Opinion

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quinn emanuel tial tawyers | new york

295 sth Avenue, New York, New York 10016-7103 | TEL (212) 849-7000 FAX (212) 849-7100

| U 7 WRITER’S DIRECT DIAL NO.

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ICALLY FILED

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{ DOC #: | danbrockett@quinnemanuel.com

DATE FILED:

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September 15, 2025 a

By ECF

Honorable Lewis A. Kaplan

United States District Judge

Southern District of New York

Daniel Patrick Moynihan

United States Courthouse

500 Pearl Street

Court Room 21B

New York, NY 10007-1312

Re: Edmar Financial Company, LLC et al v. Currenex, Inc. et al, Case No. 21-cv-06598

Plaintiffs’ Response to Defendants’ Letter Motion to Seal Motion to Compel and Exhibits

Dear Judge Kaplan:

On behalf of Plaintiffs, we respectfully submit this response to request certain exhibits and the

relevant portions of Defendants’ motion to compel (the “Motion”) remain under seal. See ECF

Nos. 228 (sealing letter), 229 (Motion referencing under-seal Exhibits), 229-1, 229-2, and 229-3

(the “Exhibits” at issue).

We designated the Exhibits as “Highly Confidential” pursuant to the Court’s Protective Order,

ECF No. 113, because they include “material regarding trading and investment strategies” of

Plaintiff XTX Markets Limited. Courts “routinely permit parties to seal or redact commercially

sensitive information in order to protect confidential business and financial information.” Jn re

B&C KB Holding GmbH, 2023 WL 2021299, at *1 (S.D.N.Y. Feb. 14, 2023) (collecting cases).

Protected information can include specific details about trades or trading activity. See, e.g., In re

Tether & Bitfinex Crypto Asset Litig., 2024 WL 3520363, at *21 (S.D.N.Y. July 24, 2024)

(accepting redactions of trading details). Such issues can outweigh the presumption in favor of

public access to judicial documents. See, e.g., Lugosch v. Pyramid Co. of Onondaga, 435 F.3d

110, 119-20 (2d Cir. 2006).

Here, the Exhibits discuss some of the processes and factors that XTX uses and considers when

deciding what trading platforms to trade on, and their subsequent trading activity. The person

providing testimony in the Exhibits is XTX’s Global Head of Distribution. XTX’s business is

quinn emanuel urquhart & sullivan, Ip

LOS ANGELES | NEW YORK | SAN FRANCISCO | SILICON VALLEY | CHICAGO | WASHINGTON, DC | HOUSTON [{ SEATTLE

LONDON | TOKYO | MANNHEIM {| MOSCOW | HAMBURG | PARIS | MUNICH | SYDNEY | HONG KONG | BRUSSELS | ZURICH

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built on keeping its trading decisions secret. Thus, what he testified to regarding XTX deciding

where to trade, and how to trade, is commercially sensitive.

For all the reasons set forth above, the Court should order that the Exhibit and references in

Defendants’ Opposition remain sealed.

Respectfully submitted,

/s/ Daniel L. Brockett

Daniel L. Brockett

cc: Counsel of Record

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