Opinion

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September 26, 2025 MEMO ENDORS FY) Alexander B. Simkin

T +1 212 596 9744

alexander.simkin@ropesgray.com

BY ECF USDC SDNY

' DOCUMENT

ESatorebiy Lea sy Aa ELECTRONICALLY FILED

United States District Judge DOC #:

Southern District of New York a IDI

Daniel Patrick Moynihan United States Courthouse DATE FILED: -

500 Pearl Street, Court Room 21B eT

New York, NY 10007-1312

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

Dear Judge Kaplan:

We represent Defendants Currenex, Inc. (“Currenex”), State Street Bank and Trust Company (“State

Street Bank”), and State Street Global Markets International Limited (collectively, “Defendants”) in

the above-captioned matter.

Along with this letter, Defendants are today filing a letter opposing Plaintiffs’ motion to compel

Currenex to produce additional source code as well as brokerage fee and trading volume information

(the “Opposition”). Pursuant to Federal Rule of Civil Procedure 5.2(d), this Court’s Rules, and the

Stipulation and Order of Confidentiality so-ordered in this action on October 18, 2023 (the “Protective

Order”), ECF No. 113, Defendants respectfully submit this letter motion to file under seal (i) three

supporting exhibits to the Opposition consisting of excerpts of the deposition transcripts of Mr.

Burtlock, State Street Bank’s Rule 30(b)(6) corporate representative, Mr. Foster, and Defendant

Goldman Sachs & Co., LLC’s (“Goldman”) Rule 30(b)(6) corporate representative, Mr. Chattaway,

(Exhibits A, C, and D), the entirety of which have been, in the case of Mr. Burrlock, designated as

“Confidential” under the terms of the Protective Order and, in the case of Messrs. Foster and

Chattaway, temporarily designated as “Highly Confidential” under the terms of the Protective Order,

as the 30-day deadline for the parties to designate specific portions of the transcripts as “Confidential”

or “Highly Confidential” has not yet passed; (ii) the portions of the Opposition that reflect the content

of those exhibits; and (iii) certain portions of Exhibit B, which consists of an email exchange between

the parties, that reflects the contents of (a) deposition testimony from Messrs. Rosenwald and

Schonberg that has been designated as “Confidential,” and (b) documents produced by Currenex that

have similarly been designated as “Confidential.”

With respect to Exhibit B, in addition to citing deposition testimony designated confidential by other

parties, the email cites two documents that Defendants produced during discovery and designated as

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“Confidential” under the terms of the Protective Order. The email summarizes the contents of these

produced documents, including information regarding specific stream IDs on the Currenex Platform

associated with State Street Bank that would otherwise remain anonymous. Disclosure of these

stream IDs could cause competitive harm to State Street Bank, which relies on the anonymous nature

of the Platform, the confidentiality of the specific stream IDs that it uses for its trading, and the

nature of the trading that it carries out on the specific streams. Indeed, disclosure of the information

in Exhibit B regarding these stream IDs could both prevent State Street Bank from being

able to trade anonymously on these streams going forward, and reveal information regarding its

prior trading that could be used by its competitors, causing it harm. Currenex also has a strong

interest in maintaining the anonymity of stream IDs on the Platform, as the disclosure of stream IDs

could erode client trust if clients believe their trading data may be exposed or analyzed by

competitors, potentially resulting in loss of business or reputational harm. Such commercially

sensitive information is routinely found to be appropriately sealed. See In re B&C KB Holding

GmbH, 2023 WL 2021299, at *1 (S.D.N.Y. Feb. 14, 2023) (courts “routinely permit parties to seal

or redact commercially sensitive information in order to protect confidential business and financial

information.”).

On September 26, 2025, Defendants requested confirmation from Plaintiffs that Exhibits A-D can

be publicly filed. Plaintiffs did not respond to this request. While Goldman consented to the

public filing of Exhibit D, Goldman requested that the redacted portions of Exhibit B that relate

to Mr. Schoenberg remain under seal. In addition, HC Technologies, LLC requested that the

redacted portions ibi e to Mr. Rosen : imony in under seal.

Accordingly, Defendants request the Court’s leave to file Exhibits A-D, and related portions of the

Opposition, under seal. See ECF No. 113 at 20. Consistent with this Court’ és, Defendants

ave informe € parties that, in hey decline to withdraw or agree not to assert

onfidentiality designations with respect to Exhibits A-D, they must file, within three days, a letter

explaining the need to seal or redact the materials. In accordance with the Protective Order and this

Rules, Defendants are filing, concurrent with this letter motion, (i) a public version of the

Oppositiotand Exhibit B with proposed redactions and (ii) unredacted versions under seal

with the redacted information highlighted for the Court’s review.

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Respectfully Submitted,

ROPES & GRAY LLP

/s/ Alexander B. Simkin

Gregg L. Weiner

Alexander B. Simkin

1211 Avenue of the Americas

New York, New York 10036

Telephone: (212) 596-5000

Facsimile: (212) 596-9090

Email: gregg.weiner@ropesgray.com

Email: alexander.simkin@ropesgray.com

Robert G. Jones (pro hac vice)

800 Boylston Street

Boston, Massachusetts 02199

Telephone: (617) 951 7000

Facsimile: (617) 951 7050

Email: robert.jones@ropesgray.com

Samer Musallam (pro hac vice)

2099 Pennsylvania Avenue NW

Washington, DC 20006

Telephone: (202) 508-4600

Facsimile: (202) 508-4650

Email: samer.musallam@ropesgray.com

Counsel for Defendants Currenex, Inc., State

Street Bank and Trust Company, and State

Street Global Markets International Limited

Cc: All Counsel of Record