SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 29, 2021 (
(Exact name of registrant as specified in charter)
(State or Other Jurisdiction
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|Item 5.02.|| |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June 25, 2021, Brian West resigned from the Board of Directors (the “Board”) of Tradeweb Markets Inc. (the “Company”), effective June 30, 2021. Mr. West’s resignation was not the result of any disagreement with the Company.
On June 25, 2021, the Board appointed Balbir Bakhshi, age 51, as a Class II director, effective July 1, 2021. Mr. Bakhshi will hold office until the annual meeting of stockholders to be held in 2024 and until his successor shall be elected and qualified or until his earlier death, resignation, retirement, disqualification or removal.
Mr. Bakhshi was designated to serve on the Board by Refinitiv Parent Limited (“Refinitiv”), our controlling stockholder, pursuant to Refinitiv’s director designation right as set forth in Section 2.1 of that certain Stockholders Agreement, dated as of April 8, 2019, by and among the Company and the stockholders named therein. Mr. Bakhshi does not have any family relationships with any director or executive officer of the Company and there are no transactions in which Mr. Bakhshi has an interest requiring disclosure under Item 404(a) of Regulation S-K.
Mr. Bakhshi will not receive any compensation for his service as a director on our Board.
Mr. Bakhshi has served as the Chief Risk Officer of the London Stock Exchange Group plc (“LSEG”) and member of LSEG’s executive committee since January 2021. Prior to joining LSEG, Mr. Bakhshi was Group Head of Non-Financial Risk Management at Deutsche Bank. Prior to this, Mr. Bakhshi was Global Head of Operational Risk Management at Credit Suisse and previously held a variety of senior roles at Credit Suisse including UK Investment Banking Chief Risk Officer and Head of Market Risk. Mr. Bakhshi received a B.A. from the University of Westminster and an MSc from Brunel University. Mr. Bakhshi was selected to serve on our Board because of his extensive background in leadership, operations and risk management.
The Company will enter into its standard form of indemnification agreement for directors and officers, a copy of which was previously filed as Exhibit 10.16 to the Company’s Registration Statement on Form S-1 (File No. 333-230115) and is incorporated herein by reference, with Mr. Bakhshi.
|Item 7.01.|| |
Regulation FD Disclosure.
On June 29, 2021, the Company issued a press release announcing the resignation of Mr. West and the appointment of Mr. Bakhshi. A copy of the press release is attached as Exhibit 99.1 hereto and is incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such a filing.
|Item 9.01.|| |
Financial Statements and Exhibits
|10.1||Form of Indemnification Agreement (incorporated by reference to Exhibit 10.16 to the Company’s Registration Statement on Form S-1 (File No. 333-230115)).|
|99.1||Press Release of Tradeweb Markets Inc., dated June 29, 2021.|
|104||Cover Page Interactive Data File (embedded within the Inline XBRL document).|
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|TRADEWEB MARKETS INC.|
|Date: June 29, 2021||By:|
Balbir Bakhshi Appointed to Tradeweb Markets Board of Directors
NEW YORK June 29, 2021 Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today announced the appointment of Balbir Bakhshi to the companys Board of Directors effective July 1, 2021. He succeeds Brian West, who will be stepping down from the Tradeweb board.
Mr. Bakhshi is Chief Risk Officer, London Stock Exchange Group plc (LSEG) and a member of the Groups executive committee. Prior to joining LSEG in January 2021, he was Group Head of Non-Financial Risk Management at Deutsche Bank. Prior to this, Mr. Bakhshi was Global Head of Operational Risk Management at Credit Suisse and previously held a variety of senior roles at Credit Suisse including UK Investment Banking Chief Risk Officer and Head of Market Risk.
Martin Brand, Chairman of the Board, Tradeweb Markets, said: Balbir Bakhshi brings to the board a deep and impressive background in leadership, operations and risk management. His experience and profound knowledge in these areas will be a valuable addition to the Tradeweb board.
Lee Olesky, CEO, Tradeweb Markets, said: Balbir brings an enterprise perspective shaped by a wide range of risk management roles. As we continue to grow and broaden our reach, this perspective will be vital to our board and management team. We would also like to thank Brian West for bringing his insight to the board over the last 2 plus years during a period of formidable growth and change for our company.
About Tradeweb Markets
Tradeweb Markets Inc. (Nasdaq: TW) is a leading, global operator of electronic marketplaces for rates, credit, equities and money markets. Founded in 1996, Tradeweb provides access to markets, data and analytics, electronic trading, straight-through-processing and reporting for more than 40 products to clients in the institutional, wholesale and retail markets. Advanced technologies developed by Tradeweb enhance price discovery, order execution and trade workflows while allowing for greater scale and helping to reduce risks in client trading operations. Tradeweb serves approximately 2,500 clients in more than 65 countries. On average, Tradeweb facilitated more than $870 billion in notional value traded per day over the past four fiscal quarters. For more information, please go to www.tradeweb.com.
Daniel Noonan, Tradeweb +1 646 767 4677
Ashley Serrao, Tradeweb + 1 646 430 6027