0001758730-20-000021 | 10-Q | XBRL Viewer

Employee compensation and benefits

$ 212,870

$ 200,981

$ 659,583

$ 578,258

Expenses

83,967

79,644

263,353

252,912

Depreciation and amortization

38,857

35,133

113,952

102,928

Technology and communications

12,037

9,527

34,397

29,086

General and administrative

8,657

7,507

24,520

25,961

Professional fees

7,388

7,272

20,908

20,981

Occupancy

3,443

3,640

10,678

10,900

Total expenses

154,349

142,723

467,808

442,768

Operating income

58,521

58,258

191,775

135,490

Net interest income (expense)

(349)

636

1,669

Income before taxes

58,172

58,894

191,839

137,159

Provision for income taxes

(11,124)

(10,316)

(39,898)

(21,413)

Net income

47,048

48,578

151,941

115,746

Net income attributable to Tradeweb Markets Inc.

$ 36,812

$ 29,612

$ 111,236

42,440

EPS calculations for post-IPO and pre-IPO periods

Basic (in dollars per share)

$ 0.20

$ 0.21

$ 0.63

Diluted (in dollars per share)

$ 0.19

$ 0.20

$ 0.60

Weighted average shares outstanding

Basic (in shares)

^[1],[2]

187,774,170

142,935,206

177,257,994

Diluted (in shares)

^[1],[2]

194,955,695

151,362,643

185,026,108

Tradeweb Markets LLC

Expenses

Less: Net income attributable to non-controlling interests

$ 0

$ 42,352

EPS calculations for post-IPO and pre-IPO periods

Basic (in dollars per share)

^[1],[3]

$ 0.19

Diluted (in dollars per share)

^[1],[3]

$ 0.19

Weighted average shares outstanding

Basic (in shares)

^[1],[3]

222,222,197

Diluted (in shares)

^[1],[3]

223,320,457

Tradeweb Markets Inc

Expenses

Net income

47,048

48,578

151,941

$ 73,394

Less: Net income attributable to non-controlling interests

$ 10,236

$ 18,966

$ 40,705

$ 30,954

EPS calculations for post-IPO and pre-IPO periods

Basic (in dollars per share)

$ 0.20

$ 0.21

$ 0.63

$ 0.30

^[1],[2]

Diluted (in dollars per share)

$ 0.19

$ 0.20

$ 0.60

$ 0.28

^[1],[2]

Weighted average shares outstanding

Basic (in shares)

187,774,170

142,935,206

177,257,994

142,934,221

^[1],[2]

Diluted (in shares)

194,955,695

151,362,643

185,026,108

151,158,760

^[1],[2]

Transaction fees

Revenues

$ 120,582

$ 112,746

$ 383,552

$ 319,338

Subscription fees

Revenues

36,217

35,387

105,706

104,398

Commissions

Revenues

Refinitiv market data fees

39,593

37,590

120,201

108,200

Revenues

14,273

13,251

43,466

40,252

Other

Revenues

$ 2,205

$ 2,007

$ 6,658

$ 6,070

[1]	In April 2019, the Company completed the Reorganization Transactions and the IPO, which, among other things, resulted in Tradeweb Markets Inc. becoming the successor of Tradeweb Markets LLC for financial reporting purposes. As a result, earnings per share information for the pre-IPO period is not comparable to the earnings per share information for the post-IPO period. Therefore, earnings per share information is being presented separately for the pre-IPO and post-IPO periods. See Note 15 – Earnings Per Share for additional information.
[2]	Presents information for Tradeweb Markets Inc. (post-IPO period).
[3]	Presents information for Tradeweb Markets LLC (pre-IPO period).

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net income attributable to Tradeweb Markets Inc.	$ 36,812	$ 29,612	$ 111,236	$ 42,440
Foreign currency translation adjustments attributable to Tradeweb Markets Inc.	2,793	(1,329)	(1,024)	(1,976)
Comprehensive income attributable to Tradeweb Markets Inc.	39,605	28,283	110,212	40,464
Foreign currency translation adjustments	588	(737)	(715)	(1,096)
Comprehensive income	10,824	18,229	39,990	29,858
Tradeweb Markets Inc
Comprehensive income, net income	10,236	18,966	40,705	30,954
Tradeweb Markets LLC
Comprehensive income, net income	$ 0	$ 0	$ 0	42,352
Foreign currency translation adjustments				988
Comprehensive income				$ 43,340

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

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

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Goodwill and Intangible Assets Disclosure [Abstract]

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Members' Capital	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Common Stock Class C Common Stock	Common Stock Class D Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Non- Controlling Interests	PRSU	PRSU Additional Paid-In Capital	RSU	RSU Additional Paid-In Capital
Beginning balance ( in shares) at Dec. 31, 2018			0	0	0	0
Beginning balance at Dec. 31, 2018	$ 4,572,334	$ 4,573,200	$ 0	$ 0	$ 0	$ 0	$ 0	$ (866)	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	4,674	4,674
Adjustment to Class C Shares and Class P(C) shares in mezzanine capital	(2,369)	(2,369)
Capital distributions	(20,000)	(20,000)
Net income	42,352	42,352
Foreign currency translation adjustments	988							988
Ending balance (in shares) at Mar. 31, 2019			0	0	0	0
Ending balance at Mar. 31, 2019	4,597,979	4,597,857	$ 0	$ 0	$ 0	$ 0	0	122	0	0
Beginning balance ( in shares) at Dec. 31, 2018			0	0	0	0
Beginning balance at Dec. 31, 2018	4,572,334	4,573,200	$ 0	$ 0	$ 0	$ 0	0	(866)	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	115,746
Ending balance (in shares) at Sep. 30, 2019			46,009,753	96,933,192	10,006,269	69,282,736
Ending balance at Sep. 30, 2019	4,487,236	0	$ 0	$ 1	$ 0	$ 1	2,855,885	(1,854)	19,570	1,613,633
Beginning balance ( in shares) at Mar. 31, 2019			0	0	0	0
Beginning balance at Mar. 31, 2019	4,597,979	4,597,857	$ 0	$ 0	$ 0	$ 0	0	122	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Activities related to exchanges of LLC Interests, net of offering costs and cancellations (in shares)			46,000,000	96,933,192	10,006,269	69,282,736
Activities related to exchanges of LLC Interests, net of offering costs and cancellations	(15,854)			$ 1		$ 1	(15,856)
Tax receivable agreement liability and deferred taxes arising from LLC Interest ownership exchanges	(78,232)						(78,232)
Allocation of equity to non-controlling interests	0						(1,607,529)			1,607,529
Distributions to non-controlling interests	(11,909)									(11,909)
Dividends ($0.08 per share)	(11,435)								(11,435)
Stock-based compensation expense											$ 6,763	$ 6,763
Stock-based compensation expense under the Option Plan	20,403						20,403
Capital distributions	(100,000)	(100,000)
Effect of the reorganization transactions	23,275	(4,497,857)					4,521,132
Net income	24,816								12,828	11,988
Foreign currency translation adjustments	(1,006)							(647)		(359)
Ending balance (in shares) at Jun. 30, 2019			46,000,000	96,933,192	10,006,269	69,282,736
Ending balance at Jun. 30, 2019	4,454,800	0	$ 0	$ 1	$ 0	$ 1	2,846,681	(525)	1,393	1,607,249
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Activities related to exchanges of LLC Interests, net of offering costs and cancellations (in shares)			9,753
Activities related to exchanges of LLC Interests, net of offering costs and cancellations	0
Allocation of equity to non-controlling interests	0						73			(73)
Distributions to non-controlling interests	(11,772)									(11,772)
Dividends ($0.08 per share)	(11,435)								(11,435)
Stock-based compensation expense											7,136	7,136
Stock-based compensation expense under the Option Plan	1,995						1,995
Net income	48,578								29,612	18,966
Foreign currency translation adjustments	(2,066)							(1,329)		(737)
Ending balance (in shares) at Sep. 30, 2019			46,009,753	96,933,192	10,006,269	69,282,736
Ending balance at Sep. 30, 2019	4,487,236	$ 0	$ 0	$ 1	$ 0	$ 1	2,855,885	(1,854)	19,570	1,613,633
Ending balance (in shares) at Dec. 31, 2019			66,408,328	96,933,192	8,328,983	50,853,172
Ending balance at Dec. 31, 2019	4,592,745		$ 1	$ 1	$ 0	$ 1	3,329,386	1,366	47,833	1,214,157
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Activities related to exchanges of LLC Interests, net of offering costs and cancellations (in shares)			1,920,941		(939,000)	(981,941)
Activities related to exchanges of LLC Interests, net of offering costs and cancellations	(336)					$ (1)	(335)
Issuance of common stock from equity incentive plans (in shares)			2,341,171
Issuance of common stock from equity incentive plans	35,422						35,422
Tax receivable agreement liability and deferred taxes arising from LLC Interest ownership exchanges	32,736						32,736
Adjustments to non-controlling interests	0						45,436	7		(45,443)
Dividends ($0.08 per share)	(13,400)								(13,400)
Stock-based compensation expense											5,407	5,407	$ 315	$ 315
Stock-based compensation expense under the Option Plan	2,249						2,249
Payroll taxes paid for stock-based compensation exercises	(23,991)						(23,991)
Net income	62,485								43,928	18,557
Foreign currency translation adjustments	(4,784)							(3,552)		(1,232)
Ending balance (in shares) at Mar. 31, 2020			70,670,440	96,933,192	7,389,983	49,871,231
Ending balance at Mar. 31, 2020	4,688,848		$ 1	$ 1	$ 0	$ 0	3,426,625	(2,179)	78,361	1,186,039
Beginning balance ( in shares) at Dec. 31, 2019			66,408,328	96,933,192	8,328,983	50,853,172
Beginning balance at Dec. 31, 2019	4,592,745		$ 1	$ 1	$ 0	$ 1	3,329,386	1,366	47,833	1,214,157
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	151,941
Ending balance (in shares) at Sep. 30, 2020			90,985,582	96,933,192	5,109,991	34,403,255
Ending balance at Sep. 30, 2020	4,879,219		$ 1	$ 1	$ 0	$ 0	3,940,592	100	116,161	822,364
Beginning balance ( in shares) at Mar. 31, 2020			70,670,440	96,933,192	7,389,983	49,871,231
Beginning balance at Mar. 31, 2020	4,688,848		$ 1	$ 1	$ 0	$ 0	3,426,625	(2,179)	78,361	1,186,039
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Activities related to exchanges of LLC Interests, net of offering costs and cancellations (in shares)			17,747,968		(2,279,992)	(15,467,976)
Activities related to exchanges of LLC Interests, net of offering costs and cancellations	(1,406)						(1,406)
Issuance of common stock from equity incentive plans (in shares)			2,223,700
Issuance of common stock from equity incentive plans	27,197						27,197
Tax receivable agreement liability and deferred taxes arising from LLC Interest ownership exchanges	127,846						127,846
Adjustments to non-controlling interests	0						379,623	(249)		(379,374)
Distributions to non-controlling interests	(3,605)									(3,605)
Dividends ($0.08 per share)	(14,483)								(14,483)
Stock-based compensation expense											7,392	7,392	1,675	1,675
Stock-based compensation expense under the Option Plan	1,279						1,279
Payroll taxes paid for stock-based compensation exercises	(47,672)						(47,672)
Net income	42,408								30,496	11,912
Foreign currency translation adjustments	(336)							(265)		(71)
Ending balance (in shares) at Jun. 30, 2020			90,642,108	96,933,192	5,109,991	34,403,255
Ending balance at Jun. 30, 2020	4,829,143		$ 1	$ 1	$ 0	$ 0	3,922,559	(2,693)	94,374	814,901
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Activities related to exchanges of LLC Interests, net of offering costs and cancellations	(766)						(766)
Issuance of common stock from equity incentive plans (in shares)			343,474
Issuance of common stock from equity incentive plans	10,700						10,700
Adjustments to non-controlling interests	0						(1,478)			1,478
Distributions to non-controlling interests	(4,839)									(4,839)
Dividends ($0.08 per share)	(15,025)								(15,025)
Stock-based compensation expense											$ 6,778	$ 6,778	$ 1,684	$ 1,684
Stock-based compensation expense under the Option Plan	1,295						1,295
Payroll taxes paid for stock-based compensation exercises	(180)						(180)
Net income	47,048								36,812	10,236
Foreign currency translation adjustments	3,381							2,793		588
Ending balance (in shares) at Sep. 30, 2020			90,985,582	96,933,192	5,109,991	34,403,255
Ending balance at Sep. 30, 2020	$ 4,879,219		$ 1	$ 1	$ 0	$ 0	$ 3,940,592	$ 100	$ 116,161	$ 822,364

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019
Limited Liability Company (LLC) Members' Equity [Abstract]
Dividends (in dollars per share)	$ 0.08	$ 0.08	$ 0.08	$ 0.08

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities
Net income	$ 151,941	$ 115,746
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	113,952	102,928
Stock-based compensation expense	28,074	41,092
Deferred taxes	34,735	(9,018)
(Increase) decrease in operating assets:
Receivable from/payable to brokers and dealers and clearing organizations, net	(356)	(31,263)
Deposits with clearing organizations	(477)	(679)
Accounts receivable	(5,957)	(9,421)
Receivable from/payable to affiliates, net	6,026	(1,020)
Other assets	(17,462)	(8,241)
Increase (decrease) in operating liabilities:
Securities sold under agreements to repurchase	0	24,938
Accrued compensation	(17,312)	(25,142)
Deferred revenue	5,868	682
Accounts payable, accrued expenses and other liabilities	4,022	6,609
Employee equity compensation payable	478	(16,746)
Net cash provided by operating activities	303,532	190,465
Cash flows from investing activities
Purchase of furniture, equipment, software and leasehold improvements	(6,484)	(8,567)
Capitalized software development costs	(22,864)	(21,200)
Net cash used in investing activities	(29,348)	(29,767)
Cash flows from financing activities
Pre-IPO capital distributions	0	(120,000)
Proceeds from stock-based compensation exercises	69,534	0
Proceeds from issuance of Class A common stock in the IPO and follow-on offerings, net of underwriting discounts	626,267	1,161,270
Purchase of LLC Interests	(626,267)	(1,161,270)
Offering costs from issuance of Class A common stock in the IPO and follow-on offerings	(2,403)	(12,306)
Dividends	(42,908)	(22,869)
Capital distributions to non-controlling interests	(8,443)	(23,681)
Payroll taxes paid for stock-based compensation exercises	(71,843)	0
Net cash used in financing activities	(56,063)	(178,856)
Effect of exchange rate changes on cash and cash equivalents	(1,480)	(2,016)
Net increase (decrease) in cash and cash equivalents	216,641	(20,174)
Cash and cash equivalents and restricted cash
Beginning of period	461,711	411,304
End of period	678,352	391,130
Supplemental disclosure of cash flow information
Income taxes paid	17,034	30,287
Non-cash financing activities - Items arising from LLC Interest ownership changes
Deferred tax asset	34,735	(9,018)
Reconciliation of cash, cash equivalents and restricted cash as shown on the statements of financial condition:
Cash, cash equivalents and restricted cash shown in the statement of cash flows	678,352	391,130
Adjusted For Refinitiv Transaction
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred taxes	296,504	93,194
Non-cash financing activities - Items arising from LLC Interest ownership changes
Establishment of liabilities under tax receivable agreement	132,136	171,426
Deferred tax asset	$ 296,504	$ 93,194

Organization	9 Months Ended
Organization	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Tradeweb Markets Inc. (the “Corporation”) was incorporated as a Delaware corporation on November 7, 2018 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 Inc. (f/k/a The Blackstone Group L.P.) (“Blackstone”), through BCP’s majority ownership interest in Refinitiv Holdings Limited (the “Parent” and, unless otherwise stated or the context otherwise requires, together with all of its subsidiaries, “Refinitiv”). As of September 30, 2020, 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 September 30, 2020, Tradeweb Markets Inc. owns 82.6% of TWM LLC and the Continuing LLC Owners (defined below) own the remaining 17.4% 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”). •Dealerweb Inc. (“DW”) (formerly known as Hilliard Farber & Co., Inc.), 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. •Tradeweb Direct LLC (“TWD”) (formerly known as BondDesk Trading LLC), a registered broker-dealer under the Securities Exchange Act of 1934 and a member of FINRA. •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”). Initial Public Offering On April 8, 2019, the Corporation completed its IPO of 46,000,000 shares of Class A common stock, par value $0.00001 per share, of the Corporation (the “Class A common stock”) at a public offering price of $27.00, which included 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 $1.2 billion 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 equity holders of TWM LLC (and the corresponding shares of common stock were cancelled 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. See Note 8 – Stockholders’ Equity. 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 owners of TWM LLC prior to the Reorganization Transactions (collectively, the “Original LLC Owners”), including the following parties: •certain investment and commercial banks (collectively, the “Bank Stockholders”); •members of management; •the Refinitiv Direct Owner, (i) prior to June 28, 2019, a direct subsidiary 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”) in exchange for shares of Class B common stock, par value $0.00001 per share, of the Corporation (the “Class B common stock”) in connection with the completion of the Reorganization Transactions and (ii) on and after June 28, 2019, an indirect subsidiary of Refinitiv that owns shares of Class B common stock which shares were contributed by the direct subsidiary of Refinitiv referred to in the foregoing clause (i); and •an indirect subsidiary (the “Refinitiv LLC Owner” and, together with the Refinitiv Direct Owner, the “Refinitiv Owners”) of Refinitiv. As used herein, references to “Continuing LLC Owners” refer collectively to (i) those Original LLC Owners, including the Refinitiv LLC Owner, certain Bank Stockholders and members of management, that continue to own LLC Interests (as defined below) after the completion of the IPO and Reorganization Transactions, that received shares of Class C common stock, par value $0.00001 per share, of the Corporation (the “Class C common stock”), shares of Class D common stock, par value $0.00001 per share, of the Corporation (the “Class D common stock”) or a combination of both, as the case may be, in connection with the completion of the Reorganization Transactions, and that may redeem or exchange their LLC Interests for shares of Class A common stock or Class B common stock and (ii) solely with respect to the Tax Receivable Agreement (as defined below), also includes those Original LLC Owners, including certain Bank Stockholders, that disposed of all of their LLC Interests for cash in connection with the IPO. 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 then existing membership interests in TWM LLC for LLC Interests and (iii) appoint the Corporation as the sole manager of TWM LLC. See Note 8 – 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 8 – 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 Original LLC Owners that received LLC Interests 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 subsequently cancelled 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 8 – Stockholders’ Equity. •The Corporation’s board of directors adopted a new omnibus equity incentive plan, (the “Omnibus Equity 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 10 – 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 7 – Tax Receivable Agreement. LSEG Transaction On August 1, 2019, London Stock Exchange Group plc announced that it has agreed to definitive terms with a consortium including certain investment funds affiliated with Blackstone as well as Thomson Reuters Corporation ("TR") to acquire the Refinitiv business in an all share transaction (the “LSEG Transaction”). The LSEG Transaction is subject to customary regulatory approvals and closing conditions, and is expected to close in the first quarter of 2021. There can be no assurance that the LSEG transaction will be consummated on the expected timing or at all.

Significant Accounting Policies	9 Months Ended
Significant Accounting Policies	Sep. 30, 2020
Accounting Policies [Abstract]
Significant Accounting Policies	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. Pushdown Accounting A majority interest of Refinitiv (formerly the Thomson Reuters Financial & Risk Business) was acquired by BCP on October 1, 2018 (the “Refinitiv Transaction”) from TR. The Refinitiv Transaction was accounted for by Refinitiv in accordance with the acquisition method of accounting pursuant to Accounting Standards Codification (“ASC”) 805, Business Combinations, and pushdown accounting was applied to Refinitiv to record the fair value of the assets and liabilities of Refinitiv as of October 1, 2018, the date of the Refinitiv Transaction. The Company, as a consolidating subsidiary of Refinitiv, also accounted for the Refinitiv Transaction using pushdown accounting. 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 is recorded as goodwill. The fair value of assets acquired and liabilities assumed was determined based on assumptions that reasonable market participants would use in the principal (or most advantageous) market for the asset or liability. The adjusted valuations primarily affected the values of our long-lived and indefinite-lived intangible assets, including software development costs. Cash and Cash Equivalents Cash and cash equivalents consists of cash and highly liquid investments (such as short-term money market instruments) with original maturities of less than three months. Allowance for Credit Losses The Company continually monitors collections and payments from its clients and maintains an allowance for credit losses. The allowance for credit losses is based on an estimate of the amount of potential credit losses in existing accounts receivable, as determined from a review of aging schedules, past due balances, historical collection experience and other specific account data. Careful analysis of the financial condition of our counterparties is also performed. Once determined uncollectable, aged balances are written off as credit loss expense, which is included in general and administrative expenses on the consolidated statements of income. See Note 13 – Credit Risk for additional information. Receivable from and Payable to Brokers and Dealers and Clearing Organizations Receivable from and payable to brokers and dealers and clearing organizations consists of proceeds from transactions which failed to settle due to the inability of a transaction party to deliver or receive the transacted security. These securities transactions are generally collateralized by those securities. At times, transactions executed on the Company’s wholesale platform fail to settle due to the inability of a transaction party to deliver or receive the transacted security. Until the failed transaction settles, a receivable from (and a matching payable to) brokers and dealers and clearing organizations is recognized for the proceeds from the unsettled transaction. Deposits with Clearing Organizations Deposits with clearing organizations are comprised of cash deposits. Due to the short-term nature of these deposits, the recorded value has been determined to approximate fair value. Furniture, Equipment, Purchased Software and Leasehold Improvements Furniture, equipment, purchased software and leasehold improvements are carried at cost less accumulated depreciation. Depreciation for furniture, equipment and purchased software is computed on a straight-line basis over the estimated useful lives of the related assets, ranging from three to seven years. Leasehold improvements are amortized over the lesser of the estimated useful lives of the leasehold improvements or the remaining term of the lease for office space. Furniture, equipment, purchased software and leasehold improvements are tested for impairment whenever events or changes in circumstances suggest that an asset’s carrying value may not be fully recoverable in accordance with ASC 360, Property, Plant and Equipment. 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, Intangibles – Goodwill and Other. 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 are amortized over nine years. The Company reviews the amounts capitalized for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable, or that their useful lives are shorter than originally expected. Non-capitalized software costs and routine maintenance costs are expensed as incurred. Goodwill Goodwill 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. 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. 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 was last assessed on October 1, 2019. Intangible Assets Intangible assets with a finite life are amortized over the estimated lives, ranging from seven to twelve 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. Deferred IPO and Follow-On Offering Costs The Company began incurring costs in connection with the filing of a Registration Statement on Form S-1 for an IPO in 2018 and Registration Statements on Form S-1 for follow-on offerings in 2019 and 2020. IPO and follow-on offering costs consist of legal, accounting, and other costs directly related to the Company’s efforts to raise capital. In accordance with ASC 505-10-25, Equity, these costs are recognized in additional paid-in capital within the consolidated statements of financial condition when the offering is effective. At September 30, 2020, $15.9 million of deferred costs related to the IPO and $5.1 million of deferred costs related to the follow-on offerings were recognized within additional paid-in capital on the consolidated statements of financial condition. See Note 8 – 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. Income taxes also include unincorporated business taxes on income earned or losses incurred for conducting business in certain state and local jurisdictions, income taxes on income earned or losses incurred in foreign jurisdictions on certain operations and federal and state income taxes on income earned or losses incurred, both current and deferred, on subsidiaries that are taxed as corporations for U.S. tax purposes. The Company records deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities. The Company measures deferred taxes using the enacted tax rates and laws that will be in effect when such temporary differences are expected to reverse. The Company evaluates the need for valuation allowances based on the weight of positive and negative evidence. The Company records valuation allowances wherever management believes it is more likely than not that the Company will not be able to realize its deferred tax assets in the future. The Company records uncertain tax positions in accordance with ASC 740, Income Taxes, on the basis of a two-step process whereby (i) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the amount of tax benefit that is more than 50 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. Stock-Based Compensation The Company accounts for stock-based compensation in accordance with ASC 718, Compensation – Stock Compensation. 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. Prior to the IPO, the Company awarded options to management and other employees (collectively, the “Special Option Award”) under the Amended and Restated Tradeweb Markets Inc. Option Plan (the “Option Plan”). 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 are 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. 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, Fair Value Measurement, prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described below: Basis of Fair Value Measurement A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. •Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; •Level 2: Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly; •Level 3: Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. Recent Accounting Pronouncements – Adopted In June 2016, the Financial Accounting Standards Board (“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. ASU 2016-13 was adopted on January 1, 2020 using the modified retrospective method of adoption. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. See Note 13 – Credit Risk for additional information. In January 2017, the FASB issued ASU 2017‑4, 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 new guidance does not amend the optional qualitative assessment of goodwill impairment. ASU 2017-4 was adopted on January 1, 2020. The adoption of this ASU did not impact the Company’s consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this ASU simplify the accounting for income taxes by removing certain exceptions for investments, intraperiod allocations and interim calculations and include additional guidance in order to reduce complexity in accounting for income taxes. ASU 2019-12 is effective for annual periods beginning after December 15, 2020, with early adoption permitted. ASU 2019-12 was early adopted on January 1, 2020. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU 2016-2, Leases (Topic 842), which requires lessees to recognize a right-of-use asset and a lease liability for all leases with an initial term in excess of twelve months. 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. ASU 2016-2 was adopted on January 1, 2019 using the modified retrospective method of adoption. Upon adoption, the Company: •Recorded right-of-use assets of $31.8 million, •Recorded a lease liability of $39.6 million, •Eliminated deferred rent of $4.9 million, •Eliminated leasehold interests of $2.9 million, and •Elected to take the optional package of practical expedients, which allows for no reassessment of 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.

Restricted Cash	9 Months Ended
Restricted Cash	Sep. 30, 2020
Restricted Cash Equivalents [Abstract]
Restricted Cash	Restricted CashCash has been segregated in a special reserve bank account for the benefit of brokers and dealers under SEC Rule 15c3-3. The Company computes the proprietary accounts of other broker-dealers (“PAB”) reserve, which requires the Company to maintain minimum segregated cash in the amount of total credits per the reserve computation. As of September 30, 2020 and December 31, 2019, cash in the amount of $1.0 million has been segregated in the PAB reserve account exceeding the requirements pursuant to SEC Rule 15c3-3.

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets

Goodwill

The carrying amount of goodwill at September 30, 2020 and December 31, 2019 was $2.7 billion.

Intangible Assets

Intangible assets with an indefinite useful life consisted of the following at September 30, 2020 and December 31, 2019 (in thousands):


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

Intangible assets that are subject to amortization consisted of the following at September 30, 2020 and December 31, 2019 (in thousands):


		September 30, 2020						December 31, 2019
	Amortization Period	Cost		Accumulated Amortization		Net Carrying Amount		Cost		Accumulated Amortization		Net Carrying Amount
Customer relationships	12 years	$	928,200	$	(154,700)	$	773,500	$	928,200	$	(96,687)	$	831,513
Content and data	7 years	154,400		(44,114)		110,286		154,400		(27,572)		126,828
		$	1,082,600	$	(198,814)	$	883,786	$	1,082,600	$	(124,259)	$	958,341

Amortization expense for definite-lived intangible assets was $24.9 million for each of the three months ended September 30, 2020 and 2019, respectively, and $74.6 million for each of the nine months ended September 30, 2020 and 2019.

Revenue

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Revenue

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 recognized and recorded on a trade-date basis. Commission revenue is collected by the Company when the trade settles or is billed monthly.

The Company earns fees from Refinitiv 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. 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 nine months ended September 30, 2020 and 2019 is as follows:


	Three Months Ended				Three Months Ended
	September 30, 2020				September 30, 2019
	(in thousands)				(in thousands)
	Variable		Fixed		Variable		Fixed
Revenues
Transaction fees	$	94,122	$	26,460	$	87,574	$	25,172
Subscription Fees including Refinitiv market data fees	400		50,090		440		48,198
Commissions	29,497		10,096		27,840		9,750
Other	117		2,088		87		1,920
Gross revenue	$	124,136	$	88,734	$	115,941	$	85,040


	Nine Months Ended				Nine Months Ended
	September 30, 2020				September 30, 2019
	(in thousands)				(in thousands)
	Variable		Fixed		Variable		Fixed
Revenues
Transaction fees	$	305,848	$	77,704	$	246,066	$	73,272
Subscription Fees including Refinitiv market data fees	1,280		147,892		1,330		143,320
Commissions	90,079		30,122		78,785		29,415
Other	464		6,194		692		5,378
Gross revenue	$	397,671	$	261,912	$	326,873	$	251,385

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):


	Amount
Deferred revenue balance - December 31, 2019	$	23,990
New billings	87,153
Revenue recognized	(81,286)
Deferred revenue balance - September 30, 2020	$	29,857

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 12
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s provision for income taxes includes U.S. federal, state, local and foreign taxes. The Company’s effective tax rate for the nine months ended September 30, 2020 and 2019 was approximately 20.8% and 15.6%, respectively. The effective tax rate for the nine months ended September 30, 2020 differed from the U.S. federal statutory rate of 21.0% primarily due to the effect of non-controlling interests and the tax impact of the exercise of equity compensation, partially offset by state, local and foreign taxes. The effective tax rate for the nine months ended September 30, 2019 differed from the U.S. federal statutory rate of 21.0% primarily due to the effect of non-controlling interests and other discrete items, partially offset by state and local taxes. The Company’s effective tax rate for the three months ended September 30, 2020 and 2019 was approximately 19.1% and 17.5%, respectively. The effective tax rate for the three months ended September 30, 2020 differed from the U.S. federal statutory rate of 21.0% primarily due to the effect of non-controlling interests and the tax impact of the exercise of equity compensation, partially offset by state, local and foreign taxes. The effective tax rate for the three months ended September 30, 2019 differed from the U.S. federal statutory rate of 21.0% primarily due to the effect of non-controlling interests, partially offset by state, local and foreign taxes and other discrete items. 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 will increase over time as the Continuing LLC Owners redeem or exchange their LLC Interests for shares of Class A common stock or Class B common stock, as applicable, or the Corporation purchases LLC Interests from the Continuing LLC Owners. The Company's consolidated effective tax rate will vary from period to period depending on redemptions, exchanges or purchases of LLC Interests as described above, 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 7 – Tax Receivable Agreement. The tax benefit has been recognized in deferred tax assets on the September 30, 2020 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. At September 30, 2020, the tax liability related to the Refinitiv Contribution is $2.7 million and is included within accounts payable, accrued expenses and other liabilities on the 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. At September 30, 2020, $2.7 million is included in other assets on the consolidated statement of financial condition related to this indemnification.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Stockholders' Equity Note [Abstract]

Tax Receivable Agreement	9 Months Ended
Tax Receivable Agreement	Sep. 30, 2020
Tax Receivable Agreement
Tax Receivable Agreement	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, including with the net proceeds from the IPO, the October 2019 and April 2020 follow-on offerings and 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. As of December 31, 2019, the liability was $240.8 million, primarily due to the purchase of LLC Interests by the Corporation using the net proceeds of the IPO and the October 2019 follow-on offering, as well as additional exchanges of LLC Interests by Continuing LLC Owners. During 2020, the liability increased to $373.0 million, primarily due to the April 2020 follow-on offering and additional exchanges of LLC Interests by Continuing LLC Owners. Substantially all payments due under the tax receivable agreement are payable over the fifteen years following the purchase of LLC Interests from Continuing LLC Owners or redemption or exchanges by Continuing LLC Owners of LLC Interests. The Corporation accounts for the income tax effects resulting from taxable redemptions or exchanges of LLC Interests by the Continuing LLC Owners for shares of Class A common stock or Class B common stock or cash, as the case may be, and purchases by the Corporation of LLC Interests from the Continuing LLC Owners 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

9 Months Ended

Sep. 30, 2020

Stockholders’ Equity

Initial Public Offering and Reorganization Transactions

As described in Note 1 – Organization, in April 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 included 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 $1.2 billion 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 the corresponding shares of common stock were cancelled 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.

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). Continuing LLC Owners that hold shares of Class D common stock may 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).

In addition, the Corporation’s board of directors adopted the Omnibus Equity Plan, under which equity awards may be made in respect of shares of Class A common stock. It also assumed sponsorship of the Option Plan and a PRSU plan formerly sponsored by TWM LLC. See Note 10 – Stock-Based Compensation Plans.

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 then existing membership interests in TWM LLC 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:


			Shares
Class A			146,333
Class C			447
Class P (A)			6,887
Class P (C)			2
Class P-1 (A)			6,094
Class P-1 (C)			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 Continuing LLC Owners are redeemable in accordance with the TWM LLC Agreement, 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 such Continuing LLC Owner 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 or exchanged (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 Original LLC Owners that received LLC Interests 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 subsequently cancelled 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 stock, 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 (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.

October 2019 Follow-On Offering

In the fourth quarter of 2019, Tradeweb Markets Inc. completed an underwritten follow-on offering of 19,881,059 shares of Class A Common stock at a public offering price of $42.00 per share, which included 2,593,181 shares of Class A common stock issued

pursuant to the underwriters’ option to purchase additional shares of Class A common stock. Tradeweb Markets Inc. received net proceeds of $810.0 million, after deducting underwriting discounts and commissions but before deducting estimated offering expenses, which were used to purchase (i) 19,835,666 issued and outstanding LLC Interests from certain of the Bank Stockholders and certain of our executive officers (and the corresponding shares of Class C common stock and/or Class D common stock held by such holders were cancelled) and (ii) 45,393 issued and outstanding shares of Class A common stock from certain of our executive officers (which shares of Class A common stock were cancelled), at a purchase price per interest and share equal to the public offering price of $42.00, less the underwriting discounts and commissions payable thereon.

April 2020 Follow-On Offering

In the second quarter of 2020, Tradeweb Markets Inc. completed an underwritten follow-on offering of 12,835,245 shares of Class A Common stock at a public offering price of $50.25 per share, which included 1,674,162 shares of Class A common stock issued pursuant to the underwriters’ option to purchase additional shares of Class A common stock. Tradeweb Markets Inc. received net proceeds of $626.3 million, after deducting underwriting discounts and commissions but before deducting estimated offering expenses, which were used to purchase (i) 12,238,827 issued and outstanding LLC Interests from certain of the Bank Stockholders and certain of our executive officers (and the corresponding shares of Class C common stock and/or Class D common stock held by such holders were cancelled) and (ii) 596,418 issued and outstanding shares of Class A common stock from certain of our executive officers (which shares of Class A common stock were cancelled), at a purchase price per interest and share equal to the public offering price of $50.25, less the underwriting discounts and commissions payable thereon.

Redemptions and Exchanges of LLC Interests

In addition to the IPO, the October 2019 follow-on offering and the April 2020 follow-on offering transactions described above, certain Continuing LLC Owners may, from time to time, exercise their redemption rights under the TWM LLC Agreement, pursuant to which LLC Interests are exchanged for newly-issued shares of Class A common stock. Simultaneously, and in connection with these exchanges, shares of Class C and/or Class D common stock are surrendered by the Continuing LLC Owners and cancelled. In connection with these exchanges, Tradeweb Markets Inc. receives LLC Interests, increasing its total ownership interest in TWM LLC.

As a result of the Reorganization Transactions, the IPO, the October 2019 follow-on offering, the April 2020 follow-on offering and other exchanges and equity activity, as of September 30, 2020:

•The public investors collectively owned 90,985,582 shares of the Company's Class A common stock, representing 6.5% of the combined voting power of Tradeweb Markets Inc.’s issued and outstanding common stock and indirectly, through Tradeweb Markets Inc., owned 40.0% of the economic interest in TWM LLC;

•Refinitiv collectively owned 96,933,192 shares of the Company's Class B common stock and 22,988,329 shares of the Company's Class D common stock, representing 85.1% of the combined voting power of Tradeweb Markets Inc.’s issued and outstanding common stock and directly and indirectly, through Tradeweb Markets Inc., owned 52.7% of the economic interest in TWM LLC; and

•The Bank Stockholders that continue to own LLC Interests collectively owned 5,109,991 shares of the Company's Class C common stock and 11,285,182 shares of the Company's Class D common stock, representing 8.4% of the combined voting power of Tradeweb Markets Inc.’s issued and outstanding common stock and directly and indirectly, through Tradeweb Markets Inc., owned 7.2% of the economic interest in TWM LLC.

Non-Controlling Interests

9 Months Ended

Sep. 30, 2020

Noncontrolling Interest [Abstract]

Non-Controlling Interests

Non-Controlling InterestsIn 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 consolidated statements 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 during the period by Tradeweb Markets Inc. and the other holders of LLC Interests.

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


	September 30, 2020			September 30, 2019
	LLC Interests	Ownership %		LLC Interests	Ownership %
Number of LLC Interests held by Tradeweb Markets Inc.	187,918,774	82.6	%	142,942,945	64.3	%
Number of LLC Interests held by non-controlling interests	39,513,246	17.4	%	79,289,005	35.7	%
Total LLC Interests outstanding	227,432,020	100.0	%	222,231,950	100.0	%

LLC Interests held by the Continuing LLC Owners are redeemable in accordance with the TWM LLC Agreement 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 8 – Stockholders’ Equity.

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


Net Income Attributable to Tradeweb Markets Inc. and Transfers (to) from the Non-Controlling Interests	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Net income attributable to Tradeweb Markets Inc.	$	36,812	$	29,612	$	111,236	$	42,440
Transfers (to) from non-controlling interests:
Change in non-controlling interests as a result of ownership changes	(1,478)		73		423,339		(1,607,456)
Net transfers (to) from non-controlling interests	(1,478)		73		423,339		(1,607,456)
Change from net income attributable to Tradeweb Markets Inc. and transfers (to) from non-controlling interests	$	35,334	$	29,685	$	534,575	$	(1,565,016)

Stock-Based Compensation Plans

9 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation Plans

Under the Omnibus Equity Plan, the Company is authorized to issue up to 8,841,864 new shares of Class A common stock to employees, officers and non-employee directors. Under this plan, the Company may grant awards in respect of shares of Class A common stock, including performance-based restricted share units (“PRSUs”), stock options, restricted stock units (“RSUs”) and dividend equivalent rights. The awards may have performance-based and time-based vesting conditions. Stock options have a maximum contractual term of 10 years.

PRSUs (Equity-Settled)

Equity-settled PRSUs are promises to issue shares of Class A common stock at the end of a three-year cliff vesting period. The fair value of the equity-settled PRSUs is calculated on the grant date using the stock price of the Class A common stock. The number of shares a participant will receive upon vesting is determined in part based on a performance modifier, which is adjusted in accordance with the financial performance of the Company in the grant year. The performance modifier may vary between 0% (minimum) and 200% (maximum) of the target (100%) award amount.

The following table summarizes information for equity-settled PRSUs of the Company:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
PRSUs (Equity-Settled)	2020		2019		2020		2019
PRSUs (equity-settled) granted	—		—		360,609		776,603
Weighted-average grant-date fair value	$	—	$	—	$	38.87	$	21.65
PRSUs (equity-settled) compensation expense (in thousands)	$	6,778	$	7,136	$	19,577	$	18,807

The amount of unrecognized compensation expense for equity-settled PRSUs is $36.0 million, which is expected to be recognized over a weighted-average period of 1.74 years.

PRSUs (Cash-Settled)

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:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
PRSUs (Cash-Settled)	2020		2019		2020		2019
PRSUs (cash-settled) granted	—		—		—		—
Weighted-average grant-date fair value	$	—	$	—	$	—	$	—
PRSUs (cash-settled) compensation expense (in thousands)	$	(130)	$	219	$	476	$	738

The amount of unrecognized compensation expense is $0.1 million, which is expected to be recognized over a weighted-average period of 0.25 years.

Options

Prior to the IPO, the Company awarded options to management and other employees under the Option Plan. Each option award 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 four-year graded vesting schedule, with accelerated vesting for time-based options granted prior to the IPO with vesting dates of January 1, 2021 and 2022 upon the completion of the IPO. In the post-IPO period, the Company awarded options under the Option Plan with a four year-graded vesting schedule. One half of these awards vest solely based on the passage of time, without accelerated vesting, and one half vest only if the Company achieves certain performance targets. The Company may elect to net-settle exercised options by reducing the shares of Class A common stock to be issued upon such exercise by the number of shares of Class A common stock having a fair market value on the date of exercise equal to the aggregate option price. The Company can also elect, upon exercise, to reduce the shares to be issued by the number of shares having a fair market value on the date of exercise equal to employee payroll taxes. The Company may then pay these employee payroll taxes from the Company’s cash.

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). As a result, expense recognition commenced upon the completion of the IPO in April 2019.

The following table summarizes information for options:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Options	2020		2019		2020		2019
Options granted	—		205,000		—		386,115
Weighted-average grant-date fair value	$	—	$	11.45	$	—	$	7.48
Option compensation expense (in thousands)	$	1,295	$	1,995	$	4,823	$	22,398

The amount of unrecognized compensation expense for options is $4.4 million, which is expected to be recognized over a weighted-average period of 1.83 years.

RSUs

In 2020, the Company expanded its restricted stock unit (“RSU”) grants under the Omnibus Equity Plan to employees. Previously, RSU grants were limited to non-employee directors. RSUs are promises to issue shares of Class A common stock at the end of a vesting period. RSUs granted to employees vest one-third each year over a three-year period. RSUs granted to non-

employee directors vest after one year. The fair value of the RSUs is calculated on the grant date using the stock price of the Class A common stock.

The following table summarizes information for RSUs:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
RSUs	2020		2019		2020		2019
RSUs granted	—		—		493,878		—
Weighted-average grant-date fair value	$	—	$	—	$	38.91	$	—
RSUs compensation expense (in thousands)	$	1,684	$	—	$	3,674	$	—

The amount of unrecognized compensation expense is $15.6 million, which is expected to be recognized over a weighted-average period of 2.44 years.

Related Party Transactions

9 Months Ended

Sep. 30, 2020

Related Party Transactions

The Company enters into transactions with Refinitiv and its affiliates which are considered to be related party transactions. The Company also enters into transactions with the Bank Stockholders and their respective affiliates. Prior to the Reorganization Transactions, the Bank Stockholders were collectively 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 September 30, 2020 and December 31, 2019, the following balances with such affiliates were included in the consolidated statements of financial condition in the following line items (in thousands):


	September 30, 2020		December 31, 2019
Accounts receivable	$	2,609	$	—
Receivable from affiliates	36		2,525

Accounts payable, accrued expenses and other liabilities	539		—
Deferred revenue	4,185		4,733
Payable to affiliates	4,977		1,506

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Revenue:
Transaction fees (1)	$	—	$	—	$	—	$	59,643
Subscription fees (1)	—		—		—		5,670
Commissions (1)	—		—		—		16,186
Refinitiv market data fees (2)	14,273		13,251		43,466		40,252
Other Income and Expenses:(3)
Interest income	—		—		—		858
Shared Services Fees: (4)
Technology and communications	740		740		2,220		2,220
General and administrative	—		24		(596)		406
Occupancy	—		123		15		434

(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. Under the agreement, the Company delivers to Refinitiv certain market data feeds which Refinitiv redistributes to its customers. The Company earns license fees and 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. 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 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 nine months ended September 30, 2020, the Company reimbursed such affiliates a net amount of approximately $0.1 million and $1.3 million, respectively, for these expenses. For the three and nine months ended September 30, 2019, the Company reimbursed such affiliates approximately $1.2 million and $5.5 million, respectively, for these expenses.

The Company engaged Blackstone Advisory Partners L.P., an affiliate of Blackstone, to provide certain financial consulting services in connection with the IPO, the October 2019 follow-on offering and the April 2020 follow-on offering for fees of $1.0 million, $0.5 million, and $0.5 million, respectively, which fees, with respect to the October 2019 follow-on offering and the April 2020 follow-on offering, were reimbursed by the underwriters. $2.0 million is included in additional paid-in capital on the September 30, 2020 consolidated statement of financial condition related to these offering costs.

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Certain financial instruments that are carried on the consolidated statements of financial condition are carried at amounts that approximate fair value. These instruments include receivables from/payables to brokers and dealers and clearing organizations, 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):


Successor	Quoted Prices in active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
As of September 30, 2020
Assets
Money market funds	$	585,435	$	—	$	—	$	585,435
	$	585,435	$	—	$	—	$	585,435
As of December 31, 2019
Assets
Money market funds	$	219,158	$	—	$	—	$	219,158
	$	219,158	$	—	$	—	$	219,158

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.

Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]

Credit Risk

9 Months Ended

Sep. 30, 2020

Risks and Uncertainties [Abstract]

Credit Risk

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 broker-dealers. The Company's exposure to credit risk associated with the nonperformance of these clients in fulfilling their contractual obligations pursuant to securities transactions can be directly impacted by volatile trading markets which may impair the clients' ability to satisfy their obligations to the Company.

From time to time, the Company enters into agreements to repurchase to facilitate the clearance of securities. Credit exposure related to these agreements to repurchase, including the risk related to a decline in market value of collateral (pledged or received), is managed by entering into agreements to repurchase with overnight or short-term maturity dates and only entering into repurchase transactions with netting members of the Fixed Income Clearing Corporation (“FICC”). The FICC requires dealer netting members to maintain a minimum of $25 million in equity capital and $10 million in excess net capital (as defined in Rule 15c3-1 under the Securities Exchange Act of 1934). The FICC operates a continuous net settlement system, whereby as trades are

submitted and compared the FICC becomes the counterparty. The FICC also marks to market collateral on a daily basis, requiring member firms to pay or receive margin amounts as part of their daily funds settlement.

The Company does not expect nonperformance by counterparties in the above situations. However, the Company's policy is to monitor its market exposure and counterparty risk. In addition, the Company has a policy of reviewing, as considered necessary, the credit standing of each counterparty with which it conducts business.

Allowance for Credit Losses

The Company may be exposed to credit risk regarding its receivables, which are primarily receivables from financial institutions, including investment managers and broker-dealers. At September 30, 2020, the Company maintained an allowance for credit losses of $0.1 million with regard to these receivables. At December 31, 2019, the allowance for doubtful accounts was $0.2 million.

The Company maintains an allowance for credit losses based upon an estimate of the amount of potential credit losses in existing accounts receivable, as determined from a review of aging schedules, past due balances, historical collection experience and other specific account data. Careful analysis of the financial condition of our counterparties is also performed. The Company has evaluated its loss assumptions as a result of the COVID-19 pandemic and determined the current estimate of expected credit losses remains reasonable due to continued strong collections and no deterioration in our accounts receivable aging.

Account balances are pooled based on the following risk characteristics:

1.Geographic location

2.Transaction fee type (billing type)

3.Legal entity

Write-Offs

Once determined uncollectable, aged balances are written off as credit loss expense. This determination is based on careful analysis of individual receivables and aging schedules, which are disaggregated based on the risk characteristics described above. Based on current policy, this generally occurs when the receivable hits 360 days past due.

The following table presents the activity in the allowance for credit losses for accounts receivable for the period ended September 30, 2020 (in thousands):


	Amount
Beginning balance, prior to adoption of ASC 326 - December 31, 2019	$	195
Current-period provision for expected credit losses	239
Write-offs charged against the allowance	(54)
Recoveries collected	(260)
Ending balance - September 30, 2020	$	120

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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. Additionally, the Company was dismissed from a class action relating to an interest rate swaps matter in 2017, but that matter continues against the remaining defendant financial institutions. 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 matter 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. On November 7, 2019, TWM LLC entered into an amendment to the Revolving Credit Facility among TWM LLC and the lenders party thereto, which revised the Revolving Credit Facility to permit the pending LSEG Transaction. The amendment did not otherwise impact the terms of the Revolving Credit Facility and did not impact the amount of borrowings available to TWM LLC under the Revolving Credit Facility. 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 September 30, 2020, there were no amounts outstanding under the Credit Facility.

Earnings Per Share

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

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 table summarizes the basic and diluted earnings per share calculations for Tradeweb Markets Inc. (post-IPO period):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019

EPS: Post-IPO net income attributable to Tradeweb Markets Inc.	(in thousands, except share and per share amounts)
Numerator:
Post-IPO net income attributable to Tradeweb Markets Inc.	$	36,812	$	29,612	$	111,236	$	42,440

Denominator:
Weighted average shares of Class A and Class B common stock outstanding - Basic	187,774,170		142,935,206		177,257,994		142,934,221
Dilutive effect of equity-settled PRSUs	2,584,192		2,492,381		2,371,727		2,355,938
Dilutive effect of options	4,402,391		5,935,056		5,264,106		5,868,601
Dilutive effect of RSUs	194,942		—		132,281		—
Weighted average shares of Class A and Class B common stock outstanding - Diluted	194,955,695		151,362,643		185,026,108		151,158,760

Earnings per share - Basic	$	0.20	$	0.21	$	0.63	$	0.30
Earnings per share - Diluted	$	0.19	$	0.20	$	0.60	$	0.28

The following table summarizes the basic and diluted earnings per share calculations for Tradeweb Markets LLC (pre-IPO period):


		Nine Months Ended
		September 30, 2019

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

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

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

(1)Earnings per share and weighted average shares outstanding for the pre-IPO period has 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 then existing membership interests in TWM LLC for LLC interests.

For the three and nine months ended September 30, 2020, there were approximately 179,508 and 264,882 weighted-average options and RSUs, respectively, that were anti-dilutive. As a result, these shares, which are still outstanding, were excluded from the computation of diluted earnings per share. For the three and nine months ended September 30, 2019, there were approximately 247,491 and 126,667 weighted-average options and equity-settled PRSUs, 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 in accordance with the TWM LLC Agreement, 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 39,513,246 and 48,397,598 weighted-average LLC Interests for the assumed exchange of non-controlling interests, for the three and nine months ended September 30, 2020, respectively, 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

9 Months Ended

Sep. 30, 2020

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 September 30, 2020 and December 31, 2019, the regulatory capital requirements and regulatory capital for TWL, DW, TWD, TEL, TWJ and TWEU are as follows (in thousands):


As of September 30, 2020	TWL		DW		TWD		TEL		TWJ		TWEU
Regulatory Capital	$	62,001	$	58,727	$	23,509	$	52,520	$	10,956	$	5,936
Regulatory Capital Requirement	1,710		1,805		634		31,953		3,714		1,773
Excess Regulatory Capital	$	60,291	$	56,922	$	22,875	$	20,567	$	7,242	$	4,163


As of December 31, 2019	TWL		DW		TWD		TEL		TWJ		TWEU
Regulatory Capital	$	42,317	$	52,016	$	33,807	$	49,611	$	11,851	$	6,217
Regulatory Capital Requirement	2,396		2,026		664		21,856		8,565		1,701
Excess Regulatory Capital	$	39,921	$	49,990	$	33,143	$	27,755	$	3,286	$	4,516

As SEFs, TW SEF and DW SEF are required to maintain adequate financial resources and liquid financial assets in accordance with CFTC regulations. The required and maintained financial resources and liquid financial assets at September 30, 2020 and December 31, 2019 are as follows (in thousands):


	As of September 30, 2020				As of December 31, 2019
	TW SEF		DW SEF		TW SEF		DW SEF
Financial Resources	$	26,831	$	13,898	$	21,303	$	13,707
Required Financial Resources	13,500		5,595		10,500		5,505
Excess Financial Resources	$	13,331	$	8,303	$	10,803	$	8,202

Liquid Financial Assets	$	14,012	$	7,564	$	18,168	$	7,583
Required Liquid Financial Assets	6,750		2,798		5,250		2,753
Excess Liquid Financial Assets	$	7,262	$	4,766	$	12,918	$	4,830

Business Segment and Geographic Information

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Business Segment and Geographic Information

The Company operates electronic marketplaces for the trading of products across the rates, credit, equities and money markets asset classes and provides related pre-trade and post-trade services. The Company’s operations constitute a single business segment because of the integrated nature of these marketplaces and services. Information regarding revenue by client sector is as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Gross revenue:
Institutional	$	131,860	$	120,858	$	407,464	$	341,167
Wholesale	44,959		43,040		136,967		124,416
Retail	17,453		20,169		59,495		61,314
Market Data	18,598		16,914		55,657		51,361
Total revenue	212,870		200,981		659,583		578,258
Operating expenses	154,349		142,723		467,808		442,768
Operating income	$	58,521	$	58,258	$	191,775	$	135,490

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

The following table provides a breakdown of revenue by geographic area for the three and nine months ended September 30, 2020 and 2019 (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
U.S.	$	136,785	$	126,599	$	422,114	$	368,689
International	76,085		74,382		237,469		209,569
Gross Revenue	$	212,870	$	200,981	$	659,583	$	578,258

The following table provides information on the attribution of long-lived assets by geographic area as of September 30, 2020 and December 31, 2019 (in thousands):


	September 30, 2020		December 31, 2019
Long-lived assets
U.S.	$	4,116,769	$	4,200,133
International	16,292		14,100
Total	$	4,133,061	$	4,214,233

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

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Goodwill and Intangible Assets Disclosure [Abstract]

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	. Subsequent Events On October 27, 2020, 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 fourth quarter of 2020. This dividend will be payable on December 15, 2020 to stockholders of record as of December 1, 2020. On October 24, 2020, 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 $25.0 million payable on December 11, 2020.

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Accounting	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	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	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.
Pushdown Accounting	Pushdown Accounting A majority interest of Refinitiv (formerly the Thomson Reuters Financial & Risk Business) was acquired by BCP on October 1, 2018 (the “Refinitiv Transaction”) from TR. The Refinitiv Transaction was accounted for by Refinitiv in accordance with the acquisition method of accounting pursuant to Accounting Standards Codification (“ASC”) 805, Business Combinations, and pushdown accounting was applied to Refinitiv to record the fair value of the assets and liabilities of Refinitiv as of October 1, 2018, the date of the Refinitiv Transaction. The Company, as a consolidating subsidiary of Refinitiv, also accounted for the Refinitiv Transaction using pushdown accounting. 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 is recorded as goodwill. The fair value of assets acquired and liabilities assumed was determined based on assumptions that reasonable market participants would use in the principal (or most advantageous) market for the asset or liability. The adjusted valuations primarily affected the values of our long-lived and indefinite-lived intangible assets, including software development costs.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consists of cash and highly liquid investments (such as short-term money market instruments) with original maturities of less than three months.
Allowance for Credit Losses	Allowance for Credit Losses The Company continually monitors collections and payments from its clients and maintains an allowance for credit losses. The allowance for credit losses is based on an estimate of the amount of potential credit losses in existing accounts receivable, as determined from a review of aging schedules, past due balances, historical collection experience and other specific account data. Careful analysis of the financial condition of our counterparties is also performed. Once determined uncollectable, aged balances are written off as credit loss expense, which is included in general and administrative expenses on the consolidated statements of income. See Note 13 – Credit Risk for additional information.
Receivable from and Payable to Broker and Dealers and Clearing Organizations	Receivable from and Payable to Brokers and Dealers and Clearing Organizations Receivable from and payable to brokers and dealers and clearing organizations consists of proceeds from transactions which failed to settle due to the inability of a transaction party to deliver or receive the transacted security. These securities transactions are generally collateralized by those securities. At times, transactions executed on the Company’s wholesale platform fail to settle due to the inability of a transaction party to deliver or receive the transacted security. Until the failed transaction settles, a receivable from (and a matching payable to) brokers and dealers and clearing organizations is recognized for the proceeds from the unsettled transaction.
Deposits with Clearing Organizations	Deposits with Clearing Organizations Deposits with clearing organizations are comprised of cash deposits. Due to the short-term nature of these deposits, the recorded value has been determined to approximate fair value.
Furniture, Equipment, Purchased Software and Leasehold Improvements	Furniture, Equipment, Purchased Software and Leasehold Improvements Furniture, equipment, purchased software and leasehold improvements are carried at cost less accumulated depreciation. Depreciation for furniture, equipment and purchased software is computed on a straight-line basis over the estimated useful lives of the related assets, ranging from three to seven years. Leasehold improvements are amortized over the lesser of the estimated useful lives of the leasehold improvements or the remaining term of the lease for office space. Furniture, equipment, purchased software and leasehold improvements are tested for impairment whenever events or changes in circumstances suggest that an asset’s carrying value may not be fully recoverable in accordance with ASC 360, Property, Plant and Equipment.
Software Development Costs	Software Development Costs The Company capitalizes costs associated with the development of internal use software at the point at which the conceptual formulation, design and testing of possible software project alternatives have been completed, in accordance with ASC 350, Intangibles – Goodwill and Other. 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 are amortized over nine years. The Company reviews the amounts capitalized for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable, or that their useful lives are shorter than originally expected. Non-capitalized software costs and routine maintenance costs are expensed as incurred.
Goodwill	Goodwill Goodwill 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. 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. 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 was last assessed on October 1, 2019.
Intangible Assets	Intangible Assets Intangible assets with a finite life are amortized over the estimated lives, ranging from seven to twelve 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.
Deferred IPO and Follow-On Offering Costs	Deferred IPO and Follow-On Offering CostsThe Company began incurring costs in connection with the filing of a Registration Statement on Form S-1 for an IPO in 2018 and Registration Statements on Form S-1 for follow-on offerings in 2019 and 2020. IPO and follow-on offering costs consist of legal, accounting, and other costs directly related to the Company’s efforts to raise capital. In accordance with ASC 505-10-25, Equity, these costs are recognized in additional paid-in capital within the consolidated statements of financial condition when the offering is effective.
Translation of Foreign Currency	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	Income Tax The Corporation is subject to U.S. federal, state and local income taxes with respect to its taxable income, including its allocable share of any taxable income of TWM LLC, and is taxed at prevailing corporate tax rates. TWM LLC is a multiple member limited liability company taxed as a partnership and accordingly any taxable income generated by TWM LLC is passed through to and included in the taxable income of its members, including the Corporation. Income taxes also include unincorporated business taxes on income earned or losses incurred for conducting business in certain state and local jurisdictions, income taxes on income earned or losses incurred in foreign jurisdictions on certain operations and federal and state income taxes on income earned or losses incurred, both current and deferred, on subsidiaries that are taxed as corporations for U.S. tax purposes. The Company records deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities. The Company measures deferred taxes using the enacted tax rates and laws that will be in effect when such temporary differences are expected to reverse. The Company evaluates the need for valuation allowances based on the weight of positive and negative evidence. The Company records valuation allowances wherever management believes it is more likely than not that the Company will not be able to realize its deferred tax assets in the future. The Company records uncertain tax positions in accordance with ASC 740, Income Taxes, on the basis of a two-step process whereby (i) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the amount of tax benefit that is more than 50 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.
Stock-Based Compensation	Stock-Based Compensation The Company accounts for stock-based compensation in accordance with ASC 718, Compensation – Stock Compensation. 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. Prior to the IPO, the Company awarded options to management and other employees (collectively, the “Special Option Award”) under the Amended and Restated Tradeweb Markets Inc. Option Plan (the “Option Plan”). 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 are 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. 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	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	Fair Value Measurement The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). Instruments that the Company owns (long positions) are marked to bid prices, and instruments that the Company has sold, but not yet purchased (short positions) are marked to offer prices. Fair value measurements do not include transaction costs. The fair value hierarchy under ASC 820, Fair Value Measurement, prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described below: Basis of Fair Value Measurement A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. •Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; •Level 2: Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly; •Level 3: Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.
Recent Accounting Pronouncements – Adopted	Recent Accounting Pronouncements – Adopted In June 2016, the Financial Accounting Standards Board (“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. ASU 2016-13 was adopted on January 1, 2020 using the modified retrospective method of adoption. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. See Note 13 – Credit Risk for additional information. In January 2017, the FASB issued ASU 2017‑4, 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 new guidance does not amend the optional qualitative assessment of goodwill impairment. ASU 2017-4 was adopted on January 1, 2020. The adoption of this ASU did not impact the Company’s consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this ASU simplify the accounting for income taxes by removing certain exceptions for investments, intraperiod allocations and interim calculations and include additional guidance in order to reduce complexity in accounting for income taxes. ASU 2019-12 is effective for annual periods beginning after December 15, 2020, with early adoption permitted. ASU 2019-12 was early adopted on January 1, 2020. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU 2016-2, Leases (Topic 842), which requires lessees to recognize a right-of-use asset and a lease liability for all leases with an initial term in excess of twelve months. 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. ASU 2016-2 was adopted on January 1, 2019 using the modified retrospective method of adoption. Upon adoption, the Company: •Recorded right-of-use assets of $31.8 million, •Recorded a lease liability of $39.6 million, •Eliminated deferred rent of $4.9 million, •Eliminated leasehold interests of $2.9 million, and •Elected to take the optional package of practical expedients, which allows for no reassessment of 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.

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2020

Summary of intangible assets which have an indefinite useful life

Intangible assets with an indefinite useful life consisted of the following at September 30, 2020 and December 31, 2019 (in thousands):


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

Intangible assets that are subject to amortization

Intangible assets that are subject to amortization consisted of the following at September 30, 2020 and December 31, 2019 (in thousands):


		September 30, 2020						December 31, 2019
	Amortization Period	Cost		Accumulated Amortization		Net Carrying Amount		Cost		Accumulated Amortization		Net Carrying Amount
Customer relationships	12 years	$	928,200	$	(154,700)	$	773,500	$	928,200	$	(96,687)	$	831,513
Content and data	7 years	154,400		(44,114)		110,286		154,400		(27,572)		126,828
		$	1,082,600	$	(198,814)	$	883,786	$	1,082,600	$	(124,259)	$	958,341

Revenue (Tables)

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Breakdown of revenues between fixed and variable revenues

The breakdown of revenues between fixed and variable revenues, in thousands, for the three and nine months ended September 30, 2020 and 2019 is as follows:


	Three Months Ended				Three Months Ended
	September 30, 2020				September 30, 2019
	(in thousands)				(in thousands)
	Variable		Fixed		Variable		Fixed
Revenues
Transaction fees	$	94,122	$	26,460	$	87,574	$	25,172
Subscription Fees including Refinitiv market data fees	400		50,090		440		48,198
Commissions	29,497		10,096		27,840		9,750
Other	117		2,088		87		1,920
Gross revenue	$	124,136	$	88,734	$	115,941	$	85,040


	Nine Months Ended				Nine Months Ended
	September 30, 2020				September 30, 2019
	(in thousands)				(in thousands)
	Variable		Fixed		Variable		Fixed
Revenues
Transaction fees	$	305,848	$	77,704	$	246,066	$	73,272
Subscription Fees including Refinitiv market data fees	1,280		147,892		1,330		143,320
Commissions	90,079		30,122		78,785		29,415
Other	464		6,194		692		5,378
Gross revenue	$	397,671	$	261,912	$	326,873	$	251,385

Schedule of recognized revenue and remaining deferred revenue balance

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


	Amount
Deferred revenue balance - December 31, 2019	$	23,990
New billings	87,153
Revenue recognized	(81,286)
Deferred revenue balance - September 30, 2020	$	29,857

Stockholders’ Equity (Tables)

9 Months Ended

Sep. 30, 2020

Stockholders' Equity Note [Abstract]

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

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

TWM LLC’s outstanding shares prior to the Reorganization Transactions consisted of the following classes of shares:


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

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.

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Summary of the ownership interest in noncontrolling interest

Non-Controlling Interests (Tables)

9 Months Ended

Sep. 30, 2020

Noncontrolling Interest [Abstract]

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


	September 30, 2020			September 30, 2019
	LLC Interests	Ownership %		LLC Interests	Ownership %
Number of LLC Interests held by Tradeweb Markets Inc.	187,918,774	82.6	%	142,942,945	64.3	%
Number of LLC Interests held by non-controlling interests	39,513,246	17.4	%	79,289,005	35.7	%
Total LLC Interests outstanding	227,432,020	100.0	%	222,231,950	100.0	%

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 Corporation’s ownership interest in Tradeweb Markets LLC (in thousands):


Net Income Attributable to Tradeweb Markets Inc. and Transfers (to) from the Non-Controlling Interests	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Net income attributable to Tradeweb Markets Inc.	$	36,812	$	29,612	$	111,236	$	42,440
Transfers (to) from non-controlling interests:
Change in non-controlling interests as a result of ownership changes	(1,478)		73		423,339		(1,607,456)
Net transfers (to) from non-controlling interests	(1,478)		73		423,339		(1,607,456)
Change from net income attributable to Tradeweb Markets Inc. and transfers (to) from non-controlling interests	$	35,334	$	29,685	$	534,575	$	(1,565,016)

Stock-Based Compensation Plans (Tables)

9 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

Schedule of equity-settled PRSUs issued

The following table summarizes information for equity-settled PRSUs of the Company:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
PRSUs (Equity-Settled)	2020		2019		2020		2019
PRSUs (equity-settled) granted	—		—		360,609		776,603
Weighted-average grant-date fair value	$	—	$	—	$	38.87	$	21.65
PRSUs (equity-settled) compensation expense (in thousands)	$	6,778	$	7,136	$	19,577	$	18,807

Schedule of cash-settled PRSUs issued

The following table summarizes information for cash-settled PRSUs:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
PRSUs (Cash-Settled)	2020		2019		2020		2019
PRSUs (cash-settled) granted	—		—		—		—
Weighted-average grant-date fair value	$	—	$	—	$	—	$	—
PRSUs (cash-settled) compensation expense (in thousands)	$	(130)	$	219	$	476	$	738

Schedule of options issued

The following table summarizes information for options:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Options	2020		2019		2020		2019
Options granted	—		205,000		—		386,115
Weighted-average grant-date fair value	$	—	$	11.45	$	—	$	7.48
Option compensation expense (in thousands)	$	1,295	$	1,995	$	4,823	$	22,398

Schedule of RSUs issued

The following table summarizes information for RSUs:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
RSUs	2020		2019		2020		2019
RSUs granted	—		—		493,878		—
Weighted-average grant-date fair value	$	—	$	—	$	38.91	$	—
RSUs compensation expense (in thousands)	$	1,684	$	—	$	3,674	$	—

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2020

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


	September 30, 2020		December 31, 2019
Accounts receivable	$	2,609	$	—
Receivable from affiliates	36		2,525

Accounts payable, accrued expenses and other liabilities	539		—
Deferred revenue	4,185		4,733
Payable to affiliates	4,977		1,506

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):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Revenue:
Transaction fees (1)	$	—	$	—	$	—	$	59,643
Subscription fees (1)	—		—		—		5,670
Commissions (1)	—		—		—		16,186
Refinitiv market data fees (2)	14,273		13,251		43,466		40,252
Other Income and Expenses:(3)
Interest income	—		—		—		858
Shared Services Fees: (4)
Technology and communications	740		740		2,220		2,220
General and administrative	—		24		(596)		406
Occupancy	—		123		15		434

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

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

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of fair value measurements

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


Successor	Quoted Prices in active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
As of September 30, 2020
Assets
Money market funds	$	585,435	$	—	$	—	$	585,435
	$	585,435	$	—	$	—	$	585,435
As of December 31, 2019
Assets
Money market funds	$	219,158	$	—	$	—	$	219,158
	$	219,158	$	—	$	—	$	219,158

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

Accounts Receivable, Allowance for Credit Loss

Credit Risk (Tables)

9 Months Ended

Sep. 30, 2020

Risks and Uncertainties [Abstract]

The following table presents the activity in the allowance for credit losses for accounts receivable for the period ended September 30, 2020 (in thousands):


	Amount
Beginning balance, prior to adoption of ASC 326 - December 31, 2019	$	195
Current-period provision for expected credit losses	239
Write-offs charged against the allowance	(54)
Recoveries collected	(260)
Ending balance - September 30, 2020	$	120

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Summary of Basic and Diluted Earnings Per Share

The following table summarizes the basic and diluted earnings per share calculations for Tradeweb Markets Inc. (post-IPO period):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019

EPS: Post-IPO net income attributable to Tradeweb Markets Inc.	(in thousands, except share and per share amounts)
Numerator:
Post-IPO net income attributable to Tradeweb Markets Inc.	$	36,812	$	29,612	$	111,236	$	42,440

Denominator:
Weighted average shares of Class A and Class B common stock outstanding - Basic	187,774,170		142,935,206		177,257,994		142,934,221
Dilutive effect of equity-settled PRSUs	2,584,192		2,492,381		2,371,727		2,355,938
Dilutive effect of options	4,402,391		5,935,056		5,264,106		5,868,601
Dilutive effect of RSUs	194,942		—		132,281		—
Weighted average shares of Class A and Class B common stock outstanding - Diluted	194,955,695		151,362,643		185,026,108		151,158,760

Earnings per share - Basic	$	0.20	$	0.21	$	0.63	$	0.30
Earnings per share - Diluted	$	0.19	$	0.20	$	0.60	$	0.28

The following table summarizes the basic and diluted earnings per share calculations for Tradeweb Markets LLC (pre-IPO period):


		Nine Months Ended
		September 30, 2019

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

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

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

Regulatory Capital Requirements (Tables)

9 Months Ended

Sep. 30, 2020

Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]

Schedule of regulatory capital requirements

At September 30, 2020 and December 31, 2019, the regulatory capital requirements and regulatory capital for TWL, DW, TWD, TEL, TWJ and TWEU are as follows (in thousands):


As of September 30, 2020	TWL		DW		TWD		TEL		TWJ		TWEU
Regulatory Capital	$	62,001	$	58,727	$	23,509	$	52,520	$	10,956	$	5,936
Regulatory Capital Requirement	1,710		1,805		634		31,953		3,714		1,773
Excess Regulatory Capital	$	60,291	$	56,922	$	22,875	$	20,567	$	7,242	$	4,163


As of December 31, 2019	TWL		DW		TWD		TEL		TWJ		TWEU
Regulatory Capital	$	42,317	$	52,016	$	33,807	$	49,611	$	11,851	$	6,217
Regulatory Capital Requirement	2,396		2,026		664		21,856		8,565		1,701
Excess Regulatory Capital	$	39,921	$	49,990	$	33,143	$	27,755	$	3,286	$	4,516

Schedule of financial resources and liquid financial resources

The required and maintained financial resources and liquid financial assets at September 30, 2020 and December 31, 2019 are as follows (in thousands):


	As of September 30, 2020				As of December 31, 2019
	TW SEF		DW SEF		TW SEF		DW SEF
Financial Resources	$	26,831	$	13,898	$	21,303	$	13,707
Required Financial Resources	13,500		5,595		10,500		5,505
Excess Financial Resources	$	13,331	$	8,303	$	10,803	$	8,202

Liquid Financial Assets	$	14,012	$	7,564	$	18,168	$	7,583
Required Liquid Financial Assets	6,750		2,798		5,250		2,753
Excess Liquid Financial Assets	$	7,262	$	4,766	$	12,918	$	4,830

Business Segment and Geographic Information (Tables)

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Schedule of information regarding revenue by client sector

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Gross revenue:
Institutional	$	131,860	$	120,858	$	407,464	$	341,167
Wholesale	44,959		43,040		136,967		124,416
Retail	17,453		20,169		59,495		61,314
Market Data	18,598		16,914		55,657		51,361
Total revenue	212,870		200,981		659,583		578,258
Operating expenses	154,349		142,723		467,808		442,768
Operating income	$	58,521	$	58,258	$	191,775	$	135,490

Schedule of revenue and long-lived assets by geographic location

The following table provides a breakdown of revenue by geographic area for the three and nine months ended September 30, 2020 and 2019 (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
U.S.	$	136,785	$	126,599	$	422,114	$	368,689
International	76,085		74,382		237,469		209,569
Gross Revenue	$	212,870	$	200,981	$	659,583	$	578,258

The following table provides information on the attribution of long-lived assets by geographic area as of September 30, 2020 and December 31, 2019 (in thousands):


	September 30, 2020		December 31, 2019
Long-lived assets
U.S.	$	4,116,769	$	4,200,133
International	16,292		14,100
Total	$	4,133,061	$	4,214,233

Organization (Details) - USD ($) $ / shares in Units, $ in Billions	Apr. 08, 2019	Sep. 30, 2020	Sep. 30, 2019	Apr. 03, 2019
Class A Common Stock
Common Stock, par value (in dollars per share)		$ 0.00001		$ 0.00001
Class B Common Stock
Shares issued (in shares)	96,933,192
Common Stock, par value (in dollars per share)		0.00001		0.00001
Shares contributed by Refinitiv Owner (in shares)	96,933,192
Class C Common Stock
Common Stock, par value (in dollars per share)		0.00001		0.00001
Shares issued to acquire TWM LLC (in shares)	20,000,000
Number of shares canceled (in shares)	9,993,731
Class D Common Stock
Common Stock, par value (in dollars per share)		$ 0.00001		$ 0.00001
Shares issued to acquire TWM LLC (in shares)	105,289,005
Number of shares canceled (in shares)	36,006,269
Tradeweb Markets LLC
Ownership interest	64.30%	82.60%	64.30%
Number of LLC Interests held by Tradeweb Markets Inc.		17.40%	35.70%
Public offering price (in dollars per share)	$ 27.00
Net proceeds	$ 1.2
Initial Public Offering \| Class A Common Stock
Shares issued (in shares)	46,000,000
Common Stock, par value (in dollars per share)	$ 0.00001
Public offering price (in dollars per share)	$ 27.00
Underwriter \| Class A Common Stock
Shares issued (in shares)	6,000,000

Significant Accounting Policies - Furniture, Equipment, Purchased Software, Leasehold Improvements and Software Development Cost (Details)	9 Months Ended
	Sep. 30, 2020
Furniture, Equipment, Purchased Software and Leasehold Improvements \| Minimum
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life	3 years
Furniture, Equipment, Purchased Software and Leasehold Improvements \| Maximum
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life	7 years
Software Development Costs
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life	3 years
Amortization of pushdown accounting allocation	9 years

Significant Accounting Policies - Intangible Assets (Details)	9 Months Ended
	Sep. 30, 2020
Minimum
Intangible Assets
Useful life of intangible assets	7 years
Maximum
Intangible Assets
Useful life of intangible assets	12 years

Significant Accounting Policies - Deferred IPO Cost Follow-On Offering Costs (Details) $ in Millions	Sep. 30, 2020 USD ($)
Initial Public Offering
Deferred costs	$ 15.9
Follow On Offering
Deferred costs	$ 5.1

Significant Accounting Policies - Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands	Jan. 01, 2019	Sep. 30, 2020	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Right-of-use assets		$ 28,073	$ 24,504
Lease liability		$ 33,240	$ 30,955
ASU 2016-02
Lessee, Lease, Description [Line Items]
Right-of-use assets	$ 31,800
Lease liability	39,600
Deferred rent	4,900
Leasehold interest	$ 2,900
Package of practical expedients	true

Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Restricted Cash Equivalents [Abstract]
Restricted cash	$ 1,000	$ 1,000

Goodwill and Intangible Assets - Summary of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 2,694,797		$ 2,694,797		$ 2,694,797
Amortization expense	$ 24,900	$ 24,900	$ 74,600	$ 74,600

Goodwill and Intangible Assets - Indefinite Lived Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Intangible assets with indefinite useful lives
Intangible assets which have an indefinite useful life	$ 323,100	$ 323,100
Licenses
Intangible assets with indefinite useful lives
Intangible assets which have an indefinite useful life	168,800	168,800
Tradename
Intangible assets with indefinite useful lives
Intangible assets which have an indefinite useful life	$ 154,300	$ 154,300

Goodwill and Intangible Assets - Finite Lived Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Intangible assets that are subject to amortization
Cost	$ 1,082,600	$ 1,082,600
Accumulated Amortization	(198,814)	(124,259)
Net Carrying Amount	$ 883,786	958,341
Customer relationships
Intangible assets that are subject to amortization
Amortization Period	12 years
Cost	$ 928,200	928,200
Accumulated Amortization	(154,700)	(96,687)
Net Carrying Amount	$ 773,500	831,513
Content and data
Intangible assets that are subject to amortization
Amortization Period	7 years
Cost	$ 154,400	154,400
Accumulated Amortization	(44,114)	(27,572)
Net Carrying Amount	$ 110,286	$ 126,828

Revenue - Breakdown of Revenues Between Fixed and Variable (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue Recognition
Gross revenue	$ 212,870	$ 200,981	$ 659,583	$ 578,258
Transaction fees
Revenue Recognition
Gross revenue	120,582	112,746	383,552	319,338
Commissions
Revenue Recognition
Gross revenue	39,593	37,590	120,201	108,200
Other
Revenue Recognition
Gross revenue	2,205	2,007	6,658	6,070
Variable
Revenue Recognition
Gross revenue	124,136	115,941	397,671	326,873
Variable \| Transaction fees
Revenue Recognition
Gross revenue	94,122	87,574	305,848	246,066
Variable \| Subscription Fees including Refinitiv market data fees
Revenue Recognition
Gross revenue	400	440	1,280	1,330
Variable \| Commissions
Revenue Recognition
Gross revenue	29,497	27,840	90,079	78,785
Variable \| Other
Revenue Recognition
Gross revenue	117	87	464	692
Fixed
Revenue Recognition
Gross revenue	88,734	85,040	261,912	251,385
Fixed \| Transaction fees
Revenue Recognition
Gross revenue	26,460	25,172	77,704	73,272
Fixed \| Subscription Fees including Refinitiv market data fees
Revenue Recognition
Gross revenue	50,090	48,198	147,892	143,320
Fixed \| Commissions
Revenue Recognition
Gross revenue	10,096	9,750	30,122	29,415
Fixed \| Other
Revenue Recognition
Gross revenue	$ 2,088	$ 1,920	$ 6,194	$ 5,378

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

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Revenue - Recognized Revenue and Remaining Balances (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020 USD ($)
Change In Contract with Customer, Liability [Roll Forward]
Deferred revenue balance - beginning of period	$ 23,990
New billings	87,153
Revenue recognized	(81,286)
Deferred revenue balance - end of period	$ 29,857

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Income Tax Disclosure [Line Items]
Effective tax rate	19.10%	17.50%	20.80%	15.60%
Percentage of amount of U.S. federal, state and local income or franchise tax savings			50.00%
Remaining percentage of tax benefits			50.00%
Other assets	$ 44,561		$ 44,561		$ 27,236
Refinitiv
Income Tax Disclosure [Line Items]
Other assets	2,700		2,700
Accounts payable, accrued expenses and other liabilities
Income Tax Disclosure [Line Items]
Tax liability	$ 2,700		$ 2,700
State, local and foreign
Income Tax Disclosure [Line Items]
Percentage of amount of U.S. federal, state and local income or franchise tax savings	21.00%	21.00%	21.00%	21.00%

Tax Receivable Agreement (Details) - USD ($) $ in Thousands	9 Months Ended
Tax Receivable Agreement (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Tax Receivable Agreement
Percentage of amount of U.S. federal, state and local income or franchise tax savings	50.00%
Tax receivable agreement liability	$ 372,953	$ 240,817

Stockholder's Equity - Initial Public Offering and Reorganization Transactions (Details) $ / shares in Units, $ in Billions	Apr. 08, 2019 USD ($) $ / shares shares
Class A Common Stock \| Initial Public Offering
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock from equity incentive plans (in shares) \| shares	46,000,000
Public offering price (in dollars per share) \| $ / shares	$ 27.00
Class A Common Stock \| Underwriter
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock from equity incentive plans (in shares) \| shares	6,000,000
Tradeweb Markets LLC
Subsidiary, Sale of Stock [Line Items]
Public offering price (in dollars per share) \| $ / shares	$ 27.00
Net proceeds \| $	$ 1.2

Stockholder's Equity - Amendments and Restatement of Certificate of Incorporation (Details)	9 Months Ended
	Sep. 30, 2020 Vote $ / shares shares	Dec. 31, 2019 $ / shares shares	Apr. 08, 2019	Apr. 03, 2019 $ / shares shares
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares) \| shares	250,000,000	250,000,000		250,000,000
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.00001	$ 0.00001		$ 0.00001
Tradeweb Markets LLC
Class of Stock [Line Items]
Threshold percentage of economic interest for conversion	10.00%
Class A Common Stock
Class of Stock [Line Items]
Common Stock, shares authorized (in shares) \| shares	1,000,000,000			1,000,000,000
Common Stock, par value (in dollars per share) \| $ / shares	$ 0.00001			$ 0.00001
Votes \| Vote	1
Cancellation ratio	1
Class A Common Stock \| Tradeweb Markets LLC
Class of Stock [Line Items]
Conversion ratio	1
Class B Common Stock
Class of Stock [Line Items]
Common Stock, shares authorized (in shares) \| shares	450,000,000			450,000,000
Common Stock, par value (in dollars per share) \| $ / shares	$ 0.00001			$ 0.00001
Votes \| Vote	10
Cancellation ratio	1
Class C Common Stock
Class of Stock [Line Items]
Common Stock, shares authorized (in shares) \| shares	350,000,000			350,000,000
Common Stock, par value (in dollars per share) \| $ / shares	$ 0.00001			$ 0.00001
Votes \| Vote	1
Cancellation ratio	1
Class C Common Stock \| Tradeweb Markets LLC
Class of Stock [Line Items]
Conversion ratio	1
Class D Common Stock
Class of Stock [Line Items]
Common Stock, shares authorized (in shares) \| shares	300,000,000			300,000,000
Common Stock, par value (in dollars per share) \| $ / shares	$ 0.00001			$ 0.00001
Votes \| Vote	10
Cancellation ratio	1
Voting power threshold percentage to require conversion of shares			4.90%
Class D Common Stock \| Minimum
Class of Stock [Line Items]
Voting power threshold percentage to require conversion of shares			4.90%

Stockholder's Equity - Recapitalization of Tradeweb Markets LLC (Details) - Tradeweb Markets LLC - shares		9 Months Ended
	Apr. 04, 2019	Sep. 30, 2020
LLC Interests
Class of Stock [Line Items]
Common units exchanged (in shares)	222,222,197
Class A Common Stock
Class of Stock [Line Items]
Common units exchanged (in shares)		146,333
Class C Common Stock
Class of Stock [Line Items]
Common units exchanged (in shares)		447
Class P (A)
Class of Stock [Line Items]
Common units exchanged (in shares)		6,887
Class P (C)
Class of Stock [Line Items]
Common units exchanged (in shares)		2
Class P-1 (A)
Class of Stock [Line Items]
Common units exchanged (in shares)		6,094
Class P-1 (C)
Class of Stock [Line Items]
Common units exchanged (in shares)		232

Stockholder's Equity - Issuance and Cancellation of Common Stock (Details) - shares		9 Months Ended
	Apr. 08, 2019	Sep. 30, 2020	Sep. 30, 2019
Class A Common Stock
Class of Stock [Line Items]
Number of shares owned	46,000,000	90,985,582
Percentage of combined voting power	2.70%
Class B Common Stock
Class of Stock [Line Items]
Shares contributed by Refinitiv Owner (in shares)	96,933,192
Number of shares owned		96,933,192
Class C Common Stock
Class of Stock [Line Items]
Shares issued to acquire TWM LLC (in shares)	20,000,000
Number of shares canceled (in shares)	9,993,731
Number of shares owned		5,109,991
Class D Common Stock
Class of Stock [Line Items]
Shares issued to acquire TWM LLC (in shares)	105,289,005
Number of shares canceled (in shares)	36,006,269
Number of shares owned		34,403,255
Continuing LLC Owners
Class of Stock [Line Items]
Percentage of combined voting power	27.50%
Continuing LLC Owners \| Class C Common Stock
Class of Stock [Line Items]
Number of shares owned	10,006,269
Continuing LLC Owners \| Class D Common Stock
Class of Stock [Line Items]
Number of shares owned	46,294,407
Refinitiv Direct Owner
Class of Stock [Line Items]
Shares contributed by Refinitiv Owner (in shares)	96,933,192
Number of shares owned	96,933,192
Refinitiv Direct Owner \| Class B Common Stock
Class of Stock [Line Items]
Number of shares owned	96,933,192
Percentage of combined voting power	56.40%
Refinitiv LLC Owner \| Class D Common Stock
Class of Stock [Line Items]
Number of LLC Interest (in shares)	22,988,329
Tradeweb Markets LLC
Class of Stock [Line Items]
Number of LLC Interest (in shares)		39,513,246	79,289,005
Ownership percentage, Continuing LLC Owners		17.40%	35.70%
Number of LLC Interest held by parent (in shares)	142,933,192	187,918,774	142,942,945
Ownership interest	64.30%	82.60%	64.30%
Tradeweb Markets LLC \| Class A Common Stock
Class of Stock [Line Items]
Percentage of economic interest	20.70%
Tradeweb Markets LLC \| Continuing LLC Owners
Class of Stock [Line Items]
Number of LLC Interest (in shares)	56,300,676
Ownership percentage, Continuing LLC Owners	25.30%
Tradeweb Markets LLC \| Refinitiv LLC Owner \| Class B Common Stock
Class of Stock [Line Items]
Percentage of economic interest	43.60%
Tradeweb Markets LLC \| Refinitiv LLC Owner \| Class D Common Stock
Class of Stock [Line Items]
Percentage of combined voting power	10.30%
Number of LLC Interest (in shares)	22,988,329
Ownership percentage, Continuing LLC Owners	13.40%

Stockholders’ Equity - October 2019 and April 2020 Follow-On Offering (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Apr. 08, 2019	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Class A Common Stock \| October 2019 Follow-On Offering
Class of Stock [Line Items]
Issuance of common stock from equity incentive plans (in shares)			19,881,059
Public offering price (in dollars per share)			$ 42.00
Net proceeds			$ 810.0
Stock surrendered (in shares)			45,393
Class A Common Stock \| April 2020 Follow-On Offering
Class of Stock [Line Items]
Issuance of common stock from equity incentive plans (in shares)		12,835,245
Public offering price (in dollars per share)		$ 50.25
Net proceeds		$ 626.3
Stock surrendered (in shares)		596,418
Class A Common Stock \| Underwriter
Class of Stock [Line Items]
Issuance of common stock from equity incentive plans (in shares)	6,000,000
Shares issued to underwriters (in shares)		1,674,162	2,593,181
LLC units \| October 2019 Follow-On Offering
Class of Stock [Line Items]
Stock surrendered (in shares)				19,835,666
LLC units \| April 2020 Follow-On Offering
Class of Stock [Line Items]
Stock surrendered (in shares)		12,238,827

Stockholder's Equity - Redemptions and Exchange of LLC Interests (Details) - shares	Sep. 30, 2020	Sep. 30, 2019	Apr. 08, 2019
Tradeweb Markets LLC
Subsidiary, Sale of Stock [Line Items]
Number of LLC Interests held by Tradeweb Markets Inc.	17.40%	35.70%
Ownership interest	82.60%	64.30%	64.30%
Tradeweb Markets LLC \| Public Investors
Subsidiary, Sale of Stock [Line Items]
Number of LLC Interests held by Tradeweb Markets Inc.	40.00%
Tradeweb Markets LLC \| Bank Stockholders
Subsidiary, Sale of Stock [Line Items]
Number of LLC Interests held by Tradeweb Markets Inc.	7.20%
Tradeweb Markets Inc \| Public Investors
Subsidiary, Sale of Stock [Line Items]
Voting power percentage	6.50%
Tradeweb Markets Inc \| Bank Stockholders
Subsidiary, Sale of Stock [Line Items]
Voting power percentage	8.40%
Tradeweb Markets Inc \| Class A Common Stock \| Public Investors
Subsidiary, Sale of Stock [Line Items]
Number of share owned (in shares)	90,985,582
Tradeweb Markets Inc \| Class D Common Stock \| Bank Stockholders
Subsidiary, Sale of Stock [Line Items]
Number of share owned (in shares)	11,285,182
Tradeweb Markets Inc \| Class C Common Stock \| Bank Stockholders
Subsidiary, Sale of Stock [Line Items]
Number of share owned (in shares)	5,109,991
Refinitiv \| Tradeweb Markets LLC
Subsidiary, Sale of Stock [Line Items]
Ownership interest	52.70%
Refinitiv \| Tradeweb Markets Inc
Subsidiary, Sale of Stock [Line Items]
Ownership interest	85.10%
Refinitiv \| Tradeweb Markets Inc \| Class B Common Stock
Subsidiary, Sale of Stock [Line Items]
Number of share owned (in shares)	96,933,192
Refinitiv \| Tradeweb Markets Inc \| Class D Common Stock
Subsidiary, Sale of Stock [Line Items]
Number of share owned (in shares)	22,988,329

Non-Controlling Interests (Details) $ in Thousands		3 Months Ended		9 Months Ended
Non-Controlling Interests (Details) $ in Thousands	Apr. 08, 2019 shares	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($) shares	Sep. 30, 2019 USD ($) shares
Non-Controlling Interests
Net income attributable to Tradeweb Markets Inc.		$ 36,812	$ 29,612	$ 111,236	$ 42,440
Change in non-controlling interests as a result of ownership changes		(1,478)	73	423,339	(1,607,456)
Net transfers (to) from non-controlling interests		(1,478)	73	423,339	(1,607,456)
Change from net income attributable to Tradeweb Markets Inc. and transfers (to) from non-controlling interests		$ 35,334	$ 29,685	$ 534,575	$ (1,565,016)
Class A Common Stock
Non-Controlling Interests
Conversion ratio				1
Class B Common Stock
Non-Controlling Interests
Conversion ratio				1
Tradeweb Markets LLC
Non-Controlling Interests
Number of LLC Interests held by Tradeweb Markets Inc. (in shares) \| shares	142,933,192			187,918,774	142,942,945
Number of LLC Interests held by non-controlling interests (in shares) \| shares				39,513,246	79,289,005
Total LLC Interests outstanding (in shares) \| shares				227,432,020	222,231,950
Number of LLC Interests held by Tradeweb Markets Inc.	64.30%	82.60%	64.30%	82.60%	64.30%
Number of LLC Interests held by Tradeweb Markets Inc.		17.40%	35.70%	17.40%	35.70%
Total LLC Interests outstanding		100.00%	100.00%	100.00%	100.00%

Stock-Based Compensation Plans (Details) $ in Millions	3 Months Ended	9 Months Ended
Stock-Based Compensation Plans (Details) $ in Millions	Sep. 30, 2020 USD ($) shares	Sep. 30, 2020 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of performance modifier	100.00%
Exercise period following a change in control	15 days
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of performance modifier	0.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of performance modifier	200.00%
2019 Omnibus Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares) \| shares	8,841,864	8,841,864
Vesting period		10 years
Equity-settled PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 36.0	$ 36.0
Expected weighted-average period		1 year 8 months 26 days
Cash Settled PSRUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	0.1	$ 0.1
Expected weighted-average period		3 months
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	4.4	$ 4.4
Expected weighted-average period		1 year 9 months 29 days
RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 15.6	$ 15.6
Expected weighted-average period		2 years 5 months 8 days

Stock-Based Compensation Plans - PSRUs-settled activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Equity-settled PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PRSUs (equity-settled) granted (in shares)	0	0	360,609	776,603
Weighted-average grant-date fair value, equity settled (in dollars per share)	$ 0	$ 0	$ 38.87	$ 21.65
PRSUs compensation expense	$ 6,778	$ 7,136	$ 19,577	$ 18,807
Cash Settled PSRUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PRSUs (cash-settled) granted (in shares)	0	0	0	0
Weighted-average grant-date fair value, cash settled (in dollars per share)	$ 0	$ 0	$ 0	$ 0
PRSUs compensation expense	$ (130)	$ 219	$ 476	$ 738
RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PRSUs (equity-settled) granted (in shares)	0	0	493,878	0
Weighted-average grant-date fair value, equity settled (in dollars per share)	$ 0	$ 0	$ 38.91	$ 0
PRSUs compensation expense	$ 1,684	$ 0	$ 3,674	$ 0

Stock-Based Compensation Plans - Options (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)	0	205,000	0	386,115
Weighted-average grant-date fair value (in dollars per share)	$ 0	$ 11.45	$ 0	$ 7.48
Compensation expense	$ 1,295	$ 1,995	$ 4,823	$ 22,398
RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 1,684	$ 0	$ 3,674	$ 0
RSUs granted (in shares)	0	0	493,878	0
Weighted-average grant-date fair value (in dollars per share)	$ 0	$ 0	$ 38.91	$ 0

Related Party Transactions - Balances (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Related Party Transactions [Abstract]
Accounts receivable	$ 2,609	$ 0
Receivable from affiliates	36	2,525
Accounts payable, accrued expenses and other liabilities	539	0
Deferred revenue	4,185	4,733
Payable to affiliates	$ 4,977	$ 1,506

Related Party Transactions - Consolidated Statements of Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue:
Revenue	$ 212,870	$ 200,981	$ 659,583	$ 578,258
Operating Income and Expenses:
Interest income	(349)	636	64	1,669
Shared Services Fees:
Technology and communications	12,037	9,527	34,397	29,086
General and administrative	8,657	7,507	24,520	25,961
Occupancy	3,443	3,640	10,678	10,900
Affiliated Entity
Operating Income and Expenses:
Interest income	0	0	0	858
Shared Services Fees:
Technology and communications	740	740	2,220	2,220
General and administrative	0	24	(596)	406
Occupancy	0	123	15	434
Transaction fees \| Affiliated Entity
Revenue:
Revenue	0	0	0	59,643
Subscription fees \| Affiliated Entity
Revenue:
Revenue	0	0	0	5,670
Commissions \| Affiliated Entity
Revenue:
Revenue	0	0	0	16,186
Refinitiv market data fees \| Affiliated Entity
Revenue:
Revenue	$ 14,273	$ 13,251	$ 43,466	$ 40,252

Related Party Transactions - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended				9 Months Ended
	Apr. 30, 2019	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Related Party Transactions
Consulting service fee for IPO	$ 1.0
Consulting service fee for follow on offering			$ 0.5	$ 0.5
Adjustment to additional paid in capital due to consulting service fee						$ 2.0
Refinitiv \| Operating Expense Reimbursement
Related Party Transactions
Related party expense		$ 0.1			$ 1.2	$ 1.3	$ 5.5

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value of Financial Instruments
Total assets measured at fair value	$ 585,435	$ 219,158
Money market funds
Fair Value of Financial Instruments
Money market funds	585,435	219,158
Quoted Prices in active Markets for Identical Assets (Level 1)
Fair Value of Financial Instruments
Total assets measured at fair value	585,435	219,158
Quoted Prices in active Markets for Identical Assets (Level 1) \| Money market funds
Fair Value of Financial Instruments
Money market funds	585,435	219,158
Significant Observable Inputs (Level 2)
Fair Value of Financial Instruments
Total assets measured at fair value	0	0
Significant Observable Inputs (Level 2) \| Money market funds
Fair Value of Financial Instruments
Money market funds	0	0
Significant Unobservable Inputs (Level 3)
Fair Value of Financial Instruments
Total assets measured at fair value	0	0
Significant Unobservable Inputs (Level 3) \| Money market funds
Fair Value of Financial Instruments
Money market funds	$ 0	$ 0

Credit Risk (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Credit Risk
Total stockholder's equity	$ 4,056,855	$ 3,378,588
Excess net capital	10,000
Allowance for doubtful accounts	120	$ 195
Minimum
Credit Risk
Total stockholder's equity	$ 25,000

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

Credit Risk - Credit losses (Details) $ in Thousands	9 Months Ended
Credit Risk - Credit losses (Details) $ in Thousands	Sep. 30, 2020 USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance, prior to adoption of ASC 326 - December 31, 2019	$ 195
Current-period provision for expected credit losses	239
Write-offs charged against the allowance	(54)
Recoveries collected	(260)
Ending balance - September 30, 2020	$ 120

Commitments and Contingencies (Details) - Revolving credit facility - USD ($)	Apr. 08, 2019	Sep. 30, 2020
Commitments and Contingencies
Revolving credit facility, term	5 years
Maximum borrowing capacity	$ 500,000,000
Commitment fee, percentage	0.25%
Amount outstanding		$ 0
One-month LIBOR
Commitments and Contingencies
Spread	1.00%
Base rate
Commitments and Contingencies
Spread	0.75%
LIBOR
Commitments and Contingencies
Spread	1.75%
Floor	0.00%
Fed Funds Effective Rate
Commitments and Contingencies
Spread	0.50%

Earnings Per Share (Details) - USD ($)

3 Months Ended

9 Months Ended

Sep. 30, 2020

Sep. 30, 2019

Sep. 30, 2020

Sep. 30, 2019

Weighted average shares of Class A and Class B common stock outstanding - Basic (in shares)

^[1],[2]

187,774,170

142,935,206

177,257,994

Weighted average shares of Class A and Class B common stock outstanding - Diluted (in shares)

^[1],[2]

194,955,695

151,362,643

185,026,108

Earnings per share - Basic (in dollars per share)

$ 0.20

$ 0.21

$ 0.63

Earnings per share - Diluted (in dollars per share)

$ 0.19

$ 0.20

$ 0.60

Weighted-average shares (in shares)

179,508

247,491

264,882

126,667

Potential Dilutive

Weighted-average shares (in shares)

39,513,246

48,397,598

Tradeweb Markets Inc

Numerator:

IPO net income

$ 36,812,000

$ 29,612,000

$ 111,236,000

$ 42,440,000

Weighted average shares of Class A and Class B common stock outstanding - Basic (in shares)

187,774,170

142,935,206

177,257,994

142,934,221

^[1],[2]

Weighted average shares of Class A and Class B common stock outstanding - Diluted (in shares)

194,955,695

151,362,643

185,026,108

151,158,760

^[1],[2]

Earnings per share - Basic (in dollars per share)

$ 0.20

$ 0.21

$ 0.63

$ 0.30

^[1],[2]

Earnings per share - Diluted (in dollars per share)

$ 0.19

$ 0.20

$ 0.60

$ 0.28

^[1],[2]

Tradeweb Markets Inc | PRSU

Tradeweb Markets Inc | Options

2,584,192

2,492,381

2,371,727

2,355,938

Tradeweb Markets Inc | RSU

4,402,391

5,935,056

5,264,106

5,868,601

194,942

132,281

Tradeweb Markets LLC

Numerator:

IPO net income

$ 42,352

Weighted average shares of Class A and Class B common stock outstanding - Basic (in shares)

^[1],[3]

222,222,197

Weighted average shares of Class A and Class B common stock outstanding - Diluted (in shares)

^[1],[3]

223,320,457

Earnings per share - Basic (in dollars per share)

^[1],[3]

$ 0.19

Earnings per share - Diluted (in dollars per share)

^[1],[3]

$ 0.19

Tradeweb Markets LLC | PRSU

1,098,260

[1]	In April 2019, the Company completed the Reorganization Transactions and the IPO, which, among other things, resulted in Tradeweb Markets Inc. becoming the successor of Tradeweb Markets LLC for financial reporting purposes. As a result, earnings per share information for the pre-IPO period is not comparable to the earnings per share information for the post-IPO period. Therefore, earnings per share information is being presented separately for the pre-IPO and post-IPO periods. See Note 15 – Earnings Per Share for additional information.
[2]	Presents information for Tradeweb Markets Inc. (post-IPO period).
[3]	Presents information for Tradeweb Markets LLC (pre-IPO period).

Regulatory Capital Requirements (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
TWL
Regulatory Capital Requirements
Regulatory Capital	$ 62,001	$ 42,317
Regulatory Capital Requirement	1,710	2,396
Excess Regulatory Capital	60,291	39,921
DW
Regulatory Capital Requirements
Regulatory Capital	58,727	52,016
Regulatory Capital Requirement	1,805	2,026
Excess Regulatory Capital	56,922	49,990
TWD
Regulatory Capital Requirements
Regulatory Capital	23,509	33,807
Regulatory Capital Requirement	634	664
Excess Regulatory Capital	22,875	33,143
TEL
Regulatory Capital Requirements
Regulatory Capital	52,520	49,611
Regulatory Capital Requirement	31,953	21,856
Excess Regulatory Capital	20,567	27,755
TWJ
Regulatory Capital Requirements
Regulatory Capital	10,956	11,851
Regulatory Capital Requirement	3,714	8,565
Excess Regulatory Capital	7,242	3,286
TWEU
Regulatory Capital Requirements
Regulatory Capital	5,936	6,217
Regulatory Capital Requirement	1,773	1,701
Excess Regulatory Capital	4,163	4,516
TW SEF
Regulatory Capital Requirements
Financial Resources	26,831	21,303
Required Financial Resources	13,500	10,500
Excess Financial Resources	13,331	10,803
Liquid Financial Assets	14,012	18,168
Required Liquid Financial Assets	6,750	5,250
Excess Liquid Financial Assets	7,262	12,918
DW SEF
Regulatory Capital Requirements
Financial Resources	13,898	13,707
Required Financial Resources	5,595	5,505
Excess Financial Resources	8,303	8,202
Liquid Financial Assets	7,564	7,583
Required Liquid Financial Assets	2,798	2,753
Excess Liquid Financial Assets	$ 4,766	$ 4,830

Business Segment and Geographic Information - Revenue by Client Sector (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Business Segment and Geographic Information
Gross revenue	$ 212,870	$ 200,981	$ 659,583	$ 578,258
Total revenue	212,870	200,981	659,583	578,258
Operating expenses	154,349	142,723	467,808	442,768
Operating income	58,521	58,258	191,775	135,490
Institutional
Business Segment and Geographic Information
Gross revenue	131,860	120,858	407,464	341,167
Wholesale
Business Segment and Geographic Information
Gross revenue	44,959	43,040	136,967	124,416
Retail
Business Segment and Geographic Information
Gross revenue	17,453	20,169	59,495	61,314
Market Data
Business Segment and Geographic Information
Gross revenue	$ 18,598	$ 16,914	$ 55,657	$ 51,361

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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Business Segment and Geographic Information - Revenue and Long-lived Assets by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Business Segment and Geographic Information
Gross revenue	$ 212,870	$ 200,981	$ 659,583	$ 578,258
Long-lived assets	4,133,061		4,133,061		$ 4,214,233
U.S.
Business Segment and Geographic Information
Gross revenue	136,785	126,599	422,114	368,689
Long-lived assets	4,116,769		4,116,769		4,200,133
International
Business Segment and Geographic Information
Gross revenue	76,085	$ 74,382	237,469	$ 209,569
Long-lived assets	$ 16,292		$ 16,292		$ 14,100