Opinion

HOPES lusoc SDNY

ROPES & GRAY LLP

1211 AVENUE OF THE AMERICAS 4; DOCUM ENT

Ny NEW voRK, NY 10036-8708 HT ELECTRONICALLY FILED □□

WWW.ROPESGRAY.COM i:

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DATE FILED: { 1) -

Alexander B. Simkin

October 8, 2025 T +1 212 596 9744

alexander.simkin@ropesgray.com

VIA ECF

The Honorable Lewis A. Kaplan

United States District Court

Southern District of New York

500 Pearl Street, Courtroom 21B

New York, NY 10007

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

Dear Judge Kaplan:

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

Street Global Markets International Limited (collectively, “Defendants”) respectfully request that

certain exhibits to Plaintiffs’ October 3, 2025 Sur-Reply in further opposition to Defendants’ motion

for issuance of Letter Rogatory (granted on October 2, 2025) remain under seal or redacted. See ECF

No. 315. Specifically, Defendants request that one exhibit cited in the Sur-Reply remain under seal

in its entirety and two exhibits remain under seal in part.'

The three at-issue exhibits (the “Exhibits”) consist of notes memorializing a meeting between

named plaintiff DSquare Trading Limited (““DSquare”’) and Currenex and excerpts of the deposition

testimony of two witnesses. The Exhibits reflect commercially sensitive and proprietary information

about the Currenex Platform’s operation, including product features, technical configuration, business

strategy, and client-specific negotiations. As explained below, Defendants respectfully submit that

sealing is justified under controlling legal precedent. See Lugosch v. Pyramid Co. of Onondaga, 435

F.3d 110, 120 (2d Cir. 2006).

The Exhibits directly implicate Defendants’ commercially sensitive information and privacy

interests. It is clear from their face that they contain commercially sensitive and proprietary

information regarding the technical operation of the Currenex Platform and Currenex’s business

strategy. For example, the deposition transcript excerpt at 316-3 (specifically, lines 134:5~-14)

confirms an internal Currenex business practice concerning the Platform’s technical configuration,

including how a Platform administrator might go about making configuration changes. The

deposition transcript excerpt at 316-6 (specifically, pages 18:1—25, 48:2-25, and 189:12~16) details

client-specific discussions about the Currenex Platform’s functionality and interface. The document

! These exhibits are referenced on the case docket as: 316-3, 316-6, and 316-7. Defendants request

that Exhibits 316-3 and 316-6 remain under seal in part, and 316-7 remains under seal in its entirety.

]

Hon. Lewis A. Kaplan October 8, 2025

at ECF No. 316-7 consists of meeting notes reflecting detailed operational and technical information

about the Currenex Platform, including liquidity pools and Platform data analytics.

In the highly competitive and dynamic FX trading market, revealing information reflecting

confidential technical details regarding the design, operation, and monitoring of the Platform could

severely damage Currenex’s reputation and harm the Defendants’ competitive standing by handing

their competitors access to sensitive information and market intelligence. The information contained

in the Exhibits could also, if exposed, create vulnerabilities with respect to the security of the Platform

and, accordingly, pose a risk of harm to Currenex and its clients. Such confidential and commercially

sensitive information are among the types of information 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.”).

For the reasons set forth above, the Court should order the following: (i) the Exhibit referenced

at ECF No, 316-7 remain sealed in its entirety, (i1) the content reflected at 134:5-14 of ECF No. 316-

3 be redacted, but otherwise unsealed, and (iii) the content reflected at 18:1—25, 48:2—25, and 189:12—

16 of ECF No. 316-6 be redacted, but otherwise unsealed.

Respectfully submitted,

/s/ Alexander B. Simkin

Alexander B. Simkin

cc: Counsel of record (via ECF)

Sf ORDE Jp □□

“WIS A. KAPLA , USDJ