1177 Avenue of Americas

New York, New York 10036

By email to FOIAsubmissions@cftc.gov

April 11, 2018

Via the CFTC Portal and Email

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 of Exhibit B

Dear Assistant Secretary:

TW SEF LLC (“TW”), 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 (“Exhibit B”) which was submitted to the Commission on this 

date. This request pertains to all material segregated in Exhibit B. TW requests that confidential 

treatment be afforded as long as the Commission retains Exhibit B. In accordance with the 

Commission’s FOIA regulations, Exhibit B 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 Exhibit B contains information that would reveal the trade 

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

by Commission Regulation 40.8(c)(1), TW has submitted, together with this request, a detailed 

written justification in support of the confidentiality of Exhibit B.

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 will rely on and invoke any such confidentiality protection 

with respect to Exhibit B. TW requests that the Commission advise the undersigned, its 

representative, in advance of any disclosure of Exhibit B pursuant to the FOIA so that this 

request for confidential treatment may be further substantiated. TW 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’s behalf, or that we be permitted to make such a request directly.
1177 Avenue of Americas

New York, New York 10036

If you have any questions, please do not hesitate to contact the undersigned by email at 

Gregory.Compa@tradeweb.com.

Very truly yours,

Gregory Compa

Chief Compliance Officer

Enclosure
1177 Avenue of Americas

New York, New York 10036

FOIA CONFIDENTIAL TREATMENT REQUEST

August 22, 2017

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 (“Exhibit B”) 

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 Exhibit B contains 

information that would reveal the trade secrets or confidential commercial or financial 

information of TW SEF LLC (“TW”) 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 Exhibit B includes non-public information regarding pricing, 

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

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

insights regarding TW’s clients, access to its products, and how TW operates and funds its 

business. Disclosure of such information would allow other swap execution facilities insight into 

the strengths and weaknesses of TW which could be used to achieve a competitive advantage. 

Disclosure of Exhibit B would thus result in precisely the type of competitive harm to TW 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 
1177 Avenue of Americas

New York, New York 10036

it would “provide competitors with valuable insights into the operational strengths and 

weaknesses” of a company). Disclosure of the Confidential Information would provide TW’s 

competitors with an informational windfall at TW’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 respectfully requests that the Commission maintain the 

confidential privilege afforded to this type of information and refrain from releasing Exhibit B as 

such action could prove harmful to TW.

Respectfully Submitted,

Gregory Compa

Chief Compliance Officer
1177 Avenue of Americas

New York, New York 10036

FOIA CONFIDENTIAL TREATMENT REQUESTED BY TW SEF LLC

PURSUANT TO 17 C.F.R. PART 145

EXHIBIT B

Fully Integrated API Services Fee Schedule (All Credit Default Swap Indices)

Fully Integrated API Services Fee Schedule (CAD Swaps)

[Redacted]