonably likely to disclose that the first related person satisfies the first condition;
• (h) communicating from the offer matching system to a first information publisher a first data packet that comprises the first identifier and a first data item, the first data item concerning the first offer;
• (i) the first information publisher's publishing a second data packet comprising the first identifier and a second data item, wherein:
• the second data item concerns the first offer, and
• the second data packet is published in a manner that permits the first disclosee to receive it regardless of whether the first disclosee has a right to receive confidential information concerning the first offer;
• (j) communicating from the offer matching system to the first information publisher a first collection of information, wherein the first collection comprises information which discloses that a second data item concerns a third offer that satisfies a second condition, the second condition comprising a requirement selected from the group consisting of:
• that the first offer executed at least in part against the third offer,
• that both the first offer and the third offer are for a single traded item,
• that both the first offer and the third offer are for a single traded item and a side,
• that both the first offer and the third offer are for a single traded item, the first offer is for a first side and the third offer is not for the first side,
• that at a time when the first offer was capable of execution, the third offer executed in whole or in part against a fourth offer, wherein the fourth offer is not the first offer, and
• that at a first time when the first offer was capable of execution:
• the third offer executed in whole or in part against a fifth offer, wherein the fifth offer is not the first offer, and the first offer could have executed in whole or in part against the fifth offer in accordance with the set of rules if the offer matching system had not possessed information concerning any other offers for a same side as the first offer;
• (k) the first information publisher's publishing a second collection of information, wherein the second collection comprises information which discloses that a third data item concerns an offer that satisfies the second condition, wherein
• the third data item concerns the third offer, and
• the second collection is published in a manner that permits the first disclosee to receive it regardless of whether the first disclosee has a right to receive confidential information concerning the third offer;
• (l) the first disclosee's receiving the second data packet;
• (m) the first disclosee's receiving the second collection;
• (n) the first disclosee's detecting that the third data item concerns an offer that satisfies the second condition.

A method for interacting with an offer matching system comprising the following steps:

• (a) storing [1112] in the offer matching system a first association among a first target, a first monitor and a first condition, the first condition comprising a requirement selected from the group consisting of:
• an offer is for the benefit of the first target,
• an offer is for the account of the first target,
• the first target made an investment decision to make an offer,
• the first target has a financial interest in an offer,
• the first target is financially responsible (as principal, guarantor or otherwise) for an offer,
• the first target is financially responsible (as principal, guarantor or otherwise) for a trade arising out of an offer,
• the first target is acting as an agent with respect to an offer, and
• the first target is acting as a principal with respect to an offer,
• (b) communicating [1103,1104] from a first participant to the offer matching system a description [1152] of a first offer;
• (c) communicating [1201,1202] from a second participant to the offer matching system a description [1251] of a second offer;
• (d) the offer matching system's executing [1203] the first offer at least in part against the second offer in accordance with a set of rules that govern the operation of the offer matching system;
• (e) determining [1311] that the first offer satisfies the first condition;
• (f) after step (e), communicating [1309,1310] from the offer matching system to the first monitor a first data item [1354] in a manner that discloses to the first monitor that the first data item concerns an offer that satisfies the first condition, wherein
• the first data item concerns the first offer, and
• the monitor does not already possess information which discloses that the first data item concerns an offer that satisfies the first condition,
• whereby the first monitor gains information which discloses that the first data item concerns an offer that satisfies the first condition;
• and
• (g) attempting to avoid publicly disclosing that the first data item concerns an offer that satisfies the first condition.

A method for an offer matching system to publish information about a first offer comprising the following steps:

• (a) receiving from a first participant a first description of the first offer;
• (b) associating the first offer with a first identifier, the first identifier not associated with any offer other than the first offer;
• (c) if the first description did not disclose the first identifier, sending the first identifier to the first participant in a manner that discloses to the first participant that the first identifier is associated with the first offer;
• (d) receiving from a second participant a description of a second offer;
• (e) the offer matching system's executing the first offer at least in part against the second offer in accordance with a set of rules that govern the operation of the offer matching system;
• (f) publishing a first data packet that comprises the first identifier and a first data item, the first data item concerning the first offer;
• (g) a first information publishing system's receiving the first data packet;
• and
• (h) the first information publishing system's publishing a second data packet that comprises:
• (1) the first identifier and
• (2) a second data item, wherein:
• (A) the second data item:
• (I) was not contained in the first data packet,
• (II) was calculated by the first information publishing system, and
• (III) concerns an item selected from the group comprised of
• the first offer and
• an execution of the first offer against the second offer;
• and
• (B) calculation of the second data item depends upon a third data item that is not obtained from the offer matching system.

A method for an offer matching system to publish information comprising the following steps:

• (a) receiving from a first participant a first description of a first offer;
• (b) receiving from a second participant a second description for a second offer;
• (c) associating the first offer with a first identifier, the first identifier not associated with any offer other than the first offer;
• (d) if the first description did not disclose the first identifier, sending the first identifier to the first participant in a manner that discloses to the first participant that the first identifier is associated with the first offer;
• (e) the offer matching system's executing the first offer at least in part against the second offer in accordance with a set of rules that govern the operation of the offer matching system;
• and
• (f) publishing a first data packet that comprises the first identifier and a first data item, the first data item concerning an execution of the first offer against the second offer
• (g) a first information publishing system's receiving the first data packet;
• and
• (h) the first information publishing system's publishing a second data packet that comprises:
• (1) the first identifier and
• (2) a second data item, wherein:
• (A) the second data item:
• (I) was not contained in the first data packet,
• (II) was calculated by the first information publishing system, and
• (III) concerns an item selected from the group comprised of
• the first offer,
• the second offer, and
• an execution of the first offer against the second offer;
• and
• (B) calculation of the second data item depends upon a third data item that is not obtained from the offer matching system.

A method for processing offers in an offer matching system comprising the steps of:

• (a) receiving from a first person a first description of a first offer, the first description comprising
• a first data item that identifies a future time, wherein:
• the first data item permits specifying the future time in increments at least as small as one minute;
• the future time is at least two hours in the future, and
• the future time is not at or near a time when
• the offer matching system is scheduled to commence offer matching,
• the offer matching system is scheduled to suspend offer matching,
• the offer matching system is scheduled both to commence and to suspend offer matching, or
• the offer matching system is scheduled to conduct a single call auction;
• a second data item that indicates a first side for the first offer and
• a third data item that identifies a first traded item;
• (b) receiving from a second person a second description of a second offer wherein the second offer is for the first side and the first traded item;
• (c) receiving from a third person a third description of a third offer wherein the third offer is for the first traded item but is not for the first side;
• (d) until the offer matching system determines that the future time has occurred, refusing to execute the first offer against any other offer;
• (e) after receiving the first description but before the offer matching system determines that the future time has occurred, executing the second offer at least in part against the third offer, wherein, if the offer matching system had already determined that the future time had occurred, the second offer would have had a lower execution priority than the first offer and the offer matching system would not have executed the second offer even in part against the third offer;
• and
• (f) after the offer matching system determines that the future time has occurred, attempting at least one time to execute the first offer against at least one other offer in accordance with a set of rules that govern the operation of the offer matching system and, if it can be so executed, so executing it.

An offer matching system comprising:

• (a) means for communicating from a first participant to the offer matching system a first description of a first offer;
• (b) means for associating the first offer with a first identifier, the first identifier not associated with any offer other than the first offer;
• (c) means responsive to the first description's not disclosing the first identifier, for then communicating the first identifier from the offer matching system to the first participant in a manner that discloses to the first participant that the first identifier is associated with the first offer;
• (d) means for communicating from a second participant to the offer matching system a description of a second offer;
• (e) means for executing the first offer at least in part against the second offer in accordance with a set of rules that govern the operation of the offer matching system;
• (f) means responsive to a first disclosee's not already possessing information which discloses that the first identifier is associated with the first offer and a first related person satisfying a first condition selected from the group consisting of:
• the first offer is for the benefit of the first related person,
• the first offer is for the account of the first related person,
• the first related person made an investment decision to make the first offer,
• the first related person has a financial interest in the first offer,
• the first related person is financially responsible (as principal, guarantor or otherwise) for the first offer,
• the first related person is financially responsible (as principal, guarantor or otherwise) for a trade arising out of the first offer,
• the first related person is acting as an agent with respect to the first offer, and
• the first related person is acting as a principal with respect to the first offer, for communicating the first identifier from the first participant to the first disclosee, after the first participant possesses information which discloses that the first identifier is associated with the first offer, in a manner which discloses to the first disclosee that the first related person satisfies the first condition;
• (g) means for attempting to avoid public disclosure of information that is reasonably likely to disclose that the first related person satisfies the first condition;
• and
• (h) means for publishing a first data packet that comprises the first identifier and a first data item, wherein:
• the first data item concerns the first offer, and
• the first data packet is published in a manner that permits the first disclosee to receive it regardless of whether the first disclosee has a right to receive confidential information concerning the first offer;
• (i) means for publishing a first collection of information, wherein the first collection comprises information which discloses that a second data item concerns a third offer that satisfies a second condition, the second condition comprising a requirement selected from the group consisting of:
• that the first offer executed at least in part against the third offer,
• that both the first offer and the third offer are for a single traded item,
• that both the first offer and the third offer are for a single traded item and a side,
• that both the first offer and the third offer are for a single traded item, the first offer is for a first side and the third offer is not for the first side,
• that at a time when the first offer was capable of execution, the third offer executed in whole or in part against a fourth offer, wherein the fourth offer is not the first offer, and
• that at a first time when the first offer was capable of execution:
• the third offer executed in whole or in part against a fifth offer, wherein the fifth offer is not the first offer, and the first offer could have executed in whole or in part against the fifth offer in accordance with the set of rules if the offer matching system had not possessed information concerning any other offers for a same side as the first offer,
• wherein the first collection is published in a manner that permits the first disclosee to receive the first collection regardless of whether the first disclosee has a right to receive confidential information concerning the third offer;
• (j) means for receiving the first data packet by the first disclosee;
• (k) means for receiving the first collection by the first disclosee;
• (l) means for detecting by the first disclosee that the second data item concerns an offer that satisfies the second condition.

A method for operating an offer matching or information publishing system, which system comprises a computer apparatus, for a traded item comprising the following steps:

• (a) associating a first offer to buy or to sell the traded item with a first identifier;
• (b) receiving a request for information, where:
• (i) the request includes the first identifier and
• (ii) the request is received in a manner that does not imply that the request is from a person entitled to receive nonpublic information concerning the first offer;
• and
• (c) in response to the request, sending a reply comprising a data item that concerns the first offer.

An offer matching or information publishing system for a traded item comprising:

• (a) a means for associating a first offer to buy or to sell the traded item with a first identifier;
• (b) a means for receiving a request for information, where:
• (i) the request includes the first identifier and
• (ii) the request is received in a manner that does not imply that the request is from a person entitled to receive nonpublic information concerning the first offer;
• and
• (c) a means for sending a reply in response to the request, where the reply comprises a data item that concerns the first offer.

A method for interacting with an offer matching or information publishing system, which system comprises a computer apparatus, for a traded item comprising the following steps:

• (a) a first disclosee's determining a first identifier associated with a first offer to buy or to sell the traded item;
• (b) the first disclosee's sending to the system a request for information, where:
• (i) the request includes the first identifier and
• (ii) the request is made in a manner that does not imply that the request is from a person entitled to receive nonpublic information concerning the first offer;
• and
• (c) the first disclosee's receiving from the system, in response to the request, a reply that comprises a data item that concerns the first offer, where the data item is not the first identifier.

A method for interacting with an offer matching or information publishing system, which system comprises a computer apparatus, for a traded item comprising the following steps:

• (a) a first disclosee's determining a first identifier associated with a first offer to buy or to sell the traded item;
• (b) the first disclosee's receiving a data packet from the system, where:
• (i) the first disclosee received the data packet in a manner that would permit members of the public with no right to receive nonpublic information about the first offer to receive and to use such data packet,
• (ii) the data packet comprises the first identifier,
• (iii) the data packet comprises a data item that concerns the first offer, where the data item is not the first identifier, and
• (iv) until receiving the data packet, the first disclosee did not know that the data item concerns the first offer;
• and
• (c) the first disclosee's detecting that the data packet includes the first identifier, whereby the first disclosee gains possession of information which discloses that the data item concerns the first offer.

A method for operating an offer matching system, which system comprises a computer apparatus, comprising the following steps:

• (a) storing in the offer matching system an association among a first participant and a first monitor, where the first monitor is not the first participant;
• (b) receiving a first description for a first offer;
• (c) determining that the first description is from the first participant;
• (d) receiving a message from the first monitor that approves the first offer;
• (e) before step (d), refusing to execute the first offer against any other offer;
• and
• (f) after step (d), executing the first offer at least in part against a second offer.

A method for executing offers in an offer matching system, which system comprises a computer apparatus, comprising the following steps:

• (a) storing in the offer matching system a description of a sell offer for the traded item that includes a minimum price at which the sell offer may be executed;
• (b) storing in the offer matching system a description of a buy offer for a traded item that includes a maximum price at which the buy offer may be executed, where the maximum price is greater than the minimum price;
• (c) selecting a first price that is indicative of recent trading activity for the traded item, where the first price is greater than the minimum price and the first price is less than the maximum price;
• and
• (d) executing the sell offer, in whole or in part, against the buy offer at the first price.

A method for interacting with an offer matching system, which system comprises a computer apparatus, comprising the following steps:

• (a) communicating from a first disclosee to a first participant a first description of a first offer, the first disclosee is not the same as the first participant;
• (b) communicating from the first participant to the offer matching system a second description of the first offer;
• (c) communicating from a second participant to the offer matching system a description of a second offer;
• (d) the offer matching system's executing the first offer at least in part against the second offer in accordance with a set of rules that govern the operation of the offer matching system;
• (e) communicating from the first disclosee to the first participant a first request for information concerning the first offer;
• (f) in response to the first request, communicating from the first participant to the offer matching system a second request for information concerning the first offer;
• (g) in response to the second request, communicating from the offer matching system to the first disclosee a first response comprising:
• a first data item responsive to the first request and
• a first digital signature from the offer matching system.

A method for an offer matching system, which system comprises a computer apparatus, to publish information about a first offer comprising the following steps:

• (a) receiving from a first participant a first description of the first offer;
• (b) associating the first offer with a first identifier, the first identifier not associated with any offer other than the first offer;
• (c) if the first description did not disclose the first identifier, sending the first identifier to the first participant in a manner that discloses to the first participant that the first identifier is associated with the first offer;
• (d) receiving from a second participant a description of a second offer;
• (e) the offer matching system's executing the first offer at least in part against the second offer in accordance with a set of rules that govern the operation of the offer matching system;
• (f) publishing a first data packet that comprises the first identifier and a first data item, the first data item concerning the first offer.

A method for an offer matching system, which system comprises a computer apparatus, to publish information comprising the following steps:

• (a) receiving from a first participant a first description of a first offer;
• (b) receiving from a second participant a second description for a second offer;
• (c) associating the first offer with a first identifier, the first identifier not associated with any offer other than the first offer;
• (d) if the first description did not disclose the first identifier, sending the first identifier to the first participant in a manner that discloses to the first participant that the first identifier is associated with the first offer;
• (e) the offer matching system's executing the first offer at least in part against the second offer in accordance with a set of rules that govern the operation of the offer matching system;
• and
• (f) publishing a first data packet that comprises the first identifier and a first data item, the first data item concerning an execution of the first offer against the second offer.

A method for operating an offer matching system, which system comprises a computer apparatus, comprising the following steps:

• (a) storing in the offer matching system a first association among a first participant and a first monitor;
• (b) receiving a first description for a first offer, the first offer comprising a first data item that indicates whether the first offer is an offer to buy or an offer to sell;
• (c) determining that the first description is from the first participant;
• (d) receiving from a second participant a second description for a second offer, the second offer comprising a second data item, wherein either:
• the first data item indicates that the first offer is an offer to buy and the second data item indicates that the second offer is an offer to sell or
• the first data item indicates that the first offer is an offer to sell and the second data item indicates that the second offer is an offer to buy;
• (e) receiving a message that approves the first offer;
• (f) determining that the message is from the first monitor;
• (g) before step (f), refusing to execute the first offer against any other offer;
• (h) after step (f), executing the first offer at least in part against the second offer.

A method for executing offers in an offer matching system, which system comprises a computer apparatus, that includes the following steps:

• (a) storing in the offer matching system a description of a buy offer for a traded item;
• (b) storing in the offer matching system a description of a sell offer for the traded item;
• (c) detecting that the buy offer may be executed in whole or in part against the sell offer;
• (d) determining a minimum price that is the lowest price at which the sell offer may be executed against the buy offer;
• (e) determining a maximum price that is the highest price at which the buy offer may be executed against the sell offer, wherein the maximum price is greater than the minimum price;
• (f) selecting a first price that is indicative of recent trading activity for the traded item;
• (g) executing the buy offer against the sell offer, in whole or in part, at a second price that is equal to:
• the minimum price, if the first price is less than the minimum price,
• the first price, if the minimum price is less than the first price and the first price is less than the maximum price, or
• the maximum price, if the first price is greater than the maximum price.