Plaza 5, 185 Hudson St #2200 

Jersey City, NJ 07311

March 7, 2023

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:

DW SEF LLC (“DW 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. DW 

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 DW 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 DW SEF and its 

affiliates. As required by Commission Regulation 40.8(c)(1), DW 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 DW SEF will rely on and invoke 

any such confidentiality protection with respect to Appendix A. DW 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. DW 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 DW 

SEF’s behalf, or that we be permitted to make such a request directly.
Mr. Christopher J. Kirkpatrick

Commodity Futures Trading Commission

March 7, 2023

2

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

DW SEF CCO
Mr. Christopher J. Kirkpatrick

Commodity Futures Trading Commission

March 7, 2023

3

APPENDIX A

IRS Fee Schedule

(Blackline and Clean Versions)

[REDACTED]
Mr. Christopher J. Kirkpatrick

Commodity Futures Trading Commission

March 7, 2023

4

FOIA CONFIDENTIAL TREATMENT REQUESTED 

March 7, 2023

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 DW SEF LLC (“DW 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 DW SEF. DW SEF believes that disclosure of this information would provide its 

competitors with valuable insights regarding DW SEF’s clients, access to its products, and 

how DW SEF operates and funds its business. Disclosure of such information would allow 

other swap execution facilities insight into the strengths and weaknesses of DW 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 DW SEF that the provisions of FOIA and 

17 C.F.R. § 145.9(d)(ii) are designed to 
Mr. Christopher J. Kirkpatrick

Commodity Futures Trading Commission

March 7, 2023

5

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 DW SEF’s competitors with an informational windfall at DW 

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, DW 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 DW 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

DW SEF CCO 
Mr. Christopher J. Kirkpatrick

Commodity Futures Trading Commission

March 7, 2023

6

APPENDIX A

IRS Fee Schedule

(Blackline and Clean Versions)

[REDACTED]