0001758730-21-000014 | 10-Q | XBRL Viewer

Business Segment and Geographic Information

3 Months Ended

Mar. 31, 2021

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
	March 31,
	2021		2020
Revenues
Institutional	$	175,324	$	145,612
Wholesale	59,390		48,756
Retail	18,713		21,676
Market Data	19,972		18,562
Total revenue	273,399		234,606
Operating expenses	175,072		156,991
Operating income	$	98,327	$	77,615

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 revenue by geographic area (in thousands):


	Three Months Ended
	March 31,
	2021		2020
Revenues
U.S.	$	167,736	$	145,256
International	105,663		89,350
Total revenue	$	273,399	$	234,606

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


	March 31, 2021		December 31, 2020
Long-lived assets
U.S.	$	4,060,785	$	4,091,569
International	16,586		16,544
Total	$	4,077,371	$	4,108,113

- Definition

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

+ References

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+ Details

Stockholders' Equity and Stock-Based Compensation Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Feb. 04, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum performance modifier, percent	0.00%
Maximum performance modifier, percent	200.00%
Target performance modifier, percent	100.00%
Common stock repurchased (in shares)	696,847	515,145
Average price per share (in dollars per share)	$ 65.24	$ 46.57
Aggregate value of share repurchase	$ 45.5	$ 24.0
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share repurchase program, amount authorized			$ 150.0
2019 Omnibus Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	8,841,864
Vesting period	10 years
RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Granted (in shares)	319,860
Weighted-average grant-date fair value (in dollars per share)	$ 74.15
Vest per year	33.00%
RSU \| Non-employee director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
PRSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Granted (in shares)	205,655
Weighted-average grant-date fair value (in dollars per share)	$ 74.16

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Income Tax Disclosure [Line Items]
Effective tax rate	16.60%	20.20%
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	$ 75,249		$ 82,460
Refinitiv
Income Tax Disclosure [Line Items]
Other assets	2,700		2,700
Accounts Payable and Accrued 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%

Earnings Per Share

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Earnings Per Share

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


	Three Months Ended
	March 31,
	2021		2020

	(in thousands, except share and per share amounts)
Numerator:
Net income attributable to Tradeweb Markets Inc.	$	67,859	$	43,928

Denominator:
Weighted average shares of Class A and Class B common stock outstanding - Basic	199,064,607		166,234,749
Dilutive effect of equity-settled PRSUs	1,832,308		2,038,422
Dilutive effect of options	3,851,594		6,221,549
Dilutive effect of RSUs	280,208		22,524
Weighted average shares of Class A and Class B common stock outstanding - Diluted	205,028,717		174,517,244

Earnings per share - Basic	$	0.34	$	0.26
Earnings per share - Diluted	$	0.33	$	0.25

For the three months ended March 31, 2021, there were approximately 60,315 weighted-average RSUs and 77,692 PRSUs 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 months ended March 31, 2020, there were approximately 378,124 weighted-average shares underlying options 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, for the three months ended March 31, 2021 and 2020, there were 31,214,407 and 57,644,547 weighted-average LLC Interests, respectively, from the assumed exchange of non-controlling interests that were determined to be anti-dilutive and thus were excluded from the computation of diluted earnings per share.

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

Fair Value of Financial Instruments - Unrealized Gains(Losses) on Foreign Currency Forwards (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Foreign currency forward contracts – Gross notional amount \| Selling, General and Administrative Expenses
Derivative [Line Items]
Foreign currency forward contracts not designated in accounting hedge relationship	$ 5,698	$ (547)

Significant Accounting Policies - Deferred IPO Cost Follow-On Offering Costs (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Initial Public Offering
Deferred costs	$ 15.9	$ 15.9
Follow On Offering
Deferred costs	$ 5.2	$ 5.2

Related Party Transactions

3 Months Ended

Mar. 31, 2021

Related Party Transactions

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

At March 31, 2021 and December 31, 2020, the following balances with such affiliates were included in the condensed consolidated statements of financial condition in the following line items (in thousands):


	March 31, 2021		December 31, 2020
Accounts receivable	$	4,570	$	4,009
Receivable from affiliates	2,527		111
Other assets	2,722		2,722
Accounts payable, accrued expenses and other liabilities	7,617		6,140
Deferred revenue	4,500		4,500
Payable to affiliates	1,816		5,142

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


	Three Months Ended
	March 31,
	2021		2020
Revenue:



Subscription fees	$	569	$	—
Refinitiv market data fees (1)	15,117		14,628
Other fees	161		—
Expenses:

Shared Services Fees: (2)
Technology and communications	740		740
General and administrative	2		24
Occupancy	—		46

(1)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.

(2)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 months ended March 31, 2021 and 2020, the Company reimbursed such affiliates approximately $0.2 million and $0.3 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. As of both March 31, 2021 and December 31, 2020, $2.0 million related to these offering costs, is included as a component of the additional paid-in capital balance on the condensed consolidated statements of financial condition.

Significant Accounting Policies - Furniture, Equipment, Purchased Software, Leasehold Improvements and Software Development Cost (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Furniture, Equipment, Purchased Software and Leasehold Improvements
Furniture, Equipment, Purchased Software and Leasehold Improvements
Accumulated depreciation and amortization	$ 40.8		$ 35.4
Depreciation expense	$ 5.4	$ 4.3
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
Accumulated depreciation and amortization	$ 78.1		$ 67.4
Amortization of pushdown accounting allocation	9 years
Amortization expense	$ 10.7	$ 8.0

Tax Receivable Agreement	3 Months Ended
Tax Receivable Agreement	Mar. 31, 2021
Tax Receivable Agreement
Tax Receivable Agreement	Tax Receivable Agreement In connection with the Reorganization Transactions, the Corporation entered into a tax receivable agreement (the “Tax Receivable Agreement”) with TWM LLC and the Continuing LLC Owners, which provides for the payment by the Corporation to a Continuing LLC Owner of 50% of the amount of U.S. federal, state and local income or franchise tax savings, if any, that the Corporation actually realizes (or in some circumstances is deemed to realize) as a result of (i) increases in the tax basis of TWM LLC’s assets resulting from (a) the purchase of LLC Interests from such Continuing LLC Owner, including with the net proceeds from the IPO and any subsequent offerings 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 within 150 days after the filing of the tax return based on the actual tax savings realized by the Corporation. The first payment of the Tax Receivable Agreement was made in January 2021. Substantially all payments due under the tax receivable agreement are payable over 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, exchange, or purchase, as the case may be. Further, the Corporation evaluates the likelihood that it will realize the benefit represented by the deferred tax asset, and, to the extent that the Corporation estimates that it is more likely than not that it will not realize the benefit, it reduces the carrying amount of the deferred tax asset with a valuation allowance. The impact of any changes in the projected obligations under the Tax Receivable Agreement as a result of changes in the mix of the Company’s earnings, tax legislation and tax rates in various jurisdictions, or other factors that may impact the Corporation’s tax savings, are reflected in income before taxes on the condensed consolidated statement of income in the period in which the change occurs. As of March 31, 2021 and December 31, 2020, the Tax Receivable Agreement liability on the condensed consolidated statements of financial condition totaled $425.2 million and $404.3 million, respectively. During the three months ended March 31, 2021 and 2020, no Tax Receivable Agreement liability adjustment was reflected in the condensed consolidated statements of income.

Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2021

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


	March 31, 2021		December 31, 2020
Accounts receivable	$	4,570	$	4,009
Receivable from affiliates	2,527		111
Other assets	2,722		2,722
Accounts payable, accrued expenses and other liabilities	7,617		6,140
Deferred revenue	4,500		4,500
Payable to affiliates	1,816		5,142

Schedule of affiliates were included in the consolidated statements of income

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


	Three Months Ended
	March 31,
	2021		2020
Revenue:



Subscription fees	$	569	$	—
Refinitiv market data fees (1)	15,117		14,628
Other fees	161		—
Expenses:

Shared Services Fees: (2)
Technology and communications	740		740
General and administrative	2		24
Occupancy	—		46

Non-Controlling Interests - Summary of Equity Changes Due to Changes in Corporation Ownership (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Noncontrolling Interest [Abstract]
Net income attributable to Tradeweb Markets Inc.	$ 67,859	$ 43,928
Increase in Tradeweb Markets Inc.'s additional paid-in capital as a result of ownership changes in TWM LLC	80,665	45,436
Net transfers (to) from non-controlling interests	80,665	45,436
Change from net income attributable to Tradeweb Markets Inc. and transfers (to) from non-controlling interests	$ 148,524	$ 89,364

- Definition

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

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+ Details

Restricted Cash	3 Months Ended
Restricted Cash	Mar. 31, 2021
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 both March 31, 2021 and December 31, 2020, 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.

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Summary of Basic and Diluted Earnings Per Share

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


	Three Months Ended
	March 31,
	2021		2020

	(in thousands, except share and per share amounts)
Numerator:
Net income attributable to Tradeweb Markets Inc.	$	67,859	$	43,928

Denominator:
Weighted average shares of Class A and Class B common stock outstanding - Basic	199,064,607		166,234,749
Dilutive effect of equity-settled PRSUs	1,832,308		2,038,422
Dilutive effect of options	3,851,594		6,221,549
Dilutive effect of RSUs	280,208		22,524
Weighted average shares of Class A and Class B common stock outstanding - Diluted	205,028,717		174,517,244

Earnings per share - Basic	$	0.34	$	0.26
Earnings per share - Diluted	$	0.33	$	0.25

Organization (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Feb. 02, 2021	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Additional dilutive shares (in shares)		5,964,110
NASDAQ All Cash Acquisition
All-cash acquisition	$ 190.0
Class D Common Stock
Common Stock, par value (in dollars per share)		$ 0.00001	$ 0.00001
Class C Common Stock
Common Stock, par value (in dollars per share)		0.00001	0.00001
Class A Common Stock
Common Stock, par value (in dollars per share)		0.00001	0.00001
Class B Common Stock
Common Stock, par value (in dollars per share)		$ 0.00001	$ 0.00001
Tradeweb Markets LLC
Ownership interest		86.80%	85.10%	74.50%
Ownership percentage, Continuing LLC Owners		13.20%	14.90%	25.50%
Tradeweb Markets LLC \| Refinitiv
Ownership interest		51.70%
Tradeweb Markets LLC \| Public Investors
Ownership percentage, Continuing LLC Owners		45.10%
Tradeweb Markets LLC \| Class D Common Stock \| Other Stockholders
Ownership percentage, Continuing LLC Owners		0.10%
Tradeweb Markets LLC \| Class C and Class D Common Stock \| Bank Stockholders
Ownership percentage, Continuing LLC Owners		3.20%
Tradeweb Markets Inc \| Refinitiv
Ownership interest		87.90%
Tradeweb Markets Inc \| Public Investors
Voting power percentage		7.70%
Tradeweb Markets Inc \| Class D Common Stock \| Refinitiv
Number of share owned (in shares)		22,988,329
Tradeweb Markets Inc \| Class D Common Stock \| Bank Stockholders
Number of share owned (in shares)		5,767,435
Tradeweb Markets Inc \| Class D Common Stock \| Other Stockholders
Number of share owned (in shares)		121,344
Voting power percentage		0.10%
Tradeweb Markets Inc \| Class C Common Stock \| Bank Stockholders
Number of share owned (in shares)		1,654,825
Tradeweb Markets Inc \| Class A Common Stock \| Public Investors
Number of share owned (in shares)		104,643,279
Tradeweb Markets Inc \| Class B Common Stock \| Refinitiv
Number of share owned (in shares)		96,933,192
Tradeweb Markets Inc \| Class C and Class D Common Stock \| Bank Stockholders
Voting power percentage		4.30%

Non-Controlling Interests (Tables)

3 Months Ended

Mar. 31, 2021

Noncontrolling Interest [Abstract]

Summary of the ownership interest in noncontrolling interest

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


	March 31, 2021			March 31, 2020
	LLC Interests	Ownership %		LLC Interests	Ownership %
Number of LLC Interests held by Tradeweb Markets Inc.	201,576,471	86.8	%	167,603,632	74.5	%
Number of LLC Interests held by non-controlling interests	30,531,933	13.2	%	57,261,214	25.5	%
Total LLC Interests outstanding	232,108,404	100.0	%	224,864,846	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 Tradeweb Market Inc.'s equity due to changes in the Corporation’s ownership interest in TWM LLC (in thousands):


Net Income Attributable to Tradeweb Markets Inc. and Transfers (to) from the Non-Controlling Interests	Three Months Ended
	March 31,
	2021		2020
Net income attributable to Tradeweb Markets Inc.	$	67,859	$	43,928
Transfers (to) from non-controlling interests:
Increase in Tradeweb Markets Inc.'s additional paid-in capital as a result of ownership changes in TWM LLC	80,665		45,436
Net transfers (to) from non-controlling interests	80,665		45,436
Change from net income attributable to Tradeweb Markets Inc. and transfers (to) from non-controlling interests	$	148,524	$	89,364

Significant Accounting Policies	3 Months Ended
Significant Accounting Policies	Mar. 31, 2021
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies The following is a summary of significant accounting policies: Basis of Presentation The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. As discussed in Note 1 – Organization, as a result of the Reorganization Transactions, Tradeweb Markets Inc. consolidates TWM LLC and its subsidiaries and TWM LLC is considered to be the predecessor to Tradeweb Markets Inc. for financial reporting purposes. Tradeweb Markets Inc. had no business transactions or activities and no substantial assets or liabilities prior to the Reorganization Transactions. The condensed consolidated financial statements represent the financial condition and results of operations of the Company and report a non-controlling interest related to the LLC Interests held by the Continuing LLC Owners. These condensed consolidated financial statements are unaudited and should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The consolidated financial information as of December 31, 2020 has been derived from audited financial statements not included herein. These unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) with respect to interim financial reporting and Form 10-Q. In accordance with such rules and regulations, certain disclosures that are normally included in annual financial statements have been omitted. These unaudited condensed consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year. Use of Estimates The preparation of financial statements in conformity with 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 condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the difference may be material to the condensed consolidated financial statements. Reclassifications Certain reclassifications have been made to prior periods' financial information to conform to the current year presentation. This primarily includes an aggregation of transaction fees and commissions into a single revenue category titled “transaction fees and commissions” for all periods presented in condensed consolidated income statements. These reclassifications had no impact on total consolidated revenue or consolidated net income. Pushdown Accounting In connection with the Refinitiv Transaction, a majority interest of Refinitiv (formerly the Thomson Reuters Financial & Risk Business) was acquired by BCP on October 1, 2018 from TR. The Refinitiv Transaction was accounted for by Refinitiv in accordance with the acquisition method of accounting pursuant to 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 which resulted in a new fair value basis of accounting for certain of the Company's assets and liabilities beginning on October 1, 2018. Under the pushdown accounting applied, the excess of the fair value of the Company above the fair value accounting basis of the net assets and liabilities of the Company as of October 1, 2018 was recorded as goodwill. The fair value of assets acquired and liabilities assumed was determined based on assumptions that reasonable market participants would use in the principal (or most advantageous) market for the asset or liability. The adjusted valuations primarily affected the values of the Company's long-lived and indefinite-lived intangible assets, including software development costs. Cash and Cash Equivalents Cash and cash equivalents consists of cash and highly liquid investments (such as short-term money market instruments) with original maturities at the time of purchase of three months or less. Allowance for Credit Losses The Company continually monitors collections and payments from its clients and maintains an allowance for credit losses. The allowance for credit losses is based on an estimate of the amount of potential credit losses in existing accounts receivable, as determined from a review of aging schedules, past due balances, historical collection experience and other specific account data. Careful analysis of the financial condition of 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 condensed consolidated statements of income. See Note 11 – Credit Risk for additional information. Receivable from and Payable to Brokers and Dealers and Clearing Organizations Receivable from and payable to brokers and dealers and clearing organizations consists of proceeds from transactions executed on the Company's wholesale platform which failed to settle due to the inability of a transaction party to deliver or receive the transacted security. These securities transactions are generally collateralized by those securities. Until the failed transaction settles, a receivable from (and a matching payable to) brokers and dealers and clearing organizations is recognized for the proceeds from the unsettled transaction. Deposits with Clearing Organizations Deposits with clearing organizations are comprised of cash deposits. Furniture, Equipment, Purchased Software and Leasehold Improvements Furniture, equipment, purchased software and leasehold improvements are carried at cost less accumulated depreciation. Depreciation for furniture, equipment and purchased software is computed on a straight-line basis over the estimated useful lives of the related assets, ranging from three to seven years. Leasehold improvements are amortized over the lesser of the estimated useful lives of the leasehold improvements or the remaining term of the lease for office space. Furniture, equipment, purchased software and leasehold improvements are tested for impairment whenever events or changes in circumstances suggest that an asset’s carrying value may not be fully recoverable in accordance with ASC 360, Property, Plant and Equipment (“ASC 360”). As of March 31, 2021 and December 31, 2020, accumulated depreciation related to furniture, equipment, purchased software and leasehold improvements totaled $40.8 million and $35.4 million, respectively. Depreciation expense for furniture, equipment, purchased software and leasehold improvements was $5.4 million and $4.3 million for the three months ended March 31, 2021 and 2020, respectively. Software Development Costs The Company capitalizes costs associated with the development of internal use software at the point at which the conceptual formulation, design and testing of possible software project alternatives have been completed, in accordance with ASC 350, Intangibles – Goodwill and Other (“ASC 350”). The Company capitalizes employee compensation and related benefits and third party consulting costs incurred during the application development stage which directly contribute to such development. Such costs are amortized on a straight-line basis over three years. Costs capitalized as part of the pushdown accounting allocation are amortized over nine years. The Company reviews the amounts capitalized for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable, or that their useful lives are shorter than originally expected. Non-capitalized software costs and routine maintenance costs are expensed as incurred. As of March 31, 2021 and December 31, 2020, accumulated amortization related to software development costs totaled $78.1 million and $67.4 million, respectively. Amortization expense for software development costs was $10.7 million and $8.0 million for the three months ended March 31, 2021 and 2020, respectively. 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 as previously applied under pushdown accounting in connection with the Refinitiv Transaction. Goodwill also includes the cost of acquired companies in excess of the fair value of identifiable net assets at the acquisition date. Goodwill is not amortized, but in accordance with ASC 350, goodwill is tested for impairment annually on October 1st and between annual tests, whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. Goodwill is tested at the reporting unit level, which is defined as an operating segment or one level below the operating segment. An impairment loss is recognized if the estimated fair value of a reporting unit is less than its net book value. Such loss is calculated as the difference between the estimated fair value of goodwill and its carrying value. Goodwill was last assessed on October 1, 2020 and no impairment of goodwill was identified. 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. As of March 31, 2021 and December 31, 2020, accumulated amortization related to intangible assets totaled $248.5 million and $223.7 million, respectively. Amortization expense for definite-lived intangible assets was $24.9 million for each of the three months ended March 31, 2021 and 2020. Equity Investments Without Readily Determinable Fair Values Equity Investments without a readily determinable fair value are measured at cost, less impairment, plus or minus observable price changes (in orderly transactions) of an identical or similar investment of the same issuer. If the Company determines that the equity investment is impaired on the basis of a qualitative assessment, the Company will recognize an impairment loss equal to the amount by which the investment’s carrying amount exceeds its fair value. Equity investments are included as a component of other assets on the condensed consolidated statements of financial condition. Leases The Company has operating leases for corporate offices and data centers with initial lease terms ranging from one to 10 years. A right-of-use asset and a lease liability are recognized for all leases with an initial term in excess of twelve months. Significant assumptions and judgements in calculating the right-of-use assets and lease liability include the determination of the applicable borrowing rate for each lease. The Company includes the term covered by an option to extend a lease when the option is reasonably certain to be exercised. The asset reflects the present value of unpaid lease payments coupled with initial direct costs, prepaid lease payments and lease incentives. The amount of the lease liability is calculated as the present value of unpaid lease payments. The Company adopted Accounting Standards Update ("ASU") 2016-2, Leases (Topic 842) on January 1, 2019 using the modified retrospective method of adoption and elected to take the optional package of practical expedients, which allowed 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. Deferred IPO and Follow-On Offering Costs Deferred 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 as a reduction in additional paid-in capital within the condensed consolidated statements of financial condition when the offering is effective. As of both March 31, 2021 and December 31, 2020, $15.9 million of deferred costs related to the IPO and $5.2 million of deferred costs related to follow-on offerings were included as a component of the additional paid-in capital balance in the condensed consolidated statements of financial condition. No offering costs were incurred during the three months ended March 31, 2021. Translation of Foreign Currency and Foreign Currency Forward Contracts 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 condensed consolidated statements of financial condition date. Foreign currency re-measurement gains or losses on transactions in nonfunctional currencies are recognized in the condensed consolidated statements of income within general and administrative expenses and the realized and unrealized losses totaled $1.9 million during the three months ended March 31, 2021 and realized and unrealized gains totaled $1.5 million during the three months ended March 31, 2020. 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 other comprehensive income. The Company enters into foreign currency forward contracts to mitigate its U.S. dollar and British pound sterling versus Euro exposure, generally with a duration of less than twelve months. The Company’s foreign currency forward contracts are not designated as hedges for accounting purposes and changes in the fair value of these contracts during the period are recognized in the condensed consolidated statements of income within general and administrative expenses. The Company does not use derivative instruments for trading or speculative purposes. Realized and unrealized gains on foreign currency forward contracts totaled $5.7 million during the three months ended March 31, 2021 and realized and unrealized losses on foreign currency forward contracts totaled $0.5 million during the three months ended March 31, 2020. See Note 10 – Fair Value of Financial Instruments for additional details on the Company's derivative instruments. Income Tax The Corporation is subject to U.S. federal, state and local income taxes with respect to its taxable income, including its allocable share of any taxable income of TWM LLC, and is taxed at prevailing corporate tax rates. TWM LLC is a multiple member limited liability company taxed as a partnership and accordingly any taxable income generated by TWM LLC is passed through to and included in the taxable income of its members, including the Corporation. Income taxes also include unincorporated business taxes on income earned or losses incurred for conducting business in certain state and local jurisdictions, income taxes on income earned or losses incurred in foreign jurisdictions on certain operations and federal and state income taxes on income earned or losses incurred, both current and deferred, on subsidiaries that are taxed as corporations for U.S. tax purposes. The Company records deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities. The Company measures deferred taxes using the enacted tax rates and laws that will be in effect when such temporary differences are expected to reverse. The Company evaluates the need for valuation allowances based on the weight of positive and negative evidence. The Company records valuation allowances wherever management believes it is more likely than not that the Company will not be able to realize its deferred tax assets in the 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 condensed consolidated statements of income. Accrued interest and penalties are included within accounts payable, accrued expenses and other liabilities in the condensed consolidated statements of financial condition. The Company has elected to treat taxes due on future U.S. inclusions in taxable income under the global intangible low-taxed income (“GILTI”) provision of the Tax Cuts and Jobs Act 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”). 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. 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 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 condensed 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 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 included in the calculation of basic earnings per share. Fair Value Measurement The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). Instruments that the Company owns (long positions) are marked to bid prices, and instruments that the Company has sold, but not yet purchased (short positions) are marked to offer prices. Fair value measurements do not include transaction costs. The fair value hierarchy under ASC 820, Fair Value Measurement (“ASC 820”), prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described below. Basis of Fair Value Measurement A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. •Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; •Level 2: Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly; •Level 3: Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

Regulatory Capital Requirements

3 Months Ended

Mar. 31, 2021

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

Regulatory Capital Requirements

Regulatory Capital RequirementsTWL, DW and TWD are subject to the Uniform Net Capital Rule 15c3-1 under the Securities Exchange Act of 1934. TEL and TESL are subject to certain financial resource requirements with the FCA in the UK, TWJ is subject to certain financial resource requirements with the FCA in Japan and TWEU is subject to certain finance resource requirements with the AFM in the Netherlands.

At March 31, 2021 and December 31, 2020, the regulatory capital requirements and regulatory capital for TWL, DW, TWD, TEL, TESL, TWJ and TWEU are as follows (in thousands):


As of March 31, 2021	TWL		DW		TWD		TEL		TWJ		TWEU		TESL
Regulatory Capital	$	37,445	$	47,796	$	24,175	$	63,682	$	10,455	$	8,703	$	756
Regulatory Capital Requirement	1,679		1,459		505		34,164		3,559		2,449		736
Excess Regulatory Capital	$	35,766	$	46,337	$	23,670	$	29,518	$	6,896	$	6,254	$	20


As of December 31, 2020	TWL		DW		TWD		TEL		TWJ		TWEU
Regulatory Capital	$	49,254	$	58,026	$	20,577	$	59,238	$	11,066	$	19,102
Regulatory Capital Requirement	2,438		2,147		731		33,742		3,799		2,562
Excess Regulatory Capital	$	46,816	$	55,879	$	19,846	$	25,496	$	7,267	$	16,540

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 March 31, 2021 and December 31, 2020 are as follows (in thousands):


	As of March 31, 2021				As of December 31, 2020
	TW SEF		DW SEF		TW SEF		DW SEF
Financial Resources	$	44,204	$	16,255	$	28,476	$	15,298
Required Financial Resources	13,500		5,991		13,500		6,223
Excess Financial Resources	$	30,704	$	10,264	$	14,976	$	9,075

Liquid Financial Assets	$	27,500	$	10,520	$	15,662	$	8,610
Required Liquid Financial Assets	6,750		2,996		6,750		3,112
Excess Liquid Financial Assets	$	20,750	$	7,524	$	8,912	$	5,498

Commitments and Contingencies (Details) - Revolving credit facility - USD ($)	Apr. 08, 2019	Mar. 31, 2021
Commitments and Contingencies
Revolving credit facility, term	5 years
Maximum borrowing capacity	$ 500,000,000.0
Commitment fee, percentage	0.25%
Letters of credit issued		$ 500,000
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%

Significant Accounting Policies - Translation of Foreign Currency and Foreign Currency Forward Contracts (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative [Line Items]
Realized and unrealized gains (losses) on translation adjustments	$ 1,900	$ (1,500)
Foreign currency forward contracts – Gross notional amount \| Selling, General and Administrative Expenses
Derivative [Line Items]
Foreign currency forward contracts not designated in accounting hedge relationship	$ 5,698	$ (547)

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 809,938	$ 791,280
Restricted cash	1,000	1,000
Receivable from brokers and dealers and clearing organizations	25,362	368
Deposits with clearing organizations	10,783	11,671
Accounts receivable, net of allowance for credit losses of $177 and $243 at March 31, 2021 and December 31, 2020, respectively	144,494	105,286
Furniture, equipment, purchased software and leasehold improvements, net of accumulated depreciation and amortization	32,733	33,814
Right-of-use assets	27,072	29,437
Software development costs, net of accumulated amortization	165,587	168,030
Goodwill	2,694,797	2,694,797
Intangible assets, net of accumulated amortization	1,157,182	1,182,034
Receivable from affiliates	2,527	111
Deferred tax asset	662,210	579,562
Other assets	75,249	82,460
Total assets	5,808,934	5,679,850
Liabilities
Payable to brokers and dealers and clearing organizations	25,145	252
Accrued compensation	70,202	129,288
Deferred revenue	27,186	23,193
Accounts payable, accrued expenses and other liabilities	44,291	42,692
Employee equity compensation payable	0	1,900
Lease liability	31,202	34,463
Payable to affiliates	1,816	5,142
Deferred tax liability	18,804	19,425
Tax receivable agreement liability	425,150	404,332
Total liabilities	643,796	660,687
Commitments and contingencies (Note 12)
Equity
Preferred stock, $0.00001 par value; 250,000,000 shares authorized; none issued or outstanding	0	0
Additional paid-in capital	4,307,046	4,143,094
Accumulated other comprehensive income	4,102	4,314
Retained earnings	207,870	156,041
Total stockholders' equity attributable to Tradeweb Markets Inc.	4,519,020	4,303,451
Non-controlling interests	646,118	715,712
Total equity	5,165,138	5,019,163
Total liabilities and equity	5,808,934	5,679,850
Class A Common Stock
Equity
Common stock	1	1
Class B Common Stock
Equity
Common stock	1	1
Class C Common Stock
Equity
Common stock	0	0
Class D Common Stock
Equity
Common stock	$ 0	$ 0

Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Restricted Cash Equivalents [Abstract]
Restricted cash	$ 1,000	$ 1,000

Business Segment and Geographic Information (Tables)

3 Months Ended

Mar. 31, 2021

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
	March 31,
	2021		2020
Revenues
Institutional	$	175,324	$	145,612
Wholesale	59,390		48,756
Retail	18,713		21,676
Market Data	19,972		18,562
Total revenue	273,399		234,606
Operating expenses	175,072		156,991
Operating income	$	98,327	$	77,615

Schedule of revenue and long-lived assets by geographic location

The following table provides revenue by geographic area (in thousands):


	Three Months Ended
	March 31,
	2021		2020
Revenues
U.S.	$	167,736	$	145,256
International	105,663		89,350
Total revenue	$	273,399	$	234,606

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


	March 31, 2021		December 31, 2020
Long-lived assets
U.S.	$	4,060,785	$	4,091,569
International	16,586		16,544
Total	$	4,077,371	$	4,108,113

Fair Value of Financial Instruments - Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value of Financial Instruments
Receivable from affiliates – Foreign currency forward contracts	$ 2,527	$ 111
Total assets measured at fair value	625,842	541,790
Payable to affiliates – Foreign currency forward contracts	1,816	5,142
Total liabilities measured at fair value	21	3,409
Foreign currency forward contracts
Fair Value of Financial Instruments
Receivable from affiliates – Foreign currency forward contracts	2,508
Payable to affiliates – Foreign currency forward contracts	21	3,409
Cash equivalents – Money market funds
Fair Value of Financial Instruments
Cash equivalents – Money market funds	623,334	541,790
Quoted Prices in active Markets for Identical Assets (Level 1)
Fair Value of Financial Instruments
Total assets measured at fair value	623,334	541,790
Total liabilities measured at fair value	0	0
Quoted Prices in active Markets for Identical Assets (Level 1) \| Foreign currency forward contracts
Fair Value of Financial Instruments
Receivable from affiliates – Foreign currency forward contracts
Payable to affiliates – Foreign currency forward contracts	0	0
Quoted Prices in active Markets for Identical Assets (Level 1) \| Cash equivalents – Money market funds
Fair Value of Financial Instruments
Cash equivalents – Money market funds	623,334	541,790
Significant Observable Inputs (Level 2)
Fair Value of Financial Instruments
Total assets measured at fair value	2,508	0
Total liabilities measured at fair value	21	3,409
Significant Observable Inputs (Level 2) \| Foreign currency forward contracts
Fair Value of Financial Instruments
Receivable from affiliates – Foreign currency forward contracts	2,508
Payable to affiliates – Foreign currency forward contracts	21	3,409
Significant Observable Inputs (Level 2) \| Cash equivalents – Money market funds
Fair Value of Financial Instruments
Cash equivalents – Money market funds	0	0
Significant Unobservable Inputs (Level 3)
Fair Value of Financial Instruments
Total assets measured at fair value	0	0
Total liabilities measured at fair value	0	0
Significant Unobservable Inputs (Level 3) \| Foreign currency forward contracts
Fair Value of Financial Instruments
Receivable from affiliates – Foreign currency forward contracts
Payable to affiliates – Foreign currency forward contracts	0	0
Significant Unobservable Inputs (Level 3) \| Cash equivalents – Money market funds
Fair Value of Financial Instruments
Cash equivalents – Money market funds	$ 0	$ 0

Fair Value of Financial Instruments - Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value of Financial Instruments
Receivable from brokers and dealers and clearing organizations	$ 25,362	$ 368
Deposits with clearing organizations	10,783	11,671
Accounts receivable	144,494	105,286
Total assets	5,808,934	5,679,850
Payable to brokers and dealers and clearing organizations	25,145	252
Total liabilities	643,796	660,687
Equity investment without readily determinable fair values	21,100	21,100
Fair Value, Nonrecurring
Fair Value of Financial Instruments
Cash and restricted cash	187,604	250,490
Receivable from brokers and dealers and clearing organizations	25,362	368
Deposits with clearing organizations	10,783	11,671
Accounts receivable	144,494	105,286
Other assets – Memberships in clearing organizations	1,583	1,586
Total assets	369,826	369,401
Payable to brokers and dealers and clearing organizations	25,145	252
Total liabilities	25,145	252
Quoted Prices in active Markets for Identical Assets (Level 1) \| Fair Value, Nonrecurring
Fair Value of Financial Instruments
Cash and restricted cash	187,604	250,490
Receivable from brokers and dealers and clearing organizations	0	0
Deposits with clearing organizations	10,783	11,671
Accounts receivable	0	0
Other assets – Memberships in clearing organizations	0	0
Total assets	198,387	262,161
Payable to brokers and dealers and clearing organizations	0	0
Total liabilities	0	0
Significant Observable Inputs (Level 2) \| Fair Value, Nonrecurring
Fair Value of Financial Instruments
Cash and restricted cash	0	0
Receivable from brokers and dealers and clearing organizations	25,362	368
Deposits with clearing organizations	0	0
Accounts receivable	144,494	105,286
Other assets – Memberships in clearing organizations	0	0
Total assets	169,856	105,654
Payable to brokers and dealers and clearing organizations	25,145	252
Total liabilities	25,145	252
Significant Unobservable Inputs (Level 3) \| Fair Value, Nonrecurring
Fair Value of Financial Instruments
Cash and restricted cash	0	0
Receivable from brokers and dealers and clearing organizations	0	0
Deposits with clearing organizations	0	0
Accounts receivable	0	0
Other assets – Memberships in clearing organizations	1,583	1,586
Total assets	1,583	1,586
Payable to brokers and dealers and clearing organizations	0	0
Total liabilities	0	0
Total \| Fair Value, Nonrecurring
Fair Value of Financial Instruments
Cash and restricted cash	187,604	250,490
Receivable from brokers and dealers and clearing organizations	25,362	368
Deposits with clearing organizations	10,783	11,671
Accounts receivable	144,494	105,286
Other assets – Memberships in clearing organizations	1,583	1,586
Total assets	369,826	369,401
Payable to brokers and dealers and clearing organizations	25,145	252
Total liabilities	$ 25,145	$ 252

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2021
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, which was granted on March 31, 2021. The Court has, however, given the Plaintiffs leave to further amend the complaint by no later than May 14, 2021. Based on the prior complaints and the nature of the allegations previously made, the Company believes that it will have meritorious defenses to a further amended complaint and intends to continue to vigorously defend its position. If an amended complaint is filed, further motions to dismiss are scheduled to be fully briefed by the end of July 2021. 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 matters described above, and therefore does not have any contingency reserves established for any of these matters. Revolving Credit Facility On April 8, 2019, the Company entered into a five year, $500.0 million senior secured revolving credit facility (“Credit Facility”) with a syndicate of banks. The Credit Facility was subsequently amended on November 7, 2019. The Credit Facility provides additional borrowing capacity to be used to fund ongoing working capital needs, letters of credit and for general corporate purposes, including potential future acquisitions and expansions. Under the terms of the credit agreement that governs the Credit Facility, borrowings under the Credit Facility bear interest at a rate equal to, at the Company’s option, either (a) a base rate equal to the greatest of (i) the administrative agent’s prime rate, (ii) the federal funds effective rate plus ½ of 1.0% and (iii) one month LIBOR plus 1.0%, in each case plus 0.75%, or (b) LIBOR plus 1.75%, subject to a 0.00% floor. The credit agreement also includes a commitment fee of 0.25% for available but unborrowed amounts and other administrative fees that are payable quarterly. The Credit Facility is available until April 2024, provided the Company is in compliance with all covenants. Financial covenant requirements include maintaining minimum ratios related to interest coverage and leverage. As of March 31, 2021, there were $0.5 million in letters of credit issued under the Revolving Credit Facility and no drawn amounts outstanding. As of December 31, 2020, there were no letters of credit issued under the Revolving Credit Facility and no drawn amounts outstanding.

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 81,565	$ 62,485
Foreign currency translation adjustments, with no tax benefit for each of the three months ended March 31, 2021 and 2020	(343)	(4,784)
Other comprehensive income (loss), net of tax	(343)	(4,784)
Comprehensive income	81,222	57,701
Less: Net income attributable to non-controlling interests	13,706	18,557
Less: Foreign currency translation adjustments attributable to non-controlling interests	(46)	(1,232)
Comprehensive income attributable to Tradeweb Markets Inc.	67,562	40,376
Comprehensive income - Tradeweb Markets Inc.
Net income attributable to Tradeweb Markets Inc.	67,859	43,928
Foreign currency translation adjustments attributable to Tradeweb Markets Inc.	(297)	(3,552)
Comprehensive income - Non-controlling interests
Comprehensive income attributable to non-controlling interests	$ 13,660	$ 17,325

Revenue - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue recognized that was previously deferred	$ 13,700	$ 13,300

Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Accounts receivable, allowance for credit losses	$ 177	$ 243
Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Preferred stock, shares authorized (in shares)	250,000,000	250,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Class A Common Stock
Common Stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common Stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	104,643,279	98,075,465
Common stock, shares outstanding (in shares)	104,643,279	98,075,465
Class B Common Stock
Common Stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common Stock, shares authorized (in shares)	450,000,000	450,000,000
Common stock, shares issued (in shares)	96,933,192	96,933,192
Common stock, shares outstanding (in shares)	96,933,192	96,933,192
Class C Common Stock
Common Stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common Stock, shares authorized (in shares)	350,000,000	350,000,000
Common stock, shares issued (in shares)	1,654,825	3,139,821
Common stock, shares outstanding (in shares)	1,654,825	3,139,821
Class D Common Stock
Common Stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common Stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	28,877,108	30,871,381
Common stock, shares outstanding (in shares)	28,877,108	30,871,381

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2021	Apr. 21, 2021
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-38860
Entity Registrant Name	Tradeweb Markets Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-2456358
Entity Address, Address Line One	1177 Avenue of the Americas
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
City Area Code	646
Local Phone Number	430-6000
Title of 12(b) Security	Class A common stock, par value $0.00001
Trading Symbol	TW
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001758730
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A Common Stock
Entity Common Stock, Shares Outstanding		104,759,476
Class B Common Stock
Entity Common Stock, Shares Outstanding		96,933,192
Class C Common Stock
Entity Common Stock, Shares Outstanding		1,654,825
Class D Common Stock
Entity Common Stock, Shares Outstanding		28,877,108

Related Party Transactions - Consolidated Statements of Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Expenses:
Technology and communications	$ 13,544	$ 10,318
General and administrative	3,459	8,340
Occupancy	3,753	3,726
Affiliated Entity
Expenses:
Technology and communications	740	740
General and administrative	2	24
Occupancy	0	46
Subscription fees \| Affiliated Entity
Revenue:
Revenue	569	0
Refinitiv market data fees \| Affiliated Entity
Revenue:
Revenue	15,117	14,628
Other fees \| Affiliated Entity
Revenue:
Revenue	$ 161	$ 0

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2021
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 three months ended March 31, 2021 and 2020 was approximately 16.6% and 20.2%, respectively. The effective tax rate for the three months ended March 31, 2021 and 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 issuance of common stock from equity incentive plans, partially offset by state, local and foreign taxes. 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 primarily 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 in various jurisdictions. 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 6 – Tax Receivable Agreement. The tax benefit has been recognized in deferred tax assets on the March 31, 2021 condensed 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. As of both March 31, 2021 and December 31, 2020, the tax liability related to the Refinitiv Contribution was $2.7 million and is included within accounts payable, accrued expenses and other liabilities on the condensed 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. As of both March 31, 2021 and December 31, 2020, $2.7 million is included in other assets on the condensed consolidated statement of financial condition related to this related party indemnification.

- Definition

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.

+ References + Details

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of fair value measurements

The Company's financial instruments measured at fair value on the condensed consolidated statements of financial condition as of March 31, 2021 and December 31, 2020 have been categorized based upon the fair value hierarchy as follows (in thousands):


	Quoted Prices in active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
As of March 31, 2021
Assets
Cash equivalents – Money market funds	$	623,334	$	—	$	—	$	623,334
Receivable from affiliates – Foreign currency forward contracts			2,508				2,508
Total assets measured at fair value	$	623,334	$	2,508	$	—	$	625,842

Liabilities
Payable to affiliates – Foreign currency forward contracts	$	—	$	21	$	—	$	21
Total liabilities measured at fair value	$	—	$	21	$	—	$	21

As of December 31, 2020
Assets
Cash equivalents – Money market funds	$	541,790	$	—	$	—	$	541,790
Total assets measured at fair value	$	541,790	$	—	$	—	$	541,790

Liabilities
Payable to affiliates – Foreign currency forward contracts	$	—	$	3,409	$	—	$	3,409
Total liabilities measured at fair value	$	—	$	3,409	$	—	$	3,409

Summary of Derivative Values

The following table summarizes the aggregate U.S. dollar equivalent notional amount of the Company's foreign currency forward contracts not designated as hedges for accounting purposes (in thousands):


	March 31, 2021		December 31, 2020
Foreign currency forward contracts – Gross notional amount	$	122,394	$	122,458

The total realized and unrealized gains (losses) on foreign currency forward contracts recorded in the condensed consolidated statements of income are as follows (in thousands):


	Three Months Ended
	March 31,
	2021		2020
Total realized and unrealized gains (losses) recognized in general and administrative expenses:
Foreign currency forward contracts not designated in accounting hedge relationship	$	5,698	$	(547)

Summary of Financial Instruments Not Measured at Fair Value

The Company's financial instruments not measured at fair value on the condensed consolidated statements of financial condition as of March 31, 2021 and December 31, 2020 have been categorized based upon the fair value hierarchy as follows (in thousands):


	Carrying Value		Quoted Prices in active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
As of March 31, 2021
Assets
Cash and restricted cash	$	187,604	$	187,604	$	—	$	—	$	187,604
Receivable from brokers and dealers and clearing organizations	25,362		—		25,362		—		25,362
Deposits with clearing organizations	10,783		10,783		—		—		10,783
Accounts receivable	144,494		—		144,494		—		144,494
Other assets – Memberships in clearing organizations	1,583		—		—		1,583		1,583
Total	$	369,826	$	198,387	$	169,856	$	1,583	$	369,826

Liabilities
Payable to brokers and dealers and clearing organizations	$	25,145	$	—	$	25,145	$	—	$	25,145
Total	$	25,145	$	—	$	25,145	$	—	$	25,145

As of December 31, 2020
Assets
Cash and restricted cash	$	250,490	$	250,490	$	—	$	—	$	250,490
Receivable from brokers and dealers and clearing organizations	368		—		368		—		368
Deposits with clearing organizations	11,671		11,671		—		—		11,671
Accounts receivable	105,286		—		105,286		—		105,286
Other assets – Memberships in clearing organizations	1,586		—		—		1,586		1,586
Total	$	369,401	$	262,161	$	105,654	$	1,586	$	369,401

Liabilities
Payable to brokers and dealers and clearing organizations	$	252	$	—	$	252	$	—	$	252
Total	$	252	$	—	$	252	$	—	$	252

- Definition

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.

+ References + Details

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
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+ Details

Stockholders' Equity and Stock-Based Compensation Plans

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Stockholders' Equity and Stock-Based Compensation Plans

The rights and privileges of the Company's stockholders' equity and LLC Interests are described in the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 and there have been no changes to those rights and privileges during the three months ended March 31, 2021.

Under the Tradeweb Markets Inc. 2019 Omnibus Equity Incentive Plan, the Company is authorized to issue up to 8,841,864 new shares of Class A common stock to employees, officers and non-employee directors. Under this plan, the Company may grant awards in respect of shares of Class A common stock, including performance-based restricted stock units (“PRSUs”), stock options, restricted stock units (“RSUs”) and dividend equivalent rights. The awards may have performance-based and/or time-based vesting conditions. Stock options have a maximum contractual term of 10 years.

During the three months ended March 31, 2021, the Company granted 319,860 RSUs and 205,655 PRSUs at a weighted-average grant-date fair value of $74.15 and $74.16, respectively. RSUs and PRSUs each represent promises to issue actual shares of Class A common stock at the end of a vesting period. The RSU awards granted to employees will vest one-third each year over a three-year period, and RSU awards granted to non-employee directors will vest after one year. PRSUs vest at the end of a three-year cliff vesting period and the number of shares a participant will receive upon vesting is determined by a performance modifier, which is adjusted as a result of the financial performance of the Company in the grant year. The performance modifier can vary between 0% (minimum) and 200% (maximum) of the target (100%) award amount.

A summary of the Company's total stock-based compensation expense is presented below (in thousands):


	Three Months Ended
	March 31,
	2021		2020
Total stock-based compensation expense	$	10,760	$	7,971

Share Repurchase Program

On February 4, 2021, the Company announced that the board of directors authorized a new share repurchase program, primarily to offset annual dilution from stock-based compensation plans (the “Share Repurchase Program”). The Share Repurchase Program authorizes the purchase of up to $150.0 million of the Company's Class A common stock at the Company's discretion through the end of fiscal year 2023. The Share Repurchase Program will be effected primarily through regular open-market purchases (which may include repurchase plans designed to comply with Rule 10b5-1). The amounts and timing of the repurchases will be subject to general market conditions and the prevailing price and trading volumes of our Class A common stock. The Share Repurchase Program does not require the Company to acquire a specific number of shares and may be suspended, amended or discontinued at any time. No share repurchases were made pursuant to the Share Repurchase Program during the three months ended March 31, 2021.

Other Share RepurchasesDuring the three months ended March 31, 2021 and 2020, the Company withheld 696,847 and 515,145 shares, respectively of common stock from employee stock option, PRSU and RSU awards, at an average price per share of $65.24 and $46.57, respectively and an aggregate value of $45.5 million and $24.0 million, respectively based on the price of the Class A common stock on the date the relevant withholding occurred. These shares are withheld in order for the Company to cover the payroll tax withholding obligations upon the exercise of stock options and settlement of RSUs and PRSUs and such shares were not withheld in connection with the Share Repurchase Program discussed above.

Related Party Transactions - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended				12 Months Ended
	Apr. 30, 2019	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2020
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				$ 2.0
Refinitiv \| Operating Expense Reimbursement
Related Party Transactions
Related party expense		$ 0.2			$ 0.3

Business Segment and Geographic Information - Revenue and Long-lived Assets by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Business Segment and Geographic Information
Total revenue	$ 273,399	$ 234,606
Long-lived assets	4,077,371		$ 4,108,113
U.S.
Business Segment and Geographic Information
Total revenue	167,736	145,256
Long-lived assets	4,060,785		4,091,569
International
Business Segment and Geographic Information
Total revenue	105,663	$ 89,350
Long-lived assets	$ 16,586		$ 16,544

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenue (Tables)

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Breakdown of revenues between fixed and variable revenues

The breakdown of revenues between fixed and variable revenues for the three months ended March 31, 2021 and 2020 is as follows:


	Three Months Ended				Three Months Ended
	March 31, 2021				March 31, 2020
	(in thousands)				(in thousands)
	Variable		Fixed		Variable		Fixed
Revenues
Transaction fees and commissions	$	179,667	$	38,149	$	147,778	$	35,539
Subscription Fees including Refinitiv market data fees	462		52,523		465		48,646
Other	213		2,385		110		2,068
Total revenue	$	180,342	$	93,057	$	148,353	$	86,253

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, 2020	$	23,193
New billings	30,762
Revenue recognized	(26,769)
Deferred revenue balance - March 31, 2021	$	27,186

Credit Risk	3 Months Ended
Credit Risk	Mar. 31, 2021
Risks and Uncertainties [Abstract]
Credit Risk	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 $25.0 million in equity capital and $10.0 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 both March 31, 2021 and December 31, 2020, the Company maintained an allowance for credit losses with regard to these receivables of $0.2 million. There was no credit loss expense recognized for each of the three months ended March 31, 2021 and 2020 and recoveries resulted in a reversal of credit loss expense totaling $0.1 million and none for the three months ended March 31, 2021 and 2020, respectively. 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 the 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 is 360 days past due.

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Accounting	Basis of Presentation The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. As discussed in Note 1 – Organization, as a result of the Reorganization Transactions, Tradeweb Markets Inc. consolidates TWM LLC and its subsidiaries and TWM LLC is considered to be the predecessor to Tradeweb Markets Inc. for financial reporting purposes. Tradeweb Markets Inc. had no business transactions or activities and no substantial assets or liabilities prior to the Reorganization Transactions. The condensed consolidated financial statements represent the financial condition and results of operations of the Company and report a non-controlling interest related to the LLC Interests held by the Continuing LLC Owners. These condensed consolidated financial statements are unaudited and should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The consolidated financial information as of December 31, 2020 has been derived from audited financial statements not included herein. These unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) with respect to interim financial reporting and Form 10-Q. In accordance with such rules and regulations, certain disclosures that are normally included in annual financial statements have been omitted. These unaudited condensed consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with 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 condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the difference may be material to the condensed consolidated financial statements.
Reclassifications	ReclassificationsCertain reclassifications have been made to prior periods' financial information to conform to the current year presentation. This primarily includes an aggregation of transaction fees and commissions into a single revenue category titled “transaction fees and commissions” for all periods presented in condensed consolidated income statements. These reclassifications had no impact on total consolidated revenue or consolidated net income.
Pushdown Accounting	Pushdown Accounting In connection with the Refinitiv Transaction, a majority interest of Refinitiv (formerly the Thomson Reuters Financial & Risk Business) was acquired by BCP on October 1, 2018 from TR. The Refinitiv Transaction was accounted for by Refinitiv in accordance with the acquisition method of accounting pursuant to 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 which resulted in a new fair value basis of accounting for certain of the Company's assets and liabilities beginning on October 1, 2018. Under the pushdown accounting applied, the excess of the fair value of the Company above the fair value accounting basis of the net assets and liabilities of the Company as of October 1, 2018 was recorded as goodwill. The fair value of assets acquired and liabilities assumed was determined based on assumptions that reasonable market participants would use in the principal (or most advantageous) market for the asset or liability. The adjusted valuations primarily affected the values of the Company's long-lived and indefinite-lived intangible assets, including software development costs.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consists of cash and highly liquid investments (such as short-term money market instruments) with original maturities at the time of purchase of three months or less.
Allowance for Credit Losses	Allowance for Credit Losses The Company continually monitors collections and payments from its clients and maintains an allowance for credit losses. The allowance for credit losses is based on an estimate of the amount of potential credit losses in existing accounts receivable, as determined from a review of aging schedules, past due balances, historical collection experience and other specific account data. Careful analysis of the financial condition of 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 condensed consolidated statements of income. See Note 11 – 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 executed on the Company's wholesale platform which failed to settle due to the inability of a transaction party to deliver or receive the transacted security. These securities transactions are generally collateralized by those securities. Until the failed transaction settles, a receivable from (and a matching payable to) brokers and dealers and clearing organizations is recognized for the proceeds from the unsettled transaction.
Deposits with Clearing Organizations	Deposits with Clearing OrganizationsDeposits with clearing organizations are comprised of cash deposits.
Furniture, Equipment, Purchased Software and Leasehold Improvements	Furniture, Equipment, Purchased Software and Leasehold Improvements Furniture, equipment, purchased software and leasehold improvements are carried at cost less accumulated depreciation. Depreciation for furniture, equipment and purchased software is computed on a straight-line basis over the estimated useful lives of the related assets, ranging from three to seven years. Leasehold improvements are amortized over the lesser of the estimated useful lives of the leasehold improvements or the remaining term of the lease for office space. Furniture, equipment, purchased software and leasehold improvements are tested for impairment whenever events or changes in circumstances suggest that an asset’s carrying value may not be fully recoverable in accordance with ASC 360, Property, Plant and Equipment (“ASC 360”). As of March 31, 2021 and December 31, 2020, accumulated depreciation related to furniture, equipment, purchased software and leasehold improvements totaled $40.8 million and $35.4 million, respectively. Depreciation expense for furniture, equipment, purchased software and leasehold improvements was $5.4 million and $4.3 million for the three months ended March 31, 2021 and 2020, respectively.
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 (“ASC 350”). The Company capitalizes employee compensation and related benefits and third party consulting costs incurred during the application development stage which directly contribute to such development. Such costs are amortized on a straight-line basis over three years. Costs capitalized as part of the pushdown accounting allocation are amortized over nine years. The Company reviews the amounts capitalized for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable, or that their useful lives are shorter than originally expected. Non-capitalized software costs and routine maintenance costs are expensed as incurred. As of March 31, 2021 and December 31, 2020, accumulated amortization related to software development costs totaled $78.1 million and $67.4 million, respectively. Amortization expense for software development costs was $10.7 million and $8.0 million for the three months ended March 31, 2021 and 2020, respectively.
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 as previously applied under pushdown accounting in connection with the Refinitiv Transaction. Goodwill also includes the cost of acquired companies in excess of the fair value of identifiable net assets at the acquisition date. Goodwill is not amortized, but in accordance with ASC 350, goodwill is tested for impairment annually on October 1st and between annual tests, whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. Goodwill is tested at the reporting unit level, which is defined as an operating segment or one level below the operating segment. An impairment loss is recognized if the estimated fair value of a reporting unit is less than its net book value. Such loss is calculated as the difference between the estimated fair value of goodwill and its carrying value. Goodwill was last assessed on October 1, 2020 and no impairment of goodwill was identified.
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.
Equity Investments Without Readily Determinable Fair Value	Equity Investments Without Readily Determinable Fair ValuesEquity Investments without a readily determinable fair value are measured at cost, less impairment, plus or minus observable price changes (in orderly transactions) of an identical or similar investment of the same issuer. If the Company determines that the equity investment is impaired on the basis of a qualitative assessment, the Company will recognize an impairment loss equal to the amount by which the investment’s carrying amount exceeds its fair value. Equity investments are included as a component of other assets on the condensed consolidated statements of financial condition.
Leases	Leases The Company has operating leases for corporate offices and data centers with initial lease terms ranging from one to 10 years. A right-of-use asset and a lease liability are recognized for all leases with an initial term in excess of twelve months. Significant assumptions and judgements in calculating the right-of-use assets and lease liability include the determination of the applicable borrowing rate for each lease. The Company includes the term covered by an option to extend a lease when the option is reasonably certain to be exercised. The asset reflects the present value of unpaid lease payments coupled with initial direct costs, prepaid lease payments and lease incentives. The amount of the lease liability is calculated as the present value of unpaid lease payments. The Company adopted Accounting Standards Update ("ASU") 2016-2, Leases (Topic 842) on January 1, 2019 using the modified retrospective method of adoption and elected to take the optional package of practical expedients, which allowed 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.
Deferred IPO and Follow-On Offering Costs	Deferred IPO and Follow-On Offering Costs Deferred 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 as a reduction in additional paid-in capital within the condensed consolidated statements of financial condition when the offering is effective. As of both March 31, 2021 and December 31, 2020, $15.9 million of deferred costs related to the IPO and $5.2 million of deferred costs related to follow-on offerings were included as a component of the additional paid-in capital balance in the condensed consolidated statements of financial condition. No offering costs were incurred during the three months ended March 31, 2021.
Translation of Foreign Currency and Foreign Currency Forward Contracts	Translation of Foreign Currency and Foreign Currency Forward Contracts 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 condensed consolidated statements of financial condition date. Foreign currency re-measurement gains or losses on transactions in nonfunctional currencies are recognized in the condensed consolidated statements of income within general and administrative expenses and the realized and unrealized losses totaled $1.9 million during the three months ended March 31, 2021 and realized and unrealized gains totaled $1.5 million during the three months ended March 31, 2020. 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 other comprehensive income. The Company enters into foreign currency forward contracts to mitigate its U.S. dollar and British pound sterling versus Euro exposure, generally with a duration of less than twelve months. The Company’s foreign currency forward contracts are not designated as hedges for accounting purposes and changes in the fair value of these contracts during the period are recognized in the condensed consolidated statements of income within general and administrative expenses. The Company does not use derivative instruments for trading or speculative purposes. Realized and unrealized gains on foreign currency forward contracts totaled $5.7 million during the three months ended March 31, 2021 and realized and unrealized losses on foreign currency forward contracts totaled $0.5 million during the three months ended March 31, 2020. See Note 10 – Fair Value of Financial Instruments for additional details on the Company's derivative instruments.
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 condensed consolidated statements of income. Accrued interest and penalties are included within accounts payable, accrued expenses and other liabilities in the condensed consolidated statements of financial condition. The Company has elected to treat taxes due on future U.S. inclusions in taxable income under the global intangible low-taxed income (“GILTI”) provision of the Tax Cuts and Jobs Act 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”). 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. 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 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 condensed 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 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 included in the calculation of basic earnings per share.
Fair Value Measurement	Fair Value Measurement The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). Instruments that the Company owns (long positions) are marked to bid prices, and instruments that the Company has sold, but not yet purchased (short positions) are marked to offer prices. Fair value measurements do not include transaction costs. The fair value hierarchy under ASC 820, Fair Value Measurement (“ASC 820”), prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described below. Basis of Fair Value Measurement A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. •Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; •Level 2: Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly; •Level 3: Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues
Total revenue	$ 273,399	$ 234,606
Expenses
Employee compensation and benefits	103,622	90,520
Depreciation and amortization	40,966	37,176
Technology and communications	13,544	10,318
General and administrative	3,459	8,340
Professional fees	9,728	6,911
Occupancy	3,753	3,726
Total expenses	175,072	156,991
Operating income	98,327	77,615
Net interest income (expense)	(493)	699
Income before taxes	97,834	78,314
Provision for income taxes	(16,269)	(15,829)
Net income	81,565	62,485
Less: Net income attributable to non-controlling interests	13,706	18,557
Net income attributable to Tradeweb Markets Inc.	$ 67,859	$ 43,928
EPS calculations for post-IPO and pre-IPO periods
Basic (in dollars per share)	$ 0.34	$ 0.26
Diluted (in dollars per share)	$ 0.33	$ 0.25
Weighted average shares outstanding
Basic (in shares)	199,064,607	166,234,749
Diluted (in shares)	205,028,717	174,517,244
Transaction fees and commissions
Revenues
Total revenue	$ 217,816	$ 183,317
Subscription fees
Revenues
Total revenue	37,868	34,483
Refinitiv market data fees
Revenues
Total revenue	15,117	14,628
Other
Revenues
Total revenue	$ 2,598	$ 2,178

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended
	Apr. 28, 2021	Apr. 27, 2021	Mar. 31, 2021
Subsequent Event [Line Items]
Cash dividend declared (in dollars per share)			$ 0.08
Subsequent Event
Subsequent Event [Line Items]
Capital distributions		$ 15.0
Subsequent Event \| Class B Common Stock
Subsequent Event [Line Items]
Cash dividend declared (in dollars per share)	$ 0.08
Subsequent Event \| Class A Common Stock
Subsequent Event [Line Items]
Cash dividend declared (in dollars per share)	$ 0.08

Credit Risk (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Credit Risk
Total stockholder's equity	$ 4,519,020	$ 4,303,451
Excess net capital	10,000
Allowance for doubtful accounts	177	$ 243
Minimum
Credit Risk
Total stockholder's equity	$ 25,000

- Definition

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.

+ References + Details

Condensed Consolidated Statements of Changes in Equity (Parenthetical)	3 Months Ended
	Mar. 31, 2021 $ / shares
Limited Liability Company (LLC) Members' Equity [Abstract]
Dividends (in dollars per share)	$ 0.08

Stockholders' Equity and Stock-Based Compensation Plans - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Total stock-based compensation expense	$ 10,760	$ 7,971

Revenue - Recognized Revenue and Remaining Balances (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Change In Contract with Customer, Liability [Roll Forward]
Deferred revenue balance - beginning of period	$ 23,193
New billings	30,762
Revenue recognized	(26,769)
Deferred revenue balance - end of period	$ 27,186

Fair Value of Financial Instruments - Foreign Currency Forward Contracts (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Foreign currency forward contracts – Gross notional amount \| Not Designated as Hedging Instrument
Derivative [Line Items]
Gross notional amount	$ 122,394	$ 122,458

Revenue

3 Months Ended

Mar. 31, 2021

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 recognized and recorded on a trade-date basis and is generally billed monthly.

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 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 condensed consolidated statements of financial condition until the revenue recognition criteria has been met.

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 for the three months ended March 31, 2021 and 2020 is as follows:


	Three Months Ended				Three Months Ended
	March 31, 2021				March 31, 2020
	(in thousands)				(in thousands)
	Variable		Fixed		Variable		Fixed
Revenues
Transaction fees and commissions	$	179,667	$	38,149	$	147,778	$	35,539
Subscription Fees including Refinitiv market data fees	462		52,523		465		48,646
Other	213		2,385		110		2,068
Total revenue	$	180,342	$	93,057	$	148,353	$	86,253

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, 2020	$	23,193
New billings	30,762
Revenue recognized	(26,769)
Deferred revenue balance - March 31, 2021	$	27,186

During the three months ended March 31, 2021, the Company recognized $13.7 million in total revenue that was deferred as of December 31, 2020. During the three months ended March 31, 2020, the Company recognized $13.3 million in total revenue that was deferred as of December 31, 2019.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-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
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

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

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

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

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

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

+ Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities
Net income	$ 81,565	$ 62,485
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	40,966	37,176
Stock-based compensation expense	10,760	7,971
Deferred taxes	15,997	7,227
(Increase) decrease in operating assets:
Receivable from/payable to brokers and dealers and clearing organizations, net	(101)	(40,563)
Deposits with clearing organizations	906	(1,668)
Accounts receivable	(38,831)	(43,453)
Receivable from/payable to affiliates, net	(6,491)	2,452
Other assets	7,226	(9,837)
Increase (decrease) in operating liabilities:
Accrued compensation	(59,275)	(59,910)
Deferred revenue	3,995	2,306
Accounts payable, accrued expenses and other liabilities	770	14,067
Employee equity compensation payable	(1,915)	(11)
Net cash provided by (used in) operating activities	55,572	(21,758)
Cash flows from investing activities
Purchase of furniture, equipment, software and leasehold improvements	(4,359)	(1,298)
Capitalized software development costs	(8,266)	(7,063)
Net cash used in investing activities	(12,625)	(8,361)
Cash flows from financing activities
Proceeds from stock-based compensation exercises	46,397	35,422
Offering costs from issuance of Class A common stock in the IPO and follow-on offerings	0	(308)
Dividends	(16,030)	(13,400)
Capital distributions to non-controlling interests	(2,504)	0
Payroll taxes paid for stock-based compensation	(45,464)	(23,991)
Payments on tax receivable agreement liability	(6,849)	0
Net cash used in financing activities	(24,450)	(2,277)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	161	(3,958)
Net increase (decrease) in cash, cash equivalents and restricted cash	18,658	(36,354)
Cash, cash equivalents and restricted cash
Beginning of period	792,280	461,711
End of period	810,938	425,357
Supplemental disclosure of cash flow information
Income taxes paid, net of (refunds)	(4,175)	2,867
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]
Cash, cash equivalents and restricted cash shown in the statement of cash flows	810,938	425,357
Adjusted For Refinitiv Transaction
Non-cash financing activities - Items arising from LLC Interest ownership changes
Establishment of liabilities under tax receivable agreement	27,666	11,212
Deferred tax asset	$ 99,260	$ 43,948

Non-Controlling Interests

3 Months Ended

Mar. 31, 2021

Noncontrolling Interest [Abstract]

Non-Controlling Interests

In connection with the Reorganization Transactions, Tradeweb Markets Inc. became the sole manager of TWM LLC and, as a result of this control, and because Tradeweb Markets Inc. has a substantial financial interest in TWM LLC, consolidates the financial results of TWM LLC into its condensed consolidated financial statements. The non-controlling interests balance reported on the condensed consolidated statements of financial condition represents the economic interests of TWM LLC held by 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:


	March 31, 2021			March 31, 2020
	LLC Interests	Ownership %		LLC Interests	Ownership %
Number of LLC Interests held by Tradeweb Markets Inc.	201,576,471	86.8	%	167,603,632	74.5	%
Number of LLC Interests held by non-controlling interests	30,531,933	13.2	%	57,261,214	25.5	%
Total LLC Interests outstanding	232,108,404	100.0	%	224,864,846	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.

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


Net Income Attributable to Tradeweb Markets Inc. and Transfers (to) from the Non-Controlling Interests	Three Months Ended
	March 31,
	2021		2020
Net income attributable to Tradeweb Markets Inc.	$	67,859	$	43,928
Transfers (to) from non-controlling interests:
Increase in Tradeweb Markets Inc.'s additional paid-in capital as a result of ownership changes in TWM LLC	80,665		45,436
Net transfers (to) from non-controlling interests	80,665		45,436
Change from net income attributable to Tradeweb Markets Inc. and transfers (to) from non-controlling interests	$	148,524	$	89,364

Organization	3 Months Ended
Organization	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Tradeweb Markets Inc. (the “Corporation”) was incorporated as a Delaware corporation on November 7, 2018 to carry on the business of Tradeweb Markets LLC (“TWM LLC”) following the completion of a series of reorganization transactions on April 4, 2019 (the “Reorganization Transactions”), in connection with Tradeweb Market Inc.'s initial public offering (the “IPO”), which closed on April 8, 2019. Refinitiv Holdings Limited (the “Parent” and, unless otherwise stated or the context otherwise requires, together with all of its subsidiaries, “Refinitiv”) owns a majority ownership interest in the Company (as defined below). On January 29, 2021, London Stock Exchange Group plc (“LSEG”) completed its acquisition of Refinitiv from a consortium, including certain investment funds affiliated with The Blackstone Group Inc. (f/k/a The Blackstone Group L.P.) (“Blackstone”) as well as Thomson Reuters Corporation (“TR”), in an all share transaction (the “LSEG Transaction”). In connection with the LSEG Transaction, the Corporation became a consolidating subsidiary of LSEG. Prior to the LSEG Transaction, the Corporation was a consolidating subsidiary of BCP York Holdings, (“BCP”), a company owned by certain investment funds affiliated with Blackstone, through BCP’s previous majority ownership interest in Refinitiv. The Corporation is a holding company whose principal asset is LLC Interests (as defined below) of TWM LLC. As the sole manager of TWM LLC, the Corporation operates and controls all of the business and affairs of TWM LLC and, through TWM LLC and its subsidiaries, conducts the Corporation’s business. As a result of this control, and because the Corporation has a substantial financial interest in TWM LLC, the Corporation consolidates the financial results of TWM LLC and reports a non-controlling interest in the Corporation’s condensed consolidated financial statements. As of March 31, 2021, Tradeweb Markets Inc. owns 86.8% of TWM LLC and the non-controlling interest holders own the remaining 13.2% of TWM LLC. As of December 31, 2020, Tradeweb Markets Inc. owned 85.1% of TWM LLC and the non-controlling interest holders owned the remaining 14.9% 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, 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”). •Tradeweb Execution Services Limited (“TESL”), a Banks, Building Societies and Investment Firm (“BIPRU Firm”) regulated by the FCA in the UK. On February 2, 2021, the Company announced that it entered into a definitive agreement to acquire Nasdaq’s U.S. fixed income electronic trading platform. The Nasdaq platform (formerly known as eSpeed) is a fully executable central order limit book (CLOB) for electronic trading in on-the-run (OTR) U.S. Treasuries. Nasdaq’s CLOB will become part of the Company’s wholesale client sector. The $190.0 million, all-cash transaction has not closed as of March 31, 2021 and is expected to close later in 2021, subject to the satisfaction of customary closing conditions, including the receipt of required regulatory approvals. A majority interest of Refinitiv (formerly the Thomson Reuters Financial & Risk Business) was acquired by BCP on October 1, 2018 (the “Refinitiv Transaction”) from TR. The Refinitiv Transaction resulted in a new basis of accounting for certain of the Company's assets and liabilities beginning on October 1, 2018. See Note 2 – Significant Accounting Policies for a description of pushdown accounting applied as a result of the Refinitiv Transaction. In connection with the Reorganization Transactions, TWM LLC’s limited liability company agreement (the “TWM LLC Agreement”) was amended and restated to, among other things, (i) provide for a new single class of common membership interests in TWM LLC (the “LLC Interests”), (ii) exchange all of the then existing membership interests in TWM LLC for LLC Interests and (iii) appoint the Corporation as the sole manager of TWM LLC. As used herein, references to “Continuing LLC Owners” refer collectively to (i) those “Original LLC Owners”, including an indirect subsidiary of Refinitiv, certain investment and commercial banks (collectively, the “Bank Stockholders”) and members of management, that continued to own LLC Interests after the completion of the IPO and Reorganization Transactions, 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, par value $0.00001 per share, of the Corporation (the “Class A common stock”) or Class B common stock, par value $0.00001 per share, of the Corporation (the “Class B common stock”) and (ii) solely with respect to the Tax Receivable Agreement (as defined in Note 6 – Tax Receivable Agreement), 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. As of March 31, 2021: •The public investors collectively owned 104,643,279 shares of Class A common stock, representing 7.7% of the combined voting power of Tradeweb Markets Inc.’s issued and outstanding common stock and indirectly, through Tradeweb Markets Inc., owned 45.1% of the economic interest in TWM LLC; •Refinitiv collectively owned 96,933,192 shares of Class B common stock and 22,988,329 shares of Class D common stock, representing 87.9% of the combined voting power of Tradeweb Markets Inc.’s issued and outstanding common stock and directly and indirectly, through Tradeweb Markets Inc., owned 51.7% of the economic interest in TWM LLC; and •The Bank Stockholders that continue to own LLC Interests collectively owned 1,654,825 shares of Class C common stock and 5,767,435 shares of Class D common stock, representing 4.3% of the combined voting power of Tradeweb Markets Inc.’s issued and outstanding common stock and directly own 3.2% of the economic interest in TWM LLC. •Other stockholders that continue to own LLC Interests also collectively owned 121,344 shares of Class D common stock, representing less than 0.1% of the combined voting power of Tradeweb Markets Inc.’s issued and outstanding common stock and directly own less than 0.1% of the economic interest in TWM LLC. In addition, the Company’s diluted earnings per share calculation for the three months ended March 31, 2021 includes 5,964,110 weighted average shares resulting from the dilutive effect of its equity incentive plans. See Note 13 –Earnings Per Share for additional details.

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net income attributable to Tradeweb Markets Inc.	$ 67,859	$ 43,928
Denominator:
Weighted average shares of Class A and Class B common stock outstanding - Basic (in shares)	199,064,607	166,234,749
Dilutive effect (in shares)	5,964,110
Weighted average shares of Class A and Class B common stock outstanding - Diluted (in shares)	205,028,717	174,517,244
Earnings per share - Basic (in dollars per share)	$ 0.34	$ 0.26
Earnings per share - Diluted (in dollars per share)	$ 0.33	$ 0.25
Weighted-average shares (in shares)		378,124
PRSU
Denominator:
Dilutive effect (in shares)	1,832,308	2,038,422
Weighted-average shares (in shares)	77,692
Options
Denominator:
Dilutive effect (in shares)	3,851,594	6,221,549
RSU
Denominator:
Dilutive effect (in shares)	280,208	22,524
Weighted-average shares (in shares)	60,315
Potential Dilutive
Denominator:
Weighted-average shares (in shares)	31,214,407	57,644,547

Revenue - Breakdown of Revenues Between Fixed and Variable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue Recognition
Total revenue	$ 273,399	$ 234,606
Transaction fees and commissions
Revenue Recognition
Total revenue	217,816	183,317
Other
Revenue Recognition
Total revenue	2,598	2,178
Variable
Revenue Recognition
Total revenue	180,342	148,353
Variable \| Transaction fees and commissions
Revenue Recognition
Total revenue	179,667	147,778
Variable \| Subscription Fees including Refinitiv market data fees
Revenue Recognition
Total revenue	462	465
Variable \| Other
Revenue Recognition
Total revenue	213	110
Fixed
Revenue Recognition
Total revenue	93,057	86,253
Fixed \| Transaction fees and commissions
Revenue Recognition
Total revenue	38,149	35,539
Fixed \| Subscription Fees including Refinitiv market data fees
Revenue Recognition
Total revenue	52,523	48,646
Fixed \| Other
Revenue Recognition
Total revenue	$ 2,385	$ 2,068

- Definition

+ References

+ Details

Related Party Transactions - Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Related Party Transactions [Abstract]
Accounts receivable	$ 4,570	$ 4,009
Receivable from affiliates	2,527	111
Other assets	2,722	2,722
Accounts payable, accrued expenses and other liabilities	7,617	6,140
Deferred revenue	4,500	4,500
Payable to affiliates	$ 1,816	$ 5,142

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Common Stock Class C Common Stock	Common Stock Class D Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Non- Controlling Interests	PRSU	PRSU Additional Paid-In Capital	RSU	RSU Additional Paid-In Capital	Equity Incentive Plan	Equity Incentive Plan Common Stock Class A Common Stock	Equity Incentive Plan Additional Paid-In Capital
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]
Activities related to exchanges of LLC Interests (in shares)		1,920,941		(939,000)	(981,941)
Activities related to exchanges of LLC Interests	(336)				$ (1)	(335)
Tax receivable agreement liability and deferred taxes arising from LLC Interest ownership exchanges	32,736					32,736
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
Adjustments to non-controlling interests	0					45,436	7		(45,443)
Dividends	(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, 2020		98,075,465	96,933,192	3,139,821	30,871,381
Beginning balance at Dec. 31, 2020	5,019,163	$ 1	$ 1	$ 0	$ 0	4,143,094	4,314	156,041	715,712
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Activities related to exchanges of LLC Interests (in shares)		3,479,269		(1,484,996)	(1,994,273)
Activities related to exchanges of LLC Interests	0
Tax receivable agreement liability and deferred taxes arising from LLC Interest ownership exchanges	65,177					65,177
Issuance of common stock from equity incentive plans (in shares)		3,088,545
Issuance of common stock from equity incentive plans	46,397					46,397
Deferred taxes arising from issuance of common stock from equity incentive plans						6,417										$ 6,417
Adjustments to non-controlling interests	0					80,665	85		(80,750)
Distributions to non-controlling interests	(2,504)								(2,504)
Dividends	(16,030)							(16,030)
Stock-based compensation expense										$ 5,997	$ 5,997	$ 2,523	$ 2,523
Stock-based compensation expense under the Option Plan	2,240					2,240
Payroll taxes paid for stock-based compensation exercises	(45,464)					(45,464)
Net income	81,565							67,859	13,706
Foreign currency translation adjustments	(343)						(297)		(46)
Ending balance (in shares) at Mar. 31, 2021		104,643,279	96,933,192	1,654,825	28,877,108
Ending balance at Mar. 31, 2021	$ 5,165,138	$ 1	$ 1	$ 0	$ 0	$ 4,307,046	$ 4,102	$ 207,870	$ 646,118

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

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Summary of Total Stock-based Compensation Expense

A summary of the Company's total stock-based compensation expense is presented below (in thousands):


	Three Months Ended
	March 31,
	2021		2020
Total stock-based compensation expense	$	10,760	$	7,971

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	. Subsequent Events On April 28, 2021, 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 second quarter of 2021. This dividend will be payable on June 15, 2021 to stockholders of record as of June 1, 2021. On April 27, 2021, 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 $15.0 million, as adjusted by required state and local tax withholdings that will be determined prior to the record date of June 1, 2021, payable on June 11, 2021.

Regulatory Capital Requirements (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
TWL
Regulatory Capital Requirements
Regulatory Capital	$ 37,445	$ 49,254
Regulatory Capital Requirement	1,679	2,438
Excess Regulatory Capital	35,766	46,816
DW
Regulatory Capital Requirements
Regulatory Capital	47,796	58,026
Regulatory Capital Requirement	1,459	2,147
Excess Regulatory Capital	46,337	55,879
TWD
Regulatory Capital Requirements
Regulatory Capital	24,175	20,577
Regulatory Capital Requirement	505	731
Excess Regulatory Capital	23,670	19,846
TEL
Regulatory Capital Requirements
Regulatory Capital	63,682	59,238
Regulatory Capital Requirement	34,164	33,742
Excess Regulatory Capital	29,518	25,496
TESL
Regulatory Capital Requirements
Regulatory Capital	756
Regulatory Capital Requirement	736
Excess Regulatory Capital	20
TWJ
Regulatory Capital Requirements
Regulatory Capital	10,455	11,066
Regulatory Capital Requirement	3,559	3,799
Excess Regulatory Capital	6,896	7,267
TWEU
Regulatory Capital Requirements
Regulatory Capital	8,703	19,102
Regulatory Capital Requirement	2,449	2,562
Excess Regulatory Capital	6,254	16,540
TW SEF
Regulatory Capital Requirements
Financial Resources	44,204	28,476
Required Financial Resources	13,500	13,500
Excess Financial Resources	30,704	14,976
Liquid Financial Assets	27,500	15,662
Required Liquid Financial Assets	6,750	6,750
Excess Liquid Financial Assets	20,750	8,912
DW SEF
Regulatory Capital Requirements
Financial Resources	16,255	15,298
Required Financial Resources	5,991	6,223
Excess Financial Resources	10,264	9,075
Liquid Financial Assets	10,520	8,610
Required Liquid Financial Assets	2,996	3,112
Excess Liquid Financial Assets	$ 7,524	$ 5,498

Business Segment and Geographic Information - Revenue by Client Sector (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Business Segment and Geographic Information
Total revenue	$ 273,399	$ 234,606
Operating expenses	175,072	156,991
Operating income	98,327	77,615
Institutional
Business Segment and Geographic Information
Total revenue	175,324	145,612
Wholesale
Business Segment and Geographic Information
Total revenue	59,390	48,756
Retail
Business Segment and Geographic Information
Total revenue	18,713	21,676
Market Data
Business Segment and Geographic Information
Total revenue	$ 19,972	$ 18,562

- Definition

+ References

+ Details

Tax Receivable Agreement (Details) - USD ($) $ in Thousands	3 Months Ended
Tax Receivable Agreement (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Tax Receivable Agreement
Percentage of amount of U.S. federal, state and local income or franchise tax savings	50.00%
Tax receivable agreement liability	$ 425,150	$ 404,332

Non-Controlling Interests - Summary of Ownership Interest (Details)	3 Months Ended
	Mar. 31, 2021 shares	Mar. 31, 2020 shares	Dec. 31, 2020
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)	201,576,471	167,603,632
Number of LLC Interests held by non-controlling interests (in shares)	30,531,933	57,261,214
Total LLC Interests outstanding (in shares)	232,108,404	224,864,846
Number of LLC Interests held by Tradeweb Markets Inc.	86.80%	74.50%	85.10%
Number of LLC Interests held by Tradeweb Markets Inc.	13.20%	25.50%	14.90%
Total LLC Interests outstanding	100.00%	100.00%

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Financial Instruments Measured at Fair Value


	Quoted Prices in active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
As of March 31, 2021
Assets
Cash equivalents – Money market funds	$	623,334	$	—	$	—	$	623,334
Receivable from affiliates – Foreign currency forward contracts			2,508				2,508
Total assets measured at fair value	$	623,334	$	2,508	$	—	$	625,842

Liabilities
Payable to affiliates – Foreign currency forward contracts	$	—	$	21	$	—	$	21
Total liabilities measured at fair value	$	—	$	21	$	—	$	21

As of December 31, 2020
Assets
Cash equivalents – Money market funds	$	541,790	$	—	$	—	$	541,790
Total assets measured at fair value	$	541,790	$	—	$	—	$	541,790

Liabilities
Payable to affiliates – Foreign currency forward contracts	$	—	$	3,409	$	—	$	3,409
Total liabilities measured at fair value	$	—	$	3,409	$	—	$	3,409

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 valuation for the Company’s foreign currency forward contracts is primarily based on the difference between the exchange rate associated with the forward contract and the exchange rate at the current period end. Foreign currency forward contracts are categorized as Level 2 in the fair value hierarchy. The Company enters into foreign currency forward contracts to mitigate its U.S. dollar and British pound sterling versus Euro exposure, generally with a duration of less than twelve months. As of March 31, 2021 and December 31, 2020, the counterparty on each of the foreign currency forward contracts was an affiliate of Refinitiv and therefore the corresponding liabilities on such contracts were included in payable to affiliates on the accompanying condensed consolidated statements of financial condition.


	March 31, 2021		December 31, 2020
Foreign currency forward contracts – Gross notional amount	$	122,394	$	122,458

The Company’s foreign currency forward contracts are not designated as hedges for accounting purposes and changes in the fair value of these contracts during the period are recognized in the condensed consolidated statements of income within general and administrative expenses.

The total realized and unrealized gains (losses) on foreign currency forward contracts recorded in the condensed consolidated statements of income are as follows (in thousands):


	Three Months Ended
	March 31,
	2021		2020
Total realized and unrealized gains (losses) recognized in general and administrative expenses:
Foreign currency forward contracts not designated in accounting hedge relationship	$	5,698	$	(547)

The Company has no financial instruments measured at fair value that are classified within level 3 of the fair value hierarchy.

Financial Instruments Not Measured at Fair Value


	Carrying Value		Quoted Prices in active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
As of March 31, 2021
Assets
Cash and restricted cash	$	187,604	$	187,604	$	—	$	—	$	187,604
Receivable from brokers and dealers and clearing organizations	25,362		—		25,362		—		25,362
Deposits with clearing organizations	10,783		10,783		—		—		10,783
Accounts receivable	144,494		—		144,494		—		144,494
Other assets – Memberships in clearing organizations	1,583		—		—		1,583		1,583
Total	$	369,826	$	198,387	$	169,856	$	1,583	$	369,826

Liabilities
Payable to brokers and dealers and clearing organizations	$	25,145	$	—	$	25,145	$	—	$	25,145
Total	$	25,145	$	—	$	25,145	$	—	$	25,145

As of December 31, 2020
Assets
Cash and restricted cash	$	250,490	$	250,490	$	—	$	—	$	250,490
Receivable from brokers and dealers and clearing organizations	368		—		368		—		368
Deposits with clearing organizations	11,671		11,671		—		—		11,671
Accounts receivable	105,286		—		105,286		—		105,286
Other assets – Memberships in clearing organizations	1,586		—		—		1,586		1,586
Total	$	369,401	$	262,161	$	105,654	$	1,586	$	369,401

Liabilities
Payable to brokers and dealers and clearing organizations	$	252	$	—	$	252	$	—	$	252
Total	$	252	$	—	$	252	$	—	$	252

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

Financial Instruments Without Readily Determinable Fair Values

Included in other assets on the condensed consolidated statements of financial condition are equity investments without readily determinable fair values of $21.1 million at both March 31, 2021 and December 31, 2020, respectively. There were no impairments or adjustments to the carrying value of equity investments without readily determinable fair values during the three months ended March 31, 2021 and 2020 and no adjustments to the original cost basis have been made to the carrying value over the life of the instruments.

- Definition

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

+ References + Details

Regulatory Capital Requirements (Tables)

3 Months Ended

Mar. 31, 2021

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

Schedule of regulatory capital requirements

At March 31, 2021 and December 31, 2020, the regulatory capital requirements and regulatory capital for TWL, DW, TWD, TEL, TESL, TWJ and TWEU are as follows (in thousands):


As of March 31, 2021	TWL		DW		TWD		TEL		TWJ		TWEU		TESL
Regulatory Capital	$	37,445	$	47,796	$	24,175	$	63,682	$	10,455	$	8,703	$	756
Regulatory Capital Requirement	1,679		1,459		505		34,164		3,559		2,449		736
Excess Regulatory Capital	$	35,766	$	46,337	$	23,670	$	29,518	$	6,896	$	6,254	$	20


As of December 31, 2020	TWL		DW		TWD		TEL		TWJ		TWEU
Regulatory Capital	$	49,254	$	58,026	$	20,577	$	59,238	$	11,066	$	19,102
Regulatory Capital Requirement	2,438		2,147		731		33,742		3,799		2,562
Excess Regulatory Capital	$	46,816	$	55,879	$	19,846	$	25,496	$	7,267	$	16,540

Schedule of financial resources and liquid financial resources

The required and maintained financial resources and liquid financial assets at March 31, 2021 and December 31, 2020 are as follows (in thousands):


	As of March 31, 2021				As of December 31, 2020
	TW SEF		DW SEF		TW SEF		DW SEF
Financial Resources	$	44,204	$	16,255	$	28,476	$	15,298
Required Financial Resources	13,500		5,991		13,500		6,223
Excess Financial Resources	$	30,704	$	10,264	$	14,976	$	9,075

Liquid Financial Assets	$	27,500	$	10,520	$	15,662	$	8,610
Required Liquid Financial Assets	6,750		2,996		6,750		3,112
Excess Liquid Financial Assets	$	20,750	$	7,524	$	8,912	$	5,498

Significant Accounting Policies - Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Intangible Assets
Intangible assets, net of accumulated amortization	$ 248.5	$ 223.7
Amortization expense for definite-lived intangible assets	$ 24.9		$ 24.9
Minimum
Intangible Assets
Useful life of intangible assets	7 years
Maximum
Intangible Assets
Useful life of intangible assets	12 years