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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2019	Aug. 05, 2019
Entity Registrant Name	Tradeweb Markets Inc.
Entity Central Index Key	0001758730
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Class A common stock
Entity Common Stock, Shares Outstanding		46,000,000
Class B common stock
Entity Common Stock, Shares Outstanding		96,933,192
Class C common stock
Entity Common Stock, Shares Outstanding		10,006,269
Class D common stock
Entity Common Stock, Shares Outstanding		69,282,736

Consolidated Statements of Financial Condition - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Assets
Cash and cash equivalents	$ 313,582,000	$ 410,104,000
Restricted cash	1,200,000	1,200,000
Receivable from brokers and dealers and clearing organizations	255,250,000	174,591,000
Deposits with clearing organizations	13,398,000	11,427,000
Account receivable, net of allowance	92,854,000	87,192,000
Furniture, equipment, purchased software and leasehold improvements, net of accumulated depreciation and amortization	35,742,000	38,128,000
Right-of-use assets	30,145,000
Software development costs, net of accumulated amortization	172,614,000	170,582,000
Intangible assets, net of accumulated amortization	1,331,145,000	1,380,848,000
Goodwill	2,694,797,000	2,694,797,000
Receivable from affiliates	2,849,000	3,243,000
Deferred tax asset	98,469,000
Other assets	30,302,000	25,027,000
Total assets	5,072,347,000	4,997,139,000
Liabilities
Payable to brokers and dealers and clearing organizations	255,163,000	171,214,000
Accrued compensation	68,622,000	120,158,000
Deferred revenue	25,270,000	27,883,000
Accounts payable, accrued expenses and other liabilities	34,502,000	42,548,000
Employee equity compensation payable	728,000	24,187,000
Lease liability	34,528,000
Payable to affiliates	6,004,000	5,009,000
Deferred tax liability	21,304,000	19,627,000
Tax receivable agreement liability	171,426,000
Total liabilities	617,547,000	410,626,000
Commitments and contingencies (Note 15)
Mezzanine Capital
Class C Shares and Class P(C) Shares		14,179,000
Stockholders' Equity/Members' Capital
Members’ capital		4,573,200,000
Additional paid-in capital	2,846,681,000
Accumulated other comprehensive income	(525,000)	(866,000)
Retained earnings	1,393,000
Total stockholders' equity attributable to Tradeweb Markets Inc./members' equity	2,847,551,000	4,572,334,000
Non-controlling interests	1,607,249,000
Total equity	4,454,800,000	4,572,334,000
Total liabilities and stockholders' equity/members' capital	5,072,347,000	4,997,139,000
Class B common stock
Stockholders' Equity/Members' Capital
Common stock	1,000
Total equity	1,000
Class D common stock
Stockholders' Equity/Members' Capital
Common stock	1,000
Total equity	1,000
Successor
Assets
Deferred tax asset	$ 93,194,000
Predecessor
Assets
Cash and cash equivalents		410,104,000
Restricted cash		$ 1,200,000

Consolidated Statements of Financial Condition (Parenthetical) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
Preferred stock, par value	$ 0.00001
Preferred stock, shares authorized	250,000,000
Successor
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	250,000,000	250,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Class A common stock
Common Stock, par value per share	$ 0.00001
Common Stock, shares authorized	1,000,000,000
Class A common stock \| Successor
Common Stock, par value per share	$ 0.00001	$ 0.00001
Common Stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	46,000,000	46,000,000
Common stock, shares outstanding	46,000,000
Class B common stock
Common Stock, par value per share	$ 0.00001
Common Stock, shares authorized	450,000,000
Class B common stock \| Successor
Common Stock, par value per share	$ 0.00001	$ 0.00001
Common Stock, shares authorized	450,000,000	450,000,000
Common stock, shares issued	96,933,192	96,933,192
Common stock, shares outstanding	96,933,192
Class C common stock
Common Stock, par value per share	$ 0.00001
Common Stock, shares authorized	350,000,000
Class C common stock \| Successor
Common Stock, par value per share	$ 0.00001	$ 0.00001
Common Stock, shares authorized	350,000,000	350,000,000
Common stock, shares issued	10,006,269	10,006,269
Common stock, shares outstanding	10,006,269
Class D common stock
Common Stock, par value per share	$ 0.00001
Common Stock, shares authorized	300,000,000
Class D common stock \| Successor
Common Stock, par value per share	$ 0.00001	$ 0.00001
Common Stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	69,282,736	69,282,736
Common stock, shares outstanding	69,282,736

Consolidated Statements of Income - USD ($)	3 Months Ended		6 Months Ended
Consolidated Statements of Income - USD ($)	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues
Gross revenue	$ 190,485,000		$ 377,277,000
Contingent consideration		$ (19,297,000)		$ (29,367,000)
Net revenue	190,485,000		377,277,000
Expenses
Employee compensation and benefits	95,995,000		173,268,000
Depreciation and amortization	34,292,000		67,795,000
Technology and communications	9,519,000		19,559,000
General and administrative	9,365,000		18,454,000
Professional fees	6,738,000		13,709,000
Occupancy	3,621,000		7,260,000
Total expenses	159,530,000		300,045,000
Operating income	30,955,000		77,232,000
Net interest income	175,000		1,033,000
Income before taxes	31,130,000		78,265,000
Provision for income taxes	(6,314,000)		(11,097,000)
Net income	24,816,000		67,168,000
Less: Pre-IPO net income attributable to Tradeweb Markets LLC			42,352,000
Net income attributable to Tradeweb Markets Inc. and non-controlling interests	24,816,000		24,816,000
Less: Net income attributable to non-controlling interests	11,988,000		11,988,000
Net income attributable to Tradeweb Markets Inc.	$ 12,828,000		$ 12,828,000
Earnings per share
Basic	$ 0.09		$ 0.09
Diluted	$ 0.09		$ 0.09
Weighted average interests outstanding
Basic	142,933,192		142,933,192
Diluted	150,847,183		150,847,183
Transaction fees
Revenues
Gross revenue	$ 103,952,000		$ 206,592,000
Subscription fees
Revenues
Gross revenue	34,566,000		69,011,000
Commissions
Revenues
Gross revenue	36,413,000		70,610,000
Refinitiv market data fees
Revenues
Gross revenue	13,385,000		27,001,000
Other
Revenues
Gross revenue	$ 2,169,000		$ 4,063,000
Successor
Earnings per share
Basic			$ 0.09
Diluted	$ 0.09		$ 0.09
Weighted average interests outstanding
Basic			142,933,192
Diluted	150,847,183		150,847,183
Predecessor
Revenues
Gross revenue		171,015,000		340,518,000
Contingent consideration		(19,297,000)		(29,367,000)
Net revenue		151,718,000		311,151,000
Expenses
Employee compensation and benefits		68,407,000		139,977,000
Depreciation and amortization		16,178,000		32,446,000
Technology and communications		9,023,000		17,486,000
General and administrative		7,153,000		13,670,000
Professional fees		7,276,000		12,814,000
Occupancy		3,519,000		7,241,000
Total expenses		111,556,000		223,634,000
Operating income		40,162,000		87,517,000
Net interest income		582,000		1,053,000
Income before taxes		40,744,000		88,570,000
Provision for income taxes		(1,847,000)		(4,365,000)
Net income		38,897,000		84,205,000
Predecessor \| Transaction fees
Revenues
Gross revenue		91,030,000		181,169,000
Predecessor \| Subscription fees
Revenues
Gross revenue		37,647,000		73,973,000
Predecessor \| Commissions
Revenues
Gross revenue		27,553,000		55,436,000
Predecessor \| Refinitiv market data fees
Revenues
Gross revenue		12,081,000		24,318,000
Predecessor \| Other
Revenues
Gross revenue		2,704,000		5,622,000
Tradeweb Markets LLC
Expenses
Less: Pre-IPO net income attributable to Tradeweb Markets LLC			$ 42,352,000
Net income attributable to Tradeweb Markets Inc.			$ 42,352,000
Earnings per share
Basic			$ 0.19
Diluted			$ 0.19
Weighted average interests outstanding
Basic			222,222,197
Diluted			223,320,457
Tradeweb Markets LLC \| Successor
Earnings per share
Basic			$ 0.19
Diluted			$ 0.19
Weighted average interests outstanding
Basic			222,222,197
Diluted			223,320,457
Tradeweb Markets LLC \| Predecessor
Expenses
Less: Pre-IPO net income attributable to Tradeweb Markets LLC		38,897,000		84,205,000
Net income attributable to Tradeweb Markets Inc.		$ 38,897,000		$ 84,205,000
Earnings per share
Basic		$ 0.18		$ 0.39
Diluted		$ 0.18		$ 0.39
Weighted average interests outstanding
Basic		213,435,314		213,435,314
Diluted		213,435,314		213,435,314

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Net income attributable to Tradeweb Markets	$ 12,828		$ 12,828
Foreign currency translation adjustments attributable to non-controlling interests	(647)		(647)
Comprehensive income attributable to non-controlling interests	12,181		12,181
Net income attributable to non-controlling interests	11,988		11,988
Foreign currency translation adjustments attributable to noncontrolling interests	(359)		(359)
Comprehensive income attributable to non-controlling interests	$ 11,629		11,629
Tradeweb Markets LLC
Net income attributable to Tradeweb Markets			42,352
Foreign currency translation adjustments attributable to non-controlling interests			988
Comprehensive income attributable to non-controlling interests			$ 43,340
Predecessor \| Tradeweb Markets LLC
Net income attributable to Tradeweb Markets		$ 38,897		$ 84,205
Foreign currency translation adjustments attributable to non-controlling interests		(2,058)		(3,986)
Comprehensive income attributable to non-controlling interests		$ 36,839		$ 80,219

- Definition

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

+ References + Details

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Members' Capital	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Non-Controlling Interests	Class A common stock	Class B common stock	Class C common stock	Class D common stock	Total
Members' capital beginning of period (Predecessor) at Dec. 31, 2017	$ 999,735		$ (13,267)							$ 986,468
Comprehensive income:
Capital distributions \| Predecessor	(25,000)									(25,000)
Net income \| Predecessor	45,308									45,308
Foreign currency translation adjustments \| Predecessor			1,928							1,928
Members' capital end of period (Predecessor) at Mar. 31, 2018	1,020,043		(11,339)							1,008,704
Members' capital beginning of period (Predecessor) at Dec. 31, 2017	999,735		(13,267)							986,468
Comprehensive income:
Net income \| Predecessor										84,205
Members' capital end of period (Predecessor) at Jun. 30, 2018	1,003,940		(15,325)							988,615
Members' capital beginning of period (Predecessor) at Mar. 31, 2018	1,020,043		(11,339)							1,008,704
Comprehensive income:
Capital distributions \| Predecessor	(55,000)									(55,000)
Net income \| Predecessor	38,897									38,897
Foreign currency translation adjustments \| Predecessor			(3,986)							(3,986)
Members' capital end of period (Predecessor) at Jun. 30, 2018	1,003,940		(15,325)							988,615
Members' capital beginning of period at Dec. 31, 2018	4,573,200
Equity at beginning of period at Dec. 31, 2018			(866)							4,572,334
Comprehensive income:
Adjustment to Class C Shares and Class P© shares in mezzanine capital	(2,369)									(2,369)
Capital distributions	(20,000)									(20,000)
Stock-based compensation	4,674									4,674
Net income	42,352									42,352
Foreign currency translation adjustments			988							988
Members' capital end of period at Mar. 31, 2019	4,597,857
Equity at end of period at Mar. 31, 2019			122							4,597,979
Members' capital beginning of period at Dec. 31, 2018	4,573,200
Equity at beginning of period at Dec. 31, 2018			(866)							4,572,334
Comprehensive income:
Net income										67,168
Equity at end of period at Jun. 30, 2019		$ 2,846,681	(525)	$ 1,393	$ 1,607,249		$ 1		$ 1	4,454,800
Equity at end of period (in shares) at Jun. 30, 2019						46,000,000	96,933,192	10,006,269	69,282,736
Members' capital beginning of period at Mar. 31, 2019	4,597,857
Equity at beginning of period at Mar. 31, 2019			122							4,597,979
Comprehensive income:
Effect of the reorganization transactions	(4,497,857)	4,521,132								23,275
Issuance of common stock, net of offering costs and cancellations		(15,856)					$ 1		$ 1	(15,854)
Issuance of common stock, net of offering costs and cancellations (in shares)						46,000,000	96,933,192	10,006,269	69,282,736
Tax receivable agreement liability and deferred taxes arising from the reorganization transactions and IPO		(78,232)								(78,232)
Allocation of equity to non-controlling interests		(1,607,529)			1,607,529
Distributions to non-controlling interests					(11,909)					(11,909)
Dividends ($0.08 per share)				(11,435)						(11,435)
Capital distributions	$ (100,000)									(100,000)
Share-based compensation expense under the PRSU Plan		6,763								6,763
Share-based compensation expense under the Option Plan		20,403								20,403
Net income				12,828	11,988					24,816
Foreign currency translation adjustments			(647)		(359)					(1,006)
Equity at end of period at Jun. 30, 2019		$ 2,846,681	$ (525)	$ 1,393	$ 1,607,249		$ 1		$ 1	$ 4,454,800
Equity at end of period (in shares) at Jun. 30, 2019						46,000,000	96,933,192	10,006,269	69,282,736

Consolidated Statements of Changes in Equity (Parenthetical)	3 Months Ended
	Jun. 30, 2019 $ / shares
Successor
Dividends	$ 0.08

Consolidated Statements of Cash Flows $ in Thousands	6 Months Ended
Consolidated Statements of Cash Flows $ in Thousands	Jun. 30, 2019 USD ($)	Jun. 30, 2018 USD ($)
Cash flows from operating activities
Net income	$ 67,168
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	67,795
Share-based compensation expense	31,960
Deferred taxes	(3,596)
(Increase) decrease in operating assets:
Receivable from brokers and dealers and clearing organizations	(80,659)
Deposits with clearing organizations	(1,965)
Accounts receivable	(5,756)
Receivable from affiliates	394
Other assets	(8,825)
Increase (decrease) in operating liabilities:
Payable to brokers and dealers and clearing organizations	83,949
Accrued compensation	(51,569)
Deferred revenue	(2,613)
Accounts payable, accrued expenses and other liabilities	(3,661)
Employee equity compensation payable	(16,732)
Payable to affiliates	1,083
Net cash provided by operating activities	76,973
Cash flows from investing activities
Purchase of furniture, equipment, software and leasehold improvements	(3,793)
Capitalized software development costs	(13,914)
Net cash (used in) investing activities	(17,707)
Cash flows from financing activities
Pre-IPO capital distributions	(120,000)
Proceeds from issuance of Class A common stock in the IPO, net of underwriting discounts	1,161,270
Purchase of LLC Interests	(1,161,270)
Offering costs from issuance of Class A common stock in the IPO	(12,306)
Dividends	(11,435)
Capital distributions to non-controlling interests	(11,909)
Net cash (used in) financing activities	(155,650)
Effect of exchange rate changes on cash and cash equivalents	(138)
Net decrease in cash and cash equivalents	(96,522)
Cash and cash equivalents and restricted cash
Beginning of period	411,304
End of period	314,782
Supplemental disclosure of cash flow information
Income taxes paid	24,989
Non-cash financing activities - tems arising from the reorganization transactions and IPO
Deferred tax asset	98,469
Successor
Non-cash financing activities - tems arising from the reorganization transactions and IPO
Establishment of liabilities under tax receivable agreement	171,426
Deferred tax asset	93,194
Predecessor
Cash flows from operating activities
Net income		$ 84,205
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization		32,446
Contingent consideration		29,367
Deferred taxes		1,409
(Increase) decrease in operating assets:
Receivable from brokers and dealers and clearing organizations		4,324
Deposits with clearing organizations		654
Accounts receivable		(30,042)
Receivable from affiliates		(243)
Other assets		(4,973)
Increase (decrease) in operating liabilities:
Payable to brokers and dealers and clearing organizations		(4,322)
Accrued compensation		(34,135)
Deferred revenue		(6,823)
Accounts payable, accrued expenses and other liabilities		1,129
Employee equity compensation payable		(7,501)
Payable to affiliates		(468)
Net cash provided by operating activities		65,027
Cash flows from investing activities
Purchase of furniture, equipment, software and leasehold improvements		(3,125)
Capitalized software development costs		(12,765)
Net cash (used in) investing activities		(15,890)
Cash flows from financing activities
Pre-IPO capital distributions		(80,000)
Net cash (used in) financing activities		(80,000)
Effect of exchange rate changes on cash and cash equivalents		(1,198)
Net decrease in cash and cash equivalents		(32,061)
Cash and cash equivalents and restricted cash
Beginning of period	$ 411,304	353,798
End of period		321,737
Supplemental disclosure of cash flow information
Income taxes paid		$ 3,807

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Cash	$ 410,104
Restricted cash	1,200
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Total	411,304
Predecessor
Cash	410,104
Restricted cash	1,200
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Total	$ 411,304	$ 321,737	$ 353,798

Organization

6 Months Ended

Jun. 30, 2019

Organization

Organization

1. Organization

Tradeweb Markets Inc. (the “Corporation”) was incorporated as a Delaware corporation on November 7, 2018 for the purpose of completing certain reorganization transactions in order to carry on the business of Tradeweb Markets LLC (“TWM LLC”) and conducting an initial public offering (“IPO”) as described below under “—Initial Public Offering” and “—Reorganization Transactions.”

The Corporation is a consolidating subsidiary of BCP York Holdings, (“BCP”) a company owned by certain investment funds affiliated with The Blackstone Group L.P. (“Blackstone”), through BCP’s majority ownership interest in Refinitiv Holdings Limited (“Refinitiv” or the “Parent”). As of June 30, 2019, Refinitiv owns a majority ownership interest in the Company (as defined below).

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 consolidated financial statements. As of June 30, 2019, Tradeweb Markets Inc. owns 64.3% of TWM LLC and the Continuing LLC Owners (defined below) own the remaining 35.7% of TWM LLC.

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 (as defined below), 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 and retail client sectors. The Company’s principal subsidiaries include:

Tradeweb LLC (“TWL”), a registered broker-dealer under the Securities Exchange Act of 1934, a member of the Financial Industry Regulatory Authority (“FINRA”), a registered independent introducing broker with the Commodities Future Trading Commission (“CFTC”) and a member of the National Futures Association (“NFA”).

 Tradeweb Europe Limited (“TEL”), a Multilateral Trading Facility regulated by the Financial Conduct Authority (the “FCA”) in the UK, which maintains branches in Asia which are regulated by certain Asian securities regulators.

 TW SEF LLC (“TW SEF”), a Swap Execution Facility (“SEF”) regulated by the CFTC.

 DW SEF LLC (“DW SEF”), a SEF regulated by the CFTC.

 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 Trading Venue and Approved Publication Arrangement regulated by the Netherlands Authority for the Financial Markets (“AFM”).

The Company, through its subsidiary Tradeweb IDB Markets Inc. (“TWIDB”) (formerly known as Hydrogen Holdings Corporation), owns Dealerweb Inc. (“DW”) (formerly known as Hilliard Farber & Co., Inc.). DW is a registered broker-dealer under the Securities Exchange Act of 1934 and a member of FINRA. DW is also registered as an introducing broker with the CFTC and NFA.

Initial Public Offering

On April 8, 2019, the Corporation completed its IPO of 46,000,000 shares of Class A common stock at a public offering price of $27.00, which includes 6,000,000 shares of Class A common stock issued pursuant to the underwriters’ option to purchase additional shares of Class A common stock. The Corporation received $1,161,270,000 in net proceeds, after deducting underwriting discounts and commissions but before deducting offering expenses, which were used to purchase membership interests of TWM LLC from certain existing equityholders of TWM LLC (and cancelled the corresponding shares of common stock as described below), at a purchase price per interest equal to the public offering price of $27.00, less the underwriting discounts and commissions payable thereon.

Reorganization Transactions

Prior to the closing of the IPO, a series of reorganization transactions (the “Reorganization Transactions”) was completed among the Corporation, TWM LLC and the following parties:

The Owners of TWM LLC prior to the Reorganization Transactions, including an indirect subsidiary (the “Refinitiv LLC Owner”) of Refinitiv, certain investment and commercial banks (collectively, the “Bank Stockholders”) and members of management, that continued to own LLC Interests (as defined below) immediately prior to the closing of the IPO and who received shares of the Corporation’s Class C common stock, shares of the Corporation’s Class D common stock or a combination of both, as the case may be (collectively, the “Continuing LLC Owners”); and

An indirect subsidiary (the “Refinitiv Direct Owner” and, together with the Refinitiv LLC Owner, the “Refinitiv Owners”) of Refinitiv that owned interests in an entity that held membership interests of TWM LLC prior to the Reorganization Transactions and contributed such entity to the Corporation (the “Refinitiv Contribution”).

The following Reorganization Transactions occurred:

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 (“LLC Interests”), (ii) exchange all of the existing membership interests of TWM LLC’s existing equityholders for LLC Interests and (iii) appoint the Corporation as the sole manager of TWM LLC. See Note 9 – Stockholders’ Equity.

The Corporation’s certificate of incorporation was amended and restated to, among other things, provide for Class A common stock, Class B common stock, Class C common stock and Class D common stock. See Note 9 – Stockholders’ Equity.

The Corporation issued 20,000,000 shares of Class C common stock and 105,289,005 shares of Class D common stock to the Continuing LLC Owners, on a one-to-one basis with the number of LLC Interests they owned immediately following the amendment and restatement of the TWM LLC Agreement for nominal consideration (and the Corporation canceled 9,993,731 shares of such Class C common stock and 36,006,269 shares of such Class D common stock in connection with the Corporation’s purchase of LLC Interests from certain of the Bank Stockholders using the net proceeds of the IPO).

As a result of the Refinitiv Contribution (described above), the Corporation received 96,933,192 LLC Interests and the Refinitiv Direct Owner received 96,933,192 shares of Class B common stock. See Note 9 – Stockholders’ Equity.

The Corporation’s board of directors adopted a new omnibus equity incentive plan, under which equity awards may be made in respect of shares of the Corporation’s Class A common stock. It also assumed sponsorship of an option plan and PRSU plan formerly sponsored by TWM LLC. See Note 11 – Stock-Based Compensation Plans.

The Corporation entered into a tax receivable agreement (the “Tax Receivable Agreement”) with TWM LLC and the Continuing LLC Owners. See Note 8 – Tax Receivable Agreement.

Acquisition of Parent Company and Presentation of Financial Statements

A majority interest of Refinitiv (formerly the Thomson Reuters Financial & Risk Business) was acquired by BCP on October 1, 2018 (the “Refinitiv Transaction”) from Thomson Reuters Corporation (“TR”). The accompanying consolidated financial statements are presented for two periods: predecessor and successor, which relate to the periods preceding and succeeding the Refinitiv Transaction, respectively. The Refinitiv Transaction results in a new basis of accounting beginning on October 1, 2018 and the financial reporting periods are presented as follows:

The successor period of the Company, reflecting the Refinitiv Transaction, as of June 30, 2019 and December 31, 2018 and for the three and six months ended June 30, 2019.

The predecessor period of the Company for the three and six months ended June 30, 2018.

See Note 3 – Pushdown Accounting.

Significant Accounting Policies

6 Months Ended

Jun. 30, 2019

Significant Accounting Policies

Significant Accounting Policies

2. Significant Accounting Policies

The following is a summary of significant accounting policies:

Basis of Accounting

The consolidated financial statements have been presented in conformity with accounting principles generally accepted in the United States of America. All adjustments, which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented, are normal and recurring in nature. 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 accounting principles generally accepted in the United States of America 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 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 consolidated financial statements.

Basis of Presentation and Consolidation

The 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 TWM LLC is considered to be the predecessor to Tradeweb Markets Inc. for financial reporting purposes. As a result, the consolidated financial statements for periods prior to the Reorganization Transactions have been adjusted to combine the previously separate entities for presentation purposes. However, Tradeweb Markets Inc. had no business transactions or activities and no substantial assets or liabilities prior to the Reorganization Transactions. As such, for periods prior to the completion of the Reorganization Transactions, the consolidated financial statements represent the historical financial condition and results of operations of TWM LLC and its subsidiaries. For periods after the completion of the Reorganization Transactions, the 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 the Continuing LLC Owners.

Cash and Cash Equivalents

Cash and cash equivalents consists of cash and highly liquid investments (such as short-term money market instruments) with original maturities of less than three months.

Allowance for Doubtful Accounts

The Company continually monitors collections and payments from its clients and maintains an allowance for doubtful accounts. The allowance for doubtful accounts is based upon the historical collection experience and specific collection issues that have been identified. Additions, if any, to the allowance for doubtful accounts are charged to bad debt expense, which is included in general and administrative expenses on the consolidated statements of income.

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, including the allocated fair value of assets as a result of pushdown accounting (see Note 3 – Pushdown Accounting), 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 in accordance with Accounting Standards Codification (“ASC”) 360.

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, in accordance with ASC 350. 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. Costs capitalized as part of the pushdown accounting allocation (see Note 3 – Pushdown Accounting) 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.

Intangible Assets

Intangible assets with a finite life are amortized over the estimated lives, ranging from seven to sixteen years, in accordance with ASC 350. 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 in accordance with ASC 360. 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.

Goodwill

Goodwill is the excess of the fair value of the Company above the fair value accounting basis of the net assets and liabilities of the Company under pushdown accounting. Goodwill is also the cost of acquired companies in excess of the fair value of identifiable net assets at the acquisition date. Goodwill is not amortized, but in accordance with ASC 350, goodwill is tested for impairment annually and between annual tests whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. In 2019, the Company changed the annual date on which goodwill is tested for impairment from July 1st to October 1st to align with the annual impairment testing date of the Company’s Parent. This change did not accelerate, delay, avoid or cause an impairment charge, nor did this change result in adjustments to any previously issued financial statements. Goodwill is tested at the reporting unit level, which is defined as an operating segment or one level below the operating segment. 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.

Deferred IPO Costs

In 2018 the Company began incurring costs in connection with the filing of a Registration Statement on Form S-1, which are deferred in other assets in accordance with ASC 505-10-25 in the consolidated statements of financial condition. IPO costs consist of legal, accounting, and other costs directly related to the Company’s efforts to raise capital through an IPO. As of June 30, 2019, $15.9 million of deferred costs were reclassified from other assets to additional paid-in capital on the consolidated statements of financial condition. See Note 9 – Stockholders’ Equity.

Translation of Foreign Currency

Revenues and expenses denominated in foreign currencies are translated at the rate of exchange prevailing at the transaction date. Assets and liabilities denominated in foreign currencies are translated at the rate prevailing at the consolidated statements of financial condition date. Foreign currency re-measurement gains or losses on transactions in nonfunctional currencies are recognized in the consolidated statements of income. Gains or losses on translation in the financial statements of a non-U.S. operation, when the functional currency is other than the U.S. dollar, are included as a component of comprehensive income.

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, on a pro rata basis. 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. Based on the weight of the positive and negative evidence considered, management believes that it is more likely than not that the Company will be able to realize its deferred tax assets in the future, therefore, no valuation allowance is necessary.

The Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process whereby (1) 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 (2) 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 percent 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 consolidated statements of income. Accrued interest and penalties are included within accounts payable, accrued expenses and other liabilities in the 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 as a current period expense when incurred.

Revenue Recognition

The Company earns transaction fees from transactions executed on the Company’s trading platforms through various fee plans. Transaction fees are generated both on a variable and fixed price basis and vary by geographic region, product type and trade size. For variable transaction fees, the Company charges clients fees based on the mix of products traded and the volume of transactions executed. Transaction fee revenue is recorded at a point in time when the trade occurs and is generally billed monthly.

The Company earns subscription fees from granting access to institutional investors to the Company's electronic marketplaces. Subscription fees are recognized into income in the period that access is provided on a monthly basis. Also included in subscription fees are viewer fees earned monthly from institutional investors accessing fixed income market data. The frequency of subscription fee billings varies from monthly to annually, depending on contract terms. Fees received by the Company which are not yet earned are included in deferred revenue on the consolidated statements of financial condition until the revenue recognition criteria has been met.

The Company earns 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. Securities transactions and related commission income for brokerage transactions are recorded on a trade-date basis. This income is recognized by the Company when the transactions settle. Commission revenue is collected by the Company when the trade settles or is billed monthly.

The Company earns fees from Refinitiv, formerly TR in the predecessor periods, relating to the sale of market data to Refinitiv, which redistributes that data. Included in these fees, which are billed quarterly, are real-time market data fees which are recognized in the period that the data is provided, generally on a monthly basis and historical data sets which are recognized when the historical data set is provided to Refinitiv.

On January 1, 2018, the Company adopted ASU 2014-09, Revenue from Contracts with Customers, using the modified retrospective approach. The adoption of ASU 2014-09 did not have a material impact on the measurement or recognition of revenue in any prior reporting periods. However, subsequent to the adoption, the Company was required to make significant judgements for the Refinitiv market data fees. Significant judgements used in accounting for this contract include:

The provision of real-time market data feeds and annual 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 or each historical data set until the end of the contract term.

Determining the transaction price for the performance obligations by using a market assessment analysis. Inputs in this analysis include a consultant study which determined the overall value of the Company's market data and pricing information for historical data sets provided by other companies.

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. The breakdown of revenues between fixed and variable revenues, in thousands, for the three and six months ended June 30, 2019 and 2018 is as follows:


	Successor				Successor				Predecessor				Predecessor
	Three Months Ended				Six Months Ended				Three Months Ended				Six Months Ended
	June 30, 2019				June 30, 2019				June 30, 2018				June 30, 2018
	(in thousands)								(in thousands)
	Variable		Fixed		Variable		Fixed		Variable		Fixed		Variable		Fixed
Revenues
Transaction fees	$	79,577	$	24,375	$	158,492	$	48,100	$	69,557	$	21,473	$	139,194	$	41,975
Subscription Fees including Refinitiv market data fees		435		47,516		890		95,122		425		49,303		900		97,391
Commissions		26,635		9,778		50,945		19,665		17,346		10,207		35,126		20,310
Other		302		1,867		605		3,458		14		2,690		26		5,596
Gross revenue	$	106,949	$	83,536	$	210,932	$	166,345	$	87,342	$	83,673	$	175,246	$	165,272

Stock-Based Compensation

The Company accounts for stock-based compensation in accordance with ASC 718. ASC 718 focuses primarily on accounting for a transaction in which an entity obtains employee services in exchange for stock-based payments. Under ASC 718, the stock-based payments received by the employees of the Company are accounted for either as equity awards or as liability awards.

As an equity award, 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.

As a liability award, the cost of employee services received in exchange for an award of equity instruments is generally measured based on the grant-date fair value of the award. The fair value of that award is remeasured subsequently at each reporting date through the settlement in accordance with ASC 505. Changes in the equity instrument's fair value during the requisite service period are recognized as compensation cost over that period.

For periods following the Reorganization Transactions and the IPO, the fair value of new equity instrument grants is determined based on the price of the Company’s Class A common stock on the grant date.

Under ASC 718, the grant-date fair value of stock-based awards that do not require future service (i.e., vested awards) are expensed immediately. The grant-date fair value of stock-based awards that require future service, and are graded-vesting awards, are amortized over the relevant service period on a straight-line basis, with each tranche separately measured. The grant-date fair value of stock-based awards that require both future service and the achievement of Company performance-based conditions, are amortized over the relevant service period for the performance-based condition. If in a reporting period it is determined that the achievement of a performance target for a performance-based tranche is not probable, then no expense is recognized for that tranche and any expenses already recognized relating to that tranche in prior reporting periods are reversed in the current reporting period.

In October 2018, following the closing of the Refinitiv Transaction, the Company made a special award of options to management and other employees (the “Special Option Award”) under the Amended and Restated Tradeweb Markets Inc. Option Plan (the “Option Plan”). In accounting for the options issued under the Option Plan, compensation expense is measured and recognized for all awards based on their estimated fair values measured as of the grant date. Costs related to these options will be recognized as an expense in the consolidated statements of income over the requisite service period, with an offsetting increase to additional paid-in capital. The non-cash stock-based compensation expense associated with the Special Option Award began being expensed in the second quarter of 2019, with a charge of $20.4 million, and will continue to be expensed over the following three years.

Determining the appropriate fair value model and calculating the fair value of the stock-based awards requires the input of highly subjective assumptions, including the expected life of the stock-based awards and the stock price volatility. The Company uses the Black-Scholes pricing model to value some of its stock-based awards.

Earnings Per Share

Basic earnings per share is computed by dividing the net income attributable to the Company's shares 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 securities that qualify as participating securities were converted into or exchanged or exercised for TWM LLC’s shares, in the pre-IPO period, and the Corporation’s Class A or Class B common stock, in the post-IPO period, using the treasury stock method, as applicable.

Shares of Class C and Class D common stock do not have economic rights in Tradeweb Markets Inc. and, therefore, are not participating securities for purposes of the computation of 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 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

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.

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.

Recent Accounting Pronouncements – Not Yet Adopted

In June 2016, the FASB issued ASU 2016‑13, Financial Instruments – Credit Losses. The ASU provides new guidance for estimating credit losses on certain types of financial instruments by introducing an approach based on expected losses. This ASU is applicable for the Company in the fiscal year beginning January 1, 2020. The Company is currently evaluating the impact of this ASU on the Company's consolidated financial statements.

In January 2017, the FASB issued ASU 2017‑04, Intangibles – Goodwill and Other. The ASU simplifies the quantitative goodwill impairment test by eliminating the second step of the test. Under this ASU, impairment will be measured by comparing the estimated fair value of the reporting unit with its carrying value. The ASU is applicable for the Company in the fiscal year beginning January 1, 2021. The Company does not anticipate the adoption of this ASU to have a material impact on the Company's consolidated financial statements.

Pushdown Accounting	6 Months Ended
Pushdown Accounting	Jun. 30, 2019
Pushdown Accounting
Pushdown Accounting	3. Pushdown Accounting 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 on the date of the Refinitiv Transaction. The Company, as a consolidating subsidiary of Refinitiv, also accounted for the Refinitiv Transaction using pushdown accounting. Under pushdown accounting, the excess of the fair value of the Company above the fair value accounting basis of the net assets and liabilities of the Company was recorded as goodwill. At June 30, 2019 and December 31, 2018, goodwill amounted to $2,695,000. The Company has one year from the date of the Refinitiv Transaction to finalize these amounts. The adjusted valuations resulted in an increase in depreciation and amortization expense, due to the increased carrying value of the Company’s assets and the related increase in depreciation of tangible assets and amortization of intangible assets, and a decrease in occupancy expense as a result of the recognition of a leasehold interest liability.

Leases

6 Months Ended

Jun. 30, 2019

Leases

Leases

4. Leases

Effective January 1, 2019, the Company adopted ASC 842. This standard requires the Company to recognize a right-of-use asset and a lease liability for all leases with an initial term in excess of twelve months. The Company accounts for an option to extend a lease when the option is reasonably certain to be exercised. The asset reflects the present value of unpaid lease payments coupled with initial direct costs, prepaid lease payments and lease incentives. The amount of the lease liability is calculated as the present value of unpaid lease payments. The Company adopted ASC 842 using a modified retrospective approach and did not restate comparative periods. The Company elected to take the package of practical expedients allowing the Company to not reassess (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases and (iii) initial direct costs for any existing leases. The Company has elected to account for nonlease components in a contract as part of the single lease component to which they are related.

Significant assumptions and judgements in calculating the right-of-use assets and lease liability include the determination of the applicable borrowing rate for each lease.

On January 1, 2019, upon the adoption of ASC 842, the Company recorded, for office space and data center leases in the US and UK, right-of-use assets of $34,760,000, lease liabilities of $39,635,000 and eliminated deferred rent of $4,875,000. The leases have initial lease terms ranging from 3 to 11 years.

Activity related to the Company's leases for the three and six months ended June 30, 2019 is as follows (in thousands):


	Three Months		Six Months
	Ended		Ended
	June 30,		June 30,
	2019		2019
Operating lease expense		2,558	$	5,147
Cash for amounts included in the measurement of operating liability		2,803		5,637
Right-of-use assets obtained in exchange for operating liabilities		—		—

At June 30, 2019, the weighted average borrowing rate and weighted average lease term are as follows:


Weighted average borrowing rate	2.9	%
Weighted average remaining lease term (years)	6.0

The following table presents the maturity of lease liabilities as of June 30, 2019 (in thousands):


Remainder of 2019	$	5,640
2020		7,684
2021		5,349
2022		4,050
2023		3,876
Thereafter		11,151
Total future minimum lease payments		37,750
Less imputed interest		(3,222)
Lease liability	$	34,528

At June 30, 2019, the future minimum lease payments are as follows (in thousands):


Remainder of 2019	$	5,640
2020		7,684
2021		5,349
2022		4,050
2023		3,876
Thereafter		11,151
	$	37,750

One US lease is secured by a letter of credit in the amount of $1,200,000, which is guaranteed by Refinitiv.

Intangible Assets and Goodwill

6 Months Ended

Jun. 30, 2019

Intangible Assets and Goodwill

Intangible Assets and Goodwill

5. Intangible Assets and Goodwill

Intangible assets and goodwill relate to the allocation of purchase price associated with the Refinitiv Transaction (see Note 3 – Pushdown Accounting).

The following is a summary of intangible assets which have an indefinite useful life at both June 30, 2019 and December 31, 2018 (in thousands):


Licenses	$	168,800
Tradename		154,300
Total	$	323,100

Intangible assets that are subject to amortization, including the related accumulated amortization, are comprised as follows (in thousands):


		Successor						Successor
		June 30, 2019						December 31, 2018
	Amortization			Accumulated		Net Carrying				Accumulated		Net Carrying
	Period	Cost		Amortization		Amount		Cost		Amortization		Amount
Customer relationships - Refinitiv Transaction	12 Years	$	928,200	$	(58,012)	$	870,188	$	928,200	$	(19,338)	$	908,862
Content and data	7 Years		154,400		(16,543)		137,857		154,400		(5,514)		148,886
		$	1,082,600	$	(74,555)	$	1,008,045	$	1,082,600	$	(24,852)	$	1,057,748

Amortization expense relating to intangible assets was $24,852,000 and $49,704,000, respectively, for the three and six months ended June 30, 2019, and $6,557,000 and $13,063,000, respectively, for the three and six months ended June 30, 2018.

The estimated annual future amortization for existing intangibles assets through December 31, 2023 is as follows (in thousands):


Remainder of 2019	$	49,704
2020		99,408
2021		99,408
2022		99,408
2023		99,408

Deferred Revenue

6 Months Ended

Jun. 30, 2019

Deferred Revenue

Deferred Revenue

6. Deferred Revenue

The Company records deferred revenue when cash payments are received or due in advance of services to be performed. The recognized revenue and remaining balance is shown below (in thousands):


Deferred revenue balance -December 31, 2018	$	27,883
New billings		54,735
Revenue recognized		(57,348)
Deferred revenue balance - June 30, 2019	$	25,270

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2019
Income Taxes
Income Taxes	7. Income Taxes The Company's effective tax rate was 20.3% and 4.5% for the three months ended June 30, 2019 and 2018, respectively, and 14.2% and 4.9% for the six months ended June 30, 2019 and 2018, respectively. The significant increase in the effective tax rate for the three months and six months ended June 30, 2019 was primarily due to the Reorganization Transactions. Prior to the Reorganization Transactions, incomes taxes consisted only of business taxes incurred by TWM LLC and certain subsidiaries for business conducted in certain state, local and foreign jurisdictions as well as federal, state and local taxes for certain subsidiaries that are taxed as corporations for U.S. tax purposes. As a result of the Reorganization Transactions, 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 may increase over time if the Continuing LLC Owners redeem or exchange their LLC Interests for shares of Class A common stock or Class B common stock, as applicable. The Company's consolidated effective tax rate will vary from period to period depending on redemptions or exchanges by the Continuing LLC Owners, changes in the geographic mix of its earnings and changes in tax legislation and tax rates. The Company 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 the Continuing LLC Owners and in connection with certain other qualifying transactions. This increase in tax basis may 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 we 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 8 – Tax Receivable Agreement. As a result of the IPO, the Company assumed a tax benefit of $93,194,000, due to an increase in amortizable tax basis that will be amortized primarily over 15 years pursuant to Section 197 of the Internal Revenue Code of 1986, as amended, offset by other factors. The tax benefit has been recognized in deferred tax asset on the June 30, 2019 consolidated statement of financial condition. As a result of the Refinitiv Contribution, the Company assumed the tax liabilities of the contributed entity. The contributed entity is under audit by the State of New Jersey for the tax years 2012-2015 and is appealing a tax assessment from an audit by the State of New Jersey for the tax years 2008-2011. The Company recognized a tax liability of $2,722,000 as a result of the Refinitiv Contribution which is included in accounts payable, accrued expenses and other liabilities on the June 30, 2019 consolidated statement of financial condition. The Company is indemnified by Refinitiv for tax liabilities that were assumed by the Company as a result of the Refinitiv Contribution. See Note 12 – Related Party Transactions.

Tax Receivable Agreement Liability	6 Months Ended
Tax Receivable Agreement Liability	Jun. 30, 2019
Tax receivable agreement liability
Tax receivable agreement liability	8. Tax Receivable Agreement In connection with the Reorganization Transactions, the Corporation entered into 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 such Continuing LLC Owner using the net proceeds of the IPO or any future offering or (b) redemptions or exchanges by such 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 made annually based on the actual tax savings realized by the Corporation in its previous tax year. In connection with the IPO, the Company recorded an initial liability of $171,426,000 related to its projected obligations under the Tax Receivable Agreement for LLC Interests that were purchased by the Corporation using the net proceeds of the IPO. The Corporation accounts for the income tax effects resulting from taxable redemptions or exchanges of LLC Interests by the Continuing LLC Owners for shares of Class A common stock or Class B common stock or cash, as the case may be, by recognizing an increase in deferred tax assets, based on enacted tax rates at the date of each redemption or exchange, 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 projected obligations under the Tax Receivable Agreement as a result of changes in the geographic mix of the Company’s earnings, changes in tax legislation and tax rates or other factors that may impact the Corporation’s tax savings will be reflected in income before taxes on the consolidated statement of income in the period in which the change occurs.

Stockholder's Equity

6 Months Ended

Jun. 30, 2019

Stockholder's Equity

Stockholders’ Equity

9. Stockholders’ Equity

Initial Public Offering

As described in Note 1 – Organization, in April 2019 Tradeweb Markets Inc. completed its IPO of 46,000,000 shares of Class A common stock at a public offering price of $27.00, which includes 6,000,000 shares of Class A common stock issued pursuant to the underwriters’ option to purchase additional shares of Class A common stock. The Corporation received $1,161,270,000 in net proceeds, after deducting underwriting discounts and commissions but before deducting offering expenses, which were used to purchase LLC Interests from certain of the Bank Stockholders (and cancelled the corresponding shares of common stock as described below), at a purchase price per interest equal to the public offering price of $27.00, less the underwriting discounts and commissions payable thereon.

Reorganization Transactions

In connection with the IPO, the Reorganization Transactions described below were completed.

Amendment and Restatement of Certificate of Incorporation

On April 3, 2019, the certificate of incorporation of Tradeweb Markets Inc. was amended and restated to, among other things, provide for the authorization of (i) 250,000,000 shares of preferred stock with a par value of $0.00001 per share (ii) 1,000,000,000 shares of Class A common stock with a par value of $0.00001 per share; (iii) 450,000,000 shares of Class B common stock with a par value of $0.00001 per share; (iv) 350,000,000 shares of Class C common stock with a par value of $0.00001 per share; and (v) 300,000,000 shares of Class D common stock with a par value of $0.00001 per share.

Each share of Class A common stock and Class C common stock entitles its holder to one vote on all matters presented to the Corporation’s stockholders generally. Each share of Class B common stock and Class D common stock entitles its holder to ten votes on all matters presented to the Corporation’s stockholders generally. The holders of Class C common stock and Class D common stock have no economic interests in the Corporation (where “economic interests” means the right to receive any dividends or distributions, whether cash or stock, in connection with common stock). These attributes are summarized in the following table:


Class of Common Stock		Par Value	Votes	Economic Rights
Class A common stock	$	0.00001	1	Yes
Class B common stock	$	0.00001	10	Yes
Class C common stock	$	0.00001	1	No
Class D common stock	$	0.00001	10	No

Holders of outstanding shares of Class A common stock, Class B common stock, Class C common stock and Class D common stock will vote together as a single class on all matters presented to the Corporation’s stockholders for their vote or approval, except as otherwise required by applicable law.

Holders of Class B common stock may from time to time exchange all or a portion of their shares of Class B common stock for newly issued shares of Class A common stock on a one-for-one basis (in which case their shares of Class B common stock will be cancelled on a one-for-one basis upon any such issuance). Holders of Class D common stock may also from time to time exchange all or a portion of their shares of Class D common stock for newly issued shares of Class C common stock on a one-for-one basis (in which case their shares of Class D common stock will be cancelled on a one-for-one basis upon such issuance). In addition, with respect to each Bank Stockholder that holds shares of Class D common stock, immediately prior to the occurrence of any event that would cause the combined voting power held by such Bank Stockholder to exceed 4.9%, the minimum number of shares of Class D common stock of such Bank Stockholder that would need to convert into shares of Class C common stock such that the combined voting power held by such Bank Stockholder would not exceed 4.9% will automatically convert into shares of Class C common stock.

Each share of Class B common stock will automatically convert into one share of Class A common stock and each share of Class D common stock will automatically convert into one share of Class C common stock (i) immediately prior to any sale or other transfer of such share by a holder or its permitted transferees to a non-permitted transferee or (ii) once the Refinitiv Owners and their affiliates together no longer beneficially own a number of shares of common stock and LLC Interests that together entitle them to at least 10% of TWM LLC’s economic interest. Holders of LLC Interests that receive shares of Class C common stock upon any such conversion may continue to elect to have their LLC Interests redeemed for newly issued shares of Class A common stock as described below (in which case their shares of Class C common stock will be cancelled on a one-for-one basis upon such issuance).

Recapitalization of Tradeweb Markets LLC

On April 4, 2019, the TWM LLC Agreement was amended and restated to, among other things, (i) provide for the LLC Interests, (ii) exchange all of the existing membership interests of TWM LLC’s existing equityholders for LLC Interests and (iii) appoint the Corporation as the sole manager of TWM LLC.

All of the shares of TWM LLC outstanding prior to the Reorganization Transactions were exchanged for 222,222,197 LLC Interests. TWM LLC’s outstanding shares prior to the Reorganization Transactions consisted of the following classes of shares:


Class A Shares		146,333
Class C Shares		447
Class P(A) Shares		6,887
Class P(C) Shares		2
Class P-1(A) Shares		6,094
Class P-1(C) Shares		232

The TWM LLC Agreement requires that TWM LLC at all times maintain (i) a one-to-one ratio between the number of shares of Class A common stock and Class B common stock issued by the Corporation and the number of LLC Interests owned by the Corporation and (ii) a one-to-one ratio between the number of shares of Class C common stock and Class D common stock issued by the Corporation and the number of LLC Interests owned by the holders of such Class C common stock and Class D common stock.

LLC Interests held by the Continuing LLC Owners are redeemable, at the election of such holders, for newly issued shares of Class A common stock or Class B common stock, as the case may be, on a one-for-one basis (and such holders’ shares of Class C common stock or Class D common stock, as the case may be, will be cancelled on a one-for-one basis upon any such issuance). In the event of such election by a Continuing LLC Owner, the Corporation may, at its option, effect a direct exchange of Class A common stock or Class B common stock for such LLC Interests of the redeeming holders in lieu of such redemption. In addition, the Corporation’s board of directors may, at its option, instead of the foregoing redemptions or exchanges of LLC Interests, cause the Corporation to make a cash payment equal to the volume weighted average market price of one share of Class A common stock for each LLC Interest redeemed (subject to customary adjustments, including for stock splits, stock dividends and reclassifications) in accordance with the terms of the TWM LLC Agreement.

Issuance and Cancellation of Common Stock

As a result of the Refinitiv Contribution, the Corporation received 96,933,192 LLC Interests and the Refinitiv Direct Owner received 96,933,192 shares of Class B common stock.

The Corporation issued 20,000,000 shares of Class C common stock and 105,289,005 shares of Class D common stock to the Continuing LLC Owners, on a one-to-one basis with the number of LLC Interests they owned immediately following the amendment and restatement of the TWM LLC Agreement for nominal consideration (the Corporation canceled 9,993,731 shares of such Class C common stock and 36,006,269 shares of such Class D common stock in connection with the Corporation’s purchase of LLC Interests from certain of the Bank Stockholders using the net proceeds of the IPO).

Following the completion of the Reorganization Transactions, including the IPO and the application of the proceeds therefrom as described above, (i) the investors in the IPO collectively owned 46,000,000 shares of Class A common, representing 2.7% of the combined voting power of all of the Corporation’s common stock and, through the Corporation’s ownership of LLC Interests, 20.7% of the economic interest in TWM LLC; (ii) the Refinitiv Direct Owner owned 96,933,192 shares of Class B common stock, representing 56.4% of the combined voting power of all of the Corporation’s common stock and, through the Corporation’s ownership of LLC Interests, 43.6% of the economic interest in TWM LLC; (iii) the Refinitiv LLC Owner owned 22,988,329 shares of Class D common stock, representing 13.4% of the combined voting power of all of the Corporation’s common stock, and 22,988,329 LLC Interests, representing 10.3% of the economic interest in TWM LLC, (iv) the Continuing LLC Owners that continue to own LLC Interests (other than the Refinitiv LLC Owner) collectively owned 10,006,269 shares of Class C common stock and 46,294,407 shares of Class D common stock, representing 27.5% of the combined voting power of all of the Corporation’s common stock, and 56,300,676 LLC Interests, representing 25.3% of the economic interest in TWM LLC; and (v) the Corporation owned 142,933,192 LLC Interests, representing 64.3% of the economic interest in TWM LLC.

Non-Controlling Interests

6 Months Ended

Jun. 30, 2019

Non-Controlling Interests

Non-Controlling Interests

10. 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 consolidated financial statements. The non-controlling interests balance reported on the June 30, 2019 statement of financial condition represents the economic interests of TWM LLC held by the holders of LLC Interests other than Tradeweb Markets Inc. Income or loss is attributed to the non-controlling interests based on the relative ownership percentages of LLC Interests held by Tradeweb Markets Inc., on the one hand, and the other holders of LLC Interests, on the other hand, during the period.

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


	June 30, 2019
	LLC	Ownership
	Interests	%
Number of LLC Interests held by Tradeweb Markets Inc.	142,933,192	64.3%
Number of LLC Interests held by non-controlling interests	79,289,005	35.7%
Total LLC Interests outstanding	222,222,197	100%

LLC Interests held by the Continuing LLC Owners are redeemable at the election of the members for shares of Class A common stock or Class B common stock, 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. See Note 9 – Stockholders’ Equity.

The following table summarizes the impact on equity due to changes in the Company’s ownership interest in Tradeweb Markets LLC (in thousands):


	Successor		Successor
	Three Months		Six Months
	Ended		Ended
	June 30,		June 30,
Net Income Attributable to Tradeweb Markets Inc. and Transfers (to) from the Non-controlling Interest	2019		2019
Net income attributable to Tradeweb Markets Inc.	$	12,828	$	12,828
Transfers (to) from non-controlling interest:
Allocation of equity to non-controlling interests arising from the reorganization transactions and IPO		(1,607,529)		(1,607,529)
Change from net income attributable to Tradeweb Markets Inc. and transfers (to) from non-controlling interest	$	(1,594,701)	$	(1,594,701)

Stock-Based Compensation Plans

6 Months Ended

Jun. 30, 2019

Stock-Based Compensation Plans

Stock-Based Compensation Plans

11. Stock-Based Compensation Plans

The Company maintains a stock-based incentive plan (the “PRSU Plan”) which provides for the grant of performance-based restricted share units (“PRSUs”) to encourage employees of the Company to participate in the long-term success of the Company.

PRSUs generally vest in the third plan year following the year of grant and are equity-settled in shares of Class A common stock (except as described below). The outstanding PRSUs vest on January 1, 2020, 2021 and 2022. The number of PRSUs initially awarded is subsequently adjusted (upward or downward) by a performance modifier, based on the financial performance of the Company in the year of the grant. If an employee’s employment with the Company is terminated, subject to certain exceptions, all unvested PRSUs are forfeited.

The following table summarizes information for equity-settled PRSUs of the Company (in thousands, except weighted average grant date fair value per unit):


	Successor		Successor
	Three Months		Six Months
	Ended		Ended
	June 30,		June 30,
Equity-Settled PRSUs	2019		2019
PRSU compensation expense	$	6,894	$	11,671
Income tax benefit		—		—
PRSU compensation expense, net of taxes	$	6,894	$	11,671
Weighted-average grant date fair value per unit	$	22.19	$	22.19
Total fair value of vested PRSUs	$	—	$	—

The Company previously granted cash-settled PRSUs, some of which are still outstanding and are accounted for as liability awards. The Company measures the cost of employee services received in exchange for the award based on the fair value of the Company and the value of accumulated dividend rights associated with each award. The fair value of that award is remeasured subsequently at each reporting date through to settlement. Changes in the award's fair value during the requisite service period is recognized as compensation cost over that period.

The following table summarizes information for cash-settled PRSUs of the Company (in thousands, except weighted average fair value per unit):


	Successor		Successor		Predecessor		Predecessor
	Three Months		Six Months		Three Months		Six Months
	Ended		Ended		Ended		Ended
	June 30,		June 30,		June 30,		June 30,
Cash-Settled PRSUs	2019		2019		2018		2018
PRSU compensation expense	$	419	$	519	$	5,209	$	11,155
Income tax benefit		—		—		—		—
PRSU compensation expense, net of taxes	$	419	$	519	$	5,209	$	11,155
Weighted-average fair value per unit	$	63,497	$	63,497	$	33,672	$	33,672
Total fair value of vested PRSUs	$	—	$	—	$	—	$	—

The Corporation maintains an option plan (the “Option Plan”) which provides for the grant of stock options. In October 2018, the Company made a special award of options under the Option Plan. Each option vests one half based solely on the passage of time and one half only if the Company achieves certain performance targets. The time vesting portion of the options has a graded vesting schedule with vesting dates of January 1, 2019, 2020, 2021 and 2022, with accelerated vesting for time-based options with vesting dates of January 1, 2021 and 2022 upon the completion of an initial public offering.

In accounting for the options issued under the Option Plan, the Company measures and recognizes compensation expense for all awards based on their estimated fair values measured as of the grant date. These options are exercisable only any time following the closing of an initial public offering or during a 15‑day period following a change in control of the Company (and certain other sales of equity by the Company’s shareholders). Costs related to these options are recognized as an expense in the consolidated statements of income over the requisite service period, when exercisability is considered probable, with an offsetting increase to additional paid-in capital. As a result, expense recognition commenced upon the completion of the IPO, with $18,883,000 recognized as compensation expense related to these options immediately upon the completion of the IPO.

The following table summarizes information for options of the Company (in thousands, except weighted average fair value per unit):


	Successor		Successor		Predecessor		Predecessor
	Three Months		Six Months		Three Months		Six Months
	Ended		Ended		Ended		Ended
	June 30,		June 30,		June 30,		June 30,
Options	2019		2019		2018		2018
Option compensation expense	$	20,403	$	20,403	$	—	$	—
Income tax benefit		—		—		—		—
Option compensation expense, net of taxes	$	20,403	$	20,403	$	—	$	—
Weighted-average fair value per unit	$	1.85	$	1.85	$	—	$	—
Total fair value of vested options	$	16,309	$	16,309	$	—	$	—

As of June 30, 2019, total unrecognized compensation expense related to non-vested stock-based compensation arrangements and the expected recognition period are as follows (in thousands):


	Cash-Settled		Equity Settled
	PRSUs		PRSUs		Options
Total unrecognized compensation cost	$	558	$	41,237	$	12,923
Weighted-average recognition period		1.3 years		2.0 years		1.7 years

Related Party Transactions

6 Months Ended

Jun. 30, 2019

Related Party Transactions

Related Party Transactions

12. Related Party Transactions

The Company enters into transactions with affiliates of Refinitiv which are considered to be related party transactions. The Company also enters into transactions with affiliates of the Bank Stockholders. Prior to the Reorganization Transactions, the Bank Stockholders were considered to be related parties of the Company. As a result of the Reorganization Transactions, they are no longer considered to be related parties. As a result, the related party transactions listed below include transactions with affiliates of Refinitiv for all periods presented and only includes transactions with affiliates of the Bank Stockholders for pre-IPO periods.

At June 30, 2019 and December 31, 2018, the following balances with such affiliates were included in the consolidated statements of financial condition in the following line items (in thousands):


	Successor		Successor
	June 30, 2019		December 31, 2018
Cash and cash equivalents	$	—	$	283,790
Receivables from brokers and dealers and clearing organizations		—		3,332
Deposits with clearing organizations		—		500
Accounts receivable		—		40,730
Receivable from affiliates		2,849		3,243
Other assets		—		9
Payable to brokers and dealers and clearing organizations		—		2,404
Deferred revenue		4,772		9,151
Payable to affiliates		6,004		5,009

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


	Successor				Predecessor
		Three Months Ended		Six Months Ended		Three Months Ended		Six Months Ended
	June 30, 2019		June 30, 2019		June 30, 2018		June 30, 2018
Revenue:
Transaction fees (1)	$	—	$	59,643	$	53,949	$	106,867
Subscription fees (1)		—		5,670		5,961		11,181
Commissions (1)		—		16,186		11,505		23,136
Refinitiv market data fees (2)		13,385		27,001		12,081		24,318
Operating Income:(3)
Interest income		—		858		7		28

Expenses
Shared Services Fees (4) :
Technology and communications		740		1,480		740		1,480
General and administrative		191		371		180		360
Occupancy		155		310		155		310

(1)

For pre-IPO periods, represents fees and commissions from affiliates of the Bank Stockholders.

(2)

The Company maintains a market data license agreement with Refinitiv (TR in the predecessor period). Under the agreement, the Company delivers to Refinitiv certain market data feeds which Refinitiv redistributes to its customers. The Company earns license fees or royalties for these feeds.

(3)

For pre-IPO periods, represents interest income from money market funds invested with and savings accounts deposited with affiliates of the Bank Stockholders.

(4)

The Company maintains a shared services agreement with Refinitiv (TR in the predecessor period). Under the terms of the agreement, Refinitiv provides the Company with certain real estate, payroll, benefits administration, insurance, content, financial reporting and tax support.

The Company reimburses affiliates of Refinitiv (TR in the predecessor period) for expenses paid on behalf of the Company for various services including salaries and bonuses, marketing, professional fees, communications, data costs and certain other administrative services. For the three and six months ended June 30, 2019, the Company reimbursed such affiliates approximately $3,211,000 and $4,238,000, respectively, for these expenses. For the three and six months ended June 30, 2018, the Company reimbursed such affiliates approximately $6,258,000 and $28,408,000, respectively, for these expenses.

The Company is indemnified by Refinitiv for any tax liabilities that existed in the entity contributed by Refinitiv as a result of the Refinitiv Contribution. At June 30, 2019, $2,722,000 is included in other assets on the June 30, 2019 consolidated statement of financial condition related to this indemnification.

During 2014, the Company issued Class A Shares and unvested Class P-1(A) Shares to some of the Bank Stockholders as a result of a $120,000,000 capital contribution. In connection with this investment, employees invested $5,266,000 in the Company and were issued Class C Shares and unvested Class P-1(C) Shares. Certain Class P-1(A) Shares and Class P-1(C) Shares vested on July 31, 2018, based on a formula determined by the Company’s new credit platforms’ revenues and any remaining unvested Class P-1(A) Shares and Class P-1(C) Shares were cancelled and as a result no contingent consideration has been recognized related to these shares subsequent to that date. The Company recognized contingent consideration for the three months and six months ended June 30, 2018 of $19,297,000 and $29,367,000, respectively, relating to these shares, which is included in net revenue on the consolidated statements of income.

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2019

Fair Value of Financial Instruments

Fair Value of Financial Instruments

13. Fair Value of Financial Instruments

Certain financial instruments that are not carried at fair value on the consolidated statements of financial condition are carried at amounts that approximate fair value. These instruments include deposits with clearing organizations and accounts receivable.

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

The Company has no instruments that are classified within level 2 or level 3 of the fair value hierarchy.

The fair value measurements are as follows (in thousands):


	Quoted Prices in
	active Markets		Significant		Significant
	for Identical		Observable		Unobservable
	Assets		Inputs		Inputs
Successor	(Level 1)		(Level 2)		(Level 3)		Total
As of June 30, 2019
Assets
Money market funds	$	113,180	$	—	$	—	$	113,180
	$	113,180	$	—	$	—	$	113,180
As of December 31, 2018
Assets
Money market funds	$	127,927	$	—	$	—	$	127,927
	$	127,927	$	—	$	—	$	127,927

- 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 + Details

Credit Risk	6 Months Ended
Credit Risk	Jun. 30, 2019
Credit Risk
Credit Risk	14. Credit Risk The Company may be exposed to credit risk regarding its receivables, which are primarily receivables from financial institutions, including investment managers and broker/dealers. At June 30, 2019 and December 31, 2018, the Company established an allowance for doubtful accounts of $1,273,000 and $1,169,000, respectively, with regard to these receivables. 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 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. A substantial number of the Company's transactions are collateralized and executed with, and on behalf of, a limited number of brokers and 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.

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2019
Commitments and Contingencies
Commitments and Contingencies	15. Commitments and Contingencies In the normal course of business, the Company enters into user agreements with its dealers which provide the dealers with indemnification from third parties 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 user 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 antitrust class actions (consolidated into two actions) relating to trading practices in United States Treasury securities auctions. The Company has filed a motion to dismiss the actions, believes it has substantial defenses to the other plaintiff's claims and intends to defend itself vigorously. 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. The Company is a co-defendant in a matter relating to the distribution of financial strength ratings over the Company's trading platform to one of its customers. The matter alleges that while certain business units of the client were licensed to receive the data via the Company's platform, the data was also distributed without authorization to certain end clients of the customer. The plaintiff claims to have suffered approximately $80,000,000 in damages and also seeks punitive damages, attorneys' fees and costs. The Company intends to continue to vigorously defend what the Company believes to be meritless and excessive claims. 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 April 8, 2019, the Company entered into a five year, $500 million senior secured revolving credit facility (“Credit Facility”) with a syndicate of banks. The Credit Facility provides additional 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. Under the terms of the credit agreement that governs the Credit Facility, borrowings under the 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 1.0% and (iii) one month LIBOR plus 1.0%, in each case plus 0.75%, or (b) LIBOR plus 1.75%, subject to a 0.00% floor. The credit agreement also includes a commitment fee of 0.25% for available but unborrowed amounts and other administrative fees that are payable quarterly. The Credit Facility is available until April 2024, provided the Company is in compliance with all covenants. Financial covenant requirements include maintaining minimum ratios related to interest coverage and leverage. As of June 30, 2019, there were no amounts outstanding under the Credit Facility.

Earnings Per Share

6 Months Ended

Jun. 30, 2019

Earnings Per Share

Earnings Per Share

16. Earnings Per Share

In April 2019, the Company completed the Reorganization Transactions and the IPO, which, among other things, resulted in the Corporation becoming the successor of TWM LLC for financial reporting purposes. As a result, earnings per share information for the pre-IPO period is not comparable to earnings per share information for the post-IPO period. Thus, earnings per share information is being presented separately for the pre-IPO and post-IPO periods.

The following tables summarize the basic and diluted earnings per share calculations for Tradeweb Markets LLC (pre-IPO period) and Tradeweb Markets Inc. (post-IPO period):


	Successor				Predecessor
	Three Months		Six Months		Three Months		Six Months
	Ended		Ended		Ended		Ended
	June 30, 2019		June 30, 2019		June 30, 2018		June 30, 2018
EPS: Pre-IPO net income attributable to Tradeweb Markets LLC(1)	(in thousands, except share and per share amounts)
Numerator:
Pre-IPO net income attributable to Tradeweb Markets LLC			$	42,352		38,897		84,205

Denominator:
Weighted average LLC Interests outstanding - Basic				222,222,197		213,435,314		213,435,314
Dilutive effect of equity-settled PRSUs				1,098,260		—		—
Weighted average LLC Interests outstanding - Diluted				223,320,457		213,435,314		213,435,314

Earnings per share - Basic			$	0.19	$	0.18	$	0.39
Earnings per share - Diluted			$	0.19	$	0.18	$	0.39

EPS: Post-IPO net income attributable to Tradeweb Markets Inc.
Numerator:
Post-IPO net income attributable to Tradeweb Markets Inc.	$	12,828	$	12,828

Denominator:
Weighted average shares of Class A and Class B common stock outstanding - Basic		142,933,192		142,933,192
Dilutive effect of equity-settled PRSUs		2,214,480		2,214,480
Dilutive effect of options		5,699,511		5,699,511
Weighted average shares of Class A and Class B common stock outstanding - Diluted		150,847,183		150,847,183

Earnings per share - Basic	$	0.09	$	0.09
Earnings per share - Diluted	$	0.09	$	0.09

(1)

Earnings per share and weighted average shares outstanding for the pre-IPO periods have been computed to give effect to the Reorganization Transactions, including the amendment and restatement of the TWM LLC Agreement to, among other things, (i) provide for LLC Interests and (ii) exchange all of the original members’ existing membership interests for LLC interests.

For the three and six months ended June 30, 2019, there were approximately 340 shares that were anti-dilutive and thus excluded from the computation of diluted earnings per share. For the three and six months ended June 30, 2018, there were approximately 8,045,000 and 6,789,000 shares, respectively, that were anti-dilutive and thus excluded from the computation of diluted earnings per share.

LLC Interests held by the Continuing LLC Owners are redeemable, at the election of such holders, for shares of Class A or Class B common stock of Tradeweb Markets Inc. After evaluating the potential dilutive effect under the if-converted method, the 79,289,005 LLC Interests for the assumed exchange of non-controlling interests were determined to be anti-dilutive and thus were excluded from the computation of diluted earnings per share for the post-IPO periods.

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

Regulatory Capital Requirements

6 Months Ended

Jun. 30, 2019

Regulatory Capital Requirements

Regulatory Capital Requirements

17. Regulatory Capital Requirements

TWL, DW and TWD are subject to the Uniform Net Capital Rule 15c3‑1 under the Securities Exchange Act of 1934. TEL is 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 and TWEU is subject to certain finance resource requirements with the AFM in the Netherlands.

At June 30, 2019 and December 31, 2018, the regulatory capital requirements and regulatory capital for TWL, DW, TWD, TEL, TWJ and TWEU were as follows (in thousands):


As of June 30, 2019	TWL		DW		TWD		TEL		TWJ		TWEU
Regulatory Capital	$	21,837	$	42,786	$	25,858	$	47,555	$	12,286	$	6,472
Regulatory Capital Requirement		1,615		1,559		386		17,515		4,368		6,472
Excess Regulatory Capital	$	20,222	$	41,227	$	25,472	$	30,040	$	7,918	$	—


As of December 31, 2018	TWL		DW		TWD		TEL		TWJ
Regulatory Capital	$	18,986	$	41,164	$	24,042	$	46,157	$	10,592
Regulatory Capital Requirement		2,698		1,803		599		17,493		3,413
Excess Regulatory Capital	$	16,288	$	39,361	$	23,443	$	28,664	$	7,179

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 June 30, 2019 and December 31, 2018 are as follows (in thousands):


	As of June 30, 2019				As of December 31, 2018
	TW SEF		DW SEF		TW SEF		DW SEF
Financial Resources	$	30,137	$	15,032	$	31,232	$	17,837
Required Financial Resources		10,500		5,589		10,500		5,169
Excess Financial Resources	$	19,637	$	9,443	$	20,732	$	12,668

Liquid Financial Assets	$	16,961	$	8,719	$	16,662	$	11,888
Required Liquid Financial Assets		5,250		2,795		5,250		2,585
Excess Liquid Financial Assets	$	11,711	$	5,924	$	11,412	$	9,303

Business Segment and Geographic Information

6 Months Ended

Jun. 30, 2019

Business Segment and Geographic Information

Business Segment and Geographic Information

18. 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 pricing and post-trade processing 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 (in thousands):


	Successor		Successor		Predecessor		Predecessor
	Three Months		Six Months		Three Months		Six Months
	Ended		Ended		Ended		Ended
	June 30, 2019		June 30, 2019		June 30, 2018		June 30, 2018
Net revenue:
Institutional	$	111,057	$	220,309	$	102,095	$	204,415
Wholesale		41,945		81,376		32,265		64,860
Retail		19,939		41,145		20,918		39,954
Market Data		17,544		34,447		15,737		31,289
Contingent consideration		—		—		(19,297)		(29,367)
Net revenue		190,485		377,277		151,718		311,151
Operating expenses		159,530		300,045		111,556		223,634
Operating income	$	30,955	$	77,232	$	40,162	$	87,517

The Company operates in the U.S. and internationally, primarily in Europe and Asia. 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. Information regarding revenue for the three and six months ended June 30, 2019 and 2018 and long-lived assets as of June 30, 2019 and December 31, 2018 is as follows (in thousands):


	Successor		Successor		Predecessor		Predecessor
	Three Months		Six Months		Three Months		Six Months
	Ended		Ended		Ended		Ended
	June 30, 2019		June 30, 2019		June 30, 2018		June 30, 2018
Net Revenue:
U.S.	$	122,693	$	242,090	$	109,540	$	217,322
International		67,792		135,187		61,475		123,196
Gross revenue		190,485		377,277		171,015		340,518
Contingent consideration		—		—		(19,297)		(29,367)
Total	$	190,485	$	377,277	$	151,718	$	311,151


	June 30, 2019		December 31, 2018
Long-lived assets
U.S.	$	4,251,030	$	4,276,568
International		13,413		7,787
Total	$	4,264,443	$	4,284,355

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2019
Subsequent Events
SUBSEQUENT EVENTS	19. Subsequent Events On August 1, 2019, London Stock Exchange Group plc announced that it has agreed definitive terms with a consortium including certain investment funds affiliated with Blackstone as well as Thomson Reuters to acquire Refinitiv in an all share transaction for a total enterprise value of approximately $27 billion. The transaction is subject to customary regulatory and shareholder approvals, and is expected to close during the second half of 2020. Refinitiv currently holds a 54% economic interest in the Company. On August 7, 2019, the board of directors of Tradeweb Markets Inc. declared a cash dividend of $0.08 per share of Class A common stock and Class B common stock for the third quarter of 2019. This dividend will be payable on September 16, 2019 to stockholders of record as of September 3, 2019. On August 6, 2019, 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 $33.0 million payable on September 13, 2019.

Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2019

Significant Accounting Policies

Basis of Accounting

Use of Estimates

Basis of Presentation and Consolidation

The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

Cash and Cash Equivalents

Cash and cash equivalents consists of cash and highly liquid investments (such as short-term money market instruments) with original maturities of less than three months.

Allowance for Doubtful Accounts

Furniture, Equipment, Purchased Software and Leasehold Improvements

Software Development Costs

Intangible Assets

Goodwill

Deferred IPO costs

Deferred IPO Costs

Translation of Foreign Currency

Income Tax

Revenue Recognition

The provision of real-time market data feeds and annual 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 or each historical data set until the end of the contract term.


	Successor				Successor				Predecessor				Predecessor
	Three Months Ended				Six Months Ended				Three Months Ended				Six Months Ended
	June 30, 2019				June 30, 2019				June 30, 2018				June 30, 2018
	(in thousands)								(in thousands)
	Variable		Fixed		Variable		Fixed		Variable		Fixed		Variable		Fixed
Revenues
Transaction fees	$	79,577	$	24,375	$	158,492	$	48,100	$	69,557	$	21,473	$	139,194	$	41,975
Subscription Fees including Refinitiv market data fees		435		47,516		890		95,122		425		49,303		900		97,391
Commissions		26,635		9,778		50,945		19,665		17,346		10,207		35,126		20,310
Other		302		1,867		605		3,458		14		2,690		26		5,596
Gross revenue	$	106,949	$	83,536	$	210,932	$	166,345	$	87,342	$	83,673	$	175,246	$	165,272

Share-Based Compensation

Stock-Based Compensation

Earnings Per Share

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

Fair Value Measurement

Basis of 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.

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.

Recent Accounting Pronouncements

Recent Accounting Pronouncements – Not Yet Adopted

Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2019

Significant Accounting Policies

Breakdown of revenues between fixed and variable revenues

The breakdown of revenues between fixed and variable revenues, in thousands, for the three and six months ended June 30, 2019 and 2018 is as follows:


	Successor				Successor				Predecessor				Predecessor
	Three Months Ended				Six Months Ended				Three Months Ended				Six Months Ended
	June 30, 2019				June 30, 2019				June 30, 2018				June 30, 2018
	(in thousands)								(in thousands)
	Variable		Fixed		Variable		Fixed		Variable		Fixed		Variable		Fixed
Revenues
Transaction fees	$	79,577	$	24,375	$	158,492	$	48,100	$	69,557	$	21,473	$	139,194	$	41,975
Subscription Fees including Refinitiv market data fees		435		47,516		890		95,122		425		49,303		900		97,391
Commissions		26,635		9,778		50,945		19,665		17,346		10,207		35,126		20,310
Other		302		1,867		605		3,458		14		2,690		26		5,596
Gross revenue	$	106,949	$	83,536	$	210,932	$	166,345	$	87,342	$	83,673	$	175,246	$	165,272

Leases (Tables)

6 Months Ended

Jun. 30, 2019

Leases

Activity related to the Company's leases for the three and six months ended June 30, 2019 is as follows (in thousands):


	Three Months		Six Months
	Ended		Ended
	June 30,		June 30,
	2019		2019
Operating lease expense		2,558	$	5,147
Cash for amounts included in the measurement of operating liability		2,803		5,637
Right-of-use assets obtained in exchange for operating liabilities		—		—

At June 30, 2019, the weighted average borrowing rate and weighted average lease term are as follows:


Weighted average borrowing rate	2.9	%
Weighted average remaining lease term (years)	6.0

Schedule of maturity of lease liabilities and future minimum lease payments

The following table presents the maturity of lease liabilities as of June 30, 2019 (in thousands):


Remainder of 2019	$	5,640
2020		7,684
2021		5,349
2022		4,050
2023		3,876
Thereafter		11,151
Total future minimum lease payments		37,750
Less imputed interest		(3,222)
Lease liability	$	34,528

At June 30, 2019, the future minimum lease payments are as follows (in thousands):


Remainder of 2019	$	5,640
2020		7,684
2021		5,349
2022		4,050
2023		3,876
Thereafter		11,151
	$	37,750

Intangible Assets and Goodwill (Tables)

6 Months Ended

Jun. 30, 2019

Intangible Assets and Goodwill

Summary of intangible assets which have an indefinite useful life

The following is a summary of intangible assets which have an indefinite useful life at both June 30, 2019 and December 31, 2018 (in thousands):


Licenses	$	168,800
Tradename		154,300
Total	$	323,100

Intangible assets that are subject to amortization

Intangible assets that are subject to amortization, including the related accumulated amortization, are comprised as follows (in thousands):


		Successor						Successor
		June 30, 2019						December 31, 2018
	Amortization			Accumulated		Net Carrying				Accumulated		Net Carrying
	Period	Cost		Amortization		Amount		Cost		Amortization		Amount
Customer relationships - Refinitiv Transaction	12 Years	$	928,200	$	(58,012)	$	870,188	$	928,200	$	(19,338)	$	908,862
Content and data	7 Years		154,400		(16,543)		137,857		154,400		(5,514)		148,886
		$	1,082,600	$	(74,555)	$	1,008,045	$	1,082,600	$	(24,852)	$	1,057,748

Estimated annual future amortization for existing intangible assets

The estimated annual future amortization for existing intangibles assets through December 31, 2023 is as follows (in thousands):


Remainder of 2019	$	49,704
2020		99,408
2021		99,408
2022		99,408
2023		99,408

Deferred Revenue (Tables)

6 Months Ended

Jun. 30, 2019

Deferred Revenue

Schedule of recognized revenue and remaining deferred revenue balance

The recognized revenue and remaining balance is shown below (in thousands):


Deferred revenue balance -December 31, 2018	$	27,883
New billings		54,735
Revenue recognized		(57,348)
Deferred revenue balance - June 30, 2019	$	25,270

Stockholders’ Equity (Tables)

6 Months Ended

Jun. 30, 2019

Stockholder's Equity

Schedule of class of common stock par value, votes and economic rights


Class of Common Stock		Par Value	Votes	Economic Rights
Class A common stock	$	0.00001	1	Yes
Class B common stock	$	0.00001	10	Yes
Class C common stock	$	0.00001	1	No
Class D common stock	$	0.00001	10	No

Schedule of common units outstanding


Class A Shares		146,333
Class C Shares		447
Class P(A) Shares		6,887
Class P(C) Shares		2
Class P-1(A) Shares		6,094
Class P-1(C) Shares		232

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

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+ Details

Non-Controlling Interests (Tables)

6 Months Ended

Jun. 30, 2019

Non-Controlling Interests

Summary of the ownership interest in noncontrolling interest


	June 30, 2019
	LLC	Ownership
	Interests	%
Number of LLC Interests held by Tradeweb Markets Inc.	142,933,192	64.3%
Number of LLC Interests held by non-controlling interests	79,289,005	35.7%
Total LLC Interests outstanding	222,222,197	100%

Summary of the impact on equity due to changes in the Company’s ownership interest in noncontrolling interest

The following table summarizes the impact on equity due to changes in the Company’s ownership interest in Tradeweb Markets LLC (in thousands):


	Successor		Successor
	Three Months		Six Months
	Ended		Ended
	June 30,		June 30,
Net Income Attributable to Tradeweb Markets Inc. and Transfers (to) from the Non-controlling Interest	2019		2019
Net income attributable to Tradeweb Markets Inc.	$	12,828	$	12,828
Transfers (to) from non-controlling interest:
Allocation of equity to non-controlling interests arising from the reorganization transactions and IPO		(1,607,529)		(1,607,529)
Change from net income attributable to Tradeweb Markets Inc. and transfers (to) from non-controlling interest	$	(1,594,701)	$	(1,594,701)

Stock-Based Compensation Plans (Tables)

6 Months Ended

Jun. 30, 2019

Stock-Based Compensation Plans

Schedule of equity-settled PRSUs issued

The following table summarizes information for equity-settled PRSUs of the Company (in thousands, except weighted average grant date fair value per unit):


	Successor		Successor
	Three Months		Six Months
	Ended		Ended
	June 30,		June 30,
Equity-Settled PRSUs	2019		2019
PRSU compensation expense	$	6,894	$	11,671
Income tax benefit		—		—
PRSU compensation expense, net of taxes	$	6,894	$	11,671
Weighted-average grant date fair value per unit	$	22.19	$	22.19
Total fair value of vested PRSUs	$	—	$	—

Schedule of cash-settled PRSUs issued

The following table summarizes information for cash-settled PRSUs of the Company (in thousands, except weighted average fair value per unit):


	Successor		Successor		Predecessor		Predecessor
	Three Months		Six Months		Three Months		Six Months
	Ended		Ended		Ended		Ended
	June 30,		June 30,		June 30,		June 30,
Cash-Settled PRSUs	2019		2019		2018		2018
PRSU compensation expense	$	419	$	519	$	5,209	$	11,155
Income tax benefit		—		—		—		—
PRSU compensation expense, net of taxes	$	419	$	519	$	5,209	$	11,155
Weighted-average fair value per unit	$	63,497	$	63,497	$	33,672	$	33,672
Total fair value of vested PRSUs	$	—	$	—	$	—	$	—

Schedule of options issued


	Successor		Successor		Predecessor		Predecessor
	Three Months		Six Months		Three Months		Six Months
	Ended		Ended		Ended		Ended
	June 30,		June 30,		June 30,		June 30,
Options	2019		2019		2018		2018
Option compensation expense	$	20,403	$	20,403	$	—	$	—
Income tax benefit		—		—		—		—
Option compensation expense, net of taxes	$	20,403	$	20,403	$	—	$	—
Weighted-average fair value per unit	$	1.85	$	1.85	$	—	$	—
Total fair value of vested options	$	16,309	$	16,309	$	—	$	—

Schedule of unrecognized compensation expense

As of June 30, 2019, total unrecognized compensation expense related to non-vested stock-based compensation arrangements and the expected recognition period are as follows (in thousands):


	Cash-Settled		Equity Settled
	PRSUs		PRSUs		Options
Total unrecognized compensation cost	$	558	$	41,237	$	12,923
Weighted-average recognition period		1.3 years		2.0 years		1.7 years

Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2019

Related Party Transactions

Schedule of balances from transactions with affiliates included in the consolidated statements

At June 30, 2019 and December 31, 2018, the following balances with such affiliates were included in the consolidated statements of financial condition in the following line items (in thousands):


	Successor		Successor
	June 30, 2019		December 31, 2018
Cash and cash equivalents	$	—	$	283,790
Receivables from brokers and dealers and clearing organizations		—		3,332
Deposits with clearing organizations		—		500
Accounts receivable		—		40,730
Receivable from affiliates		2,849		3,243
Other assets		—		9
Payable to brokers and dealers and clearing organizations		—		2,404
Deferred revenue		4,772		9,151
Payable to affiliates		6,004		5,009

Schedule of affiliates were included in the consolidated statements of income

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


	Successor				Predecessor
		Three Months Ended		Six Months Ended		Three Months Ended		Six Months Ended
	June 30, 2019		June 30, 2019		June 30, 2018		June 30, 2018
Revenue:
Transaction fees (1)	$	—	$	59,643	$	53,949	$	106,867
Subscription fees (1)		—		5,670		5,961		11,181
Commissions (1)		—		16,186		11,505		23,136
Refinitiv market data fees (2)		13,385		27,001		12,081		24,318
Operating Income:(3)
Interest income		—		858		7		28

Expenses
Shared Services Fees (4) :
Technology and communications		740		1,480		740		1,480
General and administrative		191		371		180		360
Occupancy		155		310		155		310

(1)

For pre-IPO periods, represents fees and commissions from affiliates of the Bank Stockholders.

(2)

(3)

For pre-IPO periods, represents interest income from money market funds invested with and savings accounts deposited with affiliates of the Bank Stockholders.

(4)

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2019

Fair Value of Financial Instruments

Schedule of fair value measurements

The fair value measurements are as follows (in thousands):


	Quoted Prices in
	active Markets		Significant		Significant
	for Identical		Observable		Unobservable
	Assets		Inputs		Inputs
Successor	(Level 1)		(Level 2)		(Level 3)		Total
As of June 30, 2019
Assets
Money market funds	$	113,180	$	—	$	—	$	113,180
	$	113,180	$	—	$	—	$	113,180
As of December 31, 2018
Assets
Money market funds	$	127,927	$	—	$	—	$	127,927
	$	127,927	$	—	$	—	$	127,927

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2019

Earnings Per Share

Schedule of basic and Diluted earnings per share


	Successor				Predecessor
	Three Months		Six Months		Three Months		Six Months
	Ended		Ended		Ended		Ended
	June 30, 2019		June 30, 2019		June 30, 2018		June 30, 2018
EPS: Pre-IPO net income attributable to Tradeweb Markets LLC(1)	(in thousands, except share and per share amounts)
Numerator:
Pre-IPO net income attributable to Tradeweb Markets LLC			$	42,352		38,897		84,205

Denominator:
Weighted average LLC Interests outstanding - Basic				222,222,197		213,435,314		213,435,314
Dilutive effect of equity-settled PRSUs				1,098,260		—		—
Weighted average LLC Interests outstanding - Diluted				223,320,457		213,435,314		213,435,314

Earnings per share - Basic			$	0.19	$	0.18	$	0.39
Earnings per share - Diluted			$	0.19	$	0.18	$	0.39

EPS: Post-IPO net income attributable to Tradeweb Markets Inc.
Numerator:
Post-IPO net income attributable to Tradeweb Markets Inc.	$	12,828	$	12,828

Denominator:
Weighted average shares of Class A and Class B common stock outstanding - Basic		142,933,192		142,933,192
Dilutive effect of equity-settled PRSUs		2,214,480		2,214,480
Dilutive effect of options		5,699,511		5,699,511
Weighted average shares of Class A and Class B common stock outstanding - Diluted		150,847,183		150,847,183

Earnings per share - Basic	$	0.09	$	0.09
Earnings per share - Diluted	$	0.09	$	0.09

(1)

Regulatory Capital Requirements (Tables)

6 Months Ended

Jun. 30, 2019

Regulatory Capital Requirements

Schedule of regulatory capital requirements

At June 30, 2019 and December 31, 2018, the regulatory capital requirements and regulatory capital for TWL, DW, TWD, TEL, TWJ and TWEU were as follows (in thousands):


As of June 30, 2019	TWL		DW		TWD		TEL		TWJ		TWEU
Regulatory Capital	$	21,837	$	42,786	$	25,858	$	47,555	$	12,286	$	6,472
Regulatory Capital Requirement		1,615		1,559		386		17,515		4,368		6,472
Excess Regulatory Capital	$	20,222	$	41,227	$	25,472	$	30,040	$	7,918	$	—


As of December 31, 2018	TWL		DW		TWD		TEL		TWJ
Regulatory Capital	$	18,986	$	41,164	$	24,042	$	46,157	$	10,592
Regulatory Capital Requirement		2,698		1,803		599		17,493		3,413
Excess Regulatory Capital	$	16,288	$	39,361	$	23,443	$	28,664	$	7,179

Schedule of financial resources and liquid financial resources

The required and maintained financial resources and liquid financial assets at June 30, 2019 and December 31, 2018 are as follows (in thousands):


	As of June 30, 2019				As of December 31, 2018
	TW SEF		DW SEF		TW SEF		DW SEF
Financial Resources	$	30,137	$	15,032	$	31,232	$	17,837
Required Financial Resources		10,500		5,589		10,500		5,169
Excess Financial Resources	$	19,637	$	9,443	$	20,732	$	12,668

Liquid Financial Assets	$	16,961	$	8,719	$	16,662	$	11,888
Required Liquid Financial Assets		5,250		2,795		5,250		2,585
Excess Liquid Financial Assets	$	11,711	$	5,924	$	11,412	$	9,303

Business Segment and Geographic Information (Tables)

6 Months Ended

Jun. 30, 2019

Business Segment and Geographic Information

Schedule of information regarding revenue by client sector

Information regarding revenue by client sector is as follows (in thousands):


	Successor		Successor		Predecessor		Predecessor
	Three Months		Six Months		Three Months		Six Months
	Ended		Ended		Ended		Ended
	June 30, 2019		June 30, 2019		June 30, 2018		June 30, 2018
Net revenue:
Institutional	$	111,057	$	220,309	$	102,095	$	204,415
Wholesale		41,945		81,376		32,265		64,860
Retail		19,939		41,145		20,918		39,954
Market Data		17,544		34,447		15,737		31,289
Contingent consideration		—		—		(19,297)		(29,367)
Net revenue		190,485		377,277		151,718		311,151
Operating expenses		159,530		300,045		111,556		223,634
Operating income	$	30,955	$	77,232	$	40,162	$	87,517

Schedule of revenue and long-lived assets by geographic location

Information regarding revenue for the three and six months ended June 30, 2019 and 2018 and long-lived assets as of June 30, 2019 and December 31, 2018 is as follows (in thousands):


	Successor		Successor		Predecessor		Predecessor
	Three Months		Six Months		Three Months		Six Months
	Ended		Ended		Ended		Ended
	June 30, 2019		June 30, 2019		June 30, 2018		June 30, 2018
Net Revenue:
U.S.	$	122,693	$	242,090	$	109,540	$	217,322
International		67,792		135,187		61,475		123,196
Gross revenue		190,485		377,277		171,015		340,518
Contingent consideration		—		—		(19,297)		(29,367)
Total	$	190,485	$	377,277	$	151,718	$	311,151


	June 30, 2019		December 31, 2018
Long-lived assets
U.S.	$	4,251,030	$	4,276,568
International		13,413		7,787
Total	$	4,264,443	$	4,284,355

Organization (Details) - USD ($)		3 Months Ended
Organization (Details) - USD ($)	Apr. 08, 2019	Jun. 30, 2019
Shares contributed by Refinitiv Owner	96,933,192
Class A common stock
Shares issued		46,000,000
Class B common stock
Shares issued		96,933,192
Shares issued to acquire TWM LLC	20,000,000
Number of shares canceled	9,993,731
Shares contributed by Refinitiv Owner	96,933,192
Class C common stock
Shares issued		10,006,269
Shares issued to acquire TWM LLC	20,000,000
Number of shares canceled	9,993,731
Class D common stock
Shares issued		69,282,736
Shares issued to acquire TWM LLC	105,289,005
Number of shares canceled	36,006,269
Tradeweb Markets LLC
Ownership interest	64.30%	64.30%
Number of LLC Interests held by non-controlling interest holders		35.70%
Share Price	$ 27.00
Net proceeds	$ 1,161,270,000
Initial Public Offering
Shares issued	46,000,000
Share Price	$ 27.00
Initial Public Offering \| Class A common stock
Shares issued	46,000,000
Share Price	$ 27.00
Underwriters option
Shares issued	6,000,000
Underwriters option \| Class A common stock
Shares issued	6,000,000

Significant Accounting Policies - Useful Lives of Assets (Details)	6 Months Ended
	Jun. 30, 2019
Furniture, Equipment, Purchased Software and Leasehold Improvements \| Minimum
Furniture, Equipment, Purchased Software and Leasehold Improvements
Property, Plant and Equipment, Useful Life	3 years
Furniture, Equipment, Purchased Software and Leasehold Improvements \| Maximum
Furniture, Equipment, Purchased Software and Leasehold Improvements
Property, Plant and Equipment, Useful Life	7 years
Software Development Costs
Furniture, Equipment, Purchased Software and Leasehold Improvements
Property, Plant and Equipment, Useful Life	3 years
Amortization of pushdown accounting allocation	9 years

Significant Accounting Policies - Useful Lives of Intangible Assets (Details)	6 Months Ended
	Jun. 30, 2019
Minimum
Intangible Assets
Useful life of intangible assets	7 years
Maximum
Intangible Assets
Useful life of intangible assets	16 years

Significant Accounting Policies - Deferred IPO Cost (Details) $ in Millions	Jun. 30, 2019 USD ($)
Significant Accounting Policies
Deferred costs	$ 15.9

Significant Accounting Policies - Breakdown of Revenues Between Fixed and Variable (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenue Recognition
Gross revenues	$ 190,485		$ 377,277
Transaction fees
Revenue Recognition
Gross revenues	103,952		206,592
Commissions
Revenue Recognition
Gross revenues	36,413		70,610
Other
Revenue Recognition
Gross revenues	2,169		4,063
Variable
Revenue Recognition
Gross revenues	106,949		210,932
Variable \| Transaction fees
Revenue Recognition
Gross revenues	79,577		158,492
Variable \| Subscription Fees including Refinitiv market data
Revenue Recognition
Gross revenues	435		890
Variable \| Commissions
Revenue Recognition
Gross revenues	26,635		50,945
Variable \| Other
Revenue Recognition
Gross revenues	302		605
Fixed
Revenue Recognition
Gross revenues	83,536		166,345
Fixed \| Transaction fees
Revenue Recognition
Gross revenues	24,375		48,100
Fixed \| Subscription Fees including Refinitiv market data
Revenue Recognition
Gross revenues	47,516		95,122
Fixed \| Commissions
Revenue Recognition
Gross revenues	9,778		19,665
Fixed \| Other
Revenue Recognition
Gross revenues	1,867		$ 3,458
Predecessor
Revenue Recognition
Gross revenues		$ 171,015		$ 340,518
Predecessor \| Transaction fees
Revenue Recognition
Gross revenues		91,030		181,169
Predecessor \| Commissions
Revenue Recognition
Gross revenues		27,553		55,436
Predecessor \| Other
Revenue Recognition
Gross revenues		2,704		5,622
Predecessor \| Variable
Revenue Recognition
Gross revenues		87,342		175,246
Predecessor \| Variable \| Transaction fees
Revenue Recognition
Gross revenues		69,557		139,194
Predecessor \| Variable \| Subscription Fees including Refinitiv market data
Revenue Recognition
Gross revenues		425		900
Predecessor \| Variable \| Commissions
Revenue Recognition
Gross revenues		17,346		35,126
Predecessor \| Variable \| Other
Revenue Recognition
Gross revenues		14		26
Predecessor \| Fixed
Revenue Recognition
Gross revenues		83,673		165,272
Predecessor \| Fixed \| Transaction fees
Revenue Recognition
Gross revenues		21,473		41,975
Predecessor \| Fixed \| Subscription Fees including Refinitiv market data
Revenue Recognition
Gross revenues		49,303		97,391
Predecessor \| Fixed \| Commissions
Revenue Recognition
Gross revenues		10,207		20,310
Predecessor \| Fixed \| Other
Revenue Recognition
Gross revenues		$ 2,690		$ 5,596
Special Mention
Revenue Recognition
Compensation expense	$ 20,400
Allocation term	3 years

Pushdown Accounting (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Pushdown Accounting
Goodwill	$ 2,694,797	$ 2,694,797

Leases (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
Leases (Details) - USD ($) $ in Thousands	Jan. 01, 2019	Jun. 30, 2019	Jun. 30, 2019
Lessee, Lease, Description [Line Items]
Package of practical expedients	true
Right-of-use assets		$ 30,145	$ 30,145
Lease liability		34,528	34,528
Activity related to the Company's leases
Operating lease expense		2,558	5,147
Cash for amounts included in the measurement of operating liability		2,803	5,637
Right of use assets obtained in exchange for operating liabilities		$ 0	$ 0
Weighted average borrowing rate		2.90%	2.90%
Weighted average remaining lease term (years)		6 years	6 years
Minimum
Lessee, Lease, Description [Line Items]
Initial term of lease		3 years	3 years
Maximum
Lessee, Lease, Description [Line Items]
Initial term of lease		11 years	11 years
ASC 842 \| Adjustment
Lessee, Lease, Description [Line Items]
Right-of-use assets	$ 34,760,000
Lease liability	39,635,000
Deferred rent	$ 4,875,000

Leases - Maturity of Lease Liabilities and Future Minimum Lease Payments (Details) $ in Thousands	Jun. 30, 2019 USD ($)
Maturity of lease liabilities
Remainder of 2019	$ 5,640
2020	7,684
2021	5,349
2022	4,050
2023	3,876
Thereafter	11,151
Total future minimum lease payments	37,750
Less imputed interest	(3,222)
Lease liability	34,528
future minimum lease payments
Remainder of 2019	5,640
2020	7,684
2021	5,349
2022	4,050
2023	3,876
Thereafter	11,151
Total future minimum lease payments	$ 37,750

Leases - Guaranteed (Details) $ in Thousands	Jun. 30, 2019 USD ($)
Refinitiv \| US lease secured by letter of credit
Guarantor Obligations [Line Items]
Letter of credit guaranteed by Refinitiv	$ 1,200,000

Intangible Assets and Goodwill - Indefinite Lived Intangible Assets (Details) $ in Thousands	Jun. 30, 2019 USD ($)
Intangible assets with indefinite useful lives
Intangible assets which have an indefinite useful life	$ 323,100
Licenses
Intangible assets with indefinite useful lives
Intangible assets which have an indefinite useful life	168,800
Tradenames
Intangible assets with indefinite useful lives
Intangible assets which have an indefinite useful life	$ 154,300

Intangible Assets and Goodwill - Finite Lived Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Intangible assets that are subject to amortization
Cost	$ 1,082,600	$ 1,082,600
Accumulated Amortization	(74,555)	(24,852)
Net Carrying Amount	1,008,045	1,057,748
Customer relationships
Intangible assets that are subject to amortization
Cost	928,200	928,200
Accumulated Amortization	(58,012)	(19,338)
Net Carrying Amount	870,188	908,862
Content and data
Intangible assets that are subject to amortization
Cost	154,400	154,400
Accumulated Amortization	(16,543)	(5,514)
Net Carrying Amount	$ 137,857	$ 148,886
Successor \| Customer relationships
Intangible assets that are subject to amortization
Amortization Period	12 years	12 years
Successor \| Content and data
Intangible assets that are subject to amortization
Amortization Period	7 years	7 years

Intangible Assets and Goodwill - Future Amortization (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Estimated annual future amortization for existing intangibles assets
Remainder of 2019	$ 49,704,000		$ 49,704,000
2020	99,408,000		99,408,000
2021	99,408,000		99,408,000
2022	99,408,000		99,408,000
2023	99,408,000		99,408,000
Successor
Intangible assets that are subject to amortization
Amortization expense	$ 24,852,000		$ 49,704,000
Predecessor
Intangible assets that are subject to amortization
Amortization expense		$ 6,557,000		$ 13,063,000

Deferred Revenue (Details) $ in Thousands	6 Months Ended
Deferred Revenue (Details) $ in Thousands	Jun. 30, 2019 USD ($)
Changes in deferred revenue
Deferred revenue balance - beginning of period	$ 27,883
New billings	54,735
Revenue recognized	(57,348)
Deferred revenue balance - end of period	$ 25,270

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($)	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Tax Disclosure [Line Items]
Effective tax rate	20.30%	4.50%	14.20%	4.90%
Percentage of amount of U.S. federal, state and local income or franchise tax savings			50.00%
Remaining percentage of tax benefits			50.00%
Tax benefit assumed due to increase in amortizable tax basis			$ 93,194,000
Tax amortization period			15 years
Accounts payable, accrued expenses and other liabilities
Income Tax Disclosure [Line Items]
Tax liability	$ 2,722,000		$ 2,722,000

Tax Receivable Agreement Liability (Details)	6 Months Ended
Tax Receivable Agreement Liability (Details)	Jun. 30, 2019 USD ($)
Tax receivable agreement liability
Percentage of amount of U.S. federal, state and local income or franchise tax savings	50.00%
Tax receivable agreement liability	$ 171,426,000

Stockholder's Equity (Details)	Apr. 08, 2019 USD ($) $ / shares shares
Initial Public Offering
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock, net of offering costs and cancellations (in shares) \| shares	46,000,000
Share Price \| $ / shares	$ 27.00
Underwriters option
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock, net of offering costs and cancellations (in shares) \| shares	6,000,000
Tradeweb Markets LLC
Subsidiary, Sale of Stock [Line Items]
Share Price \| $ / shares	$ 27.00
Net proceeds \| $	$ 1,161,270,000

Stockholder's Equity - Authorized shares (Details)	6 Months Ended
Stockholder's Equity - Authorized shares (Details)	Jun. 30, 2019 Vote $ / shares shares
Class of Stock [Line Items]
Preferred stock, shares authorized \| shares	250,000,000
Preferred stock, par value \| $ / shares	$ 0.00001
Number of votes per common stock \| Vote	1
Class A common stock
Class of Stock [Line Items]
Common Stock, shares authorized \| shares	1,000,000,000
Common stock, par value \| $ / shares	$ 0.00001
Number of votes per common stock \| Vote	1
Conversion ratio	1
Class B common stock
Class of Stock [Line Items]
Common Stock, shares authorized \| shares	450,000,000
Common stock, par value \| $ / shares	$ 0.00001
Number of votes per common stock \| Vote	10
Class C common stock
Class of Stock [Line Items]
Common Stock, shares authorized \| shares	350,000,000
Common stock, par value \| $ / shares	$ 0.00001
Number of votes per common stock \| Vote	1
Conversion ratio	1
Class D common stock
Class of Stock [Line Items]
Common Stock, shares authorized \| shares	300,000,000
Common stock, par value \| $ / shares	$ 0.00001
Number of votes per common stock \| Vote	10
Tradeweb Markets LLC
Class of Stock [Line Items]
Threshold percentage of economic interest for conversion	10.00%
Cancellation ratio	1

Stockholder's Equity - Common Units Outstanding (Details) - Tradeweb Markets LLC	6 Months Ended
	Jun. 30, 2019 shares
LLC Interests
Class of Stock [Line Items]
Common units exchanged	222,222,197
Class A common stock
Class of Stock [Line Items]
Classes shares outstanding	146,333
Class C common stock
Class of Stock [Line Items]
Classes shares outstanding	447
Class P(A) Shares
Class of Stock [Line Items]
Classes shares outstanding	6,887
Class P(C) Shares
Class of Stock [Line Items]
Classes shares outstanding	2
Class P-1(A) Shares
Class of Stock [Line Items]
Classes shares outstanding	6,094
Class P-1(C) Shares
Class of Stock [Line Items]
Classes shares outstanding	232

Stockholder's Equity - Narrative (Details) - shares		6 Months Ended
Stockholder's Equity - Narrative (Details) - shares	Apr. 08, 2019	Jun. 30, 2019
Class of Stock [Line Items]
Shares contributed by Refinitiv Owner	96,933,192
Continuing LLC Owners
Class of Stock [Line Items]
Percentage of combined voting power	27.50%
Class A common stock
Class of Stock [Line Items]
Number of shares owned	46,000,000
Percentage of combined voting power	2.70%
Class B common stock
Class of Stock [Line Items]
Shares contributed by Refinitiv Owner	96,933,192
Shares issued to acquire TWM LLC	20,000,000
Number of shares canceled	9,993,731
Class B common stock \| Refinitiv Direct Owner [Member]
Class of Stock [Line Items]
Number of shares owned	96,933,192
Percentage of combined voting power	56.40%
Class C common stock
Class of Stock [Line Items]
Shares issued to acquire TWM LLC	20,000,000
Number of shares canceled	9,993,731
Class C common stock \| Continuing LLC Owners
Class of Stock [Line Items]
Number of shares owned	10,006,269
Class D common stock
Class of Stock [Line Items]
Shares issued to acquire TWM LLC	105,289,005
Number of shares canceled	36,006,269
Voting power threshold percentage to require conversion of shares	4.90%
Class D common stock \| Continuing LLC Owners
Class of Stock [Line Items]
Number of shares owned	46,294,407
Class D common stock \| Refinitiv LLC Owner [Member]
Class of Stock [Line Items]
Number of shares owned	22,988,329
Percentage of combined voting power	13.40%
Tradeweb Markets LLC
Class of Stock [Line Items]
Percentage of economic interest	20.70%
Number of LLC Interest		79,289,005
Ownership percentage, Continuing LLC Owners		35.70%
Number of LLC Interest held by parent	142,933,192	142,933,192
Ownership interest	64.30%	64.30%
Tradeweb Markets LLC \| Continuing LLC Owners
Class of Stock [Line Items]
Number of LLC Interest	56,300,676
Ownership percentage, Continuing LLC Owners	25.30%
Tradeweb Markets LLC \| Class B common stock \| Refinitiv Direct Owner [Member]
Class of Stock [Line Items]
Percentage of economic interest	43.60%
Tradeweb Markets LLC \| Class D common stock \| Refinitiv LLC Owner [Member]
Class of Stock [Line Items]
Number of LLC Interest	22,988,329
Ownership percentage, Continuing LLC Owners	10.30%

Non-Controlling Interests (Details) $ in Thousands		3 Months Ended	6 Months Ended
Non-Controlling Interests (Details) $ in Thousands	Apr. 08, 2019 shares	Jun. 30, 2019 USD ($)	Jun. 30, 2019 USD ($) shares
Noncontrolling Interest [Line Items]
Net income attributable to Tradeweb Markets		$ 12,828	$ 12,828
Class A common stock
Noncontrolling Interest [Line Items]
Conversion ratio			1
Class B common stock
Noncontrolling Interest [Line Items]
Conversion ratio			1
Tradeweb Markets LLC
Noncontrolling Interest [Line Items]
Number of LLC Interests held by Tradeweb Markets Inc \| shares	142,933,192		142,933,192
Number of LLC Interests held by non-controlling interest \| shares			79,289,005
Total LLC Interests outstanding \| shares			222,222,197
Number of LLC Interests held by Tradeweb Markets Inc	64.30%	64.30%	64.30%
Number of LLC Interests held by non-controlling interest holders		35.70%	35.70%
Total LLC Interests outstanding		100.00%	100.00%
Net income attributable to Tradeweb Markets		$ 12,828	$ 12,828
Allocation of equity to non-controlling interests arising from the reorganization transactions and IPO		(1,607,529)	(1,607,529)
Change from net income attributable to Tradeweb Markets Inc. and transfers (to) from non-controlling interest		$ (1,594,701)	$ (1,594,701)

Stock-Based Compensation Plans (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Equity-settled PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 6,894		$ 11,671
Compensation expense, net of taxes	$ 6,894		$ 11,671
Weighted-average grant date fair value per unit, PRSUs	$ 22.19		$ 22.19
Cash-settled PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 419		$ 519
Compensation expense, net of taxes	$ 419		$ 519
Weighted-average grant date fair value per unit, PRSUs	$ 63,497.00		$ 63,497.00
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 20,403		$ 20,403
Compensation expense, net of taxes	$ 20,403		$ 20,403
Weighted-average fair value per unit, options	$ 1.85		$ 1.85
Total fair value of vested options	$ 16,309		$ 16,309
Successor \| Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense			$ 18,883,000
Predecessor \| Cash-settled PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense		$ 5,209		$ 11,155
Compensation expense, net of taxes		$ 5,209		$ 11,155
Weighted-average grant date fair value per unit, PRSUs		$ 33,672.00		$ 33,672.00

Stock-Based Compensation Plans - Unrecognized Compensation (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019 USD ($)
Cash-settled PRSUs
Share-Based Compensation Plans
Total unrecognized compensation cost	$ 558
Weighted average recognition period	1 year 3 months 18 days
Equity-settled PRSUs
Share-Based Compensation Plans
Total unrecognized compensation cost	$ 41,237
Weighted average recognition period	2 years
Options
Share-Based Compensation Plans
Total unrecognized compensation cost	$ 12,923
Weighted average recognition period	1 year 8 months 12 days

Stock-Based Compensation Plans - Options (Details) - Options - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise period following a change in control		15 days
Compensation expense	$ 20,403	$ 20,403
Successor
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense		$ 18,883,000

Related Party Transactions - Balances (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Related Party Transactions
Cash and cash equivalents		$ 283,790
Receivables from brokers and dealers and clearing organizations		3,332
Deposits with clearing organizations		500
Accounts receivable		40,730
Receivable from affiliates	$ 2,849	3,243
Other assets		9
Payable to brokers and dealers and clearing organizations		2,404
Deferred revenue	4,772	9,151
Payable to affiliates	$ 6,004	$ 5,009

Related Party Transactions - Consolidated Statements of Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues
Revenue	$ 190,485		$ 377,277
Expenses
Technology and communications	9,519		19,559
General and administrative	9,365		18,454
Occupancy	3,621		7,260
Affiliated Entity
Operating Income
Interest income			858
Expenses
Technology and communications	740		1,480
General and administrative	191		371
Occupancy	155		310
Transaction fees \| Affiliated Entity
Revenues
Revenue			59,643
Subscription fees \| Affiliated Entity
Revenues
Revenue			5,670
Commissions \| Affiliated Entity
Revenues
Revenue			16,186
Refinitiv market data fees \| Affiliated Entity
Revenues
Revenue	$ 13,385		$ 27,001
Predecessor
Revenues
Revenue		$ 151,718		$ 311,151
Expenses
Technology and communications		9,023		17,486
General and administrative		7,153		13,670
Occupancy		3,519		7,241
Predecessor \| Affiliated Entity
Operating Income
Interest income		7		28
Expenses
Technology and communications		740		1,480
General and administrative		180		360
Occupancy		155		310
Predecessor \| Transaction fees \| Affiliated Entity
Revenues
Revenue		53,949		106,867
Predecessor \| Subscription fees \| Affiliated Entity
Revenues
Revenue		5,961		11,181
Predecessor \| Commissions \| Affiliated Entity
Revenues
Revenue		11,505		23,136
Predecessor \| Refinitiv market data fees \| Affiliated Entity
Revenues
Revenue		$ 12,081		$ 24,318

Related Party Transactions - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2014	Dec. 31, 2018
Related Party Transactions
Contingent consideration recognized		$ 19,297,000		$ 29,367,000
Other assets	$ 30,302,000		$ 30,302,000			$ 25,027,000
Refinitiv
Related Party Transactions
Other assets	2,722,000,000		2,722,000,000
Refinitiv \| Operating Expense Reimbursement
Related Party Transactions
Related party expense	$ 3,211,000	$ 6,258,000	$ 4,238,000	$ 28,408,000
Banks
Related Party Transactions
Capital contribution					$ 120,000,000
Employees
Related Party Transactions
Investment by employees					$ 5,266,000

Fair Value of Financial Instruments (Details) - Tradeweb Markets LLC - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Fair Value of Financial Instruments
Total assets measured at fair value	$ 113,180	$ 127,927
Money market funds
Fair Value of Financial Instruments
Money market funds	113,180	127,927
Level 1
Fair Value of Financial Instruments
Total assets measured at fair value	113,180	127,927
Level 1 \| Money market funds
Fair Value of Financial Instruments
Money market funds	$ 113,180	$ 127,927

Credit Risk (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Credit Risk
Allowance for doubtful accounts	$ 1,273,000	$ 1,169,000

Commitments and Contingencies (Details)		6 Months Ended
Commitments and Contingencies (Details)	Apr. 08, 2019 USD ($)	Jun. 30, 2019 USD ($) action
Litigation relating to distribution of financial strength ratings
Commitments and Contingencies
Damages sought		$ 80,000,000
Antitrust Actions Related To Trading Practices
Commitments and Contingencies
Number of actions \| action		2
Revolving credit facility
Commitments and Contingencies
Term of debt	5 years
Maximum borrowing capacity	$ 500,000,000
Commitment fee (as a percent)	0.25%
Amount outstanding		$ 0
Revolving credit facility \| Federal funds
Commitments and Contingencies
Spread (as a percent)	0.50%
Revolving credit facility \| One-month LIBOR
Commitments and Contingencies
Spread (as a percent)	1.00%
Revolving credit facility \| Base rate
Commitments and Contingencies
Spread (as a percent)	0.75%
Revolving credit facility \| LIBOR
Commitments and Contingencies
Spread (as a percent)	1.75%
Floor (as a percent)	0.00%

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Numerator:
Pre-IPO net income attributable to Tradeweb Markets LLC			$ 42,352
Post-IPO net income attributable to Tradeweb Markets Inc.	$ 12,828		$ 12,828
Denominator:
Weighted average outstanding - Basic	142,933,192		142,933,192
Weighted average outstanding - Diluted	150,847,183		150,847,183
Earnings per share - Basic	$ 0.09		$ 0.09
Earnings per share - Diluted	$ 0.09		$ 0.09
Shares excluded from computation of diluted earnings per share		8,045,000		6,789,000
PRSU
Denominator:
Dilutive effect	2,214,480		2,214,480
Options
Denominator:
Dilutive effect	5,699,511		5,699,511
Potential Dilutive
Denominator:
Shares excluded from computation of diluted earnings per share			79,289,005
Successor
Denominator:
Weighted average outstanding - Basic			142,933,192
Weighted average outstanding - Diluted	150,847,183		150,847,183
Earnings per share - Basic			$ 0.09
Earnings per share - Diluted	$ 0.09		$ 0.09
Tradeweb Markets LLC
Numerator:
Pre-IPO net income attributable to Tradeweb Markets LLC			$ 42,352
Post-IPO net income attributable to Tradeweb Markets Inc.			$ 42,352
Denominator:
Weighted average outstanding - Basic			222,222,197
Weighted average outstanding - Diluted			223,320,457
Earnings per share - Basic			$ 0.19
Earnings per share - Diluted			$ 0.19
Tradeweb Markets LLC \| PRSU
Denominator:
Dilutive effect			1,098,260
Tradeweb Markets LLC \| Successor
Denominator:
Weighted average outstanding - Basic			222,222,197
Weighted average outstanding - Diluted			223,320,457
Earnings per share - Basic			$ 0.19
Earnings per share - Diluted			$ 0.19
Tradeweb Markets LLC \| Predecessor
Numerator:
Pre-IPO net income attributable to Tradeweb Markets LLC		$ 38,897		$ 84,205
Post-IPO net income attributable to Tradeweb Markets Inc.		$ 38,897		$ 84,205
Denominator:
Weighted average outstanding - Basic		213,435,314		213,435,314
Weighted average outstanding - Diluted		213,435,314		213,435,314
Earnings per share - Basic		$ 0.18		$ 0.39
Earnings per share - Diluted		$ 0.18		$ 0.39
Shares excluded from computation of diluted earnings per share	340		340

Regulatory Capital Requirements (Details) - Reportable Legal Entities - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
TWL
Regulatory Capital Requirements
Regulatory Capital	$ 21,837	$ 18,986
Regulatory Capital Requirement	1,615	2,698
Excess Regulatory Capital	20,222	16,288
DW
Regulatory Capital Requirements
Regulatory Capital	42,786	41,164
Regulatory Capital Requirement	1,559	1,803
Excess Regulatory Capital	41,227	39,361
TWD
Regulatory Capital Requirements
Regulatory Capital	25,858	24,042
Regulatory Capital Requirement	386	599
Excess Regulatory Capital	25,472	23,443
TEL
Regulatory Capital Requirements
Regulatory Capital	47,555	46,157
Regulatory Capital Requirement	17,515	17,493
Excess Regulatory Capital	30,040	28,664
TWJ
Regulatory Capital Requirements
Regulatory Capital	12,286	10,592
Regulatory Capital Requirement	4,368	3,413
Excess Regulatory Capital	7,918	7,179
TWEU
Regulatory Capital Requirements
Regulatory Capital	6,472
Regulatory Capital Requirement	6,472
TW SEF
Regulatory Capital Requirements
Financial Resources	30,137	31,232
Required Financial Resources	10,500	10,500
Excess Financial Resources	19,637	20,732
Liquid Financial Assets	16,961	16,662
Required Liquid Financial Assets	5,250	5,250
Excess Liquid Financial Assets	11,711	11,412
DW SEF
Regulatory Capital Requirements
Financial Resources	15,032	17,837
Required Financial Resources	5,589	5,169
Excess Financial Resources	9,443	12,668
Liquid Financial Assets	8,719	11,888
Required Liquid Financial Assets	2,795	2,585
Excess Liquid Financial Assets	$ 5,924	$ 9,303

Business Segment and Geographic Information - Revenue by Client Sector (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Business Segment and Geographic Information
Gross revenues	$ 190,485,000		$ 377,277,000
Contingent consideration		$ (19,297,000)		$ (29,367,000)
Net revenue	190,485,000		377,277,000
Operating expenses	159,530,000		300,045,000
Operating income	30,955,000		77,232,000
Institutional
Business Segment and Geographic Information
Gross revenues	111,057,000		220,309,000
Wholesale
Business Segment and Geographic Information
Gross revenues	41,945,000		81,376,000
Retail
Business Segment and Geographic Information
Gross revenues	19,939,000		41,145,000
Market Data
Business Segment and Geographic Information
Gross revenues	$ 17,544,000		$ 34,447,000
Predecessor
Business Segment and Geographic Information
Gross revenues		171,015,000		340,518,000
Contingent consideration		(19,297,000)		(29,367,000)
Net revenue		151,718,000		311,151,000
Operating expenses		111,556,000		223,634,000
Operating income		40,162,000		87,517,000
Predecessor \| Institutional
Business Segment and Geographic Information
Gross revenues		102,095,000		204,415,000
Predecessor \| Wholesale
Business Segment and Geographic Information
Gross revenues		32,265,000		64,860,000
Predecessor \| Retail
Business Segment and Geographic Information
Gross revenues		20,918,000		39,954,000
Predecessor \| Market Data
Business Segment and Geographic Information
Gross revenues		$ 15,737,000		$ 31,289,000

Business Segment and Geographic Information - Revenue and Long-lived Assets by Geographic Region (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Business Segment and Geographic Information
Gross revenues	$ 190,485,000		$ 377,277,000
Contingent consideration		$ (19,297,000)		$ (29,367,000)
Net revenue	190,485,000		377,277,000
Long-lived assets	4,264,443,000		4,264,443,000		$ 4,284,355,000
U.S.
Business Segment and Geographic Information
Gross revenues	122,693,000		242,090,000
Long-lived assets	4,251,030,000		4,251,030,000		4,276,568,000
International
Business Segment and Geographic Information
Gross revenues	67,792,000		135,187,000
Long-lived assets	$ 13,413,000		$ 13,413,000		$ 7,787,000
Predecessor
Business Segment and Geographic Information
Gross revenues		171,015,000		340,518,000
Contingent consideration		(19,297,000)		(29,367,000)
Net revenue		151,718,000		311,151,000
Predecessor \| U.S.
Business Segment and Geographic Information
Gross revenues		109,540,000		217,322,000
Predecessor \| International
Business Segment and Geographic Information
Gross revenues		$ 61,475,000		$ 123,196,000

Subsequent Events (Details) - USD ($)			3 Months Ended
Subsequent Events (Details) - USD ($)	Aug. 07, 2019	Aug. 06, 2019	Jun. 30, 2019	Mar. 31, 2019	Aug. 01, 2019
Subsequent Event [Line Items]
Cash distribution payable			$ 100,000,000	$ 20,000,000
Subsequent Event
Subsequent Event [Line Items]
Total Enterprise Value					$ 27,000,000,000
Percentage of economic interest					54.00%
Cash distribution payable		$ 33,000,000
Subsequent Event \| Class A common stock
Subsequent Event [Line Items]
Cash dividend declared	$ 0.08
Subsequent Event \| Class B common stock
Subsequent Event [Line Items]
Cash dividend declared	$ 0.08