1177 Avenue of Americas

New York, New York 10036

January 10, 2023

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 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”) and 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) 767-

4923 or by email at Devi.Shanmugham@tradeweb.com.

Very truly yours,

Devi Shanmugham

Chief Compliance Officer

TW SEF
1177 Avenue of Americas

New York, New York 10036

APPENDIX A

Access Fees and Payment Terms for Direct GUI Participants

(Blackline and Clean Copies)

[REDACTED]
FOIA CONFIDENTIAL TREATMENT REQUESTED

January 10, 2023

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: Detailed Written Justification Regarding the FOIA Confidential 

Treatment Request of Appendix A

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 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) 

767-4923 or by email at Devi.Shanmugham@tradeweb.com.

Very truly yours,

Devi Shanmugham

Chief Compliance Officer

TW SEF
CONFIDENTIAL TREATMENT REQUESTED BY TW SEF LLC PURSUANT TO 17 CFR PART 154

APPENDIX A 

Access Fees and Payment Terms for Direct GUI Participants 

(Blackline and Clean Copies)

[REDACTED]