January 10, 2023

VIA ELECTRONIC MAIL

Assistant Secretary of the Commission for FOI

Privacy and Sunshine Acts Compliance 

Commodity Futures Trading Commission 

Three Lafayette Centre 

1155 21st Street, N.W. 

Washington, DC 20581 

FOIAsubmissions@cftc.gov 

Re: FOIA Confidential Treatment Request

Dear Sir or Madam, 

We write to inform you that Railbird Exchange, LLC (“Railbird” or “we”) submitted on 

December 30, 2022 to the Commodity Futures Trading Commission (“CFTC”) the documents 

described in Appendix A to this letter (the “Confidential Submission”), as part of Railbird’s 

designated contract market (“DCM”) application, via electronic mail to the Secretary of the 

Commission and the Division of Market Oversight. 

Pursuant to CFTC Regulation 145.9, 17 C.F.R. § 145.9, we hereby request that the CFTC 

afford confidential treatment to the Confidential Submission and any copies thereof. Furthermore, 

we request confidential treatment of any memoranda, notes, transcripts or other writings of any sort 

that are made by, or at the request of, any employee of the CFTC (or of any government employee, 

agent, or agency) and that: (1) incorporate or relate to any aspect of the Confidential Submission; 

or (2) refer to any conference, meeting, or telephone conversation between Railbird, its current or 

former employees, representatives, agents, auditors, or counsel on the one hand and employees of 

the CFTC (or of any other government agency) on the other hand, relating to the Confidential 

Submission (“Derivative Materials”). 

We request confidential treatment on the grounds that, pursuant to 17 C.F.R. § 

145.9(d)(1)(ii), the Confidential Submission and any Derivative Materials contain and constitute 

Railbird’s “trade secrets or confidential commercial or financial information” and other 

competitively sensitive information. Disclosure of the Confidential Submission or any Derivative 

Materials would place Railbird at a competitive disadvantage with competitors who do not publicly 

reveal such information. Therefore, the Confidential Submission and any Derivative Materials are 

subject to, at a minimum, the exemption from mandatory disclosure under Exemption Number 4 of 

the Freedom of Information Act, 5 U.S.C. § 552 (“FOIA”). We also request confidential treatment 

pursuant to 17 C.F.R. § 145.9(d)(1)(iii) on the basis that disclosure of the Confidential Submission 

or any Derivative Materials would constitute a clearly unwarranted invasion of Railbird’s personal 

privacy and its employees’ personal privacy. 
- 2 -

Commodity Futures Trading Commission 

January 10, 2023

If any person (including any government employee who is not an employee of the CFTC) 

requests an opportunity to inspect or copy any of the Confidential Submission (or any Derivative 

Materials) or the CFTC receives any FOIA request or any other court order, subpoena or 

summons for the Confidential Submission (or any Derivative Materials), we request that we be 

immediately notified of any such request, be promptly furnished with all written materials 

pertaining to such request, and be given a reasonable opportunity to respond, as required by 17 

C.F.R. § 145.9(e).

If the CFTC or its Staff tentatively concludes that the Confidential Submission or any 

Derivative Materials are not exempt from disclosure pursuant to FOIA or applicable CFTC 

regulations, we request, pursuant to 17 C.F.R. § 145.9(f), a nonpublic hearing on these claims of 

exemption and that we be given at least ten business days’ notice prior to any intended release so 

that we may pursue any available remedies if deemed appropriate. Pursuant to 17 C.F.R. 

145.9(d)(2), a copy of this letter is being provided to the relevant members of Staff at the CFTC 

who received the Confidential Submission. Additionally, we request that a copy of this letter 

accompany the Confidential Submission and related materials at all times. 

In accordance with 17 C.F.R. §145.9(d)(5), we request that the Confidential Submission 

and any Derivative Materials be afforded confidential treatment in perpetuity. Thank you for 

your anticipated cooperation. 

If you have any questions or require further information, please contact the undersigned 

at the address and telephone number below. 

Miles Saffran 

Chief Executive Officer 

Railbird Exchange, LLC 

169 Madison Avenue 

New York, NY 10016 

(646) 362-9401

miles.saffran@railbirdexchange.com

With a copy to: 

Neal Kumar 

Willkie Farr & Gallagher LLP 

1875 K Street, N.W. 

Washington, DC 20006 

(202) 303-1143

nkumar@willkie.com
- 3 -

Commodity Futures Trading Commission 

January 10, 2023

Respectfully submitted, 

Miles Saffran 

Chief Executive Officer 

cc: Neal Kumar 
- 4 -

Commodity Futures Trading Commission 

January 10, 2023

Appendix A 

EXHIBIT U: Request for Confidential Treatment

Railbird requests confidential treatment of the following information pursuant to §145.9 of the 

CFTC’s regulations:

1. Exhibit A (ownership)

2. Exhibit B (officers and directors)

3. Exhibit C (fitness standards)

4. Exhibit D (organizational structure)

5. Exhibit E (personnel qualifications)

6. Exhibit F (staffing requirements)

7. Exhibit H (material pending litigations)

8. Exhibit I (financial resources and agreement and estimate of future operations)

9. Exhibit J (affiliate balance sheet and income statement)

10. Exhibit K (fees)

11. Exhibit N (third party contracts)

12. Exhibit O (trade practice, market and financial surveillance)

13. Exhibit P (disciplinary and enforcement)

14. Exhibit Q (trading system algorithms)

15. Exhibit R (trade practice violations)

16. Exhibit S (maintenance of trade data)

17. Exhibit T (clearing)

18. Exhibit V (Technology Questionnaire)