February 8, 2023

FREEDOM OF INFORMATION ACT REQUEST

By Website Submission

FOIA Officer
Freedom of Information Act Office
U.S. Securities and Exchange Commission
100 F Street NE
Washington, DC 20549

Re: Information Regarding the Data Relied upon by the Commission in Proposing Certain Commission Rulemaking Related to Market Structure

Dear Sir or Madam:

I. INTRODUCTION

This is a request under the Freedom of Information Act (“FOIA”).1 As described in greater detail below, the Securities Industry and Financial Markets Association (“SIFMA”) requests that the U.S. Securities and Exchange Commission (“Commission”) provide SIFMA with certain data relied upon by and referenced in the Commission’s four recent proposed rulemakings related to market structure (the “Proposals”) under the Securities Exchange Act of 1934 (“Exchange Act”).2 There are two types of data requests, as described in Section III below. The first data request is for certain subsets of Consolidated Audit Trail (“CAT”) data, which data is not publicly available, referenced in the Proposals.3 The second data request is for the Commission to identify publicly available data referenced in the Proposals where it is not clear the precise source of such publicly available data.

Importantly, SIFMA is not requesting that the CAT data be provided in a manner that would include any personally identifiable information or individual firm’s trading data. Rather, as detailed further below, SIFMA requests that only the subsets of the CAT data used in connection with each table or figure in the Commission’s economic analyses of each Proposal be provided in a manner that would provide SIFMA or other members of the public with the ability to critically analyze and/or replicate the data analyses of the Commission without revealing the underlying firms or persons attributable to such data.

 

1 5 U.S.C. 552 et. seq.

2 See infra notes 4 – 7 and accompanying text.

3 For clarity, the subsets of CAT data referred to herein relate to the record of the end execution that was used to produce the relevant figures in the Commission’s economic analyses; and not additional underlying records.