0001758730-24-000190 | 10-Q | XBRL Viewer

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Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Corporation is subject to U.S. federal, state and local income taxes with respect to its taxable income, including its allocable share of any taxable income of TWM LLC, and is taxed at prevailing corporate tax rates. The Company’s actual effective tax rate will be impacted by the Corporation’s ownership share of TWM LLC, which will continue to increase as Continuing LLC Owners that continue to hold LLC Interests redeem or exchange their LLC Interests for shares of Class A common stock or Class B common stock, as applicable, or the Corporation purchases LLC Interests from such Continuing LLC Owners. The Company’s consolidated effective tax rate will also vary from period to period depending on changes in the mix of earnings, tax legislation and tax rates in various jurisdictions. The Company’s provision for income taxes includes U.S., federal, state, local and foreign taxes. The Company’s effective tax rate for the three months ended September 30, 2024 and 2023 was approximately 25.0% and 20.4%, respectively. The effective tax rate for the three months ended September 30, 2024 differed from the U.S. federal statutory rate of 21.0% primarily due to state, local and foreign taxes and the disallowance of compensation expense tax deductions, partially offset by the effect of non-controlling interests and the Foreign-Derived Intangible Income (“FDII”) deduction. The effective tax rate for the three months ended September 30, 2023 differed from the U.S. federal statutory rate of 21.0% primarily due to the return-to-provision adjustment and the effect of non-controlling interests, partially offset by the effect of state, local and foreign taxes. The Company’s effective tax rate for the nine months ended September 30, 2024 and 2023 was approximately 24.7% and 22.4%, respectively. The effective tax rate for the nine months ended September 30, 2024 differed from the U.S. federal statutory rate of 21.0% primarily due to state, local and foreign taxes and the disallowance of compensation expense tax deductions, partially offset by the effect of non-controlling interests and the FDII deduction. The effective tax rate for the nine months ended September 30, 2023 differed from the U.S. federal statutory rate of 21.0% primarily due to state, local and foreign taxes, partially offset by the effect of non-controlling interests, the exercise of equity compensation and the return-to-provision adjustment. The Company has obtained, and expects to obtain, an increase in its share of the tax basis of the assets of TWM LLC when LLC Interests are redeemed or exchanged by Continuing LLC Owners and in connection with certain other qualifying transactions. This increase in tax basis has had, and may in the future have, the effect of reducing the amounts that the Corporation would otherwise pay in the future to various tax authorities. Pursuant to the Tax Receivable Agreement, the Corporation is required to make cash payments to the Continuing LLC Owners equal to 50% of the amount of U.S. federal, state and local income or franchise tax savings, if any, that the Corporation actually realizes (or in some circumstances are deemed to realize) as a result of certain future tax benefits to which the Corporation may become entitled. The Corporation expects to benefit from the remaining 50% of tax benefits, if any, that the Corporation may actually realize. See Note 7 – Tax Receivable Agreement for further details. The tax benefit has been recognized in deferred tax assets on the condensed consolidated statements of financial condition. In connection with the Reorganization Transactions, a Refinitiv entity was contributed to the Corporation, pursuant to which the Corporation received 96,933,192 LLC Interests and Refinitiv received 96,933,192 shares of Class B common stock (“Refinitiv Contribution”). As a result of the Refinitiv Contribution, the Company assumed the tax liabilities of the contributed entity and the Company was indemnified by Refinitiv for these tax liabilities assumed. During the second quarter of 2023, the contributed entity reached an audit settlement with the State of New Jersey for the tax years 2008 - 2015 and in the third quarter of 2023 paid $2.0 million in full settlement of the matter and the prior liabilities assumed. In the third quarter of 2023, Refinitiv reimbursed the Company for the $2.0 million paid to the State of New Jersey pursuant to the indemnification agreement. As of September 30, 2024 and December 31, 2023, there were no remaining tax liabilities accrued associated with the Refinitiv Contribution.

- Definition

The entire disclosure for income tax.

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+ Details

Regulatory Capital Requirements

9 Months Ended

Sep. 30, 2024

Broker-Dealer [Abstract]

Regulatory Capital Requirements

TWL, DW, TWD and ICDLC are subject to the Uniform Net Capital Rule 15c3-1 under the Exchange Act. TEL, TESL and ICDLT are subject to certain financial resource requirements with the FCA in the UK, TWJ is subject to certain financial resource requirements with the FCA in Japan, TWEU and TESBV are subject to certain finance resource requirements with the AFM in the Netherlands, ICDEU is subject to certain financial resource requirements with the CMVM in Portugal, YB is subject to certain financial resource requirements with ASIC in Australia and TDIFC is subject to certain financial resource requirements with DFSA in the Dubai International Financial Centre. At September 30, 2024 and December 31, 2023, the regulatory capital requirements and regulatory capital for these entities are as follows:


	September 30, 2024						December 31, 2023
	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital		Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital

	(dollars in thousands)
TWL	$	57,597	$	3,033	$	54,564	$	50,243	$	2,856	$	47,387
DW	191,613		3,436		188,177		156,318		3,579		152,739
TWD	56,215		1,000		55,215		46,976		850		46,126
TEL	89,180		34,586		54,594		78,127		37,907		40,220
TWJ	4,855		2,921		1,934		6,963		2,029		4,934
TWEU	15,351		6,807		8,544		11,912		5,447		6,465
TESL	6,125		1,003		5,122		1,813		955		858
TESBV	1,705		852		853		1,683		843		840
YB	9,054		—		9,054		5,261		1,070		4,191
TDIFC	83		30		53		250		39		211
ICDLC	12,629		583		12,046		—		—		—
ICDLT	6,922		3,190		3,732		—		—		—
ICDEU	169		161		8		—		—		—

As SEFs, TW SEF and DW SEF are required to maintain adequate financial resources and liquid financial assets in accordance with CFTC regulations. The required and maintained financial resources and liquid financial assets at September 30, 2024 and December 31, 2023 are as follows:


	September 30, 2024						December 31, 2023
	Financial Resources		Required Financial Resources		Excess Financial Resources		Financial Resources		Required Financial Resources		Excess Financial Resources

	(dollars in thousands)
TW SEF	$	55,747	$	14,500	$	41,247	$	43,286	$	12,500	$	30,786
DW SEF	14,447		9,080		5,367		13,309		8,669		4,640


	September 30, 2024						December 31, 2023
	Liquid Financial Assets		Required Liquid Financial Assets		Excess Liquid Financial Assets		Liquid Financial Assets		Required Liquid Financial Assets		Excess Liquid Financial Assets

	(dollars in thousands)
TW SEF	$	26,704	$	3,625	$	23,079	$	22,068	$	3,125	$	18,943
DW SEF	9,273		2,270		7,003		7,935		2,167		5,768

Tax Receivable Agreement (Details) - USD ($)	3 Months Ended		9 Months Ended
Tax Receivable Agreement (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Tax Receivable Agreement
Percentage of amount of U.S. federal, state and local income or franchise tax savings			50.00%
Tax receivable agreement, payment term			15 years
Tax receivable agreement liability	$ 382,407,000		$ 382,407,000		$ 457,523,000
Tax receivable agreement liability adjustment	$ (870,000)	$ 0	$ (870,000)	$ 0

Stockholders' Equity and Stock-Based Compensation Plans - Schedule of Significant Valuation Assumptions Used To Estimate The Grant Date Fair Value of PSUs (Details) - PSUs	Mar. 15, 2024	Mar. 15, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maturity (years)	2 years 9 months 18 days	2 years 9 months 18 days
Annualized Volatility	26.63%	28.81%
Risk-Free Interest Rate	4.44%	3.77%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, tax benefit	$ 0	$ 0	$ 0	$ 0

Credit Risk	9 Months Ended
Credit Risk	Sep. 30, 2024
Risks and Uncertainties [Abstract]
Credit Risk	Credit Risk Cash and cash equivalents includes cash and highly liquid investments held by a limited number of global financial institutions, including cash amounts in excess of federally insured limits. To mitigate this concentration of credit risk, the Company invests through high-credit-quality financial institutions, monitors the concentration of credit exposure of investments with any single obligor and diversifies as determined appropriate. In the normal course of business the Company, as agent, executes transactions with, and on behalf of, other brokers and dealers. If the agency transactions do not settle because of failure to perform by either counterparty, the Company will recognize a receivable from (and a matching payable to) brokers and dealers and clearing organizations for the proceeds from the unsettled transaction, until the failed transaction settles. The Company may be obligated to discharge the obligation of the non-performing party and, as a result, may incur a loss if the market value of the security is different from the contract amount of the transaction. However, from time to time, the Company enters into repurchase and/or reverse repurchase agreements to facilitate the clearance of securities relating to fails to deliver or receive. The Company seeks to manage credit exposure related to these agreements to repurchase (or reverse repurchase), including the risk related to a decline in market value of collateral (pledged or received), by entering into agreements to repurchase with overnight or short-term maturity dates and only entering into repurchase transactions with netting members of the Fixed Income Clearing Corporation (“FICC”). The FICC operates a continuous net settlement system, whereby as trades are submitted and compared, the FICC becomes the counterparty. Historically the Company has used ICBC, a wholly-owned subsidiary of the Industrial and Commercial Bank of China Limited, to clear U.S. Treasury trades executed by non-FICC members on the Company’s wholesale trading platform. Under that arrangement, ICBC submitted the Company’s trades from non-FICC members to the FICC under the ICBC netting account with the FICC. Following the November 2023 ransomware attack on some ICBC operating systems, including those used to clear U.S. Treasury and repurchase agreement financings, the Company has and may continue to self-clear these U.S. Treasury trades. As a result, this increased the number of trades that settle over the fed wire, instead of FICC clearing, and accordingly the Company has experienced and may continue to experience, an increase in the number of U.S. Treasury failed settlement transactions. As of September 30, 2024, the Company recorded a $297.8 million receivable and a $286.2 million payable from/to brokers and dealers and clearing organizations related to failed settlement transactions and the Company self-funded the remaining $11.7 million difference between the fail to deliver and fail to receive. All of the above failed settlement transactions outstanding as of September 30, 2024 were fully settled during October 2024. Additionally, in the normal course of business, the Company, as an introducing broker, executes transactions on behalf of or with customers of the Company, which are cleared by a clearing broker. As between the Company and the clearing broker, the Company is responsible for losses that may result from the clearing broker’s rejection, reversal or cancellation of a transaction. If there are temporary errors or delays in the processing or settlement of transactions, the clearing broker may require, usually with two business days notice, that the Company provide cash deposits until the errors are resolved. A substantial number of the Company’s transactions are collateralized and executed with, and on behalf of, a limited number of broker-dealers. The Company’s exposure to credit risk associated with the nonperformance of these clients in fulfilling their contractual obligations pursuant to securities transactions can be directly impacted by volatile trading markets which may impair the clients’ ability to satisfy their obligations to the Company. The Company does not expect nonperformance by counterparties in the above situations. However, the Company’s policy is to monitor its market exposure and counterparty risk. In addition, the Company has a policy of reviewing, as considered necessary, the credit standing of each counterparty with which it conducts business. Allowance for Credit Losses The Company may be exposed to credit risk regarding its receivables, which are primarily receivables from financial institutions, including investment managers and broker-dealers. The Company maintains an allowance for credit losses based upon an estimate of the amount of potential credit losses in existing accounts receivable, as determined from a review of aging schedules, past due balances, historical collection experience and other specific account data. Careful analysis of the financial condition of the Company’s counterparties is also performed. Account balances are pooled based on the following risk characteristics: 1.Geographic location 2.Transaction fee type (billing type) 3.Legal entity An allowance for credit losses is also recognized for any credit impairment for available-for-sale debt securities. Write-Offs Once determined uncollectible, aged balances are written off against the allowance for credit losses. This determination is based on careful analysis of individual receivables and aging schedules, which are disaggregated based on the risk characteristics described above. Based on current policy, this generally occurs when the receivable is 360 days past due. As of September 30, 2024 and December 31, 2023, the Company maintained an allowance for credit losses with regard to its receivables of $0.2 million and $0.3 million, respectively. For the three months ended September 30, 2024 and 2023, credit loss expense was $43,000 and $13,000, respectively. For the nine months ended September 30, 2024, recoveries resulted in a reversal of credit loss expenses totaling $28,000, and, for the nine months ended September 30, 2023, credit loss expense was $60,000.

Non-Controlling Interests -Schedule of the Ownership Interest in Noncontrolling Interest (Details) - Tradeweb Markets LLC - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Non-Controlling Interests
Number of LLC Interests held by Tradeweb Markets Inc. (in shares)	213,119,161	211,644,675
Number of LLC Interests held by non-controlling interests (in shares)	23,073,738	23,080,571
Total LLC Interests outstanding (in shares)	236,192,899	234,725,246
Number of LLC Interests held by Tradeweb Markets Inc.	90.20%	90.20%	90.20%
Number of LLC Interests held by non-controlling interests	9.80%	9.80%	9.80%
Total LLC Interests outstanding	100.00%	100.00%

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Balances From Transactions with Affiliates Included in the Consolidated Statements

As of September 30, 2024 and December 31, 2023, the following balances with such affiliates were included in the condensed consolidated statements of financial condition in the following line items:


	September 30,		December 31,
	2024		2023

	(dollars in thousands)
Accounts receivable	$	718	$	688
Receivable and due from affiliates	97		192
Other assets	—		17
Accounts payable, accrued expenses and other liabilities	1,651		1,044
Deferred revenue	6,404		6,508
Payable and due to affiliates	1,582		1,327

The following balances with such affiliates were included in the condensed consolidated statements of income in the following line items:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023

	(dollars in thousands)
Revenue:
Subscription fees	$	333	$	460	$	908	$	1,931
LSEG market data fees (1)	20,512		15,460		61,593		46,515
Other fees	160		218		520		468
Expenses: (2)

Employee compensation and benefits	—		9		—		26
Technology and communications	1,567		1,496		4,695		4,147
General and administrative	3		4		8		4
Professional fees	15		9		80		10
Occupancy	13		21		52		41

(1)The Company maintains a market data license agreement with an affiliate of LSEG (Refinitiv, which was rebranded as LSEG Data & Analytics during the fourth quarter of 2023). Under the agreement, the Company delivers to LSEG certain market data feeds which LSEG distributes to its customers. The Company earns license fees and royalties for these feeds.

(2)The Company maintains agreements with LSEG to provide the Company with certain market data, office space, finance, human resources and other administrative services.

Fair Value of Financial Instruments - Schedule of Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets
Receivable from brokers and dealers and clearing organizations	$ 297,842	$ 381,178
Deposits with clearing organizations	65,277	36,806
Accounts receivable	248,615	168,407
Total assets measured at fair value	969,340	1,543,644
Liabilities
Securities sold under agreements to repurchase	0	21,612
Payable to brokers and dealers and clearing organizations	286,179	351,864
Securities sold under agreements to repurchase	0	21,612
Fair Value, Nonrecurring
Assets
Cash and restricted cash	215,622	163,824
Receivable from brokers and dealers and clearing organizations	297,842	381,178
Deposits with clearing organizations	65,277	36,806
Accounts receivable	248,615	168,407
Other assets – Memberships in clearing organizations	2,919	2,426
Total assets measured at fair value	830,275	752,641
Liabilities
Securities sold under agreements to repurchase	0	21,612
Payable to brokers and dealers and clearing organizations	286,179	351,864
Total	286,179	373,476
Securities sold under agreements to repurchase	0	21,612
Total Fair Value \| Fair Value, Nonrecurring
Assets
Cash and restricted cash	215,622	163,824
Receivable from brokers and dealers and clearing organizations	297,842	381,178
Deposits with clearing organizations	65,277	36,806
Accounts receivable	248,615	168,407
Other assets – Memberships in clearing organizations	2,919	2,426
Total assets measured at fair value	830,275	752,641
Liabilities
Securities sold under agreements to repurchase	0	21,612
Payable to brokers and dealers and clearing organizations	286,179	351,864
Total	286,179	373,476
Securities sold under agreements to repurchase	0	21,612
Quoted Prices in active Markets for Identical Assets (Level 1)
Assets
Total assets measured at fair value	959,112	1,543,644
Quoted Prices in active Markets for Identical Assets (Level 1) \| Fair Value, Nonrecurring
Assets
Cash and restricted cash	215,622	163,824
Receivable from brokers and dealers and clearing organizations	0	0
Deposits with clearing organizations	65,277	36,806
Accounts receivable	0	0
Other assets – Memberships in clearing organizations	0	0
Total assets measured at fair value	280,899	200,630
Liabilities
Securities sold under agreements to repurchase	0	0
Payable to brokers and dealers and clearing organizations	0	0
Total	0	0
Securities sold under agreements to repurchase	0	0
Significant Observable Inputs (Level 2)
Assets
Total assets measured at fair value	0	0
Significant Observable Inputs (Level 2) \| Fair Value, Nonrecurring
Assets
Cash and restricted cash	0	0
Receivable from brokers and dealers and clearing organizations	297,842	381,178
Deposits with clearing organizations	0	0
Accounts receivable	248,615	168,407
Other assets – Memberships in clearing organizations	0	0
Total assets measured at fair value	546,457	549,585
Liabilities
Securities sold under agreements to repurchase	0	21,612
Payable to brokers and dealers and clearing organizations	286,179	351,864
Total	286,179	373,476
Securities sold under agreements to repurchase	0	21,612
Significant Unobservable Inputs (Level 3)
Assets
Total assets measured at fair value	10,228	0
Significant Unobservable Inputs (Level 3) \| Fair Value, Nonrecurring
Assets
Cash and restricted cash	0	0
Receivable from brokers and dealers and clearing organizations	0	0
Deposits with clearing organizations	0	0
Accounts receivable	0	0
Other assets – Memberships in clearing organizations	2,919	2,426
Total assets measured at fair value	2,919	2,426
Liabilities
Securities sold under agreements to repurchase	0	0
Payable to brokers and dealers and clearing organizations	0	0
Total	0	0
Securities sold under agreements to repurchase	$ 0	$ 0

Fair Value of Financial Instruments - Schedule of Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value of Financial Instruments
Derivative asset	$ 959,112	$ 1,543,644
Other assets – Investment in available for sale debt securities	10,228
Total assets measured at fair value	969,340	1,543,644
Liabilities	1,424	775
Quoted Prices in active Markets for Identical Assets (Level 1)
Fair Value of Financial Instruments
Derivative asset	959,112	1,543,644
Other assets – Investment in available for sale debt securities	0
Total assets measured at fair value	959,112	1,543,644
Liabilities	0	0
Significant Observable Inputs (Level 2)
Fair Value of Financial Instruments
Derivative asset	0	0
Other assets – Investment in available for sale debt securities	0
Total assets measured at fair value	0	0
Liabilities	1,424	775
Significant Unobservable Inputs (Level 3)
Fair Value of Financial Instruments
Derivative asset	0	0
Other assets – Investment in available for sale debt securities	10,228
Total assets measured at fair value	10,228	0
Liabilities	$ 0	$ 0

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

+ Details

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5B
-Subparagraph (SX 210.12-13B(Column E)(Footnote 4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-3

Reference 28: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483444/210-20-55-22

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483444/210-20-55-10

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

+ Details

Stockholders' Equity and Stock-Based Compensation Plans

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stockholders' Equity and Stock-Based Compensation Plans

Stockholders’ Equity and Stock-Based Compensation Plans

The rights and privileges of the Company’s stockholders’ equity and LLC Interests are described in the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and there have been no changes to those rights and privileges during the nine months ended September 30, 2024.

Common Stock

The following table details the movement in the Company’s outstanding shares of common stock during the period:


	Class A	Class B	Class C	Class D	Total

Balance at December 31, 2023	115,090,787	96,933,192	18,000,000	5,077,973	235,101,952

Issuance of common stock from equity incentive plans	699,840	—	—	—	699,840
Issuance of common stock for business acquisitions (1)	374,601	—	—	—	374,601

Balance at March 31, 2024	116,165,228	96,933,192	18,000,000	5,077,973	236,176,393
Activities related to exchanges of LLC Interests	1,000	—	—	(1,000)	—
Issuance of common stock from equity incentive plans	116,377	—	—	—	116,377

Balance at June 30, 2024	116,282,605	96,933,192	18,000,000	5,076,973	236,292,770
Activities related to exchanges of LLC Interests	3,235	—	—	(3,235)	—
Issuance of common stock from equity incentive plans	114,924	—	—	—	114,924
Issuance of common stock for business acquisitions (2)	41,705	—	—	—	41,705
Share repurchases pursuant to share repurchase programs	(214,795)	—	—	—	(214,795)
Balance at September 30, 2024	116,227,674	96,933,192	18,000,000	5,073,738	236,234,604

(1)On January 19, 2024, the Corporation issued 374,601 unregistered shares of Class A common stock as partial consideration for the r8fin Acquisition (the “r8fin Acquisition Shares”), in reliance on Section 4(a)(2) of the Securities Act. The r8fin Acquisition Shares are considered issued and outstanding subsequent to their January 19, 2024 issuance, but remain subject to a lock-up that restricts the sale, transfer or disposal of these shares for the two year period following the January 19, 2024 acquisition date of the r8fin Acquisition. See Note 4 – Acquisitions for additional details on this acquisition.

(2)On August 1, 2024, the Corporation issued and sold 41,705 unregistered shares of Class A common stock in connection with the closing of the ICD Acquisition, in reliance on Section 4(a)(2) of the Securities Act. These shares of Class A common stock (or “RSAs”) were issued and sold as restricted stock, subject to vesting and forfeiture terms, pursuant to the Tradeweb Markets Inc. 2019 Omnibus Equity Incentive Plan. Although the RSAs and dividends payable on the RSAs during the vesting period are subject to a two-year cliff vesting service requirement and forfeiture terms, they are considered issued and outstanding shares of Class A common stock subsequent to their August 1, 2024 issuance. TWM LLC will issue corresponding LLC Interests to the Corporation only if, when and to the extent the RSAs vest. See Note 4 – Acquisitions for additional details on this acquisition.


	Class A	Class B	Class C	Class D	Total

Balance at December 31, 2022	110,746,606	96,933,192	3,251,177	23,092,704	234,023,679
Activities related to exchanges of LLC Interests	8,733	—	—	(8,733)	—
Issuance of common stock from equity incentive plans	986,090	—	—	—	986,090
Share repurchases pursuant to share repurchase programs	(313,311)	—	—	—	(313,311)
Balance at March 31, 2023	111,428,118	96,933,192	3,251,177	23,083,971	234,696,458
Activities related to exchanges of LLC Interests	3,254,577	—	(3,251,177)	(3,400)	—
Issuance of common stock from equity incentive plans	92,687	—	—	—	92,687
Share repurchases pursuant to share repurchase programs	(107,365)	—	—	—	(107,365)
Balance at June 30, 2023	114,668,017	96,933,192	—	23,080,571	234,681,780

Issuance of common stock from equity incentive plans	108,520	—	—	—	108,520
Share repurchases pursuant to share repurchase programs	(65,054)	—	—	—	(65,054)
Balance at September 30, 2023	114,711,483	96,933,192	—	23,080,571	234,725,246

Stock-Based Compensation Plans

Under the Tradeweb Markets Inc. 2019 Omnibus Equity Incentive Plan, the Company is authorized to issue up to 8,841,864 new shares of Class A common stock to employees, officers and non-employee directors. Under this plan, the Company may grant awards in respect of shares of Class A common stock, including restricted stock units (“RSUs”) and restricted stock awards with only time-based vesting conditions, performance-based restricted stock units with both time and performance-based vesting conditions, stock options and dividend equivalent rights. The Company refers to performance-based restricted stock units that vest based on the financial performance of the Company as “PRSUs” and performance-based restricted stock units that vest based on market conditions, such as total shareholder return, as “PSUs”. RSUs, PRSUs and PSUs each represent promises to issue actual shares of Class A common stock at the end of a vesting period. Stock options have a maximum contractual term of 10 years.

In connection with organizational changes, on June 17, 2024, the Company determined that the employment of Thomas Pluta, President of the Company, would terminate effective September 30, 2024. In connection with the termination of his employment, Mr. Pluta also resigned from the Board of Directors of the Company effective September 30, 2024. As of June 17, 2024, there was approximately $4.4 million in total unamortized stock-based compensation associated with equity awards previously granted to Mr. Pluta that was accelerated and amortized into expense over a revised estimated service period ending on September 30, 2024. Of this amount, $1.7 million represented regularly scheduled amortization that would have been recognized from June 17, 2024 through September 30, 2024 if Mr. Pluta’s employment was not terminated and $2.7 million represented accelerated stock-based compensation expense. During the three and nine months ended September 30, 2024, the Company incurred a total of $2.4 million and $2.7 million, respectively in accelerated stock-based compensation expense relating to Mr. Pluta’s departure.

In connection with the closing of the ICD Acquisition, on August 1, 2024, the Corporation issued and sold 41,705 RSAs with a grant date fair value of $111.68 per share. The RSAs will cliff vest at the end of a two-year service period. Of the $4.7 million in RSAs issued, $3.3 million was allocated to consideration transferred for the business combination, relating to the pre-combination service period completed before the acquisition date, and $1.3 million will be amortized into stock-based compensation expense over the two-year service period required subsequent to the acquisition date.

During the three months ended September 30, 2024, the Company granted 110,794 RSUs at a weighted-average grant-date fair value of $112.60. No PRSUs or PSUs were granted during the three months ended September 30, 2024. During the nine months ended September 30, 2024, the Company granted 568,772 RSUs, 201,546 PRSUs and 86,592 PSUs at a weighted-average grant-date fair value of $106.06, $104.66 and $149.00, respectively.

RSU awards granted to employees will generally vest one-third each year over a three-year period, and RSU awards granted to non-employee directors will vest after one year.

PRSUs generally cliff vest on January 1 of the third calendar year from the calendar year of the date of grant and the number of shares a participant will receive upon vesting is determined by a performance modifier, which is adjusted as a result of the financial performance of the Company. For PRSU awards granted during 2024, the financial performance of the Company will be determined based on the compound annual growth rate over a three-year performance period beginning on January 1 in the year of grant. For PRSU awards granted during 2023 and prior, the financial performance of the Company was determined based on the financial performance of the Company in the grant year, and any earned awards that remain outstanding are subject to time-based vesting conditions. The performance modifier for PRSUs can vary between 0% (minimum) and 250% (maximum) of the target (100%) award amount for PRSU awards granted during 2024 and 2023. PRSUs granted during 2022 and prior had a 200% maximum performance modifier.

PSUs cliff vest on January 1 of the third calendar year from the calendar year of the date of grant and the number of shares a participant will receive upon vesting is determined by a performance modifier, which is adjusted as a result of the Company’s total shareholder return over a three-year performance period. The performance modifier for PSUs can vary between 0% (minimum) and 250% (maximum) of the target (100%) award amount. The grant date fair value of PSUs granted on March 15, 2024 and 2023 was estimated using the Monte Carlo simulation model and the significant valuation assumptions used in those models were as follows:


	March 15, 2024 PSU Grant		March 15, 2023 PSU Grant
Maturity (years)	2.8		2.8
Annualized Volatility	26.63	%	28.81	%
Risk-Free Interest Rate	4.44	%	3.77	%

A summary of the Company’s total stock-based compensation expense is presented below:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023

	(dollars in thousands)
Total stock-based compensation expense	$	26,168	$	17,348	$	66,286	$	44,670

The stock-based compensation expense above excludes $0.6 million and $0.4 million of stock-based compensation expense capitalized to software development costs during the three months ended September 30, 2024 and 2023, respectively, and $1.8 million and $1.0 million during the nine months ended September 30, 2024 and 2023, respectively.

Share Repurchase Program

On December 5, 2022, the Company announced that its board of directors authorized a new share repurchase program (the “2022 Share Repurchase Program”), after completing in October 2022, the $150.0 million of total repurchases of the Company’s Class A common stock previously authorized in February 2021 (the “2021 Share Repurchase Program”). The 2022 Share Repurchase Program was authorized to continue to offset annual dilution from stock-based compensation plans, as well as to opportunistically repurchase the Company’s Class A common stock. The 2022 Share Repurchase Program authorizes the purchase of up to $300.0 million of the Company’s Class A common stock at the Company’s discretion and has no termination date. The 2022 Share Repurchase Program can be effected through regular open-market purchases (which may include repurchase plans designed to comply with Rule 10b5-1), through privately negotiated transactions or through accelerated share repurchases, each in accordance with applicable securities laws and other restrictions. The amounts, timing and manner of the repurchases will be subject to general market conditions, the prevailing price and trading volumes of the Company’s Class A common stock and other factors. The 2022 Share Repurchase Program does not require the Company to acquire a specific number of shares and may be suspended, amended or discontinued at any time. During the three months ended September 30, 2024 and 2023, the Company acquired a total of 214,795 and 65,054 shares of Class A common stock at an average price of $116.41 and $75.28 for purchases totaling $25.0 million and $4.9 million, respectively. During the nine months ended September 30, 2024 and 2023, the Company acquired a total of 214,795 and 485,730 shares of Class A common stock at an average price of $116.41 and $72.48 for purchases totaling $25.0 million and $35.2 million, respectively.

Each share of Class A common stock repurchased pursuant to the share repurchase programs was funded with the proceeds, on a dollar-for-dollar basis, from the repurchase by Tradeweb Markets LLC of an LLC Interest directly from the Corporation in order to maintain (subject to certain exceptions) the one-to-one ratio between outstanding shares of the Class A common stock and Class B common stock and the LLC Interests owned by the Corporation. Subsequent to their repurchase, the shares of Class A common stock and the LLC Interests were all cancelled and retired. As of September 30, 2024, a total of $214.8 million remained available for repurchase pursuant to the 2022 Share Repurchase Program.

For shares repurchased pursuant to share repurchase programs, the excess of the repurchase price paid over the par value of the Class A common stock is recorded as a reduction to retained earnings.

Other Share Repurchases

During the three months ended September 30, 2024 and 2023, the Company withheld 18,797 and 92,373 shares, respectively, of Class A common stock from employee stock option, PRSU and RSU awards, at an average price per share of $111.79 and $84.15, respectively, and an aggregate value of $2.1 million and $7.8 million, respectively, based on the price of the Class A common stock on the date the relevant withholding occurred. During the nine months ended September 30, 2024 and 2023, the Company withheld 474,123 and 693,456 shares, respectively, of Class A common stock from employee stock option, PRSU and RSU awards, at an average price per share of $97.82 and $71.38, respectively, and an aggregate value of $46.4 million and $49.5 million, respectively, based on the price of the Class A common stock on the date the relevant withholding occurred. These shares are withheld in order for the Company to cover the employee payroll tax withholding obligations upon the exercise of stock options and settlement of RSUs and PRSUs and such shares were not withheld in connection with the share repurchase programs discussed above.

Significant Accounting Policies - Furniture, Equipment, Purchased Software, Leasehold Improvements and Software Development Cost (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Aug. 01, 2024	Jan. 19, 2024	Dec. 31, 2023
Software development costs
Furniture, Equipment, Purchased Software and Leasehold Improvements
Accumulated depreciation and amortization	$ 273.7		$ 273.7				$ 222.5
Useful life of intangible assets	3 years		3 years
Amortization of pushdown accounting allocation			9 years
Amortization expense	$ 19.6	$ 14.1	$ 51.2	$ 41.3
Software development costs \| ICD Acquisition
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life of intangible assets					8 years
Software development costs \| R8Fin
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life of intangible assets						7 years
Software development costs \| Yieldbroker Acquisition
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life of intangible assets	1 year		1 year
Software development costs \| NFI Acquisition
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life of intangible assets	1 year		1 year
Minimum
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life of intangible assets	4 years		4 years
Maximum
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life of intangible assets	15 years		15 years
Furniture, Equipment, Purchased Software and Leasehold Improvements
Furniture, Equipment, Purchased Software and Leasehold Improvements
Accumulated depreciation and amortization	$ 113.2		$ 113.2				$ 95.8
Depreciation expense	$ 5.6	$ 5.4	$ 16.1	$ 15.9
Furniture, Equipment, Purchased Software and Leasehold Improvements \| Minimum
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life	3 years		3 years
Furniture, Equipment, Purchased Software and Leasehold Improvements \| Maximum
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life	7 years		7 years

Fair Value of Financial Instruments - Narrative (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Apr. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 01, 2023 AUD ($)
Fair Value of Financial Instruments
Principal amount	$ 10,200,000	$ 10,200,000	$ 10,000,000
Fair value adjustments or credit losses	0	0
Equity investment without readily determinable fair values	$ 10,500,000	$ 10,500,000		$ 8,900,000
Convertible Notes Payable
Fair Value of Financial Instruments
Interest rate			5.00%
Foreign Exchange Option
Fair Value of Financial Instruments
Gross notional amount					$ 79,900,000	$ 120.7
Measurement Input, Discount Rate
Fair Value of Financial Instruments
Significant unobservable input			0.15

Revenue

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue

Revenue Recognition

The Company enters into contracts with its clients to provide a stand-ready connection to its electronic marketplaces, which facilitates the execution of trades by its clients. The access to the Company’s electronic marketplaces includes market data, continuous pricing data refreshes and the processing and reporting of trades thereon, which are highly interrelated services. The stand-ready connection to the electronic marketplaces is considered a single performance obligation satisfied over time as the client simultaneously receives and consumes the benefit from the Company’s performance as access is provided. This performance obligation constitutes a series of services that are substantially the same in nature and are provided over time using the same measure of progress.

For its services, the Company may earn subscription fees for granting access to its electronic marketplaces. Subscription fees, which are generally fixed fees, are recognized as revenue on a monthly basis, in the period that access is provided. The frequency of subscription fee billings varies from monthly to annually, depending on contract terms.

The Company also earns transaction fees and/or commissions from transactions executed on the Company’s electronic marketplaces, including the basis point commissions earned on the monthly average daily balance (“ADB”) of money market fund investments made through its ICD Portal and commission revenue from its electronic and voice brokerage services on a riskless principal basis. Riskless principal revenues are derived on matched principal transactions where revenues are earned on the spread between the buy and sell price of the transacted product.

Transaction fees and commissions are generated both on a variable and fixed price basis and vary by geographic region, product type and trade size. Fixed monthly transaction fees and commissions, or monthly transaction fees and commission minimums, are earned on a monthly basis in the period the stand-ready trading services are provided and are generally billed monthly. For variable transaction fees and commissions, the Company charges its clients amounts calculated based on the mix of products traded and the volume of transactions executed. Variable transaction fee and commission revenue associated with a particular trade is recognized and recorded on a trade-date basis when the individual trade occurs and is generally billed when the trade settles or is billed monthly. Variable commission revenue based upon a clients’ ADB invested in money market funds during a calendar month is recorded monthly and the rates billed may vary by money market fund and by the total level of funds invested. Variable discounts or rebates on transaction fees and commissions are earned and applied monthly or quarterly, resolved within the same reporting period and are recorded as a reduction to revenue in the period the relevant trades occur.

The Company also earns fees from an affiliate of LSEG (Refinitiv, which was rebranded as LSEG Data & Analytics during the fourth quarter of 2023) relating to the sale of market data to LSEG, which distributes that data. Included in these fees, which are billed quarterly, are real-time market data fees which are recognized monthly on a straight-line basis, as LSEG receives and consumes the benefit evenly over the contract period, as the data is provided. Also included in these fees are fees for historical data sets, which are recognized when the historical data set is provided to LSEG.

Significant judgments used in accounting for the Company’s market data agreement with LSEG include the following determinations:

•The provision of real-time market data feeds and historical data sets are distinct performance obligations.

•The performance obligations under this contract are recognized over time from the initial delivery of the data feeds until the end of the contract term or at a point in time upon delivery of each historical data set.

•The transaction prices for the performance obligations were determined by using an adjusted market assessment analysis. Inputs in this analysis included publicly available price lists for data sets provided by other companies, planned internal pricing strategies and other market data points and adjustments obtained through consultations with market data industry experts regarding estimating a standalone selling price for each performance obligation.

Some revenues earned by the Company have fixed fee components, such as monthly minimums or fixed monthly fees, and variable components, such as transaction-based fees and commissions. The breakdown of revenues between fixed and variable revenues for the three and nine months ended September 30, 2024 and 2023 is as follows:


	Three Months Ended				Three Months Ended
	September 30, 2024				September 30, 2023
	(dollars in thousands)				(dollars in thousands)
	Variable		Fixed		Variable		Fixed
Revenues
Transaction fees and commissions	$	337,732	$	35,761	$	225,934	$	37,551
Subscription fees	410		50,796		465		45,896
LSEG market data fees	—		20,512		—		15,460
Other	837		2,867		328		2,723
Total revenue	$	338,979	$	109,936	$	226,727	$	101,630


	Nine Months Ended				Nine Months Ended
	September 30, 2024				September 30, 2023
	(dollars in thousands)				(dollars in thousands)
	Variable		Fixed		Variable		Fixed
Revenues
Transaction fees and commissions	$	929,997	$	109,422	$	665,749	$	110,795
Subscription fees	1,345		150,288		1,395		135,088
LSEG market data fees	—		61,593		—		46,515
Other	1,581		8,379		794		7,883
Total revenue	$	932,923	$	329,682	$	667,938	$	300,281

Deferred Revenue

Fees received by the Company which are not yet earned are included in deferred revenue on the condensed consolidated statements of financial condition until the revenue recognition criteria have been met. The revenue recognized and the remaining deferred revenue balances are shown below:


	Amount

	(dollars in thousands)
Deferred revenue balance - December 31, 2023	$	25,746
New billings	117,705
Revenue recognized	(114,501)
Deferred revenue acquired in connection with acquisitions	530
Effect of foreign currency exchange rate changes	100
Deferred revenue balance - September 30, 2024	$	29,580

During the nine months ended September 30, 2024, the Company recognized into revenue $25.1 million in deferred revenue that was deferred as of December 31, 2023. During the nine months ended September 30, 2023, the Company recognized into revenue $22.2 million in deferred revenue that was deferred as of December 31, 2022.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Income Taxes (Details) - USD ($)		3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($)	Apr. 08, 2019	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Income Tax Disclosure [Line Items]
Effective tax rate		25.00%	20.40%	24.70%	22.40%
Remaining percentage of tax benefits				50.00%
Affiliated Entity
Income Tax Disclosure [Line Items]
Estimated tax liability		$ 0	$ 2,000,000	$ 0	$ 2,000,000	$ 0
Class B Common Stock
Income Tax Disclosure [Line Items]
Common stock, shares issued (in shares)		96,933,192		96,933,192		96,933,192
Refinitiv Direct Owner
Income Tax Disclosure [Line Items]
Shares contributed by refinitiv owner (in shares)	96,933,192
Refinitiv Direct Owner \| Class B Common Stock
Income Tax Disclosure [Line Items]
Common stock, shares issued (in shares)	96,933,192

Acquisitions (Tables)

9 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Final Purchase Price Allocated

The preliminary purchase price allocation for ICD and final purchase price allocation for r8fin were as follows:


	ICD Preliminary Purchase Price Allocation		r8fin Final Purchase Price Allocation		Total 2024 Business Combinations

	(dollars in thousands)
Cash and cash equivalents	$	23,040	$	1,397	$	24,437
Deposits with clearing organizations	612		—		612
Accounts receivable	10,831		139		10,970
Equipment	268		—		268
Lease right-of-use assets	316		—		316
Software development costs	160,000		28,000		188,000
Goodwill	292,243		42,189		334,432
Intangible assets - Customer relationships	340,000		56,500		396,500
Intangible assets - Tradename	4,000		—		4,000

Other assets	1,556		179		1,735
Accrued compensation	(3,522)		—		(3,522)
Deferred revenue	(311)		(219)		(530)
Accounts payable, accrued expenses and other liabilities	(6,442)		(886)		(7,328)
Lease liabilities	(340)		—		(340)
Deferred tax liabilities	(24,681)		—		(24,681)
Total purchase consideration - cash paid and stock issued	797,570		127,299		924,869
Less: Cash acquired	(23,040)		(1,397)		(24,437)
Purchase consideration, net of cash acquired	$	774,530	$	125,902	$	900,432

Schedule Of Unaudited Supplemental Pro Forma Financial Information

The unaudited supplemental pro forma financial information for periods presented herein are as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023

	(dollars in thousands)
Revenue	$	456,753	$	352,317	$	1,317,022	$	1,030,009
Operating income	172,443		124,826		500,663		340,679
Net income attributable to Tradeweb Markets Inc.	122,629		98,287		365,832		259,412

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 113,916	$ 98,614	$ 359,297	$ 275,552

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
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-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 2
-Subparagraph (SX 210.5-03(20))
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-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (f)
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-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (b)(2)
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 17: http://www.xbrl.org/2003/role/exampleRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net income	$ 410,021,000	$ 315,762,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	157,145,000	137,850,000
Stock-based compensation expense	66,286,000	44,670,000
Deferred taxes	30,334,000	70,071,000
Tax receivable agreement liability adjustment	870,000	0
Other (income) loss, net	(10,000)	2,022,000
(Increase) decrease in operating assets:
Receivable from/payable to brokers and dealers and clearing organizations, net	17,650,000	368,000
Deposits with clearing organizations	(27,692,000)	(2,502,000)
Accounts receivable	(65,548,000)	(22,330,000)
Receivable and due from affiliates/payable and due to affiliates, net	62,000	(8,071,000)
Other assets	(1,757,000)	(2,890,000)
Increase (decrease) in operating liabilities:
Securities sold under agreements to repurchase	(21,612,000)	0
Accrued compensation	10,191,000	(33,814,000)
Deferred revenue	3,219,000	8,510,000
Accounts payable, accrued expenses and other liabilities	36,557,000	(8,318,000)
Net cash provided by operating activities	615,716,000	501,328,000
Cash flows from investing activities
Cash paid for acquisitions, net of cash acquired	(860,407,000)	(69,648,000)
Cash paid for foreign currency call option, net of sale proceeds	0	(1,289,000)
Cash paid for investments	(11,585,000)	0
Purchases of furniture, equipment, software and leasehold improvements	(15,729,000)	(17,467,000)
Capitalized software development costs	(35,182,000)	(32,105,000)
Net cash used in investing activities	(922,903,000)	(120,509,000)
Cash flows from financing activities
Share repurchases pursuant to share repurchase programs	(24,391,000)	(32,874,000)
Proceeds from stock-based compensation exercises	6,743,000	7,994,000
Dividends	(63,927,000)	(56,830,000)
Distributions to non-controlling interests	(24,826,000)	(7,532,000)
Payroll taxes paid for stock-based compensation	(46,558,000)	(49,184,000)
Payments on tax receivable agreement liability	(76,956,000)	(5,724,000)
Net cash used in financing activities	(229,915,000)	(144,150,000)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	4,368,000	(488,000)
Net increase (decrease) in cash, cash equivalents and restricted cash	(532,734,000)	236,181,000
Cash, cash equivalents and restricted cash
Beginning of period	1,707,468,000	1,258,229,000
End of period	1,174,734,000	1,494,410,000
Supplemental disclosure of cash flow information
Income taxes paid, net of (refunds)	70,590,000	24,624,000
Cash paid for interest	2,140,000	748,000
Non-cash investing and financing activities
Issuance of common stock for business acquisitions	40,025,000	0
Furniture, equipment, software and leasehold improvement additions included in accounts payable	511,000	478,000
Unsettled share repurchases included in other liabilities	613,000	2,331,000
Withholding taxes payable relating to stock-based compensation settlements included in accrued compensation	0	337,000
Reconciliation of cash, cash equivalents and restricted cash as shown on the statements of financial condition:
Cash and cash equivalents	1,173,734,000
Restricted cash	1,000,000
Cash, cash equivalents and restricted cash shown in the statement of cash flows	1,174,734,000	1,494,410,000
Adjusted For Refinitiv Transaction
Non-cash investing and financing activities
Establishment of liabilities under tax receivable agreement	0	27,976,000
Deferred tax asset	$ (17,045,000)	$ 73,686,000

Significant Accounting Policies - Deferred Offering Costs (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accounting Policies [Abstract]
Offering costs incurred	$ 0	$ 0	$ 0	$ 0

Stockholders' Equity and Stock-Based Compensation Plans - Schedule of Outstanding Shares of Common Stock (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Total stock-based compensation expense	$ 26,168	$ 17,348	$ 66,286	$ 44,670

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurement

The Company’s financial instruments measured at fair value on the condensed consolidated statements of financial condition as of September 30, 2024 and December 31, 2023 have been categorized based upon the fair value hierarchy as follows:


	Quoted Prices in active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total

	(dollars in thousands)
As of September 30, 2024
Assets
Cash equivalents – Money market funds and other highly liquid investments	$	959,112	$	—	$	—	$	959,112

Other assets – Investment in available for sale debt securities	—		—		10,228		10,228
Total assets measured at fair value	$	959,112	$	—	$	10,228	$	969,340

Liabilities
Payable and due to affiliates – Foreign exchange derivative contracts	$	—	$	1,424	$	—	$	1,424
Total liabilities measured at fair value	$	—	$	1,424	$	—	$	1,424

As of December 31, 2023
Assets
Cash equivalents – Money market funds and other highly liquid investments	$	1,543,644	$	—	$	—	$	1,543,644

Total assets measured at fair value	$	1,543,644	$	—	$	—	$	1,543,644

Liabilities
Payable and due to affiliates – Foreign exchange derivative contracts	$	—	$	775	$	—	$	775
Total liabilities measured at fair value	$	—	$	775	$	—	$	775

Schedule of Derivative Values

The following table summarizes the aggregate U.S. dollar equivalent notional amount of the Company’s foreign exchange derivative contracts not designated as hedges for accounting purposes:


	September 30,		December 31,
	2024		2023

	(dollars in thousands)
Foreign currency forward contracts – Gross notional amount	$	236,123	$	192,877

The total realized and unrealized gains (losses) on foreign exchange derivative contracts recorded within the condensed consolidated statements of income are as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023

	(dollars in thousands)
Foreign currency forward contracts not designated in accounting hedge relationship – General and administrative (expenses)/income	$	(3,139)	$	3,883	$	3,772	$	4,921
Foreign currency call option contract not designated in accounting hedge relationship – Other income/(loss) (1)	$	—	$	(1,907)	$	—	$	(1,289)

(1) On June 1, 2023, the Company entered into a foreign currency call option on Australian dollars, in order to partially mitigate the Company’s U.S. dollar versus Australian dollar foreign exchange exposure on the then-anticipated payment of the Australian dollar denominated purchase price for the Yieldbroker Acquisition. On August 25, 2023, the Company unwound the out-of-the-money foreign currency call option and received $1.1 million.

Schedule of Financial Instruments Not Measured at Fair Value

The Company’s financial instruments not measured at fair value on the condensed consolidated statements of financial condition as of September 30, 2024 and December 31, 2023 have been categorized based upon the fair value hierarchy as follows:


	Carrying Value		Quoted Prices in active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value

As of September 30, 2024	(dollars in thousands)
Assets
Cash and restricted cash	$	215,622	$	215,622	$	—	$	—	$	215,622
Receivable from brokers and dealers and clearing organizations	297,842		—		297,842		—		297,842
Deposits with clearing organizations	65,277		65,277		—		—		65,277
Accounts receivable	248,615		—		248,615		—		248,615
Other assets – Memberships in clearing organizations	2,919		—		—		2,919		2,919
Total	$	830,275	$	280,899	$	546,457	$	2,919	$	830,275

Liabilities
Securities sold under agreements to repurchase	$	—	$	—	$	—	$	—	$	—
Payable to brokers and dealers and clearing organizations	286,179		—		286,179		—		286,179
Total	$	286,179	$	—	$	286,179	$	—	$	286,179

As of December 31, 2023
Assets
Cash and restricted cash	$	163,824	$	163,824	$	—	$	—	$	163,824
Receivable from brokers and dealers and clearing organizations	381,178		—		381,178		—		381,178
Deposits with clearing organizations	36,806		36,806		—		—		36,806
Accounts receivable	168,407		—		168,407		—		168,407
Other assets – Memberships in clearing organizations	2,426		—		—		2,426		2,426
Total	$	752,641	$	200,630	$	549,585	$	2,426	$	752,641

Liabilities
Securities sold under agreements to repurchase(1)	$	21,612	$	—	$	21,612	$	—	$	21,612
Payable to brokers and dealers and clearing organizations	351,864		—		351,864		—		351,864
Total	$	373,476	$	—	$	373,476	$	—	$	373,476

(1)As of December 31, 2023, Treasury securities with a fair value of $21.6 million collateralized the securities sold under agreements to repurchase liability. The liability amounts presented represent the gross liability and are not offset on the condensed consolidated statements of financial condition. The securities sold under agreements to repurchase liability were subsequently settled on January 2, 2024.

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

Significant Accounting Policies - Goodwill (Details)		9 Months Ended
Significant Accounting Policies - Goodwill (Details)	Oct. 01, 2023 USD ($)	Sep. 30, 2024 reporting_unit
Accounting Policies [Abstract]
Number of reporting units \| reporting_unit		1
Impairment of goodwill \| $	$ 0

Insider Trading Arrangements

3 Months Ended

9 Months Ended

Sep. 30, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

The following table describes trading plans intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act, as defined in Item 408 of Regulation S-K (“Rule 10b5-1 trading arrangements”), adopted, modified or terminated by our executive officers and directors during the three months ended September 30, 2024.

Name and Title

Action

Date

Aggregate Number of Securities to be Purchased or Sold

Scheduled Expiration Date (1)

Steven Berns

Director

Adoption

August 7, 2024

Sale of an amount equal to up to: (A) 731 shares of Class A Common Stock, plus (B) up to 450 shares of Class A common stock to be issued upon the vesting on May 10, 2025 of previously awarded restricted stock units.

August 1, 2025

William Hult

Chief Executive Officer

Adoption

August 7, 2024

Sale of an amount equal to up to: (A) 38,377 shares of Class A Common Stock, plus (B) (i) 31,268 shares of Class A common stock to be issued upon the vesting on January 1, 2025 of previously awarded performance-based restricted stock units, plus (ii) the number of shares issued upon vesting on January 1, 2025 in settlement of dividend equivalent rights in respect of the 31,268 shares subject to the performance-based restricted stock units that accrued during the award’s vesting period of March 15, 2022 - January 1, 2025, pursuant to the terms of the award agreement and determined on the vesting date, less (iii) the number of shares withheld for taxes, to be determined on the vesting date.

August 1, 2025

Justin Peterson

Chief Technology Officer

Adoption

August 7, 2024

Sale of an amount equal to up to: (A) (i) 12,419 shares of Class A common stock to be issued upon the vesting on January 1, 2025 of previously awarded performance-based restricted stock units, plus (ii) the number of shares issued upon vesting on January 1, 2025 in settlement of dividend equivalent rights in respect of the 12,419 shares subject to the performance-based restricted stock units that accrued during the award’s vesting period of March 15, 2022 - January 1, 2025, pursuant to the terms of the award agreement and determined on the vesting date, less (iii) the number of shares withheld for taxes, to be determined on the vesting date, plus (B) (i) 10,329 shares of Class A common stock to be issued upon the vesting on March 15, 2025 of previously awarded restricted stock units, plus (ii) the number of shares issued upon vesting on March 15, 2025 in settlement of dividend equivalent rights in respect of the 10,329 shares subject to the restricted stock units that accrued during the awards’ applicable vesting period, pursuant to the terms of the applicable award agreement and determined on the vesting date,2 less (iii) the number of shares withheld for taxes, to be determined on the vesting date.

May 15, 2025

Name and Title

Action

Date

Aggregate Number of Securities to be Purchased or Sold

Scheduled Expiration Date (1)

Scott Zucker

Chief Risk Officer

Adoption

August 15, 2024

Sale of an amount equal to up to: (A) (i) 5,785 shares of Class A common stock to be issued upon the vesting on January 1, 2025 of previously awarded performance-based restricted stock units, plus (ii) the number of shares issued upon vesting on January 1, 2025 in settlement of dividend equivalent rights in respect of the 5,785 shares subject to the performance-based restricted stock units that accrued during the award’s vesting period of March 15, 2022 - January 1, 2025, pursuant to the terms of the award agreement and determined on the vesting date, less (iii) the number of shares withheld for taxes, to be determined on the vesting date, plus (B) (i) 4,723 shares of Class A common stock to be issued upon the vesting on March 15, 2025 of previously awarded restricted stock units, plus (ii) the number of shares issued upon vesting on March 15, 2025 in settlement of dividend equivalent rights in respect of the 4,723 shares subject to the restricted stock units that accrued during the awards’ applicable vesting period, pursuant to the terms of the applicable award agreement and determined on the vesting date,2 less (iii) the number of shares withheld for taxes, to be determined on the vesting date.

April 1, 2025

Sara Furber

Chief Financial Officer

Adoption

September 13, 2024

Sale of an amount equal to up to: (A) (i) 17,741 shares of Class A common stock to be issued upon the vesting on January 1, 2025 of previously awarded performance-based restricted stock units, plus (ii) the number of shares issued upon vesting on January 1, 2025 in settlement of dividend equivalent rights in respect of the 17,741 shares subject to the performance-based restricted stock units that accrued during the award’s vesting period of March 15, 2022 - January 1, 2025, pursuant to the terms of the award agreement and determined on the vesting date, less (iii) the number of shares withheld for taxes, to be determined on the vesting date, plus (B) (i) 14,523 shares of Class A common stock to be issued upon the vesting on March 15, 2025 of previously awarded restricted stock units, plus (ii) the number of shares issued upon vesting on March 15, 2025 in settlement of dividend equivalent rights in respect of the 14,523 shares subject to the restricted stock units that accrued during the awards’ applicable vesting period, pursuant to the terms of the applicable award agreement and determined on the vesting date,2 less (iii) the number of shares withheld for taxes, to be determined on the vesting date, plus (C) (i) 3,619 shares of Class A common stock to be issued upon the vesting on March 30, 2025 of previously awarded restricted stock units, plus (ii) the number of shares issued upon vesting on March 30, 2025 in settlement of dividend equivalent rights in respect of the 3,619 shares accrued during the award’s vesting period of October 1, 2021 - March 15, 2025, pursuant to the terms of the award agreement and determined on the vesting date, less (iii) the number of shares withheld for taxes, to be determined on the vesting date.

June 13, 2025

(1) In each case, the Rule 10b5-1 trading arrangement may also expire on such earlier date as all such transactions under the trading arrangement are completed or at such time as such trading arrangement is otherwise terminated in accordance with its terms.

(2) Includes awards of restricted stock units granted in 2022, 2023 and 2024, which awards vest one-third each year over a three-year period.

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Steven Berns [Member]

Trading Arrangements, by Individual

Name

Steven Berns

Title

Director

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

August 7, 2024

Expiration Date

August 1, 2025

Arrangement Duration

359 days

William Hult [Member]

Trading Arrangements, by Individual

Name

William Hult

Title

Chief Executive Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

August 7, 2024

Expiration Date

August 1, 2025

Arrangement Duration

359 days

Justin Peterson [Member]

Trading Arrangements, by Individual

Name

Justin Peterson

Title

Chief Technology Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

August 7, 2024

Expiration Date

May 15, 2025

Arrangement Duration

281 days

Scott Zucker [Member]

Trading Arrangements, by Individual

Name

Scott Zucker

Title

Chief Risk Officer

Rule 10b5-1 Arrangement Adopted

true

August 15, 2024

April 1, 2025

229 days

Trading Arrangements, by Individual

Name

Sara Furber

Title

Chief Financial Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

September 13, 2024

Expiration Date

June 13, 2025

Arrangement Duration

273 days

Steven Berns Trading Arrangement, Class A Common Stock [Member] | Steven Berns [Member]

Trading Arrangements, by Individual

Aggregate Available

731

Steven Berns Trading Arrangement, Vesting Of Previously Awarded Restricted Stock Units [Member] | Steven Berns [Member]

Trading Arrangements, by Individual

Aggregate Available

450

William Hult Trading Arrangement, Class A Common Stock [Member] | William Hult [Member]

Trading Arrangements, by Individual

Aggregate Available

38,377

William Hult Trading Arrangement, Vesting Of Previously Awarded Performance Based Restricted Stock Units [Member] | William Hult [Member]

Trading Arrangements, by Individual

Aggregate Available

31,268

William Hult Trading Arrangement, Shares Issued Upon Vesting In Settlement Of Dividend Equivalent Rights [Member] | William Hult [Member]

Trading Arrangements, by Individual

Aggregate Available

31,268

Justin Peterson Trading Arrangement, Vesting Of Previously Awarded Performance Based Restricted Stock Units [Member] | Justin Peterson [Member]

Trading Arrangements, by Individual

Aggregate Available

12,419

Justin Peterson Trading Arrangement, Shares Issued Upon Vesting In Settlement Of Dividend Equivalent Rights [Member] | Justin Peterson [Member]

Trading Arrangements, by Individual

Aggregate Available

12,419

Justin Peterson Trading Arrangement, Vesting Of Previously Awarded Restricted Stock Units [Member] | Justin Peterson [Member]

Trading Arrangements, by Individual

Aggregate Available

10,329

Justin Peterson Trading Arrangement, Shares Issued Upon Vesting In Settlement Of Dividend Equivalent Rights Subject To Restricted Stock Awards Accrued During Vesting Period [Member] | Justin Peterson [Member]

Trading Arrangements, by Individual

Aggregate Available

10,329

Scott Zucker Trading Arrangement, Vesting Of Previously Awarded Performance Based Restricted Stock Units [Member] | Scott Zucker [Member]

Trading Arrangements, by Individual

Aggregate Available

5,785

Scott Zucker Trading Arrangement, Shares Issued Upon Vesting In Performance Based Settlement Of Dividend Equivalent Rights [Member] | Scott Zucker [Member]

Trading Arrangements, by Individual

Aggregate Available

5,785

Scott Zucker Trading Arrangement, Vesting Of Previously Awarded Restricted Stock Units [Member] | Scott Zucker [Member]

Trading Arrangements, by Individual

Aggregate Available

4,723

Scott Zucker Trading Arrangement, Shares Issued Upon Vesting In Settlement Of Dividend Equivalent Rights Subject To Restricted Stock Awards Accrued During Vesting Period [Member] | Scott Zucker [Member]

Trading Arrangements, by Individual

Aggregate Available

4,723

Sara Furber Trading Arrangement, Vesting Of Previously Awarded Performance Based Restricted Stock Units [Member] | Sara Furber [Member]

Trading Arrangements, by Individual

Aggregate Available

17,741

Sara Fuber Trading Arrangement, Shares Issued Upon Vesting In Performance Based Settlement Of Dividend Equivalent Rights [Member] | Sara Furber [Member]

Trading Arrangements, by Individual

Aggregate Available

17,741

Sara Fuber Trading Arrangement, Vesting Of Previously Awarded Restricted Stock Units [Member] | Sara Furber [Member]

Trading Arrangements, by Individual

Aggregate Available

14,523

Sara Fuber Trading Arrangement, Shares Issued Upon Vesting In Settlement Of Dividend Equivalent Rights Subject To Restricted Stock Awards Accrued During Vesting Period [Member] | Sara Furber [Member]

Trading Arrangements, by Individual

Aggregate Available

14,523

Sara Furber Trading Arrangement, Vesting Of Previously Awarded Restricted Stock Units [Member] | Sara Furber [Member]

Trading Arrangements, by Individual

Aggregate Available

3,619

Sara Furber Trading Arrangement, Shares Issued Upon Vesting In Settlement Of Dividend Equivalent Rights Subject To Restricted Stock Awards Accrued During Vesting Period [Member] | Sara Furber [Member]

Trading Arrangements, by Individual

Aggregate Available

3,619

Restricted Cash	9 Months Ended
Restricted Cash	Sep. 30, 2024
Restricted Cash Equivalents [Abstract]
Restricted Cash	Restricted Cash Cash has been segregated in a special reserve bank account for the benefit of brokers and dealers under SEC Rule 15c3-3. The Company computes the proprietary accounts of broker-dealers (“PAB”) reserve, which requires the Company to maintain minimum segregated cash in the amount of excess total credits per the reserve computation. As of both September 30, 2024 and December 31, 2023, cash in the amount of $1.0 million, has been segregated in the PAB reserve account, exceeding the requirements pursuant to SEC Rule 15c3-3.

Revenue (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Breakdown of Revenues Between Fixed and Variable Revenues

The breakdown of revenues between fixed and variable revenues for the three and nine months ended September 30, 2024 and 2023 is as follows:


	Three Months Ended				Three Months Ended
	September 30, 2024				September 30, 2023
	(dollars in thousands)				(dollars in thousands)
	Variable		Fixed		Variable		Fixed
Revenues
Transaction fees and commissions	$	337,732	$	35,761	$	225,934	$	37,551
Subscription fees	410		50,796		465		45,896
LSEG market data fees	—		20,512		—		15,460
Other	837		2,867		328		2,723
Total revenue	$	338,979	$	109,936	$	226,727	$	101,630


	Nine Months Ended				Nine Months Ended
	September 30, 2024				September 30, 2023
	(dollars in thousands)				(dollars in thousands)
	Variable		Fixed		Variable		Fixed
Revenues
Transaction fees and commissions	$	929,997	$	109,422	$	665,749	$	110,795
Subscription fees	1,345		150,288		1,395		135,088
LSEG market data fees	—		61,593		—		46,515
Other	1,581		8,379		794		7,883
Total revenue	$	932,923	$	329,682	$	667,938	$	300,281

Schedule of Recognized Revenue and Remaining Deferred Revenue Balance

The revenue recognized and the remaining deferred revenue balances are shown below:


	Amount

	(dollars in thousands)
Deferred revenue balance - December 31, 2023	$	25,746
New billings	117,705
Revenue recognized	(114,501)
Deferred revenue acquired in connection with acquisitions	530
Effect of foreign currency exchange rate changes	100
Deferred revenue balance - September 30, 2024	$	29,580

Acquisitions - Schedule of Preliminary Purchase Price Allocation (Details) - USD ($) $ in Thousands			9 Months Ended
	Aug. 01, 2024	Jan. 19, 2024	Sep. 30, 2024	Dec. 31, 2023
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Goodwill			$ 3,149,956	$ 2,815,524
Total 2024 Business Combinations
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Cash and cash equivalents			24,437
Deposits with clearing organizations			612
Accounts receivable			10,970
Equipment			268
Lease right-of-use assets			316
Goodwill			334,432
Other assets			1,735
Accrued compensation			(3,522)
Deferred revenue			(530)
Accounts payable, accrued expenses and other liabilities			(7,328)
Lease liabilities			(340)
Deferred tax liabilities			(24,681)
Total purchase consideration - cash paid and stock issued			924,869
Less: Cash acquired			(24,437)
Purchase consideration, net of cash acquired			900,432
Total 2024 Business Combinations \| Software development costs
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets			188,000
Total 2024 Business Combinations \| Intangible assets - Customer relationships
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets			396,500
Total 2024 Business Combinations \| Intangible assets - Tradename
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets - Tradename			$ 4,000
ICD Acquisition
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Cash and cash equivalents	$ 23,040
Deposits with clearing organizations	612
Accounts receivable	10,831
Equipment	268
Lease right-of-use assets	316
Goodwill	292,243
Other assets	1,556
Accrued compensation	(3,522)
Deferred revenue	(311)
Accounts payable, accrued expenses and other liabilities	(6,442)
Lease liabilities	(340)
Deferred tax liabilities	(24,681)
Total purchase consideration - cash paid and stock issued	797,570
Less: Cash acquired	(23,040)
Purchase consideration, net of cash acquired	774,530	$ 774,100
ICD Acquisition \| Software development costs
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets	160,000
ICD Acquisition \| Intangible assets - Customer relationships
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets	340,000
ICD Acquisition \| Intangible assets - Tradename
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets - Tradename	$ 4,000
R8Fin
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Cash and cash equivalents		1,397
Deposits with clearing organizations		0
Accounts receivable		139
Equipment		0
Lease right-of-use assets		0
Goodwill		42,189
Other assets		179
Accrued compensation		0
Deferred revenue		(219)
Accounts payable, accrued expenses and other liabilities		(886)
Lease liabilities		0
Deferred tax liabilities		0
Total purchase consideration - cash paid and stock issued		127,299
Less: Cash acquired		(1,397)
Purchase consideration, net of cash acquired		125,902
R8Fin \| Software development costs
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets		28,000
R8Fin \| Intangible assets - Customer relationships
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets		56,500
R8Fin \| Intangible assets - Tradename
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets - Tradename		$ 0

Stockholders' Equity and Stock-Based Compensation Plans - Narrative (Details) - USD ($)			3 Months Ended							9 Months Ended
	Aug. 01, 2024	Jun. 17, 2024	Sep. 30, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 05, 2022	Feb. 28, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense			$ 26,168,000				$ 17,348,000			$ 66,286,000	$ 44,670,000
Issuance of common stock for business acquisitions			3,333,000			$ 36,692,000
Stock-based compensation expense capitalized			600,000				400,000			1,800,000	$ 1,000,000.0
Stock repurchase program, remaining authorized repurchase amount			214,800,000	$ 214,800,000						214,800,000
Share-based payment arrangement, decrease for tax withholding obligation			2,101,000		$ 447,000	$ 43,832,000	$ 7,773,000	$ 1,870,000	$ 39,878,000
ICD Acquisition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, accelerated cost			$ 1,400,000							$ 1,400,000
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share repurchase program, amount authorized												$ 300,000,000.0	$ 150,000,000
Common stock repurchased (in shares)			214,795				65,054			214,795	485,730
Average price per share (in dollars per share)			$ 116.41				$ 75.28			$ 116.41	$ 72.48
Aggregate value of share repurchase			$ 25,000,000.0				$ 4,900,000			$ 25,000,000.0	$ 35,200,000
Common stock, conversion ratio										1
Number of shares withheld (in shares)			18,797				92,373			474,123	693,456
Class B Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, conversion ratio										1
President
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense		$ 4,400,000
Total stock-based compensation expense		$ 1,700,000
Share-based payment arrangement, accelerated cost			$ 2,400,000	$ 2,700,000						$ 2,700,000
2019 Omnibus Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)			8,841,864	8,841,864						8,841,864
Maximum contractual term										10 years
RSUs and RSAs \| ICD Acquisition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant-date fair value (in dollars per share)	$ 111.68
Issuance, allocated to consideration transferred for the business combination	$ 3,300,000
Issuance, amortized into stock-based compensation expense	$ 1,300,000
RSUs and RSAs \| Class A Common Stock \| ICD Acquisition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum contractual term	2 years
Award requisite service period	2 years
Issuance of common stock for business acquisitions	$ 4,700,000
RSUs and RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum contractual term										3 years
Weighted-average grant-date fair value (in dollars per share)			$ 112.60							$ 106.06
Granted (in shares)			110,794							568,772
Vesting percentage										33.00%
RSUs and RSAs \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average price per share (in dollars per share)							$ 84.15				$ 71.38
Share-based payment arrangement, decrease for tax withholding obligation							$ 7,800,000				$ 49,500,000
RSUs and RSAs \| Non-employee director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum contractual term										1 year
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant-date fair value (in dollars per share)										$ 104.66
Granted (in shares)			0							201,546
Performance period										3 years
PRSUs \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average price per share (in dollars per share)			$ 111.79							$ 97.82
Share-based payment arrangement, decrease for tax withholding obligation			$ 2,100,000							$ 46,400,000
PRSUs \| Awarded During 2024 And 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum performance modifier, percent			0.00%	0.00%						0.00%
Maximum performance modifier, percent			250.00%	250.00%						250.00%
Target performance modifier, percent			100.00%	100.00%						100.00%
PRSUs \| Awarded during 2022 and prior
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum performance modifier, percent			200.00%	200.00%						200.00%
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant-date fair value (in dollars per share)										$ 149.00
Granted (in shares)			0							86,592
Performance period										3 years
PSUs \| Awarded During 2024 And 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum performance modifier, percent			0.00%	0.00%						0.00%
Maximum performance modifier, percent			250.00%	250.00%						250.00%
Target performance modifier, percent			100.00%	100.00%						100.00%

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

From time to time, the Company is subject to various claims, lawsuits and other legal proceedings, including reviews, investigations and proceedings by governmental and self-regulatory agencies regarding its business. While the ultimate resolution of these matters cannot presently be determined, the Company does not believe that, taking into account any applicable insurance coverage, any of the pending legal proceedings, including the matters set forth below, could reasonably be expected to have a material adverse effect on its business, financial condition or results of operations.

In the normal course of business, the Company enters into agreements with its customers which provide the customers with indemnification rights, including in the event that the electronic marketplaces of the Company infringe upon the intellectual property or other proprietary right of a third party. The Company’s exposure under these agreements is unknown as this would involve estimating future claims against the Company which have not yet occurred. However, based on its experience, the Company expects the risk of a material loss to be remote.

The Company has been named as a defendant, along with other financial institutions, in two consolidated antitrust class actions relating to trading practices in United States Treasury securities auctions. The cases were dismissed in March 2021, with the Court granting the Plaintiffs leave to further amend the complaint by no later than May 14, 2021. The plaintiffs filed an amended complaint on or about May 14, 2021, and the Company moved to dismiss the amended complaint on June 14, 2021. By order dated March 31, 2022, the Court granted the Company’s motion and dismissed all of the claims against it in the amended complaint. The Court also denied the plaintiffs’ request for leave to file a further amended complaint. On April 28, 2022, the Plaintiffs filed a Notice of Appeal of the decision and filed their opening brief on the appeal in the United States Court of Appeals for the Second Circuit on August 18, 2022. The Company filed its brief in response on November 17, 2022. Plaintiffs filed their brief in reply in further support of their appeal on December 14, 2022. Oral argument in the appeal was held on October 3, 2023, and by order and opinion issued on February 1, 2024, the Second Circuit affirmed the District Court’s order dismissing all claims against all defendants, including the claims against the Company. All deadlines for any further avenues of appeal have expired and the Company considers the matter closed.

Additionally, the Company was dismissed from a class action relating to an interest rate swaps matter in 2017, but that matter continues against the remaining defendant financial institutions with respect to the case brought by certain swap execution facilities.

The Company records its best estimate of a loss, including estimated defense costs, when the loss is considered probable and the amount of such loss can be reasonably estimated. Based on its experience, the Company believes that the amount of damages claimed in a legal proceeding is not a meaningful indicator of the potential liability. At this time, the Company cannot reasonably predict the timing or outcomes of, or estimate the amount of loss, or range of loss, if any, related to its pending legal proceedings, including the matters described above, and therefore does not have any contingency reserves established for any of these matters.

Revolving Credit Facility

On November 21, 2023, the Company entered into a five year, $500.0 million unsecured revolving credit facility (the “2023 Revolving Credit Facility”) with a syndicate of banks, which replaced its $500.0 million secured credit facility entered into on April 8, 2019 (the “2019 Revolving Credit Facility”). The 2019 Revolving Credit Facility was scheduled to mature in April 2024, but was terminated on November 21, 2023 in conjunction with entering into the 2023 Revolving Credit Facility. There were no outstanding borrowings under the 2019 Revolving Credit Facility at the time of termination and no penalties were due or owing and no penalties were required to be paid as a result of the termination.

The 2023 Revolving Credit Facility provides borrowing capacity to be used to fund ongoing working capital needs, letters of credit and for general corporate purposes, including potential future acquisitions and expansions. Subject to the satisfaction of certain conditions, the Company is able to increase the 2023 Revolving Credit Facility by $250.0 million with the consent of the lenders participating in the increase. Borrowings under the 2023 Revolving Credit Facility may be, at the option of the Company, in US Dollars, Euros or Sterling. The 2023 Revolving Credit Facility also provides for the issuance of up to $5.0 million of letters of credit as well as borrowings on same-day notice, referred to as swingline loans, in an amount of up to $50.0 million. On November 21, 2023, the closing date, the $0.5 million letters of credit outstanding under the 2019 Revolving Credit Facility were rolled over under the 2023 Revolving Credit Facility. The 2023 Revolving Credit Facility will mature on November 21, 2028.

Borrowings under the 2023 Revolving Credit Facility bear interest at a rate equal to, at the Company’s option, either (a) a base rate equal to the greatest of (i) the administrative agent’s prime rate, (ii) the federal funds effective rate plus ½ of 1.00% and (iii) one month Term SOFR plus 1.00% plus a credit adjustment spread of 0.10%, in each case plus a margin based on the Company’s consolidated net leverage ratio ranging from 0.25% to 0.75%, or (b) a rate equal to (i) in the case of borrowings in US Dollars, Term SOFR plus a credit adjustment spread of 0.10%, subject to a 0.00% floor, (ii) in the case of borrowings in Sterling, SONIA subject to a 0.00% floor, and (iii) in the case of borrowings in Euros, EURIBOR, subject to a 0.00% floor, in each case plus a margin based on the Company’s consolidated net leverage ratio ranging from 1.25% to 1.75%. The agreement that governs the 2023 Revolving Credit Facility also includes a commitment fee of 0.25% for available but unborrowed amounts and other administrative fees that are payable quarterly. Financial covenant requirements include maintaining minimum ratios related to interest coverage and leverage.

As of both September 30, 2024 and December 31, 2023, there were $0.5 million in letters of credit issued under the 2023 Revolving Credit Facility and no borrowings outstanding.

Leases

The Company has operating leases for corporate offices and data centers with initial lease terms ranging from one to 10 years. The following table presents the future minimum lease payments and the maturity of lease liabilities as of September 30, 2024:


	Amount
	(dollars in thousands)
Remainder of 2024	$	3,772
2025	10,641
2026	6,844
2027	6,399
2028	1,777
Thereafter	1,628
Total future lease payments	31,061
Less imputed interest	(2,471)
Lease liability	$	28,590

The lease payments above exclude $159.2 million of future minimum lease payments for a lease signed but not yet commenced as of September 30, 2024. This lease, for the Company’s New York City corporate office, is expected to commence in mid-2025 and has an expected initial lease term of approximately 16 years.

Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accounts receivable, allowance for credit losses	$ 206	$ 284
Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Preferred stock, shares authorized (in shares)	250,000,000	250,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	116,227,674	115,090,787
Common stock, shares outstanding (in shares)	116,227,674	115,090,787
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	450,000,000	450,000,000
Common stock, shares issued (in shares)	96,933,192	96,933,192
Common stock, shares outstanding (in shares)	96,933,192	96,933,192
Class C Common Stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	350,000,000	350,000,000
Common stock, shares issued (in shares)	18,000,000	18,000,000
Common stock, shares outstanding (in shares)	18,000,000	18,000,000
Class D Common Stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	5,073,738	5,077,973
Common stock, shares outstanding (in shares)	5,073,738	5,077,973

Revenue - Schedule of Recognized Revenue and Remaining Deferred Revenue Balance (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Change in Contract with Customer
Deferred revenue balance - beginning of period	$ 25,746
New billings	117,705
Revenue recognized	(114,501)
Deferred revenue acquired in connection with acquisitions	530
Effect of foreign currency exchange rate changes	100
Deferred revenue balance - ending of period	$ 29,580

Condensed Consolidated Statements of Income - USD ($)	3 Months Ended		9 Months Ended
Condensed Consolidated Statements of Income - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Total revenue	$ 448,915,000	$ 328,357,000	$ 1,262,605,000	$ 968,219,000
Expenses
Employee compensation and benefits	160,161,000	116,016,000	440,484,000	334,433,000
Depreciation and amortization	57,872,000	46,559,000	157,145,000	137,850,000
Technology and communications	24,300,000	19,733,000	69,840,000	56,001,000
General and administrative	20,417,000	6,700,000	44,026,000	31,692,000
Professional fees	21,434,000	10,479,000	46,558,000	32,321,000
Occupancy	5,415,000	4,132,000	15,064,000	12,283,000
Total expenses	289,599,000	203,619,000	773,117,000	604,580,000
Operating income	159,316,000	124,738,000	489,488,000	363,639,000
Tax receivable agreement liability adjustment	(870,000)	0	(870,000)	0
Interest income	16,663,000	17,929,000	59,234,000	46,445,000
Interest expense	(1,446,000)	(464,000)	(3,706,000)	(1,380,000)
Other income (loss), net	10,000	(1,907,000)	10,000	(2,022,000)
Income before taxes	173,673,000	140,296,000	544,156,000	406,682,000
Provision for income taxes	(43,450,000)	(28,666,000)	(134,135,000)	(90,920,000)
Net income	130,223,000	111,630,000	410,021,000	315,762,000
Less: Net income attributable to non-controlling interests	16,307,000	13,016,000	50,724,000	40,210,000
Net income attributable to Tradeweb Markets Inc.	$ 113,916,000	$ 98,614,000	$ 359,297,000	$ 275,552,000
Earnings per share attributable to Tradeweb Markets Inc. Class A and B common stockholders:
Basic (in dollars per share)	$ 0.53	$ 0.47	$ 1.69	$ 1.31
Diluted (in dollars per share)	$ 0.53	$ 0.46	$ 1.67	$ 1.30
Weighted average shares outstanding:
Basic (in shares)	213,206,193	211,618,475	213,026,732	210,444,082
Diluted (in shares)	215,096,974	213,491,634	214,885,210	212,276,908
Transaction fees and commissions
Revenues
Total revenue	$ 373,493,000	$ 263,485,000	$ 1,039,419,000	$ 776,544,000
Subscription fees
Revenues
Total revenue	51,206,000	46,361,000	151,633,000	136,483,000
LSEG market data fees
Revenues
Total revenue	20,512,000	15,460,000	61,593,000	46,515,000
Other
Revenues
Total revenue	$ 3,704,000	$ 3,051,000	$ 9,960,000	$ 8,677,000

Acquisitions - Narrative (Details) - USD ($) $ in Thousands			2 Months Ended	3 Months Ended			9 Months Ended
Acquisitions - Narrative (Details) - USD ($) $ in Thousands	Aug. 01, 2024	Jan. 19, 2024	Sep. 30, 2024	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Business Acquisition [Line Items]
Issuance of common stock for business acquisitions				$ 3,333	$ 36,692
Cash paid for acquisition, net of cash acquired							$ 860,407	$ 69,648
Software development costs
Business Acquisition [Line Items]
Useful life of intangible assets			3 years	3 years			3 years
ICD and R8Fin \| Professional Fees
Business Acquisition [Line Items]
Transaction costs				$ 10,800		$ 1,400	$ 16,900	1,400
ICD and R8Fin \| General and Administrative Expense
Business Acquisition [Line Items]
Transaction costs				1,800			2,200
ICD Acquisition
Business Acquisition [Line Items]
All-cash acquisition	$ 785,000
Purchase consideration, net of cash acquired	774,530	$ 774,100
Cash acquired from acquisition	23,000
Cash paid for acquisition, net of cash acquired	771,200
Share-based payment arrangement, accelerated cost				1,400			1,400
Prepaid expense	1,400
Goodwill recognized expected to be tax deductible	238,000
Revenue			$ 17,200	456,753		352,317	1,317,022	1,030,009
Operating loss			300	$ (172,443)		$ (124,826)	$ (500,663)	$ (340,679)
Business acquisition depreciation and amortization			$ 7,300
ICD Acquisition \| RSUs and RSAs
Business Acquisition [Line Items]
Issuance, allocated to consideration transferred for the business combination	3,300
Issuance, amortized into stock-based compensation expense	1,300
ICD Acquisition \| Class A Common Stock
Business Acquisition [Line Items]
Issuance of common stock for business acquisitions	$ 4,500
ICD Acquisition \| Class A Common Stock \| RSUs and RSAs
Business Acquisition [Line Items]
Issuance of common stock for business acquisitions (in shares)	41,705
Issuance of common stock for business acquisitions	$ 4,700
Award requisite service period	2 years
ICD Acquisition \| Software development costs
Business Acquisition [Line Items]
Useful life of intangible assets	8 years
ICD Acquisition \| Customer Relationships
Business Acquisition [Line Items]
Useful life of intangible assets	15 years
ICD Acquisition \| Intangible assets - Tradename
Business Acquisition [Line Items]
Useful life of intangible assets	4 years
R8Fin
Business Acquisition [Line Items]
Purchase consideration, net of cash acquired		125,902
Cash paid for acquisition, net of cash acquired		89,200
R8Fin \| Class A Common Stock
Business Acquisition [Line Items]
Issuance of common stock for business acquisitions		$ 36,700
Issuance of common stock for business acquisitions (in shares)		374,601
R8Fin \| Software development costs
Business Acquisition [Line Items]
Useful life of intangible assets		7 years
R8Fin \| Customer Relationships
Business Acquisition [Line Items]
Useful life of intangible assets		13 years

Non-Controlling Interests (Tables)

9 Months Ended

Sep. 30, 2024

Noncontrolling Interest [Abstract]

Schedule of the Ownership Interest in Noncontrolling Interest

The following table summarizes the ownership interest in Tradeweb Markets LLC:


	September 30, 2024			September 30, 2023
	LLC Interests	Ownership %		LLC Interests	Ownership %
Number of LLC Interests held by Tradeweb Markets Inc.	213,119,161	90.2	%	211,644,675	90.2	%
Number of LLC Interests held by non-controlling interests	23,073,738	9.8	%	23,080,571	9.8	%
Total LLC Interests outstanding	236,192,899	100.0	%	234,725,246	100.0	%

Schedule of the Impact on Equity Due to Changes in the Company’s Ownership Interest in Noncontrolling Interest

The following table summarizes the impact on Tradeweb Market Inc.’s equity due to changes in the Corporation’s ownership interest in TWM LLC:


Net Income Attributable to Tradeweb Markets Inc. and Transfers (to) from the Non-Controlling Interests	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023

	(dollars in thousands)
Net income attributable to Tradeweb Markets Inc.	$	113,916	$	98,614	$	359,297	$	275,552
Transfers (to) from non-controlling interests:
Increase/(decrease) in Tradeweb Markets Inc.’s additional paid-in capital as a result of ownership changes in TWM LLC	(623)		(404)		(1,488)		79,376
Net transfers (to) from non-controlling interests	(623)		(404)		(1,488)		79,376
Change from net income attributable to Tradeweb Markets Inc. and transfers (to) from non-controlling interests	$	113,293	$	98,210	$	357,809	$	354,928

Related Party Transactions - Schedule of Affiliates were Included in the Consolidated Statements of Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue:
Total revenue	$ 448,915	$ 328,357	$ 1,262,605	$ 968,219
Expenses
Employee compensation and benefits	160,161	116,016	440,484	334,433
Technology and communications	24,300	19,733	69,840	56,001
Professional fees	21,434	10,479	46,558	32,321
Occupancy	5,415	4,132	15,064	12,283
Affiliated Entity
Expenses
Employee compensation and benefits	0	9	0	26
Technology and communications	1,567	1,496	4,695	4,147
General and administrative	3	4	8	4
Professional fees	15	9	80	10
Occupancy	13	21	52	41
Subscription fees
Revenue:
Total revenue	51,206	46,361	151,633	136,483
Subscription fees \| Affiliated Entity
Revenue:
Total revenue	333	460	908	1,931
LSEG market data fees
Revenue:
Total revenue	20,512	15,460	61,593	46,515
LSEG market data fees \| Affiliated Entity
Revenue:
Total revenue	20,512	15,460	61,593	46,515
Other fees
Revenue:
Total revenue	3,704	3,051	9,960	8,677
Other fees \| Affiliated Entity
Revenue:
Total revenue	$ 160	$ 218	$ 520	$ 468

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings Per Share

The following table summarizes the calculations of basic and diluted earnings per share of Class A and Class B common stock for Tradeweb Markets Inc.:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023

	(dollars in thousands, except per share amounts)
Numerator:
Net income attributable to Tradeweb Markets Inc.	$	113,916	$	98,614	$	359,297	$	275,552
Less: Distributed and undistributed earnings allocated to participating securities (1)	(68)		(124)		(231)		(348)
Net income attributable to outstanding shares of Class A and Class B common stock - Basic and Diluted	$	113,848	$	98,490	$	359,066	$	275,204

Denominator:
Weighted average shares of Class A and Class B common stock outstanding - Basic	213,206,193		211,618,475		213,026,732		210,444,082
Dilutive effect of PRSUs	625,822		504,945		564,996		380,740
Dilutive effect of options	363,623		1,110,175		470,816		1,240,923
Dilutive effect of RSUs and RSAs	405,562		258,039		367,375		211,163
Dilutive effect of PSUs	495,774		—		455,291		—
Weighted average shares of Class A and Class B common stock outstanding - Diluted	215,096,974		213,491,634		214,885,210		212,276,908

Earnings per share - Basic	$	0.53	$	0.47	$	1.69	$	1.31
Earnings per share - Diluted	$	0.53	$	0.46	$	1.67	$	1.30

(1)During the three months ended September 30, 2024 and 2023, there was a total of 126,903 and 265,681, respectively, and during the nine months ended September 30, 2024 and 2023, there was a total of 137,252 and 266,453, respectively, weighted average unvested or unsettled vested stock awards that were considered a participating security for purposes of calculating earnings per share in accordance with the two-class method.

Schedule of Antidilutive Shares

The following table summarizes the PRSUs, shares underlying options, RSUs, RSAs, PSUs and weighted-average LLC Interests held by Continuing LLC Owners that were anti-dilutive for the periods indicated. As a result, these shares, which were outstanding, were excluded from the computation of diluted earnings per share for the periods indicated:


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2024	2023	2024	2023


Anti-dilutive Shares:
PRSUs	—	—	—	—
Options	—	—	—	—
RSUs and RSAs	10,217	110,927	10,217	110,927
PSUs	—	144,666	—	144,666
LLC Interests	23,076,235	23,080,571	23,077,298	24,179,583

Commitments and Contingencies - Narrative (Details)		1 Months Ended
Commitments and Contingencies - Narrative (Details)	Nov. 21, 2023 USD ($)	Mar. 31, 2021 class_action_case	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Apr. 08, 2019 USD ($)
Commitments and Contingencies
Number of claims dismissed \| class_action_case		2
Initial term of lease			16 years
Minimum
Commitments and Contingencies
Initial term of lease			1 year
Maximum
Commitments and Contingencies
Initial term of lease			10 years
Revolving credit facility
Commitments and Contingencies
Revolving credit facility, term	5 years
Maximum borrowing capacity	$ 500,000,000.0				$ 500,000,000
Letter of credit issued	0		$ 0	$ 0
Penalties due	0
Termination penalties	0
Accordion feature	$ 250,000,000
Letters of credit outstanding			$ 500,000	$ 500,000
Commitment fee, percentage	0.25%
Revolving credit facility \| Fed Funds Effective Rate
Commitments and Contingencies
Spread	0.50%
Revolving credit facility \| One Month SOFR
Commitments and Contingencies
Spread	1.00%
Credit adjustment spread	0.10%
Revolving credit facility \| One Month SOFR \| Minimum
Commitments and Contingencies
Additional adjustment	0.25%
Revolving credit facility \| One Month SOFR \| Maximum
Commitments and Contingencies
Additional adjustment	0.75%
Revolving credit facility \| Secured Overnight Financing Rate (SOFR)
Commitments and Contingencies
Credit adjustment spread	0.10%
Debt instrument floor rate	0.00%
Revolving credit facility \| EURIBOR
Commitments and Contingencies
Debt instrument floor rate	0.00%
Revolving credit facility \| EURIBOR \| Minimum
Commitments and Contingencies
Additional adjustment	1.25%
Revolving credit facility \| EURIBOR \| Maximum
Commitments and Contingencies
Additional adjustment	1.75%
Revolving credit facility \| Letter of Credit
Commitments and Contingencies
Maximum borrowing capacity	$ 5,000,000
Letters of credit outstanding	500,000
Revolving credit facility \| Bridge Loan
Commitments and Contingencies
Maximum borrowing capacity	$ 50,000,000

Regulatory Capital Requirements - Schedule of Regulatory Capital Requirements and Schedule of Regulatory Capital Requirements (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
TWL
Regulatory Capital Requirements
Regulatory Capital	$ 57,597	$ 50,243
Regulatory Capital Requirement	3,033	2,856
Excess Regulatory Capital	54,564	47,387
DW
Regulatory Capital Requirements
Regulatory Capital	191,613	156,318
Regulatory Capital Requirement	3,436	3,579
Excess Regulatory Capital	188,177	152,739
TWD
Regulatory Capital Requirements
Regulatory Capital	56,215	46,976
Regulatory Capital Requirement	1,000	850
Excess Regulatory Capital	55,215	46,126
TEL
Regulatory Capital Requirements
Regulatory Capital	89,180	78,127
Regulatory Capital Requirement	34,586	37,907
Excess Regulatory Capital	54,594	40,220
TWJ
Regulatory Capital Requirements
Regulatory Capital	4,855	6,963
Regulatory Capital Requirement	2,921	2,029
Excess Regulatory Capital	1,934	4,934
TWEU
Regulatory Capital Requirements
Regulatory Capital	15,351	11,912
Regulatory Capital Requirement	6,807	5,447
Excess Regulatory Capital	8,544	6,465
TESL
Regulatory Capital Requirements
Regulatory Capital	6,125	1,813
Regulatory Capital Requirement	1,003	955
Excess Regulatory Capital	5,122	858
TESBV
Regulatory Capital Requirements
Regulatory Capital	1,705	1,683
Regulatory Capital Requirement	852	843
Excess Regulatory Capital	853	840
YB
Regulatory Capital Requirements
Regulatory Capital	9,054	5,261
Regulatory Capital Requirement	0	1,070
Excess Regulatory Capital	9,054	4,191
TDIFC
Regulatory Capital Requirements
Regulatory Capital	83	250
Regulatory Capital Requirement	30	39
Excess Regulatory Capital	53	211
ICDLC
Regulatory Capital Requirements
Regulatory Capital	12,629	0
Regulatory Capital Requirement	583	0
Excess Regulatory Capital	12,046	0
ICDLT
Regulatory Capital Requirements
Regulatory Capital	6,922	0
Regulatory Capital Requirement	3,190	0
Excess Regulatory Capital	3,732	0
ICDEU
Regulatory Capital Requirements
Regulatory Capital	169	0
Regulatory Capital Requirement	161	0
Excess Regulatory Capital	8	0
TW SEF
Regulatory Capital Requirements
Financial Resources	55,747	43,286
Required Financial Resources	14,500	12,500
Excess Financial Resources	41,247	30,786
Liquid Financial Assets	26,704	22,068
Required Liquid Financial Assets	3,625	3,125
Excess Liquid Financial Assets	23,079	18,943
DW SEF
Regulatory Capital Requirements
Financial Resources	14,447	13,309
Required Financial Resources	9,080	8,669
Excess Financial Resources	5,367	4,640
Liquid Financial Assets	9,273	7,935
Required Liquid Financial Assets	2,270	2,167
Excess Liquid Financial Assets	$ 7,003	$ 5,768

Revenue - Schedule of Breakdown of Revenues Between Fixed and Variable Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Total revenue	$ 448,915	$ 328,357	$ 1,262,605	$ 968,219
Transaction fees and commissions
Revenues
Total revenue	373,493	263,485	1,039,419	776,544
LSEG market data fees
Revenues
Total revenue	20,512	15,460	61,593	46,515
Other
Revenues
Total revenue	3,704	3,051	9,960	8,677
Variable
Revenues
Total revenue	338,979	226,727	932,923	667,938
Variable \| Transaction fees and commissions
Revenues
Total revenue	337,732	225,934	929,997	665,749
Variable \| Subscription fees
Revenues
Total revenue	410	465	1,345	1,395
Variable \| LSEG market data fees
Revenues
Total revenue	0	0	0	0
Variable \| Other
Revenues
Total revenue	837	328	1,581	794
Fixed
Revenues
Total revenue	109,936	101,630	329,682	300,281
Fixed \| Transaction fees and commissions
Revenues
Total revenue	35,761	37,551	109,422	110,795
Fixed \| Subscription fees
Revenues
Total revenue	50,796	45,896	150,288	135,088
Fixed \| LSEG market data fees
Revenues
Total revenue	20,512	15,460	61,593	46,515
Fixed \| Other
Revenues
Total revenue	$ 2,867	$ 2,723	$ 8,379	$ 7,883

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 41
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (i)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 32
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Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SAB Topic 11.L)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Oct. 23, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-38860
Entity Registrant Name	Tradeweb Markets Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-2456358
Entity Address, Address Line One	1177 Avenue of the Americas
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
City Area Code	646
Local Phone Number	430-6000
Title of 12(b) Security	Class A common stock, par value $0.00001
Trading Symbol	TW
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001758730
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		116,228,794
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		96,933,192
Class C Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		18,000,000
Class D Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		5,073,738

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Financial Instruments Measured at Fair Value


	Quoted Prices in active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total

	(dollars in thousands)
As of September 30, 2024
Assets
Cash equivalents – Money market funds and other highly liquid investments	$	959,112	$	—	$	—	$	959,112

Other assets – Investment in available for sale debt securities	—		—		10,228		10,228
Total assets measured at fair value	$	959,112	$	—	$	10,228	$	969,340

Liabilities
Payable and due to affiliates – Foreign exchange derivative contracts	$	—	$	1,424	$	—	$	1,424
Total liabilities measured at fair value	$	—	$	1,424	$	—	$	1,424

As of December 31, 2023
Assets
Cash equivalents – Money market funds and other highly liquid investments	$	1,543,644	$	—	$	—	$	1,543,644

Total assets measured at fair value	$	1,543,644	$	—	$	—	$	1,543,644

Liabilities
Payable and due to affiliates – Foreign exchange derivative contracts	$	—	$	775	$	—	$	775
Total liabilities measured at fair value	$	—	$	775	$	—	$	775

Cash Equivalents

The Company’s cash equivalents are classified within level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets.

Investments in Available-for-Sale Debt Securities

In April 2024, the Company made an investment in a convertible note with a principal amount and original amortized cost basis of $10.0 million. The note accrues interest at a rate of 5% per annum, compounded annually, and matures on the earliest to occur of January 19, 2027, an event of default or a change in control as each term is defined in the convertible note. The note and accrued interest will convert to equity securities of the issuer on January 19, 2027, if not previously repaid or converted upon certain defined financing events. The convertible note is accounted for as an available-for-sale debt security and the convertible note and accrued interest is included within other assets on the accompanying condensed consolidated statements of financial condition at a fair value and amortized cost basis of $10.2 million as of September 30, 2024. There were no fair value adjustments or credit losses recorded on the convertible note during the three and nine months ended September 30, 2024. The convertible note is classified within level 3 of the fair value hierarchy because the valuation requires assumptions that are both significant and unobservable. The primary methods used to estimate the fair value of the convertible note were a discounted cash flow analysis and a probability-weighted expected return model which incorporated the credit risk of the issuer and scenarios in which the note would convert into equity, the estimated equity value of the issuer and the conversion terms outlined in the convertible note agreement. Significant unobservable inputs included a discount rate of 15%. Significant increases or decreases in the discount rate would have resulted in a significantly lower or higher fair value measurement.

Foreign Currency and Foreign Exchange Derivative Contracts

The Company enters into foreign currency forward contracts to mitigate its U.S. dollar and British pound sterling versus euro exposure, generally with a duration of less than 12 months. On June 1, 2023, the Company entered into a foreign currency call option on Australian dollars, giving the Company an option to buy A$120.7 million ($79.9 million U.S. dollars as translated as of June 30, 2023), in order to partially mitigate the Company’s U.S. dollar versus Australian dollar foreign exchange exposure on the then anticipated payment of the Australian dollar denominated purchase price for the Yieldbroker acquisition. The valuations for the Company’s foreign currency forward contracts and foreign currency call option are primarily based on the difference between the exchange rate associated with the contract and the exchange rate at the current period end for the tenor of the contract. Foreign currency forward contracts and the foreign currency call option are categorized as Level 2 in the fair value hierarchy. As of September 30, 2024 and December 31, 2023, the counterparty on each of these foreign exchange derivative contracts was an affiliate of LSEG and therefore the corresponding assets or liabilities on such contracts were included in receivable and due from affiliates or payable and due to affiliates, respectively, on the accompanying condensed consolidated statements of financial condition.

The following table summarizes the aggregate U.S. dollar equivalent notional amount of the Company’s foreign exchange derivative contracts not designated as hedges for accounting purposes:


	September 30,		December 31,
	2024		2023

	(dollars in thousands)
Foreign currency forward contracts – Gross notional amount	$	236,123	$	192,877

The Company’s foreign exchange derivative contracts are not designated as hedges for accounting purposes and changes in the fair value of these contracts during the period are recognized in the condensed consolidated statements of income. The total realized and unrealized gains (losses) on foreign exchange derivative contracts recorded within the condensed consolidated statements of income are as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023

	(dollars in thousands)
Foreign currency forward contracts not designated in accounting hedge relationship – General and administrative (expenses)/income	$	(3,139)	$	3,883	$	3,772	$	4,921
Foreign currency call option contract not designated in accounting hedge relationship – Other income/(loss) (1)	$	—	$	(1,907)	$	—	$	(1,289)

Financial Instruments Not Measured at Fair Value


	Carrying Value		Quoted Prices in active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value

As of September 30, 2024	(dollars in thousands)
Assets
Cash and restricted cash	$	215,622	$	215,622	$	—	$	—	$	215,622
Receivable from brokers and dealers and clearing organizations	297,842		—		297,842		—		297,842
Deposits with clearing organizations	65,277		65,277		—		—		65,277
Accounts receivable	248,615		—		248,615		—		248,615
Other assets – Memberships in clearing organizations	2,919		—		—		2,919		2,919
Total	$	830,275	$	280,899	$	546,457	$	2,919	$	830,275

Liabilities
Securities sold under agreements to repurchase	$	—	$	—	$	—	$	—	$	—
Payable to brokers and dealers and clearing organizations	286,179		—		286,179		—		286,179
Total	$	286,179	$	—	$	286,179	$	—	$	286,179

As of December 31, 2023
Assets
Cash and restricted cash	$	163,824	$	163,824	$	—	$	—	$	163,824
Receivable from brokers and dealers and clearing organizations	381,178		—		381,178		—		381,178
Deposits with clearing organizations	36,806		36,806		—		—		36,806
Accounts receivable	168,407		—		168,407		—		168,407
Other assets – Memberships in clearing organizations	2,426		—		—		2,426		2,426
Total	$	752,641	$	200,630	$	549,585	$	2,426	$	752,641

Liabilities
Securities sold under agreements to repurchase(1)	$	21,612	$	—	$	21,612	$	—	$	21,612
Payable to brokers and dealers and clearing organizations	351,864		—		351,864		—		351,864
Total	$	373,476	$	—	$	373,476	$	—	$	373,476

The carrying value of financial instruments not measured at fair value classified within level 1 or level 2 of the fair value hierarchy approximates fair value because of the relatively short term nature of the underlying assets or liabilities. The memberships in clearing organizations, which are included in other assets on the condensed consolidated statements of financial condition, are classified within level 3 of the fair value hierarchy because the valuation requires assumptions that are both significant and unobservable.

Non-recurring Fair Value Measurements

The Company measures certain assets and liabilities, such as assets acquired in a business combination, at fair value as of the acquisition date. See Note 4 – Acquisitions for further details regarding these non-recurring fair value measurements.

Financial Instruments Without Readily Determinable Fair Values

Included in other assets on the condensed consolidated statements of financial condition are equity investments without readily determinable fair values of $10.5 million and $8.9 million as of September 30, 2024 and December 31, 2023, respectively. These equity investments are subject to general contractual sale restrictions that prohibit the transfer or sale of the investment without prior consent of the investee.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Commitments and Contingencies - Schedule of Maturity of Lease Liabilities and Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2024	$ 3,772
2025	10,641
2026	6,844
2027	6,399
2028	1,777
Thereafter	1,628
Total future lease payments	31,061
Less imputed interest	(2,471)
Lease liability	28,590	$ 27,463
Future minimum lease payments for lease not yet commenced	$ 159,200
Term lease	16 years

Tax Receivable Agreement	9 Months Ended
Tax Receivable Agreement	Sep. 30, 2024
Tax Receivable Agreement
Tax Receivable Agreement	Tax Receivable Agreement In connection with the Reorganization Transactions, the Corporation entered into a tax receivable agreement (the “Tax Receivable Agreement”) with TWM LLC and the Continuing LLC Owners, which provides for the payment by the Corporation to a Continuing LLC Owner of 50% of the amount of U.S. federal, state and local income or franchise tax savings, if any, that the Corporation actually realizes (or in some circumstances is deemed to realize) as a result of (i) increases in the tax basis of TWM LLC’s assets resulting from (a) the purchase of LLC Interests from a Continuing LLC Owner, including with the net proceeds from the IPO and any subsequent offerings or (b) redemptions or exchanges by a Continuing LLC Owner of LLC Interests for shares of Class A common stock or Class B common stock or for cash, as applicable, and (ii) certain other tax benefits related to the Corporation making payments under the Tax Receivable Agreement. Payments under the Tax Receivable Agreement are due within 150 days after the filing of the tax return based on the actual tax savings realized by the Corporation, estimated payments may be made in advance. The first payment of the Tax Receivable Agreement was made in January 2021. Substantially all payments due under the Tax Receivable Agreement are payable over fifteen years following the purchase of LLC Interests from Continuing LLC Owners or redemption or exchanges by Continuing LLC Owners of LLC Interests. The Corporation accounts for the income tax effects resulting from taxable redemptions or exchanges of LLC Interests by Continuing LLC Owners for shares of Class A common stock or Class B common stock or cash, as the case may be, and purchases by the Corporation of LLC Interests from Continuing LLC Owners by recognizing an increase in deferred tax assets, based on enacted tax rates at the date of each redemption, exchange, or purchase, as the case may be. Further, the Corporation evaluates the likelihood that it will realize the benefit represented by the deferred tax asset, and, to the extent that the Corporation estimates that it is more likely than not that it will not realize the benefit, it reduces the carrying amount of the deferred tax asset with a valuation allowance. The impact of any changes in the total projected obligations recorded under the Tax Receivable Agreement as a result of actual changes in the mix of the Company’s earnings, tax legislation and tax rates in various jurisdictions, or other factors that may impact the Corporation’s actual tax savings realized, are reflected in income before taxes on the condensed consolidated statements of income in the period in which the change occurs. As of September 30, 2024 and December 31, 2023, the tax receivable agreement liability on the condensed consolidated statements of financial condition totaled $382.4 million and $457.5 million, respectively. During each of the three and nine months ended September 30, 2024, the Company recognized a tax receivable agreement liability adjustment of $0.9 million of expense in the condensed consolidated statements of income due to changes in the tax receivable agreement liability recorded in the condensed consolidated statement of financial condition as a result of changes in the mix of earnings in connection with the acquisition of ICD, which impacted the Company’s estimated future tax savings. There was no tax receivable agreement liability adjustment recognized for the three and nine months ended September 30, 2023

Earnings Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

The following table summarizes the calculations of basic and diluted earnings per share of Class A and Class B common stock for Tradeweb Markets Inc.:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023

	(dollars in thousands, except per share amounts)
Numerator:
Net income attributable to Tradeweb Markets Inc.	$	113,916	$	98,614	$	359,297	$	275,552
Less: Distributed and undistributed earnings allocated to participating securities (1)	(68)		(124)		(231)		(348)
Net income attributable to outstanding shares of Class A and Class B common stock - Basic and Diluted	$	113,848	$	98,490	$	359,066	$	275,204

Denominator:
Weighted average shares of Class A and Class B common stock outstanding - Basic	213,206,193		211,618,475		213,026,732		210,444,082
Dilutive effect of PRSUs	625,822		504,945		564,996		380,740
Dilutive effect of options	363,623		1,110,175		470,816		1,240,923
Dilutive effect of RSUs and RSAs	405,562		258,039		367,375		211,163
Dilutive effect of PSUs	495,774		—		455,291		—
Weighted average shares of Class A and Class B common stock outstanding - Diluted	215,096,974		213,491,634		214,885,210		212,276,908

Earnings per share - Basic	$	0.53	$	0.47	$	1.69	$	1.31
Earnings per share - Diluted	$	0.53	$	0.46	$	1.67	$	1.30

LLC Interests held by Continuing LLC Owners are redeemable in accordance with the TWM LLC Agreement, at the election of such holders, for shares of Class A or Class B common stock, as applicable, of Tradeweb Markets Inc. The potential dilutive effect of LLC Interests held by Continuing LLC Owners are evaluated under the if-converted method. The potential dilutive effect of PRSUs, shares underlying options, RSUs, RSAs and PSUs are evaluated under the treasury stock method.


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2024	2023	2024	2023


Anti-dilutive Shares:
PRSUs	—	—	—	—
Options	—	—	—	—
RSUs and RSAs	10,217	110,927	10,217	110,927
PSUs	—	144,666	—	144,666
LLC Interests	23,076,235	23,080,571	23,077,298	24,179,583

Shares of Class C and Class D common stock do not have economic rights in Tradeweb Markets Inc. and, therefore, are not included in the calculation of basic earnings per share and are not participating securities for purposes of the computation of diluted earnings per share.

Non-Controlling Interests - Narrative (Details)	9 Months Ended
Non-Controlling Interests - Narrative (Details)	Sep. 30, 2024
Class A Common Stock
Non-Controlling Interests
Conversion ratio	1
Class B Common Stock
Non-Controlling Interests
Conversion ratio	1

Fair Value of Financial Instruments - Schedule of Foreign Exchange Derivative Contracts (Details) $ in Thousands, $ in Millions	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 01, 2023 AUD ($)
Foreign currency forward contracts – Gross notional amount \| Not Designated as Hedging Instrument
Derivative [Line Items]
Gross notional amount	$ 236,123	$ 192,877
Foreign Exchange Option
Derivative [Line Items]
Gross notional amount			$ 79,900	$ 120.7

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Common Stock Class C Common Stock	Common Stock Class D Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Non- Controlling Interests
Beginning balance at Dec. 31, 2022	$ 5,546,316	$ 1	$ 1	$ 0	$ 0	$ 4,577,270	$ (10,113)	$ 386,632	$ 592,525
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from equity incentive plans	6,320					6,320
Share repurchases pursuant to share repurchase programs	(22,706)							(22,706)
Tax receivable agreement liability and deferred taxes arising from LLC Interest ownership exchanges and the issuance of common stock from equity incentive plans	15,082					15,082
Adjustments to non-controlling interests	0					6,910	(4)		(6,906)
Distributions to non-controlling interests	(2,283)								(2,283)
Dividends	(18,733)							(18,733)
Stock-based compensation expense	11,905					11,905
Payroll taxes paid for stock-based compensation	(39,878)					(39,878)
Net income	102,193							87,856	14,337
Foreign currency translation adjustments	2,649						2,352		297
Ending balance at Mar. 31, 2023	5,600,865	1	1	0	0	4,577,609	(7,765)	433,049	597,970
Beginning balance at Dec. 31, 2022	5,546,316	1	1	0	0	4,577,270	(10,113)	386,632	592,525
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	315,762
Foreign currency translation adjustments	(623)
Ending balance at Sep. 30, 2023	5,811,741	1	1	0	0	4,706,499	(10,836)	570,149	545,927
Beginning balance at Mar. 31, 2023	5,600,865	1	1	0	0	4,577,609	(7,765)	433,049	597,970
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from equity incentive plans	1,262					1,262
Share repurchases pursuant to share repurchase programs	(7,602)							(7,602)
Tax receivable agreement liability and deferred taxes arising from LLC Interest ownership exchanges and the issuance of common stock from equity incentive plans	27,827					27,827
Adjustments to non-controlling interests	0					72,870	(120)		(72,750)
Distributions to non-controlling interests	(3,286)								(3,286)
Dividends	(19,048)							(19,048)
Stock-based compensation expense	16,097					16,097
Payroll taxes paid for stock-based compensation	(1,870)					(1,870)
Net income	101,939							89,082	12,857
Foreign currency translation adjustments	1,184						1,067		117
Ending balance at Jun. 30, 2023	5,717,368	1	1	0	0	4,693,795	(6,818)	495,481	534,908
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from equity incentive plans	412					412
Share repurchases pursuant to share repurchase programs	(4,897)							(4,897)
Tax receivable agreement liability and deferred taxes arising from LLC Interest ownership exchanges and the issuance of common stock from equity incentive plans	2,801					2,801
Adjustments to non-controlling interests	0					(404)			404
Distributions to non-controlling interests	(1,963)								(1,963)
Dividends	(19,049)							(19,049)
Stock-based compensation expense	17,668					17,668
Payroll taxes paid for stock-based compensation	(7,773)					(7,773)
Net income	111,630							98,614	13,016
Foreign currency translation adjustments	(4,456)						(4,018)		(438)
Ending balance at Sep. 30, 2023	5,811,741	1	1	0	0	4,706,499	(10,836)	570,149	545,927
Beginning balance at Dec. 31, 2023	5,931,406	1	1	0	0	4,738,758	(5,389)	640,384	557,651
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from equity incentive plans	2,807					2,807
Issuance of common stock for business acquisitions	36,692					36,692
Tax receivable agreement liability and deferred taxes arising from LLC Interest ownership exchanges and the issuance of common stock from equity incentive plans	18,358					18,358
Adjustments to non-controlling interests	0					1,333	(3)		(1,330)
Distributions to non-controlling interests	(6,095)								(6,095)
Dividends	(21,286)							(21,286)
Stock-based compensation expense	16,959					16,959
Payroll taxes paid for stock-based compensation	(43,832)					(43,832)
Net income	143,382							126,142	17,240
Foreign currency translation adjustments	(2,364)						(2,132)		(232)
Ending balance at Mar. 31, 2024	6,076,027	1	1	0	0	4,771,075	(7,524)	745,240	567,234
Beginning balance at Dec. 31, 2023	5,931,406	1	1	0	0	4,738,758	(5,389)	640,384	557,651
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	410,021
Foreign currency translation adjustments	7,211
Ending balance at Sep. 30, 2024	6,286,391	1	1	0	0	4,788,780	1,115	910,750	585,744
Beginning balance at Mar. 31, 2024	6,076,027	1	1	0	0	4,771,075	(7,524)	745,240	567,234
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from equity incentive plans	2,021					2,021
Tax receivable agreement liability and deferred taxes arising from LLC Interest ownership exchanges and the issuance of common stock from equity incentive plans	761					761
Adjustments to non-controlling interests	0					(2,198)			2,198
Distributions to non-controlling interests	(9,963)								(9,963)
Dividends	(21,321)							(21,321)
Stock-based compensation expense	24,350					24,350
Payroll taxes paid for stock-based compensation	(447)					(447)
Net income	136,416							119,239	17,177
Foreign currency translation adjustments	(439)						(396)		(43)
Ending balance at Jun. 30, 2024	6,207,405	1	1	0	0	4,795,562	(7,920)	843,158	576,603
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from equity incentive plans	1,915					1,915
Issuance of common stock for business acquisitions	3,333					3,333
Share repurchases pursuant to share repurchase programs	(25,004)							(25,004)
Tax receivable agreement liability and deferred taxes arising from LLC Interest ownership exchanges and the issuance of common stock from equity incentive plans	(36,164)					(36,164)
Adjustments to non-controlling interests	0					(623)			623
Distributions to non-controlling interests	(8,768)								(8,768)
Dividends	(21,320)							(21,320)
Stock-based compensation expense	26,858					26,858
Payroll taxes paid for stock-based compensation	(2,101)					(2,101)
Net income	130,223							113,916	16,307
Foreign currency translation adjustments	10,014						9,035		979
Ending balance at Sep. 30, 2024	$ 6,286,391	$ 1	$ 1	$ 0	$ 0	$ 4,788,780	$ 1,115	$ 910,750	$ 585,744

Business Segment and Geographic Information - Schedule of Revenue and Long-Lived Assets by Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Business Segment and Geographic Information
Revenues	$ 448,915	$ 328,357	$ 1,262,605	$ 968,219
Long-lived assets	4,829,345		4,829,345		$ 4,010,418
U.S.
Business Segment and Geographic Information
Revenues	279,705	207,842	785,947	617,463
Long-lived assets	4,799,860		4,799,860		3,990,070
International
Business Segment and Geographic Information
Revenues	169,210	$ 120,515	476,658	$ 350,756
Long-lived assets	$ 29,485		$ 29,485		$ 20,348

- Definition

+ References

+ Details

Acquisitions - Unaudited Supplemental Pro Forma Financial Information (Details) - ICD Acquisition - USD ($) $ in Thousands	2 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Business Acquisition [Line Items]
Revenue	$ 17,200	$ 456,753	$ 352,317	$ 1,317,022	$ 1,030,009
Operating income	$ (300)	172,443	124,826	500,663	340,679
Net income attributable to Tradeweb Markets Inc.		$ 122,629	$ 98,287	$ 365,832	$ 259,412

Non-Controlling Interests - Schedule of the Impact on Equity Due to Changes in the Company’s Ownership Interest in Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Noncontrolling Interest [Abstract]
Net income attributable to Tradeweb Markets Inc.	$ 113,916	$ 98,614	$ 359,297	$ 275,552
Increase/(decrease) in Tradeweb Markets Inc.’s additional paid-in capital as a result of ownership changes in TWM LLC	(623)	(404)	(1,488)
Increase/(decrease) in Tradeweb Markets Inc.’s additional paid-in capital as a result of ownership changes in TWM LLC				79,376
Net transfers (to) from non-controlling interests	(623)	(404)	(1,488)	79,376
Change from net income attributable to Tradeweb Markets Inc. and transfers (to) from non-controlling interests	$ 113,293	$ 98,210	$ 357,809	$ 354,928

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Significant Accounting Policies - Translation of Foreign Currency and Exchange Derivative Contracts (Details) canton_coin in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) canton_coin	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) canton_coin	Sep. 30, 2023 USD ($)
Derivative [Line Items]
Realized and unrealized (losses) gains	$ (900)	$ 700	$ (2,900)	$ (1,000)
Canton Coins
Derivative [Line Items]
Quantity of Coins \| canton_coin	660,400		660,400
Foreign currency forward contracts – Gross notional amount \| Selling, General and Administrative Expenses
Derivative [Line Items]
Realized and unrealized gain (loss) on derivative contracts	$ (3,139)	3,883	$ 3,772	4,921
Foreign Currency Call Option \| Other Income (Loss)
Derivative [Line Items]
Realized and unrealized gain (loss) on derivative contracts	$ 0	$ (1,907)	$ 0	$ (1,289)

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Maturity of Lease Liabilities and Future Minimum Lease Payments

The following table presents the future minimum lease payments and the maturity of lease liabilities as of September 30, 2024:


	Amount
	(dollars in thousands)
Remainder of 2024	$	3,772
2025	10,641
2026	6,844
2027	6,399
2028	1,777
Thereafter	1,628
Total future lease payments	31,061
Less imputed interest	(2,471)
Lease liability	$	28,590

Stockholders' Equity and Stock-Based Compensation Plans (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Outstanding Shares Of Common Stock

The following table details the movement in the Company’s outstanding shares of common stock during the period:


	Class A	Class B	Class C	Class D	Total

Balance at December 31, 2023	115,090,787	96,933,192	18,000,000	5,077,973	235,101,952

Issuance of common stock from equity incentive plans	699,840	—	—	—	699,840
Issuance of common stock for business acquisitions (1)	374,601	—	—	—	374,601

Balance at March 31, 2024	116,165,228	96,933,192	18,000,000	5,077,973	236,176,393
Activities related to exchanges of LLC Interests	1,000	—	—	(1,000)	—
Issuance of common stock from equity incentive plans	116,377	—	—	—	116,377

Balance at June 30, 2024	116,282,605	96,933,192	18,000,000	5,076,973	236,292,770
Activities related to exchanges of LLC Interests	3,235	—	—	(3,235)	—
Issuance of common stock from equity incentive plans	114,924	—	—	—	114,924
Issuance of common stock for business acquisitions (2)	41,705	—	—	—	41,705
Share repurchases pursuant to share repurchase programs	(214,795)	—	—	—	(214,795)
Balance at September 30, 2024	116,227,674	96,933,192	18,000,000	5,073,738	236,234,604


	Class A	Class B	Class C	Class D	Total

Balance at December 31, 2022	110,746,606	96,933,192	3,251,177	23,092,704	234,023,679
Activities related to exchanges of LLC Interests	8,733	—	—	(8,733)	—
Issuance of common stock from equity incentive plans	986,090	—	—	—	986,090
Share repurchases pursuant to share repurchase programs	(313,311)	—	—	—	(313,311)
Balance at March 31, 2023	111,428,118	96,933,192	3,251,177	23,083,971	234,696,458
Activities related to exchanges of LLC Interests	3,254,577	—	(3,251,177)	(3,400)	—
Issuance of common stock from equity incentive plans	92,687	—	—	—	92,687
Share repurchases pursuant to share repurchase programs	(107,365)	—	—	—	(107,365)
Balance at June 30, 2023	114,668,017	96,933,192	—	23,080,571	234,681,780

Issuance of common stock from equity incentive plans	108,520	—	—	—	108,520
Share repurchases pursuant to share repurchase programs	(65,054)	—	—	—	(65,054)
Balance at September 30, 2023	114,711,483	96,933,192	—	23,080,571	234,725,246

Schedule of PSUs Granted, Valuation Assumptions

The grant date fair value of PSUs granted on March 15, 2024 and 2023 was estimated using the Monte Carlo simulation model and the significant valuation assumptions used in those models were as follows:


	March 15, 2024 PSU Grant		March 15, 2023 PSU Grant
Maturity (years)	2.8		2.8
Annualized Volatility	26.63	%	28.81	%
Risk-Free Interest Rate	4.44	%	3.77	%

Schedule of Total Stock-based Compensation Expense

A summary of the Company’s total stock-based compensation expense is presented below:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023

	(dollars in thousands)
Total stock-based compensation expense	$	26,168	$	17,348	$	66,286	$	44,670

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 1,173,734	$ 1,706,468
Restricted cash	1,000	1,000
Receivable from brokers and dealers and clearing organizations	297,842	381,178
Deposits with clearing organizations	65,277	36,806
Accounts receivable, net of allowance for credit losses of $206 and $284 at September 30, 2024 and December 31, 2023, respectively	248,615	168,407
Furniture, equipment, purchased software and leasehold improvements, net of accumulated depreciation and amortization	32,707	33,559
Lease right-of-use assets	26,104	25,206
Software development costs, net of accumulated amortization	305,088	131,332
Goodwill	3,149,956	2,815,524
Intangible assets, net of accumulated amortization	1,315,490	1,004,797
Receivable and due from affiliates	97	192
Deferred tax asset	634,672	684,250
Other assets	86,135	70,819
Total assets	7,336,717	7,059,538
Liabilities
Securities sold under agreements to repurchase	0	21,612
Payable to brokers and dealers and clearing organizations	286,179	351,864
Accrued compensation	179,142	164,329
Deferred revenue	29,580	25,746
Accounts payable, accrued expenses and other liabilities	99,828	57,501
Lease liabilities	28,590	27,463
Payable and due to affiliates	1,582	1,327
Deferred tax liability	43,018	20,767
Tax receivable agreement liability	382,407	457,523
Total liabilities	1,050,326	1,128,132
Commitments and contingencies (Note 13)
Equity
Preferred stock, $0.00001 par value; 250,000,000 shares authorized; none issued or outstanding	0	0
Additional paid-in capital	4,788,780	4,738,758
Accumulated other comprehensive income (loss)	1,115	(5,389)
Retained earnings	910,750	640,384
Total stockholders’ equity attributable to Tradeweb Markets Inc.	5,700,647	5,373,755
Non-controlling interests	585,744	557,651
Total equity	6,286,391	5,931,406
Total liabilities and equity	7,336,717	7,059,538
Class A Common Stock
Equity
Common stock, value	1	1
Class B Common Stock
Equity
Common stock, value	1	1
Class C Common Stock
Equity
Common stock, value	0	0
Class D Common Stock
Equity
Common stock, value	$ 0	$ 0

Significant Accounting Policies - Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Intangible Assets
Accumulated amortization	$ 632.2		$ 632.2		$ 542.4
Amortization expense	$ 32.6	$ 27.1	$ 89.8	$ 80.7
Minimum
Intangible Assets
Useful life of intangible assets	4 years		4 years
Maximum
Intangible Assets
Useful life of intangible assets	15 years		15 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Regulatory Capital Requirements (Tables)

9 Months Ended

Sep. 30, 2024

Broker-Dealer [Abstract]

Schedule of Regulatory Capital Requirements

At September 30, 2024 and December 31, 2023, the regulatory capital requirements and regulatory capital for these entities are as follows:


	September 30, 2024						December 31, 2023
	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital		Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital

	(dollars in thousands)
TWL	$	57,597	$	3,033	$	54,564	$	50,243	$	2,856	$	47,387
DW	191,613		3,436		188,177		156,318		3,579		152,739
TWD	56,215		1,000		55,215		46,976		850		46,126
TEL	89,180		34,586		54,594		78,127		37,907		40,220
TWJ	4,855		2,921		1,934		6,963		2,029		4,934
TWEU	15,351		6,807		8,544		11,912		5,447		6,465
TESL	6,125		1,003		5,122		1,813		955		858
TESBV	1,705		852		853		1,683		843		840
YB	9,054		—		9,054		5,261		1,070		4,191
TDIFC	83		30		53		250		39		211
ICDLC	12,629		583		12,046		—		—		—
ICDLT	6,922		3,190		3,732		—		—		—
ICDEU	169		161		8		—		—		—

Schedule of Financial Resources and Liquid Financial Resources

The required and maintained financial resources and liquid financial assets at September 30, 2024 and December 31, 2023 are as follows:


	September 30, 2024						December 31, 2023
	Financial Resources		Required Financial Resources		Excess Financial Resources		Financial Resources		Required Financial Resources		Excess Financial Resources

	(dollars in thousands)
TW SEF	$	55,747	$	14,500	$	41,247	$	43,286	$	12,500	$	30,786
DW SEF	14,447		9,080		5,367		13,309		8,669		4,640


	September 30, 2024						December 31, 2023
	Liquid Financial Assets		Required Liquid Financial Assets		Excess Liquid Financial Assets		Liquid Financial Assets		Required Liquid Financial Assets		Excess Liquid Financial Assets

	(dollars in thousands)
TW SEF	$	26,704	$	3,625	$	23,079	$	22,068	$	3,125	$	18,943
DW SEF	9,273		2,270		7,003		7,935		2,167		5,768

Fair Value of Financial Instruments - Schedule of Unrealized Gains (Losses) on Foreign Currency Forwards (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Aug. 25, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Foreign currency forward contracts not designated in accounting hedge relationship – General and administrative (expenses)/income \| General and Administrative Expenses
Derivative [Line Items]
Realized and unrealized gains (losses) on derivative contracts		$ (3,139)	$ 3,883	$ 3,772	$ 4,921
Foreign Exchange Option
Derivative [Line Items]
Proceeds from unwinding of out-of-the-money derivative	$ 1,100
Foreign Exchange Option \| Other Income (Loss)
Derivative [Line Items]
Realized and unrealized gains (losses) on derivative contracts		$ 0	$ (1,907)	$ 0	$ (1,289)

Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Restricted Cash Equivalents [Abstract]
Restricted cash	$ 1,000	$ 1,000

Acquisitions

9 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Acquisitions

ICD

On August 1, 2024, the Company completed its acquisition of ICD. Pursuant to the terms of the purchase agreement, TWM LLC was required to pay $785 million in cash, subject to customary working capital and other adjustments, for the acquisition. In connection with the acquisition closing, the Corporation was also required to issue and sell $4.5 million of shares of its Class A common stock in reliance on Section 4(a)(2) of the Securities Act, to an equityholder of the ICD seller, who was also an employee of ICD and is currently an employee of the Company, which such shares of Class A common stock were issued and sold as restricted stock (such shares of restricted stock, the “RSAs”), subject to vesting and forfeiture terms, pursuant to the Tradeweb Markets Inc. 2019 Omnibus Equity Incentive Plan.

The total purchase consideration for the ICD business combination, net of cash acquired, was $774.5 million. The 41,705 RSAs issued at closing, had a fair market value of $4.7 million as of the acquisition date, and will cliff vest at the end of a two-year service period. Of the $4.7 million in RSAs issued, $3.3 million was allocated to consideration transferred for the business combination, relating to the pre-combination service period completed before the acquisition date, and $1.3 million will be amortized into stock-based compensation expense over the two-year service period required subsequent to the acquisition date.

Cash paid at closing, net of $23.0 million in cash acquired and net of the proceeds from the $4.5 million sale RSAs, totaled $774.1 million. Of this amount, $771.2 million was determined to be the net cash consideration transferred for the business combination, $1.4 million was recorded as compensation expense during the three and nine months ended September 30, 2024, related to the acceleration of vesting on the acquisition date of previously unvested stock awards issued by the ICD seller, and $1.4 million was recorded as a prepaid asset, to be recognized as compensation expense over a two-year required service period, relating to sale proceeds held in escrow for certain key executives, who are required to remain employed by the Company during that service period in order to receive the escrow portion of their sale proceeds.

ICD is an institutional investment technology provider for corporate treasury organizations trading short-term investments and with the acquisition of ICD and its proprietary technology, the Company has added a new client channel, “corporates”, serving corporate treasury professionals, complementing the Company’s existing focus on institutional, wholesale and retail clients.

r8fin

On January 19, 2024, the Company completed its acquisition of r8fin in exchange for total consideration of $125.9 million, consisting of $89.2 million in cash paid at closing (net of cash acquired) and the issuance of 374,601 shares of Class A common stock of the Corporation valued as of the acquisition date at $36.7 million.

r8fin provides a suite of algorithmic-based tools as well as a thin-client execution management system (EMS) trading application to facilitate futures and cash trades. The solutions complement Tradeweb’s existing Dealerweb Active Streams, Dealerweb Central Limit Order Book (CLOB), Tradeweb Request-for-Quote (RFQ) and Tradeweb AiEX (Automated Intelligent Execution) offerings.

Business Combinations

The ICD and r8fin acquisitions were accounted for as business combinations and the Company utilized the assistance of a third-party valuation specialist to determine the fair value of the assets acquired and liabilities assumed at the date of the closing of each respective acquisition. The fair values were determined based on assumptions that reasonable market participants would use in the principal (or most advantageous) market and primarily included significant unobservable inputs (Level 3).

Customer relationships were valued using the income approach, specifically a multi-period excess earnings method. The excess earnings method examines the economic returns contributed by the identified tangible and intangible assets of a company, and then examines the excess return that is attributable to the intangible asset being valued. The discount rate used reflects the amount of risk associated with the hypothetical cash flows for the customer relationships relative to the overall business. In developing a

discount rate for the customer relationships, the Company estimated a weighted-average cost of capital for the overall business and employed an intangible asset risk premium to this rate when discounting the excess earnings related to customer relationships. The resulting discounted cash flows were then tax-affected at the applicable statutory rate.

The acquired developed technology, included in the condensed consolidated balance sheet as software development costs, was valued using the income approach, specifically the relief-from-royalty method (“RFRM”). The RFRM is used to estimate the cost savings that accrue to the owner of an intangible asset who would otherwise have to pay royalties or license fees on revenues earned through the use of the asset. The royalty rate is applied to the projected revenue over the expected remaining life of the intangible asset to estimate royalty savings. The net after-tax royalty savings are calculated for each year in the remaining economic life of the technology and discounted to present value. The discount rate used reflects the amount of risk associated with the hypothetical cash flows for the developed technology relative to the overall business as discussed above relating to the customer relationships.

The preliminary purchase price allocation for ICD and final purchase price allocation for r8fin were as follows:


	ICD Preliminary Purchase Price Allocation		r8fin Final Purchase Price Allocation		Total 2024 Business Combinations

	(dollars in thousands)
Cash and cash equivalents	$	23,040	$	1,397	$	24,437
Deposits with clearing organizations	612		—		612
Accounts receivable	10,831		139		10,970
Equipment	268		—		268
Lease right-of-use assets	316		—		316
Software development costs	160,000		28,000		188,000
Goodwill	292,243		42,189		334,432
Intangible assets - Customer relationships	340,000		56,500		396,500
Intangible assets - Tradename	4,000		—		4,000

Other assets	1,556		179		1,735
Accrued compensation	(3,522)		—		(3,522)
Deferred revenue	(311)		(219)		(530)
Accounts payable, accrued expenses and other liabilities	(6,442)		(886)		(7,328)
Lease liabilities	(340)		—		(340)
Deferred tax liabilities	(24,681)		—		(24,681)
Total purchase consideration - cash paid and stock issued	797,570		127,299		924,869
Less: Cash acquired	(23,040)		(1,397)		(24,437)
Purchase consideration, net of cash acquired	$	774,530	$	125,902	$	900,432

The primary areas of the preliminary purchase price allocation for ICD that were not yet finalized as of September 30, 2024 related primarily to the valuation of the identifiable intangible assets, software and deferred taxes and the finalization of working capital adjustments. The allocation of the purchase price will be finalized upon completion of the analysis of the acquired assets within one year of the date of the closing of the ICD Acquisition.

The acquired software development costs will be amortized over a useful life of eight years for ICD and seven years for r8fin, customer relationships will be amortized over a useful life of 15 years for ICD and 13 years for r8fin and the acquired ICD trade name will be amortized over a useful life of four years. The goodwill recognized in connection with the ICD and r8fin acquisitions is primarily attributable to the acquisition of expected future customers, future technology and synergies from the integration of the operations of the acquisitions into the Company's operations and its single business segment. Approximately $238 million of the goodwill recognized in connection with the ICD Acquisition and all of the goodwill recognized in connection with the r8fin Acquisition is expected to be deductible for income tax purposes.

During the three months ended September 30, 2024 and 2023 and the nine months ended September 30, 2024 and 2023, the Company recognized $10.8 million, $1.4 million, $16.9 million and $1.4 million respectively, in transaction costs incurred to effect the ICD and r8fin acquisitions, which are included as a component of professional fees in the accompanying condensed consolidated statements of income. During the three and nine months ended September 30, 2024, the Company also recognized

$1.8 million and $2.2 million, respectively, in transaction costs incurred to effect the ICD and r8fin acquisitions, which are included as a component of general and administrative expenses in the accompanying condensed consolidated statements of income.

From the date of the ICD Acquisition through September 30, 2024, ICD revenues of $17.2 million and an operating loss of $0.3 million, including $7.3 million of depreciation and amortization from acquired assets, were included in the Company’s condensed consolidated statements of income for the three and nine months ended September 30, 2024. The r8fin Acquisition was not material to the Company's condensed consolidated financial statements and therefore pro forma and current period results of this acquisition have not been presented.

Supplemental Pro Forma Information (Unaudited)

The financial information in the table below summarizes the combined results of operations of Tradeweb Markets Inc. and ICD, on a pro forma basis, as though the companies had been combined as of the beginning of the comparative period presented, which is January 1, 2023. The unaudited supplemental pro forma information is presented for informational purposes only and is not indicative of the actual results of operations that would have been achieved if the ICD Acquisition had taken place on January 1, 2023 or of future results. Such unaudited pro forma financial information is based on the historical financial statements of Tradeweb Markets Inc. and ICD. The unaudited pro forma financial information is based on estimates and assumptions that have been made solely for the purpose of developing such unaudited pro forma information, including, without limitation, purchase accounting adjustments, acquisition related transaction costs, the removal of historical ICD interest expense and intangible asset amortization and the addition of intangible asset amortization and incremental stock-based compensation expense related to this acquisition, together with their consequential tax effects. The pro forma adjustments are based upon currently available information and certain assumptions that the Company believes are reasonable under the circumstances. The unaudited pro forma financial information does not reflect any anticipated synergies or operating cost reductions that may be achieved from integrating ICD into the rest of the Company.

The unaudited supplemental pro forma financial information for periods presented herein are as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023

	(dollars in thousands)
Revenue	$	456,753	$	352,317	$	1,317,022	$	1,030,009
Operating income	172,443		124,826		500,663		340,679
Net income attributable to Tradeweb Markets Inc.	122,629		98,287		365,832		259,412

Revenue - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue recognized that was previously deferred	$ 25.1	$ 22.2

Stockholders' Equity and Stock-Based Compensation Plans - Schedule of Outstanding Shares of Common Stock (Details) - shares			3 Months Ended						9 Months Ended
	Aug. 01, 2024	Jan. 19, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock beginning balance (in shares)			236,292,770	236,176,393	235,101,952	234,681,780	234,696,458	234,023,679	235,101,952
Activities related to exchanges of LLC Interests (in shares)			0	0			0	0
Issuance of common stock from equity incentive plans (in shares)			114,924	116,377	699,840	108,520	92,687	986,090
Issuance of common stock for business acquisitions (in shares)			41,705		374,601
Share repurchases pursuant to the share repurchase program (in shares)			(214,795)			(65,054)	(107,365)	(313,311)
Common stock ending balance (in shares)			236,234,604	236,292,770	236,176,393	234,725,246	234,681,780	234,696,458	236,234,604
Class A Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock beginning balance (in shares)					115,090,787				115,090,787
Common stock ending balance (in shares)			116,227,674						116,227,674
Class A Common Stock \| R8Fin
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock for business acquisitions (in shares)		374,601
Class A Common Stock \| ICD Acquisition \| RSUs and RSAs
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock for business acquisitions (in shares)	41,705
Cliff vesting period	2 years
Class A Common Stock \| Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock beginning balance (in shares)			116,282,605	116,165,228	115,090,787	114,668,017	111,428,118	110,746,606	115,090,787
Activities related to exchanges of LLC Interests (in shares)			3,235	1,000			3,254,577	8,733
Issuance of common stock from equity incentive plans (in shares)			114,924	116,377	699,840	108,520	92,687	986,090
Issuance of common stock for business acquisitions (in shares)			41,705		374,601
Share repurchases pursuant to the share repurchase program (in shares)			(214,795)			(65,054)	(107,365)	(313,311)
Common stock ending balance (in shares)			116,227,674	116,282,605	116,165,228	114,711,483	114,668,017	111,428,118	116,227,674
Class B Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock beginning balance (in shares)					96,933,192				96,933,192
Common stock ending balance (in shares)			96,933,192						96,933,192
Class B Common Stock \| Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock beginning balance (in shares)			96,933,192	96,933,192	96,933,192	96,933,192	96,933,192	96,933,192	96,933,192
Activities related to exchanges of LLC Interests (in shares)			0	0			0	0
Issuance of common stock from equity incentive plans (in shares)			0	0	0	0	0	0
Issuance of common stock for business acquisitions (in shares)			0		0
Share repurchases pursuant to the share repurchase program (in shares)			0			0	0	0
Common stock ending balance (in shares)			96,933,192	96,933,192	96,933,192	96,933,192	96,933,192	96,933,192	96,933,192
Class C Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock beginning balance (in shares)					18,000,000				18,000,000
Common stock ending balance (in shares)			18,000,000						18,000,000
Class C Common Stock \| Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock beginning balance (in shares)			18,000,000	18,000,000	18,000,000	0	3,251,177	3,251,177	18,000,000
Activities related to exchanges of LLC Interests (in shares)			0	0			(3,251,177)	0
Issuance of common stock from equity incentive plans (in shares)			0	0	0	0	0	0
Issuance of common stock for business acquisitions (in shares)			0		0
Share repurchases pursuant to the share repurchase program (in shares)			0			0	0	0
Common stock ending balance (in shares)			18,000,000	18,000,000	18,000,000	0	0	3,251,177	18,000,000
Class D Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock beginning balance (in shares)					5,077,973				5,077,973
Common stock ending balance (in shares)			5,073,738						5,073,738
Class D Common Stock \| Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock beginning balance (in shares)			5,076,973	5,077,973	5,077,973	23,080,571	23,083,971	23,092,704	5,077,973
Activities related to exchanges of LLC Interests (in shares)			(3,235)	(1,000)			(3,400)	(8,733)
Issuance of common stock from equity incentive plans (in shares)			0	0	0	0	0	0
Issuance of common stock for business acquisitions (in shares)			0		0
Share repurchases pursuant to the share repurchase program (in shares)			0			0	0	0
Common stock ending balance (in shares)			5,073,738	5,076,973	5,077,973	23,080,571	23,080,571	23,083,971	5,073,738

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On October 30, 2024, the board of directors of Tradeweb Markets Inc. declared a cash dividend of $0.10 per share of Class A common stock and Class B common stock for the fourth quarter of 2024. This dividend will be payable on December 16, 2024 to stockholders of record as of December 2, 2024. On October 30, 2024, Tradeweb Markets Inc., as the sole manager, approved a distribution by TWM LLC to its equityholders, including Tradeweb Markets Inc., in an aggregate amount of $30.1 million, as adjusted by required state and local tax withholdings that will be determined prior to the record date of December 2, 2024, payable on December 12, 2024.

Business Segment and Geographic Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Information Regarding Revenue by Client Sector

Information regarding revenue by client sector is as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023

	(dollars in thousands)
Revenues
Institutional	$	266,681	$	195,094	$	759,599	$	577,774
Wholesale	99,511		77,975		290,994		227,404
Retail	35,770		32,332		106,810		94,875
Corporates	17,193		—		17,193		—
Market Data	29,760		22,956		88,009		68,166
Total revenue	448,915		328,357		1,262,605		968,219
Operating expenses	289,599		203,619		773,117		604,580
Operating income	$	159,316	$	124,738	$	489,488	$	363,639

Schedule of Revenue and Long-Lived Assets by Geographic Location

The following table provides revenue by geographic area:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023

	(dollars in thousands)
Revenues
U.S.	$	279,705	$	207,842	$	785,947	$	617,463
International	169,210		120,515		476,658		350,756
Total revenue	$	448,915	$	328,357	$	1,262,605	$	968,219

The following table provides information on the attribution of long-lived assets by geographic area:


	September 30,		December 31,
	2024		2023

	(dollars in thousands)
Long-lived assets
U.S.	$	4,799,860	$	3,990,070
International	29,485		20,348
Total	$	4,829,345	$	4,010,418

Organization (Details)	3 Months Ended		9 Months Ended
Organization (Details)	Sep. 30, 2024 $ / shares shares	Sep. 30, 2023 shares	Sep. 30, 2024 $ / shares shares	Sep. 30, 2023 shares	Dec. 31, 2023 $ / shares
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Stock split ratio, common stock			1
Weighted average unvested RSUs and unsettled vested PRSUs that were considered participating securities (in shares)	126,903	265,681	137,252	266,453
Dilutive securities (in shares)	1,890,781		1,858,478
Class A Common Stock
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Common stock, par value (in dollars per share) \| $ / shares	$ 0.00001		$ 0.00001		$ 0.00001
Class B Common Stock
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Common stock, par value (in dollars per share) \| $ / shares	0.00001		0.00001		0.00001
Class C Common Stock
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Common stock, par value (in dollars per share) \| $ / shares	0.00001		0.00001		0.00001
Class D Common Stock
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Common stock, par value (in dollars per share) \| $ / shares	$ 0.00001		$ 0.00001		$ 0.00001
Tradeweb Markets LLC
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Ownership interest	90.20%	90.20%	90.20%	90.20%	90.20%
Ownership percentage, continuing LLC owners	9.80%	9.80%	9.80%	9.80%	9.80%
Tradeweb Markets LLC \| Refinitiv
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Ownership interest	50.80%		50.80%
Tradeweb Markets LLC \| Public Investors
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Ownership percentage, continuing LLC owners	49.20%		49.20%
Tradeweb Markets LLC \| Class D Common Stock \| Other Stockholders
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Ownership percentage, continuing LLC owners	10.00%		10.00%
Tradeweb Markets Inc \| Refinitiv
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Ownership interest	89.90%		89.90%
Tradeweb Markets Inc \| Public Investors
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Voting power percentage	10.10%		10.10%
Tradeweb Markets Inc \| Class A Common Stock \| Public Investors
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Number of share owned (in shares)	116,227,674		116,227,674
Tradeweb Markets Inc \| Class B Common Stock \| Refinitiv
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Number of share owned (in shares)	96,933,192		96,933,192
Tradeweb Markets Inc \| Class C Common Stock \| Refinitiv
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Number of share owned (in shares)	18,000,000		18,000,000
Tradeweb Markets Inc \| Class D Common Stock \| Refinitiv
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Number of share owned (in shares)	4,988,329		4,988,329
Tradeweb Markets Inc \| Class D Common Stock \| Other Stockholders
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Number of share owned (in shares)	85,409		85,409
Voting power percentage	0.10%		0.10%

Condensed Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividends (in dollars per share)	$ 0.10	$ 0.10	$ 0.10	$ 0.09	$ 0.09	$ 0.09

Earnings Per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net income attributable to Tradeweb Markets Inc.	$ 113,916	$ 98,614	$ 359,297	$ 275,552
Less: Distributed and undistributed earnings allocated to unvested RSUs and unsettled vested PRSUs	(68)	(124)	(231)	(348)
Net income attributable to outstanding shares of Class A and Class B common stock - Basic	113,848	98,490	359,066	275,204
Net income attributable to outstanding shares of Class A and Class B common stock - Diluted	$ 113,848	$ 98,490	$ 359,066	$ 275,204
Denominator:
Weighted average shares of Class A and Class B common stock outstanding - Basic (in shares)	213,206,193	211,618,475	213,026,732	210,444,082
Dilutive effect (in shares)	1,890,781		1,858,478
Weighted average shares of Class A and Class B common stock outstanding - Diluted (in shares)	215,096,974	213,491,634	214,885,210	212,276,908
Earnings per share - Basic (in dollars per share)	$ 0.53	$ 0.47	$ 1.69	$ 1.31
Earnings per share - Diluted (in dollars per share)	$ 0.53	$ 0.46	$ 1.67	$ 1.30
Weighted average unvested RSUs and unsettled vested PRSUs that were considered participating securities (in shares)	126,903	265,681	137,252	266,453
PRSUs
Denominator:
Dilutive effect (in shares)	625,822	504,945	564,996	380,740
Options
Denominator:
Dilutive effect (in shares)	363,623	1,110,175	470,816	1,240,923
RSUs and RSAs
Denominator:
Dilutive effect (in shares)	405,562	258,039	367,375	211,163
PSUs
Denominator:
Dilutive effect (in shares)	495,774	0	455,291	0

Related Party Transactions - Balances - Schedule of Balances From Transactions with Affiliates Included in the Consolidated Statements (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Related Party Transactions
Accounts receivable	$ 248,615	$ 168,407
Receivable and due from affiliates	97	192
Other assets	86,135	70,819
Accounts payable, accrued expenses and other liabilities	99,828	57,501
Deferred revenue	29,580	25,746
Payable and due to affiliates	1,582	1,327
Affiliated Entity
Related Party Transactions
Accounts receivable	718	688
Receivable and due from affiliates	97	192
Other assets	0	17
Accounts payable, accrued expenses and other liabilities	1,651	1,044
Deferred revenue	6,404	6,508
Payable and due to affiliates	$ 1,582	$ 1,327

- Definition

Amount of liabilities classified as other.

+ References + Details

Business Segment and Geographic Information - Schedule of Information Regarding Revenue by Client Sector (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Business Segment and Geographic Information
Total revenue	$ 448,915	$ 328,357	$ 1,262,605	$ 968,219
Operating expenses	289,599	203,619	773,117	604,580
Operating income	159,316	124,738	489,488	363,639
Institutional
Business Segment and Geographic Information
Total revenue	266,681	195,094	759,599	577,774
Wholesale
Business Segment and Geographic Information
Total revenue	99,511	77,975	290,994	227,404
Retail
Business Segment and Geographic Information
Total revenue	35,770	32,332	106,810	94,875
Corporates
Business Segment and Geographic Information
Total revenue	17,193	0	17,193	0
Market Data
Business Segment and Geographic Information
Total revenue	$ 29,760	$ 22,956	$ 88,009	$ 68,166

- Definition

+ References

+ Details

Credit Risk (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Credit Risk (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Risks and Uncertainties [Abstract]
Receivable from brokers and dealers and clearing organizations	$ 297,842		$ 297,842		$ 381,178
Payable to brokers and dealers and clearing organizations	286,179		286,179		351,864
Broker-dealer, self-funded remaining difference between the fail to deliver and fail to receive	11,700		11,700
Allowance for doubtful accounts	206		206		$ 284
Credit loss expense (reversal)	$ 43	$ 13	$ (28)	$ 60

Business Segment and Geographic Information

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Business Segment and Geographic Information

The Company operates electronic marketplaces for the trading of products across the rates, credit, equities and money markets asset classes and provides related pre-trade and post-trade services. The Company’s operations constitute a single business segment because of the integrated nature of these marketplaces and services.

Information regarding revenue by client sector is as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023

	(dollars in thousands)
Revenues
Institutional	$	266,681	$	195,094	$	759,599	$	577,774
Wholesale	99,511		77,975		290,994		227,404
Retail	35,770		32,332		106,810		94,875
Corporates	17,193		—		17,193		—
Market Data	29,760		22,956		88,009		68,166
Total revenue	448,915		328,357		1,262,605		968,219
Operating expenses	289,599		203,619		773,117		604,580
Operating income	$	159,316	$	124,738	$	489,488	$	363,639

The Company operates in the U.S. and internationally, primarily in the Europe, Asia and Australia regions. Revenues are attributed to geographic area based on the jurisdiction where the underlying transactions take place. The results by geographic region are not meaningful in understanding the Company’s business. Long-lived assets are attributed to the geographic area based on the location of the particular subsidiary.

The following table provides revenue by geographic area:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023

	(dollars in thousands)
Revenues
U.S.	$	279,705	$	207,842	$	785,947	$	617,463
International	169,210		120,515		476,658		350,756
Total revenue	$	448,915	$	328,357	$	1,262,605	$	968,219

The following table provides information on the attribution of long-lived assets by geographic area:


	September 30,		December 31,
	2024		2023

	(dollars in thousands)
Long-lived assets
U.S.	$	4,799,860	$	3,990,070
International	29,485		20,348
Total	$	4,829,345	$	4,010,418

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Earnings Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
PRSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	0	0	0	0
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	0	0	0	0
RSUs and RSAs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	10,217	110,927	10,217	110,927
PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	0	144,666	0	144,666
LLC Interests
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	23,076,235	23,080,571	23,077,298	24,179,583

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Oct. 30, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Subsequent Event [Line Items]
Dividends (in dollars per share)		$ 0.10	$ 0.10	$ 0.10	$ 0.09	$ 0.09	$ 0.09
Subsequent Event \| TWM LLC
Subsequent Event [Line Items]
Dividends payable	$ 30.1
Subsequent Event \| Class A Common Stock
Subsequent Event [Line Items]
Dividends (in dollars per share)	$ 0.10
Subsequent Event \| Class B Common Stock
Subsequent Event [Line Items]
Dividends (in dollars per share)	$ 0.10

Related Party Transactions

9 Months Ended

Sep. 30, 2024

Related Party Transactions

The Company enters into transactions with its affiliates from time to time which are considered to be related party transactions.

As of September 30, 2024 and December 31, 2023, the following balances with such affiliates were included in the condensed consolidated statements of financial condition in the following line items:


	September 30,		December 31,
	2024		2023

	(dollars in thousands)
Accounts receivable	$	718	$	688
Receivable and due from affiliates	97		192
Other assets	—		17
Accounts payable, accrued expenses and other liabilities	1,651		1,044
Deferred revenue	6,404		6,508
Payable and due to affiliates	1,582		1,327

The following balances with such affiliates were included in the condensed consolidated statements of income in the following line items:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023

	(dollars in thousands)
Revenue:
Subscription fees	$	333	$	460	$	908	$	1,931
LSEG market data fees (1)	20,512		15,460		61,593		46,515
Other fees	160		218		520		468
Expenses: (2)

Employee compensation and benefits	—		9		—		26
Technology and communications	1,567		1,496		4,695		4,147
General and administrative	3		4		8		4
Professional fees	15		9		80		10
Occupancy	13		21		52		41

(2)The Company maintains agreements with LSEG to provide the Company with certain market data, office space, finance, human resources and other administrative services.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Paragraph 2
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. As discussed in Note 1 – Organization, as a result of the Reorganization Transactions, Tradeweb Markets Inc. consolidates TWM LLC and its subsidiaries and TWM LLC is considered to be the predecessor to Tradeweb Markets Inc. for financial reporting purposes. Tradeweb Markets Inc. had no business transactions or activities and no substantial assets or liabilities prior to the Reorganization Transactions. The condensed consolidated financial statements represent the financial condition and results of operations of the Company and report a non-controlling interest related to the LLC Interests held by Continuing LLC Owners. These condensed consolidated financial statements are unaudited and should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The consolidated financial information as of December 31, 2023 has been derived from audited financial statements not included herein. These unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) with respect to interim financial reporting and Form 10-Q. In accordance with such rules and regulations, certain disclosures that are normally included in annual financial statements have been omitted. These unaudited condensed consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the difference may be material to the condensed consolidated financial statements.
Business Combinations	Business Combinations Business combinations are accounted for under the purchase method of accounting pursuant to Accounting Standards Codification (“ASC”) 805, Business Combinations (“ASC 805”). The total cost of an acquisition is allocated to the underlying net assets based on their respective estimated fair values. The excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. The fair value of assets acquired and liabilities assumed is determined based on assumptions that reasonable market participants would use in the principal (or most advantageous) market for the asset or liability. Determining the fair value of certain assets acquired and liabilities assumed is judgmental in nature and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash flows, discount rates, growth rates, customer attrition rates and asset lives. Transaction costs incurred to effect a business combination are expensed as incurred and are included as a component of professional fees or general and administrative expenses in the condensed consolidated statements of income.
Pushdown Accounting	Pushdown Accounting In connection with the Refinitiv Transaction, a majority interest of Refinitiv was acquired by BCP on October 1, 2018 from TR. The Refinitiv Transaction was accounted for by Refinitiv in accordance with the acquisition method of accounting pursuant to ASC 805, and pushdown accounting was applied to Refinitiv to record the fair value of the assets and liabilities of Refinitiv as of October 1, 2018, the date of the Refinitiv Transaction. The Company, as a consolidating subsidiary of Refinitiv, also accounted for the Refinitiv Transaction using pushdown accounting which resulted in a new fair value basis of accounting for certain of the Company’s assets and liabilities beginning on October 1, 2018. Under the pushdown accounting applied, the excess of the fair value of the Company above the fair value accounting basis of the net assets and liabilities of the Company as of October 1, 2018 was recorded as goodwill. The fair value of assets acquired and liabilities assumed was determined based on assumptions that reasonable market participants would use in the principal (or most advantageous) market for the asset or liability. The adjusted valuations primarily affected the values of the Company’s long-lived and indefinite-lived intangible assets, including software development costs.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consists of cash and highly liquid investments with remaining maturities at the time of purchase of three months or less.
Allowance for Credit Losses	Allowance for Credit Losses The Company continually monitors collections and payments from its clients and maintains an allowance for credit losses. The allowance for credit losses is based on an estimate of the amount of potential credit losses in existing accounts receivable, as determined from a review of aging schedules, past due balances, historical collection experience and other specific account data. Careful analysis of the financial condition of the Company’s counterparties is also performed. Additions to the allowance for credit losses are charged to credit loss expense, which is included in general and administrative expenses in the condensed consolidated statements of income. Aged balances that are determined to be uncollectible are written off against the allowance for credit losses. An allowance for credit losses is also recognized for any credit impairment for available-for-sale debt securities.
Receivable from and Payable to Broker and Dealers and Clearing Organizations	Receivable from and Payable to Brokers and Dealers and Clearing Organizations Receivable from and payable to brokers and dealers and clearing organizations consists of proceeds from transactions executed on the Company’s wholesale platform which failed to settle due to the inability of a transaction party to deliver or receive the transacted security. These securities transactions are generally collateralized by those securities. Until the failed transaction settles, a receivable from (and a matching payable to) brokers and dealers and clearing organizations is recognized for the proceeds from the unsettled transaction.
Deposits with Clearing Organizations	Deposits with Clearing Organizations Deposits with clearing organizations are comprised of cash deposits.
Furniture, Equipment, Purchased Software and Leasehold Improvements	Furniture, Equipment, Purchased Software and Leasehold Improvements Furniture, equipment, purchased software and leasehold improvements are carried at cost less accumulated depreciation. Depreciation for furniture, equipment and purchased software is computed on a straight-line basis over the estimated useful lives of the related assets, ranging from three to seven years. Leasehold improvements are amortized over the lesser of the estimated useful lives of the leasehold improvements or the remaining term of the lease for office space. Furniture, equipment, purchased software and leasehold improvements are tested for impairment whenever events or changes in circumstances suggest that an asset’s carrying value may not be fully recoverable.
Software Development Costs	Software Development Costs The Company capitalizes costs associated with the development of internal use software at the point at which the conceptual formulation, design and testing of possible software project alternatives have been completed. The Company capitalizes employee compensation and related benefits and third party consulting costs incurred during the application development stage which directly contribute to such development. Such costs are amortized on a straight-line basis over three years. Software development costs acquired as part of the ICD Acquisition are amortized over eight years, software development costs acquired as part of the r8fin Acquisition are amortized over seven years and software development costs acquired as part of the Yieldbroker Acquisition and NFI Acquisition were both amortized over one year. Costs capitalized as part of the Refinitiv Transaction pushdown accounting allocation are amortized over nine years. The Company reviews the amounts capitalized for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable, or that their useful lives are shorter than originally expected. Non-capitalized software costs and routine maintenance costs are expensed as incurred.
Goodwill	Goodwill Goodwill includes the excess of the fair value of the Company above the fair value accounting basis of the net assets and liabilities of the Company as previously applied under pushdown accounting in connection with the Refinitiv Transaction. Goodwill also includes the cost of acquired companies in excess of the fair value of identifiable net assets at the acquisition date, including the ICD Acquisition, the r8fin Acquisition, the Yieldbroker Acquisition and the NFI Acquisition. Goodwill is not amortized, but is tested for impairment annually on October 1st and between annual tests, whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. Goodwill is tested at the reporting unit level, which is defined as an operating segment or one level below the operating segment. The Company consists of one reporting unit for goodwill impairment testing purposes. An impairment loss is recognized if the estimated fair value of a reporting unit is less than its net book value. Such loss is calculated as the difference between the estimated fair value of goodwill and its carrying value.
Intangible Assets	Intangible Assets Intangible assets with a finite life are amortized over the estimated lives, ranging from four to fifteen years. These intangible assets subject to amortization are tested for impairment whenever events or changes in circumstances suggest that an asset’s or asset group’s carrying value may not be fully recoverable. Intangible assets with an indefinite useful life are tested for impairment at least annually. An impairment loss is recognized if the sum of the estimated discounted cash flows relating to the asset or asset group is less than the corresponding book value.
Investments in Available-for-Sale Debt Securities	Investments in Available-for-Sale Debt Securities Investments in available-for-sale debt securities are carried at fair value with unrealized gains or losses excluded from earnings and reported in accumulated other comprehensive loss in the condensed consolidated statements of financial condition until realized. On a quarterly basis, the Company assesses whether an impairment loss on its available-for-sale debt securities has occurred due to declines in fair value or other market conditions. When the amortized cost basis of an available-for-sale debt security exceeds its fair value, the security is deemed to be impaired. The portion of an impairment related to credit losses is determined by comparing the present value of cash flows expected to be collected from the security with the amortized cost basis of the security and is recorded as a charge in the condensed consolidated statements of operations. The remainder of an impairment is recognized in accumulated other comprehensive loss if the Company does not intend to sell the security and it is more likely than not that the Company will not be required to sell the security prior to recovery. Investments in available-for-sale debt securities are included as a component of other assets on the condensed consolidated statements of financial condition.
Equity Investments Without Readily Determinable Fair Values	Equity Investments Without Readily Determinable Fair Values Equity investments without a readily determinable fair value are measured at cost, less impairment, plus or minus observable price changes (in orderly transactions) of an identical or similar investment of the same issuer. If the Company determines that the equity investment is impaired on the basis of a qualitative assessment, the Company will recognize an impairment loss equal to the amount by which the investment’s carrying amount exceeds its fair value. Equity investments are included as a component of other assets on the condensed consolidated statements of financial condition.
Securities Sold Under Agreements to Repurchase	Securities Sold Under Agreements to Repurchase From time to time, the Company sells securities under agreements to repurchase in order to facilitate the clearance of securities. Securities sold under agreements to repurchase are treated as collateralized financings and are presented in the condensed consolidated statements of financial condition at the amounts of cash received. Receivables and payables arising from these agreements are not offset in the condensed consolidated statements of financial condition.
Leases	Leases At lease commencement, a right-of-use asset and a lease liability are recognized for all leases with an initial term in excess of 12 months based on the initial present value of the fixed lease payments over the lease term. The lease right-of-use asset also reflects the present value of any initial direct costs, prepaid lease payments and lease incentives. The Company’s leases do not provide a readily determinable implicit discount rate. Therefore, management estimates the Company’s incremental borrowing rate used to discount the lease payments based on the information available at lease commencement. The Company includes the term covered by an option to extend a lease when the option is reasonably certain to be exercised. The Company has elected not to separate non-lease components from lease components for all leases. Significant assumptions and judgments in calculating the lease right-of-use assets and lease liabilities include the determination of the applicable borrowing rate for each lease. Operating lease expense is recognized on a straight-line basis over the lease term and included as a component of occupancy expense in the condensed consolidated statements of income.
Deferred Offering Costs	Deferred Offering Costs Deferred offering costs consist of legal, accounting and other costs directly related to the Company’s efforts to raise capital. These costs are recognized as a reduction in additional paid-in capital within the condensed consolidated statements of financial condition when the offering is effective.
Revenue Recognition	Revenue Recognition The Company’s classification of revenues in the condensed consolidated statements of income represents revenues from contracts with customers disaggregated by type of revenue.
Translation of Foreign Currency and Foreign Exchange Derivative Contracts	Translation of Foreign Currency and Foreign Exchange Derivative Contracts Revenues, expenses, assets and liabilities denominated in non-functional currencies are recorded in the appropriate functional currency for the legal entity at the rate of exchange prevailing at the transaction date. Monetary assets and liabilities that are denominated in non-functional currencies are then remeasured at the end of each reporting period at the exchange rate prevailing at the end of the reporting period. Foreign currency remeasurement gains or losses on monetary assets and liabilities in nonfunctional currencies are recognized in the condensed consolidated statements of income within general and administrative expenses. The realized and unrealized gains/losses totaled a $0.9 million loss and a $0.7 million gain during the three months ended September 30, 2024 and 2023, respectively, and realized and unrealized losses during the nine months ended September 30, 2024 and 2023 totaled $2.9 million and $1.0 million, respectively. Since the condensed consolidated financial statements are presented in U.S. dollars, the Company also translates all non-U.S. dollar functional currency revenues, expenses, assets and liabilities into U.S. dollars. All non-U.S. dollar functional currency revenue and expense amounts are translated into U.S. dollars monthly at the average exchange rate for the month. All non-U.S. dollar functional currency assets and liabilities are translated at the rate prevailing at the end of the reporting period. Gains or losses on translation in the financial statements, when the functional currency is other than the U.S. dollar, are included as a component of other comprehensive income. The Company enters into foreign currency forward contracts to mitigate its U.S. dollar and British pound sterling versus euro exposure, generally with a duration of less than 12 months. In June 2023, the Company also entered into a foreign currency call option on Australian dollars, see Note 11 – Fair Value of Financial Instruments for additional details. The Company’s foreign exchange derivative contracts are not designated as hedges for accounting purposes. Changes in the fair value during the period of foreign currency forward contracts, which were entered into for foreign exchange risk management purposes relating to operating activities, are recognized in the condensed consolidated statements of income within general and administrative expenses and related cash flows are included in cash flows from operating activities, and changes in the fair value during the period of the foreign currency call option on Australian dollars, which was entered into for foreign exchange risk management purposes relating to investing activities, are recognized in the consolidated statements of income within other income/loss and related cash flows are included in cash flows from investing activities. The Company does not use derivative instruments for trading or speculative purposes. Realized and unrealized gains/losses on foreign currency forward contracts during the three months ended September 30, 2024 and 2023 totaled a $3.1 million loss and a $3.9 million gain, respectively and realized and unrealized gains on foreign currency forward contracts during the nine months ended September 30, 2024 and 2023 totaled $3.8 million and $4.9 million, respectively. Realized and unrealized losses on the foreign currency call option on Australian dollars during the three and nine months ended September 30, 2023 totaled $1.9 million and $1.3 million, respectively. As of September 30, 2024 and December 31, 2023, the counterparty on each of the foreign exchange derivative contracts was an affiliate of LSEG and therefore the corresponding assets or liabilities on such contracts were included in receivable and due from affiliates or payable and due to affiliates, respectively, on the accompanying condensed consolidated statements of financial condition.
Income Tax	Income Tax The Corporation is subject to U.S. federal, state and local income taxes with respect to its taxable income, including its allocable share of any taxable income of TWM LLC, and is taxed at prevailing corporate tax rates. TWM LLC is a multiple member limited liability company taxed as a partnership and accordingly any taxable income generated by TWM LLC is passed through to and included in the taxable income of its members, including the Corporation. Income taxes also include unincorporated business taxes on income earned or losses incurred for conducting business in certain state and local jurisdictions, income taxes on income earned or losses incurred in foreign jurisdictions on certain operations and federal and state income taxes on income earned or losses incurred, both current and deferred, on subsidiaries that are taxed as corporations for U.S. tax purposes. The Company records deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities. The Company measures deferred taxes using the enacted tax rates and laws that will be in effect when such temporary differences are expected to reverse. The Company evaluates the need for valuation allowances based on the weight of positive and negative evidence. The Company records valuation allowances wherever management believes it is more likely than not that the Company will not be able to realize its deferred tax assets in the foreseeable future. The Company records uncertain tax positions on the basis of a two-step process whereby (i) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to income taxes within the provision for income taxes in the condensed consolidated statements of income. Accrued interest and penalties are included within accounts payable, accrued expenses and other liabilities in the condensed consolidated statements of financial condition. The Company has elected to treat taxes due on future U.S. inclusions in taxable income under the global intangible low-taxed income (“GILTI”) provision of the Tax Cuts and Jobs Act of 2017 as a current period expense when incurred. On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 (“IRA”) into law. The IRA establishes a 15% corporate alternative minimum tax (”CAMT”) effective for taxable years beginning after December 31, 2022, and imposes a 1% excise tax on the repurchase after December 31, 2022 of stock by publicly traded U.S. corporations. The 1% excise tax did not have an impact to our financial condition, results of operations and cash flows as of and for the three and nine months ended September 30, 2024. The Company is subject to the 15% CAMT, however, it is not expected to have a material impact on the Company’s effective tax rate. On October 8, 2021, the Organization for Economic Cooperation and Development announced an accord endorsing and providing an implementation plan focused on global profit allocation, and implementing a global minimum tax rate of at least 15% for large multinational corporations on a jurisdiction-by-jurisdiction basis, known as the “Two Pillar Plan.” On December 15, 2022, the European Council formally adopted a European Union directive on the implementation of the plan which became effective for the Company beginning on January 1, 2024. The Company falls under the provisions of the Two Pillar Plan and related tax impacts per local country adoption as it is a consolidating subsidiary of LSEG. The Company does not anticipate a material impact to its financial condition, results of operations and cash flows from the Two Pillar Plan.
Stock-Based Compensation	Stock-Based Compensation The stock-based payments received by the employees of the Company are accounted for as equity awards. The Company measures and recognizes the cost of employee services received in exchange for awards of equity instruments based on their estimated fair values measured as of the grant date. These costs are recognized as an expense over the requisite service period, with an offsetting increase to additional paid-in capital. The grant-date fair value of stock-based awards that do not require future service (i.e., vested awards) are expensed immediately. Forfeitures of stock-based compensation awards are recognized as they occur. For grants made during the post-IPO period, the fair value of the equity instruments is determined based on the price of the Class A common stock on the grant date. Prior to the IPO, the Company awarded options to management and other employees (collectively, the “Special Option Award”) under the Amended and Restated Tradeweb Markets Inc. Option Plan (the “Option Plan”). The significant assumptions used to estimate the fair value as of grant date of the options awarded prior to the IPO did not reflect changes that would have occurred to these assumptions as a result of the IPO. The non-cash stock-based compensation expense associated with the Special Option Award began being expensed in the second quarter of 2019. The Company uses the Black-Scholes pricing model to value some of its option awards. Determining the appropriate fair value model and calculating the fair value of the option awards requires the input of highly subjective assumptions, including the expected life of the option awards and the stock price volatility. For performance-based restricted stock units that vest based on market conditions, the Company recognizes stock-based compensation based on the estimated grant date fair value of the awards computed with the assistance of a valuation specialist using a Monte Carlo simulation on a binomial model. The significant assumptions used to estimate the fair value of the performance-based restricted stock units that vest based on market conditions are years of maturity, annualized volatility and the risk-free interest rate. The maturity period represents the period of time that the award granted was modeled into the future, the risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of measurement corresponding with the maturity period of the award and the expected volatility is based upon historical volatility of the Company’s Class A common stock.
Earnings Per Share	Earnings Per Share Basic and diluted earnings per share are computed in accordance with the two-class method as unvested or unsettled vested stock awards issued to certain retired or terminated employees are entitled to non-forfeitable dividend equivalent rights and are considered participating securities prior to being issued and outstanding shares of common stock. The two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that otherwise would have been available to common shareholders. Basic earnings per share is computed by dividing the net income attributable to the Company’s outstanding shares of Class A and Class B common stock by the weighted-average number of the Company’s shares outstanding during the period. For purposes of computing diluted earnings per share, the weighted-average number of the Company’s shares reflects the dilutive effect that could occur if all potentially dilutive securities were converted into or exchanged or exercised for the Company’s Class A or Class B common stock. The dilutive effect of stock options and other stock-based payment awards is calculated using the treasury stock method, which assumes the proceeds from the exercise of these instruments are used to purchase common shares at the average market price for the period. The dilutive effect of LLC Interests held by non-controlling interests is evaluated under the if-converted method, where the securities are assumed to be converted at the beginning of the period, and the resulting common shares are included in the denominator of the diluted earnings per share calculation for the entire period presented. Performance-based awards are considered contingently issuable shares and their dilutive effect is included in the denominator of the diluted earnings per share calculation for the entire period, if those shares would be issuable as of the end of the reporting period, assuming the end of the reporting period was also the end of the contingency period. Shares of Class C and Class D common stock do not have economic rights in Tradeweb Markets Inc. and, therefore, are not included in the calculation of basic earnings per share.
Fair Value Measurement	Fair Value Measurement The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). Instruments that the Company owns (long positions) are marked to bid prices, and instruments that the Company has sold, but not yet purchased (short positions) are marked to offer prices. Fair value measurements do not include transaction costs. The fair value hierarchy under ASC 820, Fair Value Measurement (“ASC 820”), prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described below. Basis of Fair Value Measurement A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. •Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; •Level 2: Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly; •Level 3: Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.
Recent Accounting Pronouncements and Recent SEC Final Rules	Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Improvements to Income Tax Disclosures. The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation and income taxes paid. The ASU is effective for the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2025. The guidance may be applied on a prospective or retrospective basis and early adoption is permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-08, Intangibles-Goodwill and Other-Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets (“ASU 2023-08”), which addresses the accounting and disclosure requirements for certain crypto assets. ASU 2023-08 requires entities to measure crypto assets that meet specific criteria at fair value, with changes recognized in net income each reporting period. ASU 2023-08 is effective for annual periods beginning after December 15, 2024, including interim periods within those years, with early adoption permitted. During the third quarter of 2024, the Company began receiving and holding digital assets, in the form of Canton Coins, received in exchange for providing services as a Validator and Super Validator on the Global Synchronizer, the Canton Network’s decentralized interoperability infrastructure, and early adopted ASU 2023-08. This adoption became effective with the commencement of the Company’s initial holdings of these digital assets, which fall within the scope of ASU 2023-08. As of September 30, 2024, the Company held 660.4 million Canton Coins, which may only be transferred to other approved participants on the Canton Network and there is no public market for Canton Coins. The fair market value of the Canton Coins held as of September 30, 2024 is not material to the Company’s condensed consolidated financial statements. The Company expects to receive additional Canton Coins as it continues to provide services as a Validator and a Super Validator. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly reviewed by the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items and interim disclosures of a reportable segment’s profit or loss and assets. The ASU also allows, in addition to the measure that is most consistent with U.S. GAAP, the disclosure of additional measures of segment profit or loss that are used by the CODM in assessing segment performance and deciding how to allocate resources. The ASU also requires the disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. All disclosure requirements under ASU 2023-07 and existing segment disclosures in ASC 280, Segment Reporting are also required for public entities with a single reportable segment. The ASU is effective for the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2024, and subsequent interim periods, with early adoption permitted. The ASU is to be applied retrospectively to all periods presented in the financial statements. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements. In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”), which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value and that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. ASU 2022-03 also requires the disclosure of the fair value, as reflected in the statement of financial condition, of equity securities subject to contractual sale restrictions and the nature and the disclosure of the remaining duration of those restrictions. On January 1, 2024, the Company adopted ASU 2022-03 on a prospective basis, which resulted in additional disclosures regarding contractual sale restrictions on investments, as disclosed in Note 11 – Fair Value of Financial Instruments and did not have a material impact on the Company’s consolidated financial statements. Recent SEC Final Rules In March 2024, the SEC adopted final rules under SEC Release No. 34-99678, The Enhancement and Standardization of Climate-Related Disclosures for Investors (the “Final Climate Rules”), which requires registrants to disclose certain climate-related information in their registration statements and annual reports. The Final Climate Rules require disclosure of, among other things, material climate-related risks and their impact; activities to mitigate or adapt to material climate-related risks; governance and oversight of climate-related risks; material climate-related targets or goals and their financial impact; and material Scope 1 and/or Scope 2 greenhouse gas emissions with an accompanying assurance report required following an initial transition period, at limited assurance level, and then following an additional transition period, at a reasonable assurance level. Additionally, under the Final Climate Rules, the effects of severe weather events and other natural conditions, subject to certain thresholds, and amounts related to carbon offsets and renewable energy credits or certificates are required to be disclosed in the notes to the audited financial statements in certain circumstances. On April 4, 2024, the SEC voluntarily stayed the implementation of the Final Climate Rules pending completion of judicial review of the consolidated challenges to the Final Climate Rules by the Court of Appeals for the Eighth Circuit. The Final Climate Rules, as originally issued, would be effective for the Company in various fiscal years, starting with its Annual Report on Form 10-K for the year ending December 31, 2025. Disclosures pursuant to the Final Climate Rules, as originally issued, would be required prospectively, with information for prior periods required only to the extent it was previously disclosed in an SEC filing. The Company is currently evaluating the impact of the Final Climate Rules on its consolidated financial statements and disclosures.

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 130,223	$ 111,630	$ 410,021	$ 315,762
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments, with no tax benefit for each of the three and nine months ended September 30, 2024 and 2023	10,014	(4,456)	7,211	(623)
Other comprehensive income (loss), net of tax	10,014	(4,456)	7,211	(623)
Comprehensive income	140,237	107,174	417,232	315,139
Less: Net income attributable to non-controlling interests	16,307	13,016	50,724	40,210
Less: Foreign currency translation adjustments attributable to non-controlling interests	979	(438)	704	(24)
Comprehensive income attributable to Tradeweb Markets Inc.	$ 122,951	$ 94,596	$ 365,804	$ 274,953

- Definition

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Organization	9 Months Ended
Organization	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Tradeweb Markets Inc. (the “Corporation”) was incorporated as a Delaware corporation on November 7, 2018 to carry on the business of Tradeweb Markets LLC (“TWM LLC”) following the completion of a series of reorganization transactions on April 4, 2019 (the “Reorganization Transactions”), in connection with Tradeweb Markets Inc.’s initial public offering (the “IPO”), which closed on April 8, 2019. Following the Reorganization Transactions, Refinitiv (as defined below) owned an indirect majority ownership interest in the Company (as defined below). On January 29, 2021, London Stock Exchange Group plc (“LSEG”) completed its acquisition of the Refinitiv business from a consortium, including certain investment funds affiliated with The Blackstone Group Inc. (f/k/a The Blackstone Group L.P.) (“Blackstone”) as well as Thomson Reuters Corporation (“TR”), in an all share transaction (the “LSEG Transaction”). In connection with the LSEG Transaction, the Corporation became a consolidating subsidiary of LSEG. Prior to the LSEG Transaction, the Corporation was a consolidating subsidiary of BCP York Holdings (“BCP”), a company owned by certain investment funds affiliated with Blackstone, through BCP’s previous majority ownership interest in Refinitiv. As used herein, “Refinitiv,” prior to the LSEG Transaction, means Refinitiv Holdings Limited, and unless otherwise stated or the context otherwise requires, all of its direct and indirect subsidiaries, and subsequent to the LSEG Transaction, refers to Refinitiv Parent Limited, and unless otherwise stated or the context otherwise requires, all of its subsidiaries. Refinitiv owns substantially all of the former financial and risk business of Thomson Reuters (as defined below), including, prior to and following the completion of the Reorganization Transactions, an indirect majority ownership interest in the Company. The Refinitiv business was rebranded by LSEG as LSEG Data & Analytics during the fourth quarter of 2023. The Corporation is a holding company whose principal asset is LLC Interests (as defined below) of TWM LLC. As the sole manager of TWM LLC, the Corporation operates and controls all of the business and affairs of TWM LLC and, through TWM LLC and its subsidiaries, conducts the Corporation’s business. As a result of this control, and because the Corporation has a substantial financial interest in TWM LLC, the Corporation consolidates the financial results of TWM LLC and reports a non-controlling interest in the Corporation’s condensed consolidated financial statements. As of both September 30, 2024 and December 31, 2023, Tradeweb Markets Inc. owned 90.2% of TWM LLC and the non-controlling interest holders owned the remaining 9.8% of TWM LLC. References to LLC Interests held by Tradeweb Markets Inc. and comparable terminology refer to LLC Interests held by Tradeweb Markets Inc. directly as well as indirectly through direct, wholly-owned subsidiaries of Tradeweb Markets Inc. (which are holding companies with no independent operations). Unless the context otherwise requires, references to the “Company” refer to Tradeweb Markets Inc. and its consolidated subsidiaries, including TWM LLC, following the completion of the Reorganization Transactions, and TWM LLC and its consolidated subsidiaries prior to the completion of the Reorganization Transactions. The Company is a leader in building and operating electronic marketplaces for a global network of clients across the institutional, wholesale, retail and corporates client sectors. The Company’s principal subsidiaries include: •Tradeweb LLC (“TWL”), a registered broker-dealer under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), a member of the Financial Industry Regulatory Authority (“FINRA”), a member of the Municipal Securities Rulemaking Board (“MSRB”), a registered independent introducing broker with the Commodities Future Trading Commission (“CFTC”) and a member of the National Futures Association (“NFA”). •Dealerweb Inc. (“DW”) (formerly known as Hilliard Farber & Co., Inc.), a registered broker-dealer under the Exchange Act and a member of FINRA and MSRB. DW is also registered as an introducing broker with the CFTC and a member of the NFA. •Tradeweb Direct LLC (“TWD”) (formerly known as BondDesk Trading LLC), a registered broker-dealer under the Exchange Act and a member of FINRA and MSRB. •Institutional Cash Distributors, LLC (“ICDLC”), acquired on August 1, 2024, a registered broker-dealer and introducing broker under the Exchange Act and a member of FINRA. •Tradeweb Europe Limited (“TEL”), a MiFID Investment Firm regulated by the Financial Conduct Authority (the “FCA”) in the UK, and certain other global regulators, that maintains branches in Asia. •TW SEF LLC (“TW SEF”), a Swap Execution Facility (“SEF”) regulated by the CFTC and certain other global regulators. •DW SEF LLC (“DW SEF”), a SEF regulated by the CFTC and certain other global regulators. •Tradeweb Japan K.K. (“TWJ”), a security house regulated by the Japanese Financial Services Agency (“JFSA”) and the Japan Securities Dealers Association (“JSDA”). •Tradeweb EU B.V. (“TWEU”), a MiFID Investment Firm regulated by the Netherlands Authority for the Financial Markets (“AFM”), the De Nederlandsche Bank (“DNB”) and certain other global regulators and that maintains a branch in France. •Tradeweb Execution Services Limited (“TESL”), an Investment Firm (“BIPRU Firm”) regulated by the FCA in the UK. •Tradeweb Information Technology Services (Shanghai) Co., Ltd is a wholly-owned foreign enterprise (WOFE) in China. Its business scope includes information, data and technology related services including development, sales, import and export and consulting. The Tradeweb offshore electronic trading platform is recognized by the People’s Bank of China (“PBOC”) for the provision of Bond Connect, CIBM Direct RFQ and Swap Connect. •Tradeweb Execution Services B.V. (“TESBV”), a MiFID Investment Firm authorized and regulated by the AFM, with permission to trade on a matched principal basis. •Tradeweb Australia Pty Ltd (formerly Yieldbroker Pty Limited) (“YB” or “Yieldbroker”), acquired in August 2023, a Tier 1 Australian Markets Licensee in Australia, regulated by the Australian Securities & Investments Commission (“ASIC”), that also maintains a branch in Singapore that is regulated by the Monetary Authority of Singapore (“MAS”) as a Regulated Market Operator. Tradeweb Australia Pty Ltd changed its name from Yieldbroker Pty Limited in January 2024. •Tradeweb (DIFC) Limited (“TDIFC”), an Authorized Firm regulated by the Dubai Financial Services Authority (“DFSA”) with a license for “arranging deals in investments” for users to access the Company’s various trading venues that are also separately recognized by the DFSA. •TW Technology and Trading Private Limited (“TTTL”), a private limited company incorporated in Mumbai, India. •Tradeweb Brasil Ltda (“TWB”), a limited liability company incorporated in Sao Paulo, Brazil. •Institutional Cash Distributors Limited (“ICDLT”), acquired on August 1, 2024, a firm engaged in the provision of intermediary services authorized and regulated by the FCA in the UK. •ICD Europa - Empresa de Investimento, S.A. (“ICDEU”), acquired on August 1, 2024, an investment firm regulated by the Comissão do Mercado de Valores Mobiliários (“CMVM”) in Portugal. On April 5, 2024, the Company entered into a definitive agreement for TWM LLC to acquire Institutional Cash Distributors (“ICD”) by purchasing all of the outstanding equity interests of each of ICD Intermediate Holdco 1, LLC, SCIC - ICD Blocker 1, Inc. and Parthenon Investors V ICD Blocker, Inc. (the “ICD Acquisition”). The ICD Acquisition closed on August 1, 2024, following the satisfaction of closing conditions and regulatory reviews. ICD is an institutional investment technology provider for corporate treasury organizations trading short-term investments. ICD’s flagship products include ICD Portal and ICD Portfolio Analytics. The portal is a one-stop shop to research, trade, analyze and report on investments across more than 40 available investment providers primarily offering money market funds and access to other short term products including deposits, fixed term funds and separately managed accounts (“SMAs”) (collectively referred to herein as “money market funds”). Portfolio Analytics is an AI-driven cloud solution for aggregating positions across a corporate treasury’s entire portfolio for analysis and reporting. With the acquisition of ICD and its proprietary technology, the Company has added a new client channel, “corporates”, serving corporate treasury professionals, complementing the Company’s existing focus on institutional, wholesale and retail clients. See Note 4 – Acquisitions for additional details on this acquisition. In November 2023, TWM LLC and the Corporation entered into a definitive agreement for TWM LLC to acquire all of the outstanding equity interests of R8FIN Holdings LP (together with its subsidiaries, “r8fin”). The acquisition closed on January 19, 2024, following the satisfaction of closing conditions and regulatory reviews (the “r8fin Acquisition”). r8fin provides a suite of algorithmic-based tools as well as a thin-client execution management system (EMS) trading application to facilitate futures and cash trades. The solutions complement Tradeweb’s existing Dealerweb Active Streams, Dealerweb Central Limit Order Book (CLOB), Tradeweb Request-for-Quote (RFQ) and Tradeweb AiEX (Automated Intelligent Execution) offerings. See Note 4 – Acquisitions for additional details on this acquisition. In August 2023, the Company acquired Yieldbroker, a leading Australian trading platform for Australian and New Zealand government bonds and interest rate derivatives, covering the institutional and wholesale client sector (the “Yieldbroker Acquisition”). This acquisition combined Australia and New Zealand’s highly attractive, fast-growing markets with Tradeweb’s international reach and scale. In June 2021, the Company acquired Nasdaq’s U.S. fixed income electronic trading platform, formerly known as eSpeed (the “NFI Acquisition”), which is a fully executable central limit order book (CLOB) for electronic trading in on-the-run (OTR) U.S. government bonds. The NFI Acquisition included the acquisition of Execution Access, LLC, (“EA”), a registered broker-dealer under the Exchange Act and a member of FINRA. In November 2022, EA merged with and into DW with DW being the surviving entity. A majority interest of Refinitiv (formerly the Thomson Reuters Financial & Risk Business) was acquired by BCP on October 1, 2018 (the “Refinitiv Transaction”) from TR. The Refinitiv Transaction resulted in a new basis of accounting for certain of the Company’s assets and liabilities beginning on October 1, 2018. See Note 2 – Significant Accounting Policies for a description of pushdown accounting applied as a result of the Refinitiv Transaction. In connection with the Reorganization Transactions, TWM LLC’s limited liability company agreement (the “TWM LLC Agreement”) was amended and restated to, among other things, (i) provide for a new single class of common membership interests in TWM LLC (the “LLC Interests”), (ii) exchange all of the then existing membership interests in TWM LLC for LLC Interests and (iii) appoint the Corporation as the sole manager of TWM LLC. LLC Interests, other than those held by the Corporation, are redeemable or exchangeable in accordance with the TWM LLC Agreement for shares of Class A common stock, par value $0.00001 per share, of the Corporation (the “Class A common stock”) or Class B common stock, par value $0.00001 per share, of the Corporation (the “Class B common stock”), as the case may be, on a one-for-one basis. As used herein, references to “Continuing LLC Owners” refer collectively to (i) those owners of TWM LLC prior to the Reorganization Transactions (the “Original LLC Owners”), including an indirect subsidiary of Refinitiv, certain investment and commercial banks (collectively, the “Bank Stockholders”), and members of management, that continued to own LLC Interests after the completion of the IPO and Reorganization Transactions and that received shares of Class C common stock, par value $0.00001 per share, of the Corporation (the “Class C common stock”), shares of Class D common stock, par value $0.00001 per share, of the Corporation (the “Class D common stock”) or a combination of both, as the case may be, in connection with the completion of the Reorganization Transactions, (ii) any subsequent transferee of any Original LLC Owner that has executed a joinder agreement to the TWM LLC Agreement and (iii) solely with respect to the Tax Receivable Agreement (as defined in Note 7 – Tax Receivable Agreement), (x) those Original LLC Owners, including certain of the Bank Stockholders, that disposed of all of their LLC Interests for cash in connection with the IPO and (y) any party that has executed a joinder agreement to the Tax Receivable Agreement in accordance with the Tax Receivable Agreement. As of September 30, 2024: •The public investors collectively owned 116,227,674 shares of Class A common stock, representing 10.1% of the combined voting power of Tradeweb Markets Inc.’s issued and outstanding common stock and indirectly, through Tradeweb Markets Inc., owned 49.2% of the economic interest in TWM LLC; •Refinitiv collectively owned 96,933,192 shares of Class B common stock, 18,000,000 shares of Class C common stock and 4,988,329 shares of Class D common stock, representing 89.9% of the combined voting power of Tradeweb Markets Inc.’s issued and outstanding common stock and directly and indirectly, through Tradeweb Markets Inc., owned 50.8% of the economic interest in TWM LLC; and •Other stockholders that continued to own LLC Interests also collectively owned 85,409 shares of Class D common stock, representing less than 0.1% of the combined voting power of Tradeweb Markets Inc.’s issued and outstanding common stock. Collectively, these stockholders directly owned less than 0.1% of the economic interest in TWM LLC. In addition, the Company’s basic and diluted earnings per share calculations for the three and nine months ended September 30, 2024 were impacted by 126,903 and 137,252, respectively, of weighted average shares resulting from unvested or unsettled vested stock awards that were considered participating securities for purposes of calculating earnings per share in accordance with the two-class method. The Company’s diluted earnings per share calculations for the three and nine months ended September 30, 2024 also include 1,890,781 and 1,858,478, respectively, of weighted average shares resulting from the dilutive effect of its equity incentive plans. See Note 14 – Earnings Per Share for additional details.

Non-Controlling Interests

9 Months Ended

Sep. 30, 2024

Noncontrolling Interest [Abstract]

Non-Controlling Interests

In connection with the Reorganization Transactions, Tradeweb Markets Inc. became the sole manager of TWM LLC and, as a result of this control, and because Tradeweb Markets Inc. has a substantial financial interest in TWM LLC, consolidates the financial results of TWM LLC into its condensed consolidated financial statements. The non-controlling interests balance reported on the condensed consolidated statements of financial condition represents the economic interests of TWM LLC held by Continuing LLC Owners. Income or loss is attributed to the non-controlling interests based on the relative ownership percentages of LLC Interests held during the period by Tradeweb Markets Inc. and the Continuing Owners.

The following table summarizes the ownership interest in Tradeweb Markets LLC:


	September 30, 2024			September 30, 2023
	LLC Interests	Ownership %		LLC Interests	Ownership %
Number of LLC Interests held by Tradeweb Markets Inc.	213,119,161	90.2	%	211,644,675	90.2	%
Number of LLC Interests held by non-controlling interests	23,073,738	9.8	%	23,080,571	9.8	%
Total LLC Interests outstanding	236,192,899	100.0	%	234,725,246	100.0	%

LLC Interests held by Continuing LLC Owners are redeemable in accordance with the TWM LLC Agreement, at the election of such holders, for shares of Class A common stock or Class B common stock, as applicable, on a one-for-one basis or, at the Company’s option, a cash payment in accordance with the terms of the TWM LLC Agreement.

The following table summarizes the impact on Tradeweb Market Inc.’s equity due to changes in the Corporation’s ownership interest in TWM LLC:


Net Income Attributable to Tradeweb Markets Inc. and Transfers (to) from the Non-Controlling Interests	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023

	(dollars in thousands)
Net income attributable to Tradeweb Markets Inc.	$	113,916	$	98,614	$	359,297	$	275,552
Transfers (to) from non-controlling interests:
Increase/(decrease) in Tradeweb Markets Inc.’s additional paid-in capital as a result of ownership changes in TWM LLC	(623)		(404)		(1,488)		79,376
Net transfers (to) from non-controlling interests	(623)		(404)		(1,488)		79,376
Change from net income attributable to Tradeweb Markets Inc. and transfers (to) from non-controlling interests	$	113,293	$	98,210	$	357,809	$	354,928

Significant Accounting Policies	9 Months Ended
Significant Accounting Policies	Sep. 30, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies The following is a summary of significant accounting policies: Basis of Presentation The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. As discussed in Note 1 – Organization, as a result of the Reorganization Transactions, Tradeweb Markets Inc. consolidates TWM LLC and its subsidiaries and TWM LLC is considered to be the predecessor to Tradeweb Markets Inc. for financial reporting purposes. Tradeweb Markets Inc. had no business transactions or activities and no substantial assets or liabilities prior to the Reorganization Transactions. The condensed consolidated financial statements represent the financial condition and results of operations of the Company and report a non-controlling interest related to the LLC Interests held by Continuing LLC Owners. These condensed consolidated financial statements are unaudited and should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The consolidated financial information as of December 31, 2023 has been derived from audited financial statements not included herein. These unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) with respect to interim financial reporting and Form 10-Q. In accordance with such rules and regulations, certain disclosures that are normally included in annual financial statements have been omitted. These unaudited condensed consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the difference may be material to the condensed consolidated financial statements. Business Combinations Business combinations are accounted for under the purchase method of accounting pursuant to Accounting Standards Codification (“ASC”) 805, Business Combinations (“ASC 805”). The total cost of an acquisition is allocated to the underlying net assets based on their respective estimated fair values. The excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. The fair value of assets acquired and liabilities assumed is determined based on assumptions that reasonable market participants would use in the principal (or most advantageous) market for the asset or liability. Determining the fair value of certain assets acquired and liabilities assumed is judgmental in nature and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash flows, discount rates, growth rates, customer attrition rates and asset lives. Transaction costs incurred to effect a business combination are expensed as incurred and are included as a component of professional fees or general and administrative expenses in the condensed consolidated statements of income. Pushdown Accounting In connection with the Refinitiv Transaction, a majority interest of Refinitiv was acquired by BCP on October 1, 2018 from TR. The Refinitiv Transaction was accounted for by Refinitiv in accordance with the acquisition method of accounting pursuant to ASC 805, and pushdown accounting was applied to Refinitiv to record the fair value of the assets and liabilities of Refinitiv as of October 1, 2018, the date of the Refinitiv Transaction. The Company, as a consolidating subsidiary of Refinitiv, also accounted for the Refinitiv Transaction using pushdown accounting which resulted in a new fair value basis of accounting for certain of the Company’s assets and liabilities beginning on October 1, 2018. Under the pushdown accounting applied, the excess of the fair value of the Company above the fair value accounting basis of the net assets and liabilities of the Company as of October 1, 2018 was recorded as goodwill. The fair value of assets acquired and liabilities assumed was determined based on assumptions that reasonable market participants would use in the principal (or most advantageous) market for the asset or liability. The adjusted valuations primarily affected the values of the Company’s long-lived and indefinite-lived intangible assets, including software development costs. Cash and Cash Equivalents Cash and cash equivalents consists of cash and highly liquid investments with remaining maturities at the time of purchase of three months or less. Allowance for Credit Losses The Company continually monitors collections and payments from its clients and maintains an allowance for credit losses. The allowance for credit losses is based on an estimate of the amount of potential credit losses in existing accounts receivable, as determined from a review of aging schedules, past due balances, historical collection experience and other specific account data. Careful analysis of the financial condition of the Company’s counterparties is also performed. Additions to the allowance for credit losses are charged to credit loss expense, which is included in general and administrative expenses in the condensed consolidated statements of income. Aged balances that are determined to be uncollectible are written off against the allowance for credit losses. An allowance for credit losses is also recognized for any credit impairment for available-for-sale debt securities. See Note 12 – Credit Risk for additional information. Receivable from and Payable to Brokers and Dealers and Clearing Organizations Receivable from and payable to brokers and dealers and clearing organizations consists of proceeds from transactions executed on the Company’s wholesale platform which failed to settle due to the inability of a transaction party to deliver or receive the transacted security. These securities transactions are generally collateralized by those securities. Until the failed transaction settles, a receivable from (and a matching payable to) brokers and dealers and clearing organizations is recognized for the proceeds from the unsettled transaction. Deposits with Clearing Organizations Deposits with clearing organizations are comprised of cash deposits. Furniture, Equipment, Purchased Software and Leasehold Improvements Furniture, equipment, purchased software and leasehold improvements are carried at cost less accumulated depreciation. Depreciation for furniture, equipment and purchased software is computed on a straight-line basis over the estimated useful lives of the related assets, ranging from three to seven years. Leasehold improvements are amortized over the lesser of the estimated useful lives of the leasehold improvements or the remaining term of the lease for office space. Furniture, equipment, purchased software and leasehold improvements are tested for impairment whenever events or changes in circumstances suggest that an asset’s carrying value may not be fully recoverable. As of September 30, 2024 and December 31, 2023, accumulated depreciation related to furniture, equipment, purchased software and leasehold improvements totaled $113.2 million and $95.8 million, respectively. Depreciation expense for furniture, equipment, purchased software and leasehold improvements was $5.6 million and $5.4 million for the three months ended September 30, 2024 and 2023, respectively, and $16.1 million and $15.9 million for the nine months ended September 30, 2024 and 2023, respectively. Software Development Costs The Company capitalizes costs associated with the development of internal use software at the point at which the conceptual formulation, design and testing of possible software project alternatives have been completed. The Company capitalizes employee compensation and related benefits and third party consulting costs incurred during the application development stage which directly contribute to such development. Such costs are amortized on a straight-line basis over three years. Software development costs acquired as part of the ICD Acquisition are amortized over eight years, software development costs acquired as part of the r8fin Acquisition are amortized over seven years and software development costs acquired as part of the Yieldbroker Acquisition and NFI Acquisition were both amortized over one year. Costs capitalized as part of the Refinitiv Transaction pushdown accounting allocation are amortized over nine years. The Company reviews the amounts capitalized for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable, or that their useful lives are shorter than originally expected. Non-capitalized software costs and routine maintenance costs are expensed as incurred. As of September 30, 2024 and December 31, 2023, accumulated amortization related to software development costs totaled $273.7 million and $222.5 million, respectively. Amortization expense for software development costs was $19.6 million and $14.1 million for the three months ended September 30, 2024 and 2023, respectively, and $51.2 million and $41.3 million for the nine months ended September 30, 2024 and 2023, respectively. Goodwill Goodwill includes the excess of the fair value of the Company above the fair value accounting basis of the net assets and liabilities of the Company as previously applied under pushdown accounting in connection with the Refinitiv Transaction. Goodwill also includes the cost of acquired companies in excess of the fair value of identifiable net assets at the acquisition date, including the ICD Acquisition, the r8fin Acquisition, the Yieldbroker Acquisition and the NFI Acquisition. Goodwill is not amortized, but is tested for impairment annually on October 1st and between annual tests, whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. Goodwill is tested at the reporting unit level, which is defined as an operating segment or one level below the operating segment. The Company consists of one reporting unit for goodwill impairment testing purposes. An impairment loss is recognized if the estimated fair value of a reporting unit is less than its net book value. Such loss is calculated as the difference between the estimated fair value of goodwill and its carrying value. Goodwill was last tested for impairment on October 1, 2023 and no impairment of goodwill was identified. Intangible Assets Intangible assets with a finite life are amortized over the estimated lives, ranging from four to fifteen years. These intangible assets subject to amortization are tested for impairment whenever events or changes in circumstances suggest that an asset’s or asset group’s carrying value may not be fully recoverable. Intangible assets with an indefinite useful life are tested for impairment at least annually. An impairment loss is recognized if the sum of the estimated discounted cash flows relating to the asset or asset group is less than the corresponding book value. As of September 30, 2024 and December 31, 2023, accumulated amortization related to intangible assets totaled $632.2 million and $542.4 million, respectively. Amortization expense for definite-lived intangible assets was $32.6 million and $27.1 million for the three months ended September 30, 2024 and 2023, respectively, and $89.8 million and $80.7 million for the nine months ended September 30, 2024 and 2023, respectively. Investments in Available-for-Sale Debt Securities Investments in available-for-sale debt securities are carried at fair value with unrealized gains or losses excluded from earnings and reported in accumulated other comprehensive loss in the condensed consolidated statements of financial condition until realized. On a quarterly basis, the Company assesses whether an impairment loss on its available-for-sale debt securities has occurred due to declines in fair value or other market conditions. When the amortized cost basis of an available-for-sale debt security exceeds its fair value, the security is deemed to be impaired. The portion of an impairment related to credit losses is determined by comparing the present value of cash flows expected to be collected from the security with the amortized cost basis of the security and is recorded as a charge in the condensed consolidated statements of operations. The remainder of an impairment is recognized in accumulated other comprehensive loss if the Company does not intend to sell the security and it is more likely than not that the Company will not be required to sell the security prior to recovery. Investments in available-for-sale debt securities are included as a component of other assets on the condensed consolidated statements of financial condition. Equity Investments Without Readily Determinable Fair Values Equity investments without a readily determinable fair value are measured at cost, less impairment, plus or minus observable price changes (in orderly transactions) of an identical or similar investment of the same issuer. If the Company determines that the equity investment is impaired on the basis of a qualitative assessment, the Company will recognize an impairment loss equal to the amount by which the investment’s carrying amount exceeds its fair value. Equity investments are included as a component of other assets on the condensed consolidated statements of financial condition. Securities Sold Under Agreements to Repurchase From time to time, the Company sells securities under agreements to repurchase in order to facilitate the clearance of securities. Securities sold under agreements to repurchase are treated as collateralized financings and are presented in the condensed consolidated statements of financial condition at the amounts of cash received. Receivables and payables arising from these agreements are not offset in the condensed consolidated statements of financial condition. Leases At lease commencement, a right-of-use asset and a lease liability are recognized for all leases with an initial term in excess of 12 months based on the initial present value of the fixed lease payments over the lease term. The lease right-of-use asset also reflects the present value of any initial direct costs, prepaid lease payments and lease incentives. The Company’s leases do not provide a readily determinable implicit discount rate. Therefore, management estimates the Company’s incremental borrowing rate used to discount the lease payments based on the information available at lease commencement. The Company includes the term covered by an option to extend a lease when the option is reasonably certain to be exercised. The Company has elected not to separate non-lease components from lease components for all leases. Significant assumptions and judgments in calculating the lease right-of-use assets and lease liabilities include the determination of the applicable borrowing rate for each lease. Operating lease expense is recognized on a straight-line basis over the lease term and included as a component of occupancy expense in the condensed consolidated statements of income. Deferred Offering Costs Deferred offering costs consist of legal, accounting and other costs directly related to the Company’s efforts to raise capital. These costs are recognized as a reduction in additional paid-in capital within the condensed consolidated statements of financial condition when the offering is effective. No offering costs were incurred during the three and nine months ended September 30, 2024 and 2023. Revenue Recognition The Company’s classification of revenues in the condensed consolidated statements of income represents revenues from contracts with customers disaggregated by type of revenue. See Note 5 – Revenue for additional details regarding revenue types and the Company’s policies regarding revenue recognition. Translation of Foreign Currency and Foreign Exchange Derivative Contracts Revenues, expenses, assets and liabilities denominated in non-functional currencies are recorded in the appropriate functional currency for the legal entity at the rate of exchange prevailing at the transaction date. Monetary assets and liabilities that are denominated in non-functional currencies are then remeasured at the end of each reporting period at the exchange rate prevailing at the end of the reporting period. Foreign currency remeasurement gains or losses on monetary assets and liabilities in nonfunctional currencies are recognized in the condensed consolidated statements of income within general and administrative expenses. The realized and unrealized gains/losses totaled a $0.9 million loss and a $0.7 million gain during the three months ended September 30, 2024 and 2023, respectively, and realized and unrealized losses during the nine months ended September 30, 2024 and 2023 totaled $2.9 million and $1.0 million, respectively. Since the condensed consolidated financial statements are presented in U.S. dollars, the Company also translates all non-U.S. dollar functional currency revenues, expenses, assets and liabilities into U.S. dollars. All non-U.S. dollar functional currency revenue and expense amounts are translated into U.S. dollars monthly at the average exchange rate for the month. All non-U.S. dollar functional currency assets and liabilities are translated at the rate prevailing at the end of the reporting period. Gains or losses on translation in the financial statements, when the functional currency is other than the U.S. dollar, are included as a component of other comprehensive income. The Company enters into foreign currency forward contracts to mitigate its U.S. dollar and British pound sterling versus euro exposure, generally with a duration of less than 12 months. In June 2023, the Company also entered into a foreign currency call option on Australian dollars, see Note 11 – Fair Value of Financial Instruments for additional details. The Company’s foreign exchange derivative contracts are not designated as hedges for accounting purposes. Changes in the fair value during the period of foreign currency forward contracts, which were entered into for foreign exchange risk management purposes relating to operating activities, are recognized in the condensed consolidated statements of income within general and administrative expenses and related cash flows are included in cash flows from operating activities, and changes in the fair value during the period of the foreign currency call option on Australian dollars, which was entered into for foreign exchange risk management purposes relating to investing activities, are recognized in the consolidated statements of income within other income/loss and related cash flows are included in cash flows from investing activities. The Company does not use derivative instruments for trading or speculative purposes. Realized and unrealized gains/losses on foreign currency forward contracts during the three months ended September 30, 2024 and 2023 totaled a $3.1 million loss and a $3.9 million gain, respectively and realized and unrealized gains on foreign currency forward contracts during the nine months ended September 30, 2024 and 2023 totaled $3.8 million and $4.9 million, respectively. Realized and unrealized losses on the foreign currency call option on Australian dollars during the three and nine months ended September 30, 2023 totaled $1.9 million and $1.3 million, respectively. As of September 30, 2024 and December 31, 2023, the counterparty on each of the foreign exchange derivative contracts was an affiliate of LSEG and therefore the corresponding assets or liabilities on such contracts were included in receivable and due from affiliates or payable and due to affiliates, respectively, on the accompanying condensed consolidated statements of financial condition. See Note 11 – Fair Value of Financial Instruments for additional details on the Company’s derivative instruments. Income Tax The Corporation is subject to U.S. federal, state and local income taxes with respect to its taxable income, including its allocable share of any taxable income of TWM LLC, and is taxed at prevailing corporate tax rates. TWM LLC is a multiple member limited liability company taxed as a partnership and accordingly any taxable income generated by TWM LLC is passed through to and included in the taxable income of its members, including the Corporation. Income taxes also include unincorporated business taxes on income earned or losses incurred for conducting business in certain state and local jurisdictions, income taxes on income earned or losses incurred in foreign jurisdictions on certain operations and federal and state income taxes on income earned or losses incurred, both current and deferred, on subsidiaries that are taxed as corporations for U.S. tax purposes. The Company records deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities. The Company measures deferred taxes using the enacted tax rates and laws that will be in effect when such temporary differences are expected to reverse. The Company evaluates the need for valuation allowances based on the weight of positive and negative evidence. The Company records valuation allowances wherever management believes it is more likely than not that the Company will not be able to realize its deferred tax assets in the foreseeable future. The Company records uncertain tax positions on the basis of a two-step process whereby (i) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to income taxes within the provision for income taxes in the condensed consolidated statements of income. Accrued interest and penalties are included within accounts payable, accrued expenses and other liabilities in the condensed consolidated statements of financial condition. The Company has elected to treat taxes due on future U.S. inclusions in taxable income under the global intangible low-taxed income (“GILTI”) provision of the Tax Cuts and Jobs Act of 2017 as a current period expense when incurred. On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 (“IRA”) into law. The IRA establishes a 15% corporate alternative minimum tax (”CAMT”) effective for taxable years beginning after December 31, 2022, and imposes a 1% excise tax on the repurchase after December 31, 2022 of stock by publicly traded U.S. corporations. The 1% excise tax did not have an impact to our financial condition, results of operations and cash flows as of and for the three and nine months ended September 30, 2024. The Company is subject to the 15% CAMT, however, it is not expected to have a material impact on the Company’s effective tax rate. On October 8, 2021, the Organization for Economic Cooperation and Development announced an accord endorsing and providing an implementation plan focused on global profit allocation, and implementing a global minimum tax rate of at least 15% for large multinational corporations on a jurisdiction-by-jurisdiction basis, known as the “Two Pillar Plan.” On December 15, 2022, the European Council formally adopted a European Union directive on the implementation of the plan which became effective for the Company beginning on January 1, 2024. The Company falls under the provisions of the Two Pillar Plan and related tax impacts per local country adoption as it is a consolidating subsidiary of LSEG. The Company does not anticipate a material impact to its financial condition, results of operations and cash flows from the Two Pillar Plan. Stock-Based Compensation The stock-based payments received by the employees of the Company are accounted for as equity awards. The Company measures and recognizes the cost of employee services received in exchange for awards of equity instruments based on their estimated fair values measured as of the grant date. These costs are recognized as an expense over the requisite service period, with an offsetting increase to additional paid-in capital. The grant-date fair value of stock-based awards that do not require future service (i.e., vested awards) are expensed immediately. Forfeitures of stock-based compensation awards are recognized as they occur. For grants made during the post-IPO period, the fair value of the equity instruments is determined based on the price of the Class A common stock on the grant date. Prior to the IPO, the Company awarded options to management and other employees (collectively, the “Special Option Award”) under the Amended and Restated Tradeweb Markets Inc. Option Plan (the “Option Plan”). The significant assumptions used to estimate the fair value as of grant date of the options awarded prior to the IPO did not reflect changes that would have occurred to these assumptions as a result of the IPO. The non-cash stock-based compensation expense associated with the Special Option Award began being expensed in the second quarter of 2019. The Company uses the Black-Scholes pricing model to value some of its option awards. Determining the appropriate fair value model and calculating the fair value of the option awards requires the input of highly subjective assumptions, including the expected life of the option awards and the stock price volatility. For performance-based restricted stock units that vest based on market conditions, the Company recognizes stock-based compensation based on the estimated grant date fair value of the awards computed with the assistance of a valuation specialist using a Monte Carlo simulation on a binomial model. The significant assumptions used to estimate the fair value of the performance-based restricted stock units that vest based on market conditions are years of maturity, annualized volatility and the risk-free interest rate. The maturity period represents the period of time that the award granted was modeled into the future, the risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of measurement corresponding with the maturity period of the award and the expected volatility is based upon historical volatility of the Company’s Class A common stock. Earnings Per Share Basic and diluted earnings per share are computed in accordance with the two-class method as unvested or unsettled vested stock awards issued to certain retired or terminated employees are entitled to non-forfeitable dividend equivalent rights and are considered participating securities prior to being issued and outstanding shares of common stock. The two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that otherwise would have been available to common shareholders. Basic earnings per share is computed by dividing the net income attributable to the Company’s outstanding shares of Class A and Class B common stock by the weighted-average number of the Company’s shares outstanding during the period. For purposes of computing diluted earnings per share, the weighted-average number of the Company’s shares reflects the dilutive effect that could occur if all potentially dilutive securities were converted into or exchanged or exercised for the Company’s Class A or Class B common stock. The dilutive effect of stock options and other stock-based payment awards is calculated using the treasury stock method, which assumes the proceeds from the exercise of these instruments are used to purchase common shares at the average market price for the period. The dilutive effect of LLC Interests held by non-controlling interests is evaluated under the if-converted method, where the securities are assumed to be converted at the beginning of the period, and the resulting common shares are included in the denominator of the diluted earnings per share calculation for the entire period presented. Performance-based awards are considered contingently issuable shares and their dilutive effect is included in the denominator of the diluted earnings per share calculation for the entire period, if those shares would be issuable as of the end of the reporting period, assuming the end of the reporting period was also the end of the contingency period. Shares of Class C and Class D common stock do not have economic rights in Tradeweb Markets Inc. and, therefore, are not included in the calculation of basic earnings per share. Fair Value Measurement The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). Instruments that the Company owns (long positions) are marked to bid prices, and instruments that the Company has sold, but not yet purchased (short positions) are marked to offer prices. Fair value measurements do not include transaction costs. The fair value hierarchy under ASC 820, Fair Value Measurement (“ASC 820”), prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described below. Basis of Fair Value Measurement A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. •Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; •Level 2: Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly; •Level 3: Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Improvements to Income Tax Disclosures. The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation and income taxes paid. The ASU is effective for the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2025. The guidance may be applied on a prospective or retrospective basis and early adoption is permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-08, Intangibles-Goodwill and Other-Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets (“ASU 2023-08”), which addresses the accounting and disclosure requirements for certain crypto assets. ASU 2023-08 requires entities to measure crypto assets that meet specific criteria at fair value, with changes recognized in net income each reporting period. ASU 2023-08 is effective for annual periods beginning after December 15, 2024, including interim periods within those years, with early adoption permitted. During the third quarter of 2024, the Company began receiving and holding digital assets, in the form of Canton Coins, received in exchange for providing services as a Validator and Super Validator on the Global Synchronizer, the Canton Network’s decentralized interoperability infrastructure, and early adopted ASU 2023-08. This adoption became effective with the commencement of the Company’s initial holdings of these digital assets, which fall within the scope of ASU 2023-08. As of September 30, 2024, the Company held 660.4 million Canton Coins, which may only be transferred to other approved participants on the Canton Network and there is no public market for Canton Coins. The fair market value of the Canton Coins held as of September 30, 2024 is not material to the Company’s condensed consolidated financial statements. The Company expects to receive additional Canton Coins as it continues to provide services as a Validator and a Super Validator. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly reviewed by the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items and interim disclosures of a reportable segment’s profit or loss and assets. The ASU also allows, in addition to the measure that is most consistent with U.S. GAAP, the disclosure of additional measures of segment profit or loss that are used by the CODM in assessing segment performance and deciding how to allocate resources. The ASU also requires the disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. All disclosure requirements under ASU 2023-07 and existing segment disclosures in ASC 280, Segment Reporting are also required for public entities with a single reportable segment. The ASU is effective for the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2024, and subsequent interim periods, with early adoption permitted. The ASU is to be applied retrospectively to all periods presented in the financial statements. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements. In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”), which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value and that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. ASU 2022-03 also requires the disclosure of the fair value, as reflected in the statement of financial condition, of equity securities subject to contractual sale restrictions and the nature and the disclosure of the remaining duration of those restrictions. On January 1, 2024, the Company adopted ASU 2022-03 on a prospective basis, which resulted in additional disclosures regarding contractual sale restrictions on investments, as disclosed in Note 11 – Fair Value of Financial Instruments and did not have a material impact on the Company’s consolidated financial statements. Recent SEC Final Rules In March 2024, the SEC adopted final rules under SEC Release No. 34-99678, The Enhancement and Standardization of Climate-Related Disclosures for Investors (the “Final Climate Rules”), which requires registrants to disclose certain climate-related information in their registration statements and annual reports. The Final Climate Rules require disclosure of, among other things, material climate-related risks and their impact; activities to mitigate or adapt to material climate-related risks; governance and oversight of climate-related risks; material climate-related targets or goals and their financial impact; and material Scope 1 and/or Scope 2 greenhouse gas emissions with an accompanying assurance report required following an initial transition period, at limited assurance level, and then following an additional transition period, at a reasonable assurance level. Additionally, under the Final Climate Rules, the effects of severe weather events and other natural conditions, subject to certain thresholds, and amounts related to carbon offsets and renewable energy credits or certificates are required to be disclosed in the notes to the audited financial statements in certain circumstances. On April 4, 2024, the SEC voluntarily stayed the implementation of the Final Climate Rules pending completion of judicial review of the consolidated challenges to the Final Climate Rules by the Court of Appeals for the Eighth Circuit. The Final Climate Rules, as originally issued, would be effective for the Company in various fiscal years, starting with its Annual Report on Form 10-K for the year ending December 31, 2025. Disclosures pursuant to the Final Climate Rules, as originally issued, would be required prospectively, with information for prior periods required only to the extent it was previously disclosed in an SEC filing. The Company is currently evaluating the impact of the Final Climate Rules on its consolidated financial statements and disclosures.