1177 Avenue of Americas

New York, New York 10036

February 21, 2020

Via email to FOIAsubmissions@cftc.gov

Assistant Secretary of the Commission for FOIA

Privacy and Sunshine Acts Compliance

U.S. Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street, N.W.

Washington, DC 20581

Re: FOIA Confidential Treatment Request of Appendix A

Dear Assistant Secretary:

TW SEF LLC (“TW SEF”) hereby requests that the U.S. Commodity Futures Trading Commission 

(the “Commission”) accord confidential treatment under the Freedom of Information Act (the 

“FOIA”) to the attached appendix (“Appendix A”) which was submitted to the Commission on 

this date. This request pertains to all material in Appendix A, and an additional redacted 

version of Appendix A is included with this submission. TW SEF requests that confidential 

treatment be afforded as long as the Commission retains Appendix A. In accordance with the 

Commission’s FOIA regulations, Appendix A bears the designation “Confidential Treatment 

Requested by TW SEF LLC”.

This request for confidential treatment under the FOIA is made pursuant to Commission 

Regulations 40.8 and 145.9(d), as Appendix A contains information that would reveal the trade 

secrets or confidential commercial or financial information of TW SEF and its affiliates. As 

required by Commission Regulation 40.8(c)(1), TW SEF has submitted, together with this 

request, a detailed written justification in support of the confidentiality of Appendix A.

This request shall not be construed as a waiver of any protection from disclosure or confidential 

treatment under Commission Regulations or any other protection from disclosure or 

confidential treatment accorded by law, and TW SEF will rely on and invoke any such 

confidentiality protection with respect to Appendix A. TW SEF requests that the Commission 

advise the undersigned, its representative, in advance of any disclosure of Appendix A pursuant 

to the FOIA so that this request for confidential treatment may be further substantiated. TW 

SEF further requests that if any of the Confidential Information is to be disclosed to Congress or 

any other federal or state governmental agency or department, a request for confidential 

treatment be made by the Commission on TW SEF’s behalf, or that we be permitted to make 

such a request directly.
If you have any questions, please do not hesitate to contact the undersigned at 646-560-7223 

or by email at Gregory.Compa@tradeweb.com.

Very truly yours,

Gregory Compa

Chief Compliance Officer

TW SEF LLC
APPENDIX A 

Fully Integrated API Services Fee Schedule (Emerging Market Currencies)

(Blackline and Clean Versions)

[REDACTED]
1177 Avenue of Americas

New York, New York 10036

FOIA CONFIDENTIAL TREATMENT REQUESTED

February 21, 2020

Assistant Secretary of the Commission for FOIA

Privacy and Sunshine Acts Compliance

U.S. Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street, N.W.

Washington, DC 20581

Re: FOIA Detailed Written Justification 

Dear Assistant Secretary:

This detailed written justification for confidential treatment of the attached appendix 

(“Appendix A”) under the Freedom of Information Act (“FOIA”) is made pursuant to U.S. 

Commodity Futures Trading Commission (“Commission”) Regulations 40.8 and 145.9(d), as 

Appendix A contains information that would reveal the trade secrets or confidential commercial 

or financial information of TW SEF LLC (“TW SEF”) and its affiliates.

The general test for determining whether commercial information is exempt from disclosure 

under FOIA pursuant to this exemption is whether release of the information would “cause 

substantial harm to the competitive positions of the person from whom the information was 

obtained.” Acumenics Research & Tech. v. Dep’t of Justice, 843 F.2d 800, 807 (4th Cir. 1988) 

(quoting National Parks & Conservation Ass’n v. Morton, 498 F.2d 765, 770 (D.C. Cir. 1974)). 

There is no requirement to demonstrate actual competitive harm, rather “[a]ctual competition 

and the likelihood of substantial competitive injury is all that need to be shown.” Gulf & 

Western Indus., Inc. v. United States, 615 F.2d 527, 530 (D.C. Cir. 1979). Information is 

considered confidential where (i) there is actual competition in the relevant market, and (ii) 

disclosure is likely to cause substantial competitive injury. Id. With regard to proof of potential 

injury, evidence demonstrating the potential for economic harm is sufficient, and neither the 

omission nor the courts must conduct a sophisticated economic analysis to determine the likely 

effects of disclosure. Utah v. Bahe et al., 256 F.3d 967, 970 (10th Cir. 2001); Public Citizen 

Health Research Group v. Food & Drug Admin., 704 F.2d 1280, 1291 (D.C. Cir. 1983).

The information contained in Appendix A includes non-public information regarding pricing, 

business structure and financial incentives relating to certain technological means for accessing 

TW SEF. TW SEF believes that disclosure of this information would provide its competitors with 

valuable insights regarding TW SEF’s clients, access to its products, and how TW SEF operates 
Confidential Treatment Requested by TW SEF LLC Pursuant to 17 CFR Part 154

and funds its business. Disclosure of such information would allow other swap execution 

facilities insight into the strengths and weaknesses of TW SEF which could be used to achieve a 

competitive advantage. Disclosure of Appendix A would thus result in precisely the type of 

competitive harm to TW SEF that the provisions of FOIA and 17 C.F.R. § 145.9(d)(ii) are 

designed to prevent. See National Parks & Conservation Ass’n v. Kleppe, 547 F.2d 673, 684 (D.C. 

Cir. 1976) (prohibiting disclosure where it would “provide competitors with valuable insights 

into the operational strengths and weaknesses” of a company). Disclosure of the Confidential 

Information would provide TW SEF’s competitors with an informational windfall at TW SEF’s 

expense that they are not entitled to under FOIA. See Worthington Compressors, Inc. v. Costle, 

662 F.2d 45, 52 (D.C. Cir. 1981) (“as a matter basic to our free enterprise system, private 

business information should be afforded appropriate protection, at least from competitors”). 

The Confidential Information thus falls squarely within the type of information that the 

provisions of FOIA and Commission Regulation 145.9(d)(ii) are designed to protect from 

disclosure.

For the foregoing reasons, TW SEF respectfully requests that the Commission maintain the 

confidential privilege afforded to this type of information and refrain from releasing Appendix A 

as such action could prove harmful to TW SEF.

If you have any questions, please do not hesitate to contact the undersigned at 646-560-7223 

or by email at Gregory.Compa@tradeweb.com.

Very truly yours,

Gregory Compa

Chief Compliance Officer

TW SEF LLC
Confidential Treatment Requested by TW SEF LLC Pursuant to 17 CFR Part 154

APPENDIX A 

Fully Integrated API Services Fee Schedule (Emerging Market Currencies)

(Blackline and Clean Versions)