Peter D. Santori

Chief Regulatory Officer and

Chief Compliance Officer

e: peter.santori@thesmallexchange.com

Confidential treatment requested by Small Exchange, Inc.

June 6, 2023

VIA ELECTRONIC PORTAL

Assistant Secretary of the Commission for FOIA

Privacy and Sunshine Acts Compliance

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street, NW

Washington, DC 20581

Re: SMFE 2023-002: Self-Certification Pursuant to CFTC Regulation 40.6

Dear Sir or Madam,

On this date, Small Exchange, Inc. (the “Exchange”) has submitted to Christopher J. Kirkpatrick, Secretary 

of the Commodity Futures Trading Commission (the “Commission”), a self-certification pursuant to CFTC 

Regulation 40.6 regarding the Exchange’s Market Maker Incentive Program.

Pursuant to Commission Regulation 145.9, the Exchange hereby request confidential treatment of the 

attached “Exhibit A: Market Maker Incentive Program Agreement” (the “Confidential Submission”). 

Confidential treatment is requested on the grounds that disclosure of such materials would reveal trade 

secrets and/or confidential commercial or financial information of the Exchange. In addition to violating 

the Exchange’s proprietary rights, the disclosure of the Confidential Submission would grant competitors 

an unfair competitive advantage and/or compromise the competitive advantages possessed by the 

Exchange.

The Exchange requests that, if the Commission receives a FOIA request, pursuant 5 U.S.C. 552, for the 

Confidential Submission, such information not be disclosed. In accordance with Commission Regulation 

145.9(d)(5), the Exchange also hereby requests that the Confidential Submission be afforded confidential 

treatment in perpetuity.

The Exchange further understands that, if the Commission receives a FOIA request for the Confidential 

Submission, the Exchange will be notified of such request in accordance with the Commission’s 

regulations and be asked to submit, within ten business days, a detailed written justification for 

confidential treatment of the Confidential Submission. See Commission Regulation 149.5(e)(1); see also

Executive Order 12600, 52 Fed. Reg. 23781 (June 23, 1987) (detailing pre-disclosure notification 

procedures under FOIA). In such event, we request that Commission staff telephone or e-mail the 

undersigned rather than rely upon United States mail for such notice.
2

If the Commission or its staff transmits any of the Confidential Submission to another federal agency, we 

request that you forward a copy of this letter to any such agency with the Confidential Submission and 

further request that you advise any such agency that we requested that this material be accorded 

confidential treatment.

The requests set forth in the preceding paragraphs also apply to any memoranda, notes, transcripts or 

other writings of any sort whatsoever that are made by, or at the request of, any employee of the 

Commission (or any other federal agency) and which: (i) incorporate, include or relate to any aspect of 

the Confidential Submission; or (ii) refer to any conference, meeting, or telephone conversation between 

the Exchange, their current or former employees, representatives, agents, auditors or counsel on the one 

hand and employees of the Commission (or any other government agency) on the other, relating to the 

Confidential Submission. Further, the Exchange requests that the Commission notify the undersigned at 

the provided contact information below upon receiving any FOIA request for any of the Confidential 

Information provided.

Finally, the Exchange requests that the Commission notify it in the event the Commission intends to 

disclose the Confidential Information provided to a federal or state governmental agency or department.

If you have any questions or require any further information please contact the undersigned at 

peter.santori@thesmallexchange.com.

Sincerely,

/s/ Peter D. Santori

Chief Regulatory Officer and

Chief Compliance Officer

Exhibits