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)
430-6160 or by email at scott.zucker@tradeweb.com.

Very truly yours,

Scott Zucker
Chief Compliance Officer
TW SEF LLC


FOIA CONFIDENTIAL TREATMENT REQUESTED
August 30, 2021

Assistant Secretary of the Commission for FOI,
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. /d. 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 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

1


APPENDIX A
Fully Integrated API Services Fee Schedule (GBP Swaps)

(Blackline and Clean Copies)

CONFIDENTIAL TREATMENT REQUESTED BY TW SEF LLC PURSUANT TO 17 CFR PART 145


*Tradeweb twsef

1177 Avenue of Americas
New York, New York 10036

August 30, 2021
Via email to FOIAsubmissions@cftc.gov

Assistant Secretary of the Commission for FOI,
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
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)
430-6160 or by email at scott.zucker@tradeweb.com.

Very truly yours,

Scott Zucker
Chief Compliance Officer
TW SEF LLC


“Tradeweb twsef
1177 Avenue of Americas
New York, New York 10036
APPENDIX A
Fully Integrated API Services Fee Schedule (GBP Swaps)
(Blackline and Clean Copies)

[REDACTED]

CONFIDENTIAL TREATMENT REQUESTED BY TW SEF LLC PURSUANT TO 17 CFR PART 145