Bennett Kirschner

General Counsel and Secretary

TRADITION SEF, LLC 

Tradition SEF, LLC 32 Old Slip, 28th Floor, New York, NY 10005 212-791-4500 www.traditionsef.com

May 12, 2022

VIA E-MAIL (FOIAsubmissions@cftc.gov)

Assistant Secretary of the Commission for FOIA,

Privacy and Sunshine Acts Compliance

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street, N.W.

Washington, D.C. 20581

RE: Tradition SEF, Inc. – FOIA Confidential Treatment Request

Dear Sir or Madam:

By e-mail dated today, May 12, 2022, Tradition SEF, Inc. (the “Submitter”) voluntarily provided the 

information attached as Schedule A (the “Confidential Information”) and attached hereto to the 

Commodity Futures Trading Commission (the “Commission”) and staff of the Division of Market 

Oversight in connection with a Swap Execution Facility (“SEF”) rule submission made pursuant to 

Commission Rule 40.6.

Pursuant to Commission Rules 40.8 and 145.9(d), the Submitter requests confidential treatment of the 

Confidential Information consisting of Schedule A to this submission on the grounds that disclosure of 

the Confidential Information would reveal confidential commercial and financial information of the 

Submitter and would be considered commercially material information to competitors of the Submitter. 

Unlike futures exchanges, which are registered with the Commission in a similar manner, SEFs do not 

own the products traded thereon. SEFs compete in the open market for volume and liquidity in publically 

available products. Moreover, the Submitter’s Fee Schedule reflected on Schedule A contains 

engagement models, entry requirements and fees, all of which information is proprietary to the Submitter 

and forms an integral part of the competitive nature of the marketplace. A SEF structures its engagement 

model and fee structure to differentiate the SEF with respect to attracting liquidity. For the Submitter’s 

continued success, it is imperative that such information be treated as confidential. Accordingly, the 

Submitter requests confidential treatment of Schedule A in its entirety.

Pursuant to Commission Rule 145.9(d)(5), the Submitter requests that confidential treatment of the 

Confidential Information be maintained until further notice from the Submitter. The Submitter requests 

that the Commission notify it immediately after receiving any request under the Freedom of Information 

Act (“FOIA”) or any other court order, subpoena or summons for the Confidential Information. The 

Submitter specifically notes that it does not waive, in any manner, its rights under Section 8(f) of the 

Commodity Exchange Act to receive a copy of any subpoena or summons for the Confidential 

Information prior to the Commission’s disclosure of such information pursuant to such subpoena or 

summons. Finally, the Submitter requests that the Commission notify it in the event that the Commission 

intends to disclose the Confidential Information to Congress or any federal or state governmental agency 

or department.
Assistant Secretary of the Commission for FOIA, 

Privacy and Sunshine Acts Compliance

May 12, 2022

Page 2

Should you require additional information related to this request or the submission, please contact the 

undersigned at (212) 377-2337 or bennett.kirschner@tradition.com. Please reference Tradition SEF 

Submission No. 2022-05 in any related correspondence.

Sincerely,

/s/ Bennett Kirschner

General Counsel and Secretary

Att.

Schedule A – Confidential Information
Assistant Secretary of the Commission for FOIA, 

Privacy and Sunshine Acts Compliance

May 12, 2022

Page 3

SCHEDULE A

Confidential Information

Exhibit B to Tradition SEF Submission No. 2022-05 (redlined version of the Fee Schedule reflecting

changes made to the prior version).