1177 Avenue of Americas

New York, New York 10036

October 7, 2019

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.
Assistant Secretary of the Commission for FOIA

Commodity Futures Trading Commission

October 7, 2019

2

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
1177 Avenue of Americas

New York, New York 10036

FOIA CONFIDENTIAL TREATMENT REQUESTED

October 7, 2019

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 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 
Assistant Secretary of the Commission for FOIA

Commodity Futures Trading Commission

October 7, 2019

4

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
5

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

FOIA CONFIDENTIAL TREATMENT REQUESTED BY TW SEF LLC PURSUANT TO 

17 C.F.R. PART 145 

APPENDIX A 

Fully Integrated API Services Fee Schedule (Emerging Market Currencies)

(REDLINE AND CLEAN VERSIONS)

[REDACTED]