0001758730-22-000006 | 10-K | XBRL Viewer

Employee compensation and benefits

$ 1,076,447

$ 892,659

$ 775,566

Expenses

407,260

349,658

329,457

Depreciation and amortization

171,308

153,789

139,330

Technology and communications

56,189

47,500

39,285

General and administrative

32,153

34,822

34,960

Professional fees

36,181

28,875

28,029

Occupancy

14,528

14,660

14,686

Total expenses

717,619

629,304

585,747

Operating income

358,828

263,355

189,819

Tax receivable agreement liability adjustment

^[1]

12,745

11,425

33,134

Net interest income (expense)

(1,590)

(316)

2,373

Income before taxes

369,983

274,464

225,326

Provision for income taxes

(96,875)

(56,074)

(52,302)

Net income

273,108

218,390

173,024

Less: Pre-IPO net income attributable to Tradeweb Markets LLC

42,352

Net income attributable to Tradeweb Markets Inc. and non-controlling interests

273,108

218,390

130,672

Less: Net income attributable to non-controlling interests

46,280

52,094

46,903

Net income attributable to Tradeweb Markets Inc.

$ 226,828

$ 166,296

$ 83,769

Earnings per share:

Basic (in dollars per share)

^[2],[3]

$ 1.13

$ 0.92

$ 0.57

Diluted (in dollars per share)

^[2],[3]

$ 1.09

$ 0.88

$ 0.54

Weighted average shares outstanding:

Basic (in shares)

^[2],[3]

201,419,081

180,409,462

148,013,274

Diluted (in shares)

^[2],[3]

207,254,840

188,223,032

156,540,246

Transaction fees and commissions

Revenues

$ 846,354

$ 681,588

$ 572,948

Subscription fees

Revenues

Refinitiv market data fees

158,448

142,358

138,731

Revenues

61,161

59,706

55,635

Other

Revenues

Cash flows from operating activities

$ 10,484

$ 9,007

$ 8,252

[1]	See Note 10 – Tax Receivable Agreement.
[2]	In April 2019, the Company completed the Reorganization Transactions and the IPO, which, among other things, resulted in Tradeweb Markets Inc. becoming the successor of Tradeweb Markets LLC for financial reporting purposes. As a result, earnings per share information for the pre-IPO period is not comparable to the earnings per share information for the post-IPO period. Therefore, earnings per share information is being presented separately for the pre-IPO and post-IPO periods. See Note 18 – Earnings Per Share for additional information.
[3]	Presents information for Tradeweb Markets Inc. (post-IPO period).

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net income	$ 273,108	$ 218,390	$ 173,024
Foreign currency translation adjustments, with no tax benefit for each of the years ended December 31, 2021, 2020 and 2019	(3,219)	3,206	2,727
Other comprehensive income (loss), net of tax	(3,219)	3,206	2,727
Comprehensive income	269,889	221,596	175,751
Pre-IPO net income attributable to Tradeweb Markets LLC			42,352
Foreign currency translation adjustments attributable to Tradeweb Markets Inc.	(2,796)	3,093	1,441
Less: Net income attributable to non-controlling interests	46,280	52,094	46,903
Less: Foreign currency translation adjustments attributable to non-controlling interests	(423)	113	298
Comprehensive income attributable to Tradeweb Markets Inc.	224,032	169,389	43,340
Comprehensive income - Tradeweb Markets Inc.
Net income attributable to Tradeweb Markets Inc.	226,828	166,296	83,769
Foreign currency translation adjustments attributable to Tradeweb Markets Inc.	(2,796)	3,093	1,441
Comprehensive income - Non-controlling interests
Comprehensive income attributable to non-controlling interests	$ 45,857	$ 52,207	$ 47,201

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, tax benefit	$ 0	$ 0	$ 0

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Equity Incentive Plan	Equity-settled PRSUs	RSUs	Members' Capital	Common Stock Class A Common Stock	Common Stock Class A Common Stock Equity Incentive Plan	Common Stock Class B Common Stock	Common Stock Class C Common Stock	Common Stock Class D Common Stock	Additional Paid-In Capital	Additional Paid-In Capital Equity-settled PRSUs	Additional Paid-In Capital RSUs	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Non- Controlling Interests
Members' capital beginning of period at Dec. 31, 2018					$ 4,573,200
Beginning balance ( in shares) at Dec. 31, 2018						0		0	0	0
Beginning balance at Dec. 31, 2018	$ 4,572,334					$ 0		$ 0	$ 0	$ 0	$ 0			$ (866)	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustment to Class C Shares and Class P(C) shares in mezzanine capital	(2,369)				(2,369)
Capital distributions	(20,000)				(20,000)
Stock-based compensation	4,674				4,674
Net income	42,352				42,352
Foreign currency translation adjustments	988													988
Members' capital end of period at Mar. 31, 2019					4,597,857
Ending balance (in shares) at Mar. 31, 2019						0		0	0	0
Ending balance at Mar. 31, 2019	4,597,979					$ 0		$ 0	$ 0	$ 0	0			122	0	0
Members' capital beginning of period at Dec. 31, 2018					4,573,200
Beginning balance ( in shares) at Dec. 31, 2018						0		0	0	0
Beginning balance at Dec. 31, 2018	4,572,334					$ 0		$ 0	$ 0	$ 0	0			(866)	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based payment arrangement, decrease for tax withholding obligation	(8,900)
Net income	173,024
Foreign currency translation adjustments	2,727
Members' capital end of period at Dec. 31, 2019					0
Ending balance (in shares) at Dec. 31, 2019						66,408,328		96,933,192	8,328,983	50,853,172
Ending balance at Dec. 31, 2019	4,592,745					$ 1		$ 1	$ 0	$ 1	3,329,386			1,366	47,833	1,214,157
Members' capital beginning of period at Mar. 31, 2019					4,597,857
Beginning balance ( in shares) at Mar. 31, 2019						0		0	0	0
Beginning balance at Mar. 31, 2019	4,597,979					$ 0		$ 0	$ 0	$ 0	0			122	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital distributions	(100,000)				(100,000)
Effect of the reorganization transactions	23,275				(4,497,857)						4,521,132
Issuance of common stock (in shares)						46,000,000	301,478	96,933,192	10,006,269	69,282,736
Issuance of common stock	(18,490)	$ 0						$ 1		$ 1	(18,492)
Activities related to the follow-on offering and other exchanges of LLC Interests, net of offering costs and cancellations (in shares)						20,106,850			(1,677,286)	(18,429,564)
Activities related to the follow-on offering and other exchanges of LLC Interests, net of offering costs and cancellations	1					$ 1
Tax receivable agreement liability and deferred taxes arising from the reorganization transactions, IPO and follow-on offering and other LLC Interest ownership changes	(4,382)										(4,382)
Allocation of equity to non-controlling interests	0										(1,607,529)					1,607,529
Adjustments to non-controlling interests	0										402,424			(197)		(402,227)
Distributions to non-controlling interests	(38,346)															(38,346)
Dividends	(35,936)														(35,936)
Stock-based compensation expense under the plan			$ 20,718									$ 20,718
Stock-based compensation expense under the Option Plan	24,432										24,432
Payroll taxes paid for stock-based compensation	(8,917)										(8,917)
Net income	130,672														83,769	46,903
Foreign currency translation adjustments	1,739													1,441		298
Members' capital end of period at Dec. 31, 2019					0
Ending balance (in shares) at Dec. 31, 2019						66,408,328		96,933,192	8,328,983	50,853,172
Ending balance at Dec. 31, 2019	4,592,745					$ 1		$ 1	$ 0	$ 1	3,329,386			1,366	47,833	1,214,157
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)						6,496,184
Issuance of common stock	100,830										100,830
Activities related to the follow-on offering and other exchanges of LLC Interests, net of offering costs and cancellations (in shares)						25,170,953			(5,189,162)	(19,981,791)
Activities related to the follow-on offering and other exchanges of LLC Interests, net of offering costs and cancellations	(2,613)									$ (1)	(2,612)
Tax receivable agreement liability and deferred taxes arising from the reorganization transactions, IPO and follow-on offering and other LLC Interest ownership changes	203,932										203,932
Deferred taxes arising from issuance of common stock from equity incentive plans	14,402										14,402
Adjustments to non-controlling interests	0										534,045			(145)		(533,900)
Distributions to non-controlling interests	(16,752)															(16,752)
Dividends	(58,088)														(58,088)
Stock-based compensation expense under the plan			27,809	$ 5,359								27,809	$ 5,359
Stock-based compensation expense under the Option Plan	6,118										6,118
Payroll taxes paid for stock-based compensation	(76,175)										(76,175)
Share-based payment arrangement, decrease for tax withholding obligation	(76,200)
Net income	218,390														166,296	52,094
Foreign currency translation adjustments	3,206													3,093		113
Members' capital end of period at Dec. 31, 2020					0
Ending balance (in shares) at Dec. 31, 2020						98,075,465		96,933,192	3,139,821	30,871,381
Ending 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]
Issuance of common stock (in shares)						5,630,086
Issuance of common stock	93,104										93,104
Share repurchases pursuant to the share repurchase program (in shares)						(901,968)
Share repurchases pursuant to the Share Repurchase Program	(75,676)														(75,676)
Activities related to the follow-on offering and other exchanges of LLC Interests, net of offering costs and cancellations (in shares)						3,483,238			(1,484,996)	(1,998,242)
Activities related to the follow-on offering and other exchanges of LLC Interests, net of offering costs and cancellations	0
Tax receivable agreement liability and deferred taxes arising from the reorganization transactions, IPO and follow-on offering and other LLC Interest ownership changes	95,670										95,670
Adjustments to non-controlling interests	0										87,006			86		(87,092)
Distributions to non-controlling interests	(11,129)															(11,129)
Dividends	(64,570)														(64,570)
Stock-based compensation expense under the plan			$ 30,633	$ 15,983								$ 30,633	$ 15,983
Stock-based compensation expense under the Option Plan	5,327										5,327
Share-based payment arrangement, decrease for tax withholding obligation	(71,024)										(71,024)
Net income	273,108														226,828	46,280
Foreign currency translation adjustments	(3,219)													(2,796)		(423)
Other - See Note 14	1,573										1,573
Members' capital end of period at Dec. 31, 2021					$ 0
Ending balance (in shares) at Dec. 31, 2021						106,286,821		96,933,192	1,654,825	28,873,139
Ending balance at Dec. 31, 2021	$ 5,308,943					$ 1		$ 1	$ 0	$ 0	$ 4,401,366			$ 1,604	$ 242,623	$ 663,348

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	9 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Dividends (in dollars per share)	$ 0.24	$ 0.32	$ 0.32

Consolidated Statements of Cash Flows - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Net income

$ 273,108

$ 218,390

$ 173,024

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Depreciation and amortization

171,308

153,789

139,330

Stock-based compensation expense

51,943

39,286

49,824

Deferred taxes

85,409

65,189

15,024

Tax receivable agreement liability adjustment

^[1]

(12,745)

(11,425)

(33,134)

(Increase) decrease in operating assets:

Receivable from/payable to brokers and dealers and clearing organizations, net

116

3,188

Deposits with clearing organizations

9,273

(1,914)

1,789

Accounts receivable

(22,369)

(11,620)

(4,283)

Receivable from/payable to affiliates, net

(4,590)

6,136

(2,461)

Other assets

6,016

(35,109)

(5,648)

Increase (decrease) in operating liabilities:

Accrued compensation

24,789

9,187

(1,783)

Deferred revenue

1,143

(807)

(3,905)

Accounts payable, accrued expenses and other liabilities

(3,480)

11,194

(3,550)

Employee equity compensation payable

(1,900)

865

(16,412)

Net cash provided by operating activities

578,021

443,234

311,003

Cash flows from investing activities

Cash paid for acquisitions, net of cash acquired

(207,762)

Purchases of furniture, equipment, software and leasehold improvements

(16,878)

(11,490)

(15,781)

Capitalized software development costs

(34,470)

(31,046)

(28,681)

Purchase of equity investments

(20,000)

Net cash used in investing activities

(259,110)

(62,536)

(44,462)

Cash flows from financing activities

Pre-IPO capital distributions

(120,000)

Share repurchases pursuant to the Share Repurchase Program

(75,676)

Proceeds from stock-based compensation exercises

93,104

100,830

Proceeds from issuance of Class A common stock in the IPO and follow-on offerings, net of underwriting discounts

626,267

1,971,224

Purchase of LLC Interests

(626,267)

(1,971,224)

Offering costs from issuance of Class A common stock in the IPO and follow-on offerings

(2,508)

(14,943)

Dividends

(64,570)

(58,088)

(35,936)

Distributions to non-controlling interests

(11,129)

(16,752)

(38,346)

Payroll taxes paid for stock-based compensation

(71,024)

(76,175)

(8,917)

Payments on tax receivable agreement liability

(6,805)

Net cash used in financing activities

(136,100)

(52,693)

(218,142)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(2,043)

2,564

2,008

Net increase (decrease) in cash, cash equivalents and restricted cash

180,768

330,569

50,407

Cash, cash equivalents and restricted cash

Beginning of period

792,280

461,711

411,304

End of period

973,048

792,280

461,711

Supplemental disclosure of cash flow information

Income taxes paid, net of refunds

3,880

19,105

43,842

Non-cash financing activities - Items arising from LLC Interest ownership changes

Lease right-of-use assets obtained in exchange for lease liabilities, net of modifications and terminations

(575)

9,539

33,877

Other - See Note 14

1,573

Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]

Cash and cash equivalents

972,048

791,280

460,711

Restricted cash

1,000

Cash, cash equivalents and restricted cash shown in the statement of cash flows

973,048

792,280

461,711

Adjusted For Refinitiv Transaction

Non-cash financing activities - Items arising from LLC Interest ownership changes

Establishment of liabilities under Tax Receivable Agreement

27,666

174,940

273,951

Deferred tax asset

$ 123,336

$ 393,274

$ 269,569

[1]	See Note 10 – Tax Receivable Agreement.

Organization	12 Months Ended
Organization	Dec. 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 Markets Inc.’s initial public offering (the “IPO”), which closed on April 8, 2019. Following the Reorganization Transactions, Refinitiv Holdings Limited (unless otherwise stated or the context otherwise requires, together with all of its direct and indirect subsidiaries, “Refinitiv”) owned an indirect majority ownership interest in the Company (as defined below). On January 29, 2021, London Stock Exchange Group plc (“LSEG”) completed its acquisition of 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 consolidated financial statements. As of December 31, 2021, Tradeweb Markets Inc. owns 86.9% of TWM LLC and the non-controlling interest holders own the remaining 13.1% 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. •Execution Access, LLC, (“EA”), acquired in June 2021, 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”), an Investment Firm (“BIPRU Firm”) regulated by the FCA in the UK. •Tradeweb Commercial Information Consulting (Shanghai) Co., Ltd. is a wholly-owned foreign enterprise (WOFE) in China for the purpose of providing consulting and marketing activities in China. The Tradeweb offshore electronic trading platform is recognized by the People’s Bank of China for the provision of Bond Connect and CIBM Direct. 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 acquired 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. government bonds. The $190.0 million, all-cash transaction closed on June 25, 2021 (the “NFI Acquisition”). See Note 4 – Acquisitions for additional details on this acquisition. 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 10 – 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 December 31, 2021: •The public investors collectively owned 106,286,821 shares of Class A common stock, representing 7.8% of the combined voting power of Tradeweb Markets Inc.’s issued and outstanding common stock and indirectly, through Tradeweb Markets Inc., owned 45.5% 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 87.8% of the combined voting power of Tradeweb Markets Inc.’s issued and outstanding common stock and directly and indirectly, through Tradeweb Markets Inc., owned 51.3% 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. As of December 31, 2021, only Barclays Capital Inc. and Credit Suisse Securities (USA) LLC remained as Bank Stockholders. •Other stockholders that continue to own LLC Interests also collectively owned 117,375 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 year ended December 31, 2021 includes 5,835,759 weighted average shares resulting from the dilutive effect of its equity incentive plans. See Note 18 – Earnings Per Share for additional details.

Significant Accounting Policies	12 Months Ended
Significant Accounting Policies	Dec. 31, 2021
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies The following is a summary of significant accounting policies: Basis of Presentation The consolidated financial statements have been presented in conformity with accounting principles generally accepted in the United States of America (“GAAP” or “U.S. GAAP”). The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. As discussed in Note 1 – Organization, as a result of the Reorganization Transactions, Tradeweb Markets Inc. consolidates TWM LLC and 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 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. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the difference may be material to the consolidated financial statements. 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 the consolidated statements of income. These reclassifications had no impact on total consolidated revenue or consolidated net income. Business Combinations Business combinations are accounted for under the purchase method of accounting pursuant to Accounting Standards Codification (“ASC”) 805, Business Combinations (“ASC 805”). The total cost of an acquisition is allocated to the underlying net assets based on their respective estimated fair values. The excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. The fair value of assets acquired and liabilities assumed is determined based on assumptions that reasonable market participants would use in the principal (or most advantageous) market for the asset or liability. Determining the fair value of certain assets acquired and liabilities assumed is judgmental in nature and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash flows, discount rates, growth rates, customer attrition rates and asset lives. Pushdown Accounting In connection with the Refinitiv Transaction, a majority interest of Refinitiv was acquired by BCP on October 1, 2018 from TR. The Refinitiv Transaction was accounted for by Refinitiv in accordance with the acquisition method of accounting pursuant to ASC 805, and pushdown accounting was applied to Refinitiv to record the fair value of the assets and liabilities of Refinitiv as of October 1, 2018, the date of the Refinitiv Transaction. The Company, as a consolidating subsidiary of Refinitiv, also accounted for the Refinitiv Transaction using pushdown accounting which resulted in a new fair value basis of accounting for certain of the Company’s assets and liabilities beginning on October 1, 2018. Under the pushdown accounting applied, the excess of the fair value of the Company above the fair value accounting basis of the net assets and liabilities of the Company as of October 1, 2018 was recorded as goodwill. The fair value of assets acquired and liabilities assumed was determined based on assumptions that reasonable market participants would use in the principal (or most advantageous) market for the asset or liability. The adjusted valuations primarily affected the values of the Company’s long-lived and indefinite-lived intangible assets, including software development costs. Cash and Cash Equivalents Cash and cash equivalents consists of cash and highly liquid investments (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. Additions to the allowance for credit losses are charged to credit loss expense, which is included in general and administrative expenses in the consolidated statements of income. Aged balances that are determined to be uncollectible, are written off against the allowance for credit losses. See Note 16 – Credit Risk for additional information. Receivable from and Payable to Brokers and Dealers and Clearing Organizations Receivable from and payable to brokers and dealers and clearing organizations consists of proceeds from transactions executed on the Company’s wholesale platform which failed to settle due to the inability of a transaction party to deliver or receive the transacted security. These securities transactions are generally collateralized by those securities. Until the failed transaction settles, a receivable from (and a matching payable to) brokers and dealers and clearing organizations is recognized for the proceeds from the unsettled transaction. Deposits with Clearing Organizations Deposits with clearing organizations are comprised of cash deposits. Furniture, Equipment, Purchased Software and Leasehold Improvements Furniture, equipment, purchased software and leasehold improvements are carried at cost less accumulated depreciation. Depreciation for furniture, equipment and purchased software is computed on a straight-line basis over the estimated useful lives of the related assets, ranging from three to seven years. Leasehold improvements are amortized over the lesser of the estimated useful lives of the leasehold improvements or the remaining term of the lease for office space. Furniture, equipment, purchased software and leasehold improvements are tested for impairment whenever events or changes in circumstances suggest that an asset’s carrying value may not be fully recoverable. As of December 31, 2021 and 2020, accumulated depreciation related to furniture, equipment, purchased software and leasehold improvements totaled $56.0 million and $35.4 million, respectively. Depreciation expense for furniture, equipment, purchased software and leasehold improvements for the years ended December 31, 2021, 2020 and 2019 was $20.9 million, $18.3 million and $13.7 million, respectively. Software Development Costs The Company capitalizes costs associated with the development of internal use software at the point at which the conceptual formulation, design and testing of possible software project alternatives have been completed. The Company capitalizes employee compensation and related benefits and third party consulting costs incurred during the application development stage which directly contribute to such development. Such costs are amortized on a straight-line basis over three years. Software development costs acquired as part of the NFI Acquisition are amortized over one year. Costs capitalized as part of the Refinitiv Transaction pushdown accounting allocation are amortized over nine years. The Company reviews the amounts capitalized for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable, or that their useful lives are shorter than originally expected. Non-capitalized software costs and routine maintenance costs are expensed as incurred. Goodwill Goodwill includes the excess of the fair value of the Company above the fair value accounting basis of the net assets and liabilities of the Company as previously applied under pushdown accounting in connection with the Refinitiv Transaction. Goodwill also includes the cost of acquired companies in excess of the fair value of identifiable net assets at the acquisition date, including the NFI Acquisition. Goodwill is not amortized, but is tested for impairment annually on October 1st and between annual tests, whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. Goodwill is tested at the reporting unit level, which is defined as an operating segment or one level below the operating segment. The Company is one reporting unit for goodwill impairment testing purposes. An impairment loss is recognized if the estimated fair value of a reporting unit is less than its net book value. Such loss is calculated as the difference between the estimated fair value of goodwill and its carrying value. Goodwill was last tested for impairment on October 1, 2021 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 thirteen years. Intangible assets subject to amortization are tested for impairment whenever events or changes in circumstances suggest that an asset’s or asset group’s carrying value may not be fully recoverable. Intangible assets with an indefinite useful life are tested for impairment at least annually. An impairment loss is recognized if the sum of the estimated discounted cash flows relating to the asset or asset group is less than the corresponding book value. 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 consolidated statements of financial condition. Leases At lease commencement, a right-of-use asset and a lease liability are recognized for all leases with an initial term in excess of twelve months based on the initial present value of the fixed lease payments over the lease term. The lease right-of-use asset also reflects the present value of any initial direct costs, prepaid lease payments and lease incentives. The Company’s leases do not provide a readily determinable implicit discount rate. Therefore, management estimates the Company’s incremental borrowing rate used to discount the lease payments based on the information available at lease commencement. The Company includes the term covered by an option to extend a lease when the option is reasonably certain to be exercised. The Company has elected not to separate non-lease components from lease components for all leases. Significant assumptions and judgements in calculating the lease right-of-use assets and lease liabilities include the determination of the applicable borrowing rate for each lease. Operating lease expense is recognized on a straight-line basis over the lease term and included as a component of occupancy expense in the consolidated statements of income. 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: •whether any expired or existing contracts are or contain leases, •the lease classification for any expired or existing leases, and •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. These costs are recognized as a reduction in additional paid-in capital within the consolidated statements of financial condition when the offering is effective. As of both December 31, 2021 and 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 consolidated statements of financial condition. See Note 11 – Stockholders’ Equity. No offering costs were incurred during the year ended December 31, 2021. Revenue Recognition The Company’s classification of revenues in the consolidated statements of income represents revenues from contracts with customers disaggregated by type of revenue. See Note 8 – Revenue for additional details regarding revenue types and the Company’s policies regarding revenue recognition. 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 consolidated statements of financial condition date. Foreign currency re-measurement gains or losses on transactions in nonfunctional currencies are recognized in the consolidated statements of income within general and administrative expenses. The realized and unrealized gains/losses totaled a $4.0 million loss, a $1.3 million gain and a $3.0 million loss for the years ended December 31, 2021, 2020 and 2019, respectively. 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 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/losses on foreign currency forward contracts totaled a $9.0 million gain, a $6.3 million loss and a $3.0 million gain for each of the years ended December 31, 2021, 2020 and 2019, respectively. See Note 15 – Fair Value of Financial Instruments for additional details on the Company’s derivative instruments. Income Tax The Corporation is subject to U.S. federal, state and local income taxes with respect to its taxable income, including its allocable share of any taxable income of TWM LLC, and is taxed at prevailing corporate tax rates. TWM LLC is a multiple member limited liability company taxed as a partnership and accordingly any taxable income generated by TWM LLC is passed through to and included in the taxable income of its members, including the Corporation. Income taxes also include unincorporated business taxes on income earned or losses incurred for conducting business in certain state and local jurisdictions, income taxes on income earned or losses incurred in foreign jurisdictions on certain operations and federal and state income taxes on income earned or losses incurred, both current and deferred, on subsidiaries that are taxed as corporations for U.S. tax purposes. The Company records deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities. The Company measures deferred taxes using the enacted tax rates and laws that will be in effect when such temporary differences are expected to reverse. The Company evaluates the need for valuation allowances based on the weight of positive and negative evidence. The Company records valuation allowances wherever management believes it is more likely than not that the Company will not be able to realize its deferred tax assets in the foreseeable future. The Company records uncertain tax positions on the basis of a two-step process whereby (i) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to income taxes within the provision for income taxes in the consolidated statements of income. Accrued interest and penalties are included within accounts payable, accrued expenses and other liabilities in the consolidated statements of financial condition. The Company has elected to treat taxes due on future U.S. inclusions in taxable income under the global intangible low-taxed income (“GILTI”) provision of the Tax Cuts and Jobs Act as a current period expense when incurred. Stock-Based Compensation The stock-based payments received by the employees of the Company are accounted for as equity 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. The grant-date fair value of stock-based awards that do not require future service (i.e., vested awards) are expensed immediately. Forfeitures of stock-based compensation awards are recognized as they occur. For grants made during the post-IPO period, the fair value of the equity instruments is determined based on the price of the Class A common stock on the grant date. Prior to the IPO, the Company awarded options to management and other employees (collectively, the “Special Option Award”) under the Amended and Restated Tradeweb Markets Inc. Option Plan (the “Option Plan”). The significant assumptions used to estimate the fair value as of grant date of the options awarded prior to the IPO did not reflect changes that would have occurred to these assumptions as a result of the IPO. The non-cash stock-based compensation expense associated with the Special Option Award began being expensed in the second quarter of 2019. The Company uses the Black-Scholes pricing model to value some of its option awards. Determining the appropriate fair value model and calculating the fair value of the option awards requires the input of highly subjective assumptions, including the expected life of the option awards and the stock price volatility. 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 all potentially dilutive 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, as applicable. The dilutive effect of stock options and other stock-based payment awards is calculated using the treasury stock method, which assumes the proceeds from the exercise of these instruments are used to purchase common shares at the average market price for the period. The dilutive effect of LLC Interests is evaluated under the if-converted method, where the securities are assumed to be converted at the beginning of the period, and the resulting common shares are included in the denominator of the diluted earnings per share calculation for the entire period presented. Performance-based awards are considered contingently issuable shares and their dilutive effect is included in the denominator of the diluted earnings per share calculation for the entire period, if those shares would be issuable as of the end of the reporting period, assuming the end of the reporting period was also the end of the contingency period. Shares of Class C and Class D common stock do not have economic rights in Tradeweb Markets Inc. and, therefore, are not included in the calculation of basic earnings per share. Fair Value Measurement The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). Instruments that the Company owns (long positions) are marked to bid prices, and instruments that the Company has sold, but not yet purchased (short positions) are marked to offer prices. Fair value measurements do not include transaction costs. The fair value hierarchy under ASC 820, Fair Value Measurement (“ASC 820”), prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described below. Basis of Fair Value Measurement A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. •Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; •Level 2: Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly; •Level 3: Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

Restricted Cash	12 Months Ended
Restricted Cash	Dec. 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 broker-dealers (“PAB”) reserve, which requires the Company to maintain minimum segregated cash in the amount of excess total credits per the reserve computation. As of both December 31, 2021 and 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.

Acquisitions

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Acquisitions

On June 25, 2021, the Company completed its acquisition of all of the outstanding equity interests of Execution Access, LLC, Kleos Managed Services Holdings, LLC and Kleos Managed Services, L.P., which collectively represented the NFI Acquisition. The all-cash purchase price of $190.0 million is net of cash acquired, net of deposits with clearing organizations acquired and prior to working capital adjustments. At closing, preliminary working capital adjustments resulted in a $0.7 million increase to the purchase price. During the fourth quarter of 2021, the Company recorded final working capital and purchase price adjustments which resulted in a $0.1 million decrease in accounts receivable, $2.0 million increase in customer relationships, $0.9 million decrease in other assets, $0.4 million decrease in accounts payable, accrued expenses and other liabilities, and a $2.5 million decrease in goodwill.

Execution Access, LLC is a limited liability company organized in the state of Delaware and is a broker-dealer registered with the SEC and FINRA. The platform (formerly known as eSpeed) acquired from Nasdaq is a fully executable central order limit book (CLOB) for electronic trading in on-the-run (OTR) U.S. government bonds.

The acquisition was accounted for as a business combination and the Company utilized the assistance of a third-party valuation specialist to determine the fair value of the assets acquired and liabilities assumed at the date of acquisition. The fair values were determined based on assumptions that reasonable market participants would use in the principal (or most advantageous) market and primarily included significant unobservable inputs (Level 3). Customer relationships were valued using the income approach, specifically a multi-period excess earnings method. The excess earnings method examines the economic returns contributed by the identified tangible and intangible assets of a company, and then examines the excess return that is attributable to the intangible asset being valued. The discount rate used reflects the amount of risk associated with the hypothetical cash flows for the customer relationships relative to the overall business. In developing a discount rate for the customer relationships, the Company estimated a weighted-average cost of capital for the overall business and employed an intangible asset risk premium to this rate when discounting the excess earnings related to customer relationships. The resulting discounted cash flows were then tax-affected at the applicable statutory rate. A discounted tax amortization benefit was also added to the fair value of the assets under the assumption that the customer relationships would be amortized for tax purposes over a period of 15 years.

The final purchase price was allocated as follows:


	Purchase Price Allocation

	(in thousands)
Cash and cash equivalents	$	33,797
Deposits with clearing organizations	18,147
Accounts receivable	2,645
Equipment	1,498
Software development costs	820
Goodwill	85,462
Intangible assets – customer relationships	101,285

Accrued compensation	(1,246)
Deferred revenue	(620)
Accounts payable, accrued expenses and other liabilities	(229)
Total	241,559
Less: Cash acquired	(33,797)
Less: Deposits with clearing organizations acquired	(18,147)
Working capital adjustments	385
Purchase price, net of cash and deposits acquired and excluding working capital adjustments	$	190,000

For GAAP purposes, the acquired software development costs will be amortized over a useful life of one year and the customer relationships will be amortized over a useful life of 13 years. The goodwill recognized in connection with the NFI Acquisition is primarily attributable to the acquisition of an assembled workforce and expected synergies from the integration of the operations of the NFI Acquisition into the Company’s operations and its single business segment. All of the goodwill recognized in connection with the NFI Acquisition is expected to be deductible for income tax purposes.

During the year ended December 31, 2021, the Company recognized $5.1 million in transaction costs incurred to effect the NFI Acquisition, which are included as a component of professional fees in the accompanying consolidated statements of income.

The NFI Acquisition was not material to the Company’s consolidated financial statements and therefore pro forma results of this acquisition have not been presented.

Software Development Costs

12 Months Ended

Dec. 31, 2021

Research and Development [Abstract]

Software Development Costs

The components of software development costs, net of accumulated amortization are as follows:


	December 31,
	2021		2020

	(in thousands)
Software development costs	$	270,672	$	235,382
Accumulated amortization	(114,469)		(67,352)
Software development costs, net of accumulated amortization	$	156,203	$	168,030

Capitalized software development costs and amortization expense are as follows:


	Year Ended
	December 31,
	2021		2020		2019

	(in thousands)
Software development costs capitalized(1)	$	34,470	$	31,046	$	28,681
Amortization expense related to capitalized software development costs	47,116		36,102		26,176

(1)Software development costs capitalized does not include acquired software development costs. See Note 4 – Acquisitions.

Non-capitalized software costs and routine maintenance costs are expensed as incurred and are included in employee compensation and benefits and professional fees on the consolidated statements of income.

The estimated annual future amortization for software development costs through December 31, 2026 is as follows:


	Amount

	(in thousands)
2022	$	45,463
2023	$	35,127
2024	$	24,045
2025	$	18,722
2026	$	18,722

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

Goodwill includes the following activity during the years ended December 31, 2021 and 2020:


	December 31,
	2021		2020

	(in thousands)
Balance at beginning of period	$	2,694,797	$	2,694,797
Goodwill recognized in connection with the NFI Acquisition	85,462		—
Balance at end of period	$	2,780,259	$	2,694,797

Intangible Assets

Intangible assets with an indefinite useful life consisted of the following as of December 31, 2021 and 2020:


	December 31,
	2021		2020

	(in thousands)
Licenses	$	168,800	$	168,800
Tradename	154,300		154,300
Total	$	323,100	$	323,100

Intangible assets that are subject to amortization consisted of the following:


		December 31, 2021						December 31, 2020
	Amortization Period	Cost		Accumulated Amortization		Net Carrying Amount		Cost		Accumulated Amortization		Net Carrying Amount

		(in thousands)
Customer relationships - Refinitiv Transaction	12 years	$	928,200	$	(251,387)	$	676,813	$	928,200	$	(174,037)	$	754,163
Customer relationships - NFI Acquisition	13 years	101,285		(3,896)		97,389		—		—		—
Content and data	7 years	154,400		(71,686)		82,714		154,400		(49,629)		104,771
		$	1,183,885	$	(326,969)	$	856,916	$	1,082,600	$	(223,666)	$	858,934

Amortization expense for definite-lived intangible assets was $103.3 million for the year ended December 31, 2021 and $99.4 million for each of the years ended December 31, 2020 and 2019.

The estimated annual future amortization for definite-lived intangible assets through December 31, 2026 is as follows:


	Amount

	(in thousands)
2022	$	107,198
2023	$	107,198
2024	$	107,198
2025	$	101,684
2026	$	85,141

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

The Company has operating leases for corporate offices and data centers with initial lease terms ranging from one to 10 years. The following is a summary of lease right-of-use assets and lease liabilities related to operating leases as of December 31, 2021 and 2020:


	December 31,
	2021		2020

	(in thousands)
Operating lease right-of-use assets	$	20,496	$	29,437
Operating lease liabilities	$	24,331	$	34,463

Activity related to the Company’s leases for the years ended December 31, 2021, 2020 and 2019 is as follows:


	Year Ended
	December 31,
	2021		2020		2019

	(in thousands)
Operating lease expense included as a component of occupancy expense on the accompanying consolidated statements of income	$	10,624	$	10,439	$	10,265
Cash for amounts included in the measurement of operating lease liability	$	11,736	$	12,060	$	11,667

At December 31, 2021 and 2020, the weighted average borrowing rate and weighted average remaining lease term are as follows:


	December 31,
	2021		2020

Weighted average borrowing rate	2.8	%	2.9	%
Weighted average remaining lease term (years)	4.4		4.7

The following table presents the future minimum lease payments and the maturity of lease liabilities as of December 31, 2021:


	Amount
	(in thousands)
2022	$	8,104
2023	5,653
2024	4,405
2025	2,690
2026	2,544
Thereafter	2,544
Total future lease payments	25,940
Less imputed interest	(1,609)
Lease liability	$	24,331

As of December 31, 2021, one U.S. lease is secured by a $0.5 million letter of credit issued under the Company’s Credit Facility (as defined in Note 17 – Commitments and Contingencies). As of December 31, 2020, this lease was secured by a letter of credit in the amount of $1.2 million, which was guaranteed by Refinitiv. During the year ended December 31, 2021, the letter of credit guaranteed by Refinitiv was replaced with the letter of credit issued under the Company’s Credit Facility.

Revenue

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue

Revenue Recognition

The Company enters into contracts with its clients to provide a stand-ready connection to its electronic marketplaces, which facilitates the execution of trades by its clients. The access to the Company’s electronic marketplaces includes market data, continuous pricing data refreshes and the processing of trades thereon. The stand-ready connection to the electronic marketplaces is considered a single performance obligation satisfied over time as the client simultaneously receives and consumes the benefit from the Company’s performance as access is provided (that is, the performance obligation constitutes a series of services that are substantially the same in nature and are provided over time using the same measure of progress). For its services, the Company earns subscription fees for granting access to its electronic marketplaces. Subscription fees, which are generally fixed fees, are recognized into revenue on a monthly basis, in the period that access is provided. The frequency of subscription fee billings varies from monthly to annually, depending on contract terms. Fees received by the Company which are not yet earned are included in deferred revenue on the consolidated statements of financial condition until the revenue recognition criteria have been met. The Company also earns transaction fees and/or commissions from transactions executed on the Company’s electronic marketplaces. 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. Transaction fees and commissions are generated both on a variable and fixed price basis and vary by geographic region, product type and trade size. Fixed monthly transaction fees or commissions, or monthly transaction fees or commission minimums, are earned on a monthly basis in the period the stand-ready trading services are provided and are generally billed monthly. For variable transaction fees or commissions, the Company charges its clients based on the mix of products traded and the volume of transactions executed. Variable transaction fee or commission revenue is recognized and recorded on a trade-date basis when the individual trade occurs and is generally billed when the trade settles or are billed monthly. Variable discounts or rebates on transaction fees or commissions are earned and applied monthly or quarterly, resolved within the same reporting period and are recorded as a reduction to revenue in the period the relevant trades occur.

The Company 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 monthly on a straight-line basis, as Refinitiv receives and consumes the benefit evenly over the contract period, as the data is provided. Also included in these fees are fees for historical data sets which are recognized when the historical data set is provided to Refinitiv. Significant judgements used in accounting for this contract include the following determinations:

•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 years ended December 31, 2021, 2020 and 2019 is as follows:


	Year Ended				Year Ended				Year Ended
	December 31, 2021				December 31, 2020				December 31, 2019

	(in thousands)
	Variable		Fixed		Variable		Fixed		Variable		Fixed
Revenues
Transaction fees and commissions	$	690,592	$	155,762	$	536,176	$	145,412	$	435,173	$	137,775
Subscription fees	1,812		156,636		1,685		140,673		1,736		136,995
Refinitiv market data fees	—		61,161		—		59,706		—		55,635
Other	821		9,663		598		8,409		834		7,418
Total revenue	$	693,225	$	383,222	$	538,459	$	354,200	$	437,743	$	337,823

Deferred Revenue

The Company records deferred revenue when cash payments are received or due in advance of services to be performed. The revenue recognized and the remaining deferred revenue balances are shown below:


	Amount

	(in thousands)
Deferred revenue balance - December 31, 2020	$	23,193
Deferred revenue billed in the current period	119,256
Revenue recognized that was previously deferred	(118,139)
Deferred revenue acquired in connection with the NFI Acquisition	620
Deferred revenue balance - December 31, 2021	$	24,930

During the year ended December 31, 2021, the Company recognized $23.0 million in total revenue that was deferred as of December 31, 2020. During the year ended December 31, 2020, the Company recognized $23.8 million in total revenue that was deferred as of December 31, 2019.

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

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&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=123351226&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)
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Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

The Corporation is subject to U.S. federal, state and local income taxes with respect to its taxable income, including its allocable share of any taxable income of TWM LLC, and is taxed at prevailing corporate tax rates. The Company’s actual effective tax rate will be impacted by the Corporation’s ownership share of TWM LLC, which is expected to continue to increase over time as 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 Continuing LLC Owners.

The Company’s consolidated effective tax rate will also vary from period to period depending on changes in the mix of earnings, tax legislation and tax rates in various jurisdictions.

For the year ended December 31, 2021, total income before the provision for income taxes amounted to $370.0 million, consisting of $347.3 million in the United States and $22.7 million in foreign locations.

The provision for income taxes consists of the following:


	Year Ended
	December 31,
	2021		2020		2019

	(in thousands)
Current:
Federal	$	2,025	$	(16,529)	$	21,373
State and Local	8,334		5,261		11,537
Foreign	1,107		2,153		4,368
Total current tax expense	11,466		(9,115)		37,278
Deferred:
Federal	49,266		52,845		(88)
State and local	40,363		12,572		18,194
Foreign	(4,220)		(228)		(3,082)
Total deferred tax expense	85,409		65,189		15,024
Total provision for income taxes	$	96,875	$	56,074	$	52,302

A reconciliation of the U.S. federal statutory tax rate to the effective rate is as follows:


	Year Ended
	December 31,
	2021		2020		2019

Statutory U.S. federal income tax rate	21.0	%	21.0	%	21.0	%
State and local income taxes, net of federal income tax benefit	3.7		5.0		3.9
Foreign tax rate differential	(0.2)		0.2		(1.1)

Non-controlling interest	(2.3)		(3.4)		(7.2)
Tax Receivable Agreement adjustment	(0.7)		(0.9)		(3.1)
Rate change	6.7		(0.2)		10.2
Equity Compensation	(2.5)		(1.8)		—
Other	0.5		0.5		(0.5)
Effective income tax rate	26.2	%	20.4	%	23.2	%

The effective tax rate for the year ended December 31, 2021 differed from the U.S. federal statutory rate of 21.0% primarily due to state and local taxes including the tax impact of state apportionment rate changes on total tax expense as a result of the remeasurement of the Company’s net deferred asset, partially offset by the effect of non-controlling interests and the tax impact of the exercise of equity compensation. The effective tax rate for the year ended December 31, 2020 differed from the U.S. federal statutory rate of 21.0% primarily due to the effect of non-controlling interests and the tax impact of the exercise of equity compensation, partially offset by state, local and foreign taxes. The effective tax rate for the year ended December 31, 2019 differed from the U.S. federal statutory rate of 21.0% primarily due to the effect of non-controlling interests and other discrete items, partially offset by state and local taxes including the tax impact of state apportionment rate changes on total tax expense as a result of the reduction of the Company’s net deferred asset.

The components of the Company’s net deferred tax asset (liability) are as follows:


	December 31,
	2021		2020

	(in thousands)
Deferred tax assets:
Investment in partnership	$	506,586	$	509,835
Net operating losses	55,236		21,647
Tax Receivable Agreement - Interest	13,393		13,859
Employee compensation	31,507		23,291
Tax credits	8,947		9,276
Other	9,775		7,150
Deferred tax assets, gross	625,444		585,058
Valuation Allowance	(741)		(110)
Total deferred tax assets, net	624,703		584,948

Deferred tax liabilities
Goodwill and Intangibles	(26,744)		(24,811)
Total deferred tax liabilities	(26,744)		(24,811)

Total net deferred tax asset (liability)	$	597,959	$	560,137

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 10 – Tax Receivable Agreement for further details. The tax benefit has been recognized in deferred tax assets on the consolidated statement of financial condition.

As of December 31, 2021, the Company had tax effected U.S. federal net operating loss carryforwards for income tax purposes of $48.4 million and state and local net operating loss carryforwards of $6.8 million, respectively. If not utilized, the state and local net operating loss carryforwards will begin to expire in 2035. The U.S. federal net operating loss carryforwards can be carried forward indefinitely.

The components of the Company’s uncertain tax positions are as follows:


	Amount
	(in thousands)
Gross unrecognized tax benefits as of January 1, 2021	$	5,514
Increase in current year tax positions	1,900
Increase in prior year tax positions	1,528
Decrease in prior year tax positions	—

Settlements	(1,936)
Gross unrecognized tax benefits as of December 31, 2021	$	7,006

The Company recognizes interest and penalties related to income taxes within the provision for income taxes in the consolidated statements of income. Accrued interest and penalties are included within accounts payable, accrued expenses and other liabilities in the consolidated statements of financial condition. The total amount of interest and penalties accrued as of December 31, 2021 are $1.9 million and $0.2 million, respectively.

As a result of the Refinitiv Contribution (as defined in Note 11 – Stockholders’ Equity), 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 December 31, 2021 and 2020, the tax liability related to the Refinitiv Contribution is $2.7 million and is included within accounts payable, accrued expenses and other liabilities on the consolidated statement of financial condition. The Company is indemnified by Refinitiv for these tax liabilities that were assumed by the Company as a result of the Refinitiv Contribution. As of both December 31, 2021 and 2020, $2.7 million is included in other assets on the consolidated statement of financial condition related to this indemnification.

The above tax positions were recognized using the best estimate of the amount expected to be paid based on available information and assessment of all relevant factors. Due to the uncertainty associated with tax audits, it is possible that at some future date liabilities resulting from these audits could vary significantly from these positions. Nevertheless, based on currently enacted legislation and information currently known to us, the Company believes that the ultimate resolution of these audits will not have a material adverse impact on the Company’s financial condition taken as a whole. Furthermore, the Company does not anticipate any changes to net uncertain tax benefits within the next twelve months.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Stockholders' Equity Note [Abstract]

Tax Receivable Agreement	12 Months Ended
Tax Receivable Agreement	Dec. 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 total projected obligations recorded under the Tax Receivable Agreement as a result of actual changes in the mix of the Company’s earnings, tax legislation and tax rates in various jurisdictions, or other factors that may impact the Corporation’s actual tax savings realized, are reflected in income before taxes on the consolidated statements of income in the period in which the change occurs. As of December 31, 2021 and 2020, the tax receivable agreement liability on the consolidated statements of financial condition totaled $412.4 million and $404.3 million, respectively. During the years ended December 31, 2021, 2020 and 2019, the Company recognized a tax receivable agreement liability adjustment of $12.7 million, $11.4 million and $33.1 million, respectively, in the consolidated statements of income.

Stockholders' Equity

12 Months Ended

Dec. 31, 2021

Stockholders' Equity

Stockholders’ Equity

Initial Public Offering and Reorganization Transactions

In April 2019, the Corporation completed its IPO of 46,000,000 shares of Class A common stock at a public offering price of $27.00, which included 6,000,000 shares of Class A common stock issued pursuant to the underwriters’ option to purchase additional shares of Class A common stock. The Corporation received $1.2 billion in net proceeds, after deducting underwriting discounts and commissions but before deducting offering expenses, which were used to purchase LLC Interests from certain of the Bank Stockholders (and the corresponding shares of common stock were cancelled as described below), at a purchase price per interest equal to the public offering price of $27.00, less the underwriting discounts and commissions payable thereon.

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

Amendment and Restatement of Certificate of Incorporation

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

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


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

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

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

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

In addition, the Corporation’s board of directors adopted the Omnibus Equity Plan, under which equity awards may be made in respect of shares of Class A common stock. It also assumed sponsorship of the Option Plan and a PRSU plan formerly sponsored by TWM LLC. See Note 13 – Stock-Based Compensation Plans for further details.

Recapitalization of Tradeweb Markets LLC

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

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


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

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

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

Issuance and Cancellation of Common Stock

•In connection with the completion of the Reorganization Transactions, the Corporation received 96,933,192 LLC Interests and Refinitiv received 96,933,192 shares of Class B common stock (the “Refinitiv Contribution”).

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

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

October 2019 Follow-On Offering

In the fourth quarter of 2019, Tradeweb Markets Inc. completed an underwritten follow-on offering of 19,881,059 shares of Class A Common stock at a public offering price of $42.00 per share, which included 2,593,181 shares of Class A common stock issued pursuant to the underwriters’ option to purchase additional shares of Class A common stock. Tradeweb Markets Inc. received net proceeds of $810.0 million, after deducting underwriting discounts and commissions but before deducting estimated offering expenses, which were used to purchase (i) 19,835,666 issued and outstanding LLC Interests from certain of the Bank Stockholders and certain executive officers (and the corresponding shares of Class C common stock and/or Class D common stock held by such holders were cancelled) and (ii) 45,393 issued and outstanding shares of Class A common stock from certain executive officers (which shares of Class A common stock were cancelled), at a purchase price per interest and share equal to the public offering price of $42.00, less the underwriting discounts and commissions payable thereon.

April 2020 Follow-On Offering

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

Redemptions and Exchanges of LLC Interests

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

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. For shares repurchased pursuant to the Share Repurchase Program, the excess of the repurchase price paid over the par value of the Class A common stock will be recorded as a reduction to retained earnings.

The Company began purchasing shares pursuant to the Share Repurchase Program during the second quarter of 2021. During the year ended December 31, 2021, the Company acquired a total of 901,968 shares of Class A common stock, at an average price of $83.90, for purchases totaling $75.7 million. Each share of Class A common stock repurchased pursuant to the Share Repurchase Program was funded with the proceeds, on a dollar-for-dollar basis, from the repurchase by Tradeweb Markets LLC of an LLC Interest from the Company in order to maintain the one-to-one ratio between outstanding shares of the Company’s common stock and LLC Interests owned by the Company. Subsequent to their repurchase, the shares of Class A common stock and the LLC Interests were all cancelled and retired. As of December 31, 2021, a total of $74.3 million remained available for repurchase pursuant to the Share Repurchase Program.

Other Share Repurchases

During the years ended December 31, 2021, 2020 and 2019, the Company withheld 983,072, 1,509,321 and 208,823 shares, respectively, of common stock from employee stock option, PRSU and RSU awards, at an average price per share of $72.25, $50.47 and $42.70, respectively, and an aggregate value of $71.0 million, $76.2 million and $8.9 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.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
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Non-Controlling Interests

Non-Controlling Interests

12 Months Ended

Dec. 31, 2021

Noncontrolling Interest [Abstract]

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


	December 31, 2021			December 31, 2020
	LLC Interests	Ownership %		LLC Interests	Ownership %
Number of LLC Interests held by Tradeweb Markets Inc.	203,220,013	86.9	%	195,008,657	85.1	%
Number of LLC Interests held by non-controlling interests	30,527,964	13.1	%	34,011,202	14.9	%
Total LLC Interests outstanding	233,747,977	100.0	%	229,019,859	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:


Net Income Attributable to Tradeweb Markets Inc. and Transfers (to) from the Non-Controlling Interests	Year Ended
	December 31,
	2021		2020		2019

	(in thousands)
Net income attributable to Tradeweb Markets Inc.	$	226,828	$	166,296	$	83,769
Transfers (to) from non-controlling interests:
Allocation of equity to non-controlling interests arising from the reorganization transactions and IPO	—		—		(1,607,529)
Increase/(decrease) in Tradeweb Markets Inc.’s additional paid-in capital as a result of ownership changes in TWM LLC	87,006		533,900		402,227
Net transfers (to) from non-controlling interests	87,006		533,900		(1,205,302)
Change from net income attributable to Tradeweb Markets Inc. and transfers (to) from non-controlling interests	$	313,834	$	700,196	$	(1,121,533)

Stock-Based Compensation Plans

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation Plans

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

PRSUs (Equity-Settled)

PRSUs are promises to issue actual shares of Class A common stock which cliff vest on January 1 of the third calendar year from the calendar year of the date of grant. The fair value of the equity-settled PRSUs is calculated on the grant date using the stock price of the Class A common stock. The number of shares a participant will receive upon vesting is determined 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. Compensation expense for PRSUs that cliff vest is recognized on a straight-line basis over the vesting period for the entire award. The number of shares included in expense each period is based on management’s estimate of the probable final performance modifier for those grants, with such estimate updated each period until the performance modifier is finalized.

A summary of the Company’s outstanding equity-settled PRSUs is presented below:


	Equity-Settled PRSUs	Weighted Average Grant-Date Fair Value
Equity-settled PRSUs outstanding at December 31, 2020	3,356,130	$	21.09
Grants	209,925	$	74.29
Vests	(1,108,060)	$	9.53
Performance adjustment	208,437	$	74.30
Forfeitures and adjustments	(10,834)	$	44.51
Equity-settled PRSUs outstanding at December 31, 2021	2,655,598	$	34.20

The following table summarizes information about equity-settled PRSU awards:


	Year Ended
	December 31,
	2021		2020		2019

	(in thousands)
Equity-settled PRSU compensation expense	$	30,633	$	27,809	$	25,392
Income tax benefit	$	(16,374)	$	(10,261)	$	(4,781)

The weighted-average grant-date fair value of equity-settled PRSUs granted during the years ended December 31, 2020 and 2019 was $38.87 and $21.08, respectively.

The total fair value of equity-settled PRSUs vested during the years ended December 31, 2021 and 2020 was $67.4 million and $39.8 million, respectively. There were no equity-settled PRSUs that vested during the year ended December 31, 2019.

Options

Prior to the IPO, the Company granted the Special Option Award to management and other employees and granted additional options subsequent to the IPO in July 2019 and December 2019, in each case under the Option Plan (the “July 2019 Grants” and the “December 2019 Grants,” respectively). Each option award vests one half based solely on the passage of time and one half only if the Company achieves certain performance targets. The options have a four-year graded vesting schedule, with accelerated vesting for the time-based Special Option Award options originally scheduled to vest in years three and four that were accelerated upon completion of the IPO. The stock-based compensation expense recognition commenced upon the completion of the IPO, with $18.9 million recognized as compensation expense related to the Special Option Award immediately upon the completion of the IPO.

The grant-date fair value of the time-based options related to the Special Option Award and the July 2019 Grants are amortized into expense over the requisite service period on a straight-line basis, with each tranche separately measured. The grant-date fair value of the time-based December 2019 Grants are amortized into expense on a straight-line basis over the requisite service period for the entire award.

For the portion of all awards that require both future service and the achievement of Company performance-based conditions, the grant-date fair value for each tranche is separately amortized into expense over the requisite service period for the requisite 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.

The Company can elect to net-settle exercised options by reducing the shares of Class A common stock to be issued upon such exercise by the number of shares of Class A common stock having a fair market value on the date of exercise equal to the aggregate option price and withholding taxes payable in respect of the number of options exercised. The Company may then pay these employee payroll taxes from the Company’s cash.

A summary of the Company’s outstanding options is presented below:


	Options	Weighted Average Grant-Date Fair Value		Weighted Average Exercise Price
Options outstanding at December 31, 2020	9,241,883	$	2.54	$	22.56
Grants	—	$	—	$	—
Exercises	(5,652,053)	$	2.16	$	21.56
Forfeitures and adjustments	(174,542)	$	7.13	$	34.85
Expired	—	$	—	$	—
Options outstanding at December 31, 2021	3,415,288	$	2.92	$	23.59
Vested options outstanding at December 31, 2021 - all exercisable	874,893	$	2.06	$	21.17

The following table summarizes information about options awards:


	Year Ended
	December 31,
	2021		2020		2019

	(in thousands)
Options compensation expense	$	5,327	$	6,118	$	24,432
Income tax benefit	$	(69,868)	$	(57,457)	$	(8,556)

There were no options granted during the year ended December 31, 2020. The weighted-average grant-date fair value of options granted during the year ended December 31, 2019 was $8.83.

The total intrinsic value of options exercised during the years ended December 31, 2021, 2020 and 2019 was $333.8 million, $291.8 million and $21.3 million, respectively.

The total intrinsic value of all options outstanding as of December 31, 2021 was $261.4 million. The weighted average remaining contractual life of all options outstanding as of December 31, 2021 was 7.0 years.

The total intrinsic value of all vested options outstanding as of December 31, 2021 was $69.1 million, all of which are currently exercisable. The weighted average remaining contractual life of all vested options outstanding as of December 31, 2021 was 6.8 years.

The fair value of options is calculated on the grant date using the Black-Scholes model. The significant assumptions used to estimate the fair value of the options as of the grant date, for options granted during the year ended December 31, 2019, were as follows:


Weighted Average Expected Life (years)	5.7
Weighted Average Risk-Free Interest Rate	2.9		%
Weighted Average Expected Volatility	20.0		%
Weighted Average Expected Dividend Yield	3.9		%
Weighted Average Share Price	$	21.62
Weighted Average Exercise Price	$	21.62

RSUs

Beginning in 2020, the Company expanded its RSU grants under the Omnibus Equity Plan to employees. Previously, RSU grants were limited to non-employee directors. RSUs are promises to issue shares of Class A common stock at the end of a vesting period. RSUs granted to employees generally vest one-third each year over a three-year period. RSUs granted to non-employee directors vest after one year. The grant-date fair value of RSUs are amortized into expense on a straight-line basis over the requisite service period for the entire award.

A summary of the Company’s outstanding RSUs is presented below:


	RSUs	Weighted Average Grant-Date Fair Value
RSUs outstanding at December 31, 2020	493,878	$	38.91
Grants	370,306	$	75.09
Vests	(171,494)	$	38.98
Forfeitures	(8,926)	$	54.69
RSUs outstanding at December 31, 2021	683,764	$	58.28

The following table summarizes information about RSU awards:


	Year Ended
	December 31,
	2021		2020		2019

	(in thousands)
RSU compensation expense	$	15,983	$	5,359	$	—
Income tax benefit	$	(5,416)	$	(311)	$	—

The weighted-average grant-date fair value of RSUs granted during the year ended December 31, 2020 was $38.91. There were no RSUs granted during the year ended December 31, 2019.

The total fair value of RSUs vested during the year ended December 31, 2021 was $12.5 million. There were no RSUs that vested during the years ended December 31, 2020 and 2019.

Compensation Expense

The Company records stock-based compensation expense for employees and directors in the consolidated statements of income. A summary of the Company’s total stock-based compensation expense relating to its equity-settled PRSUs, options and RSUs is presented below:


	Year Ended
	December 31,
	2021		2020		2019

	(in thousands)
Total stock-based compensation expense	$	51,943	$	39,286	$	49,824

As of December 31, 2021, total unrecognized compensation expense related to unvested stock-based compensation arrangements and the expected recognition period are as follows:


	Equity-Settled PRSUs		Options		RSUs

	(dollars in thousands)
Total unrecognized compensation cost	$	31,321	$	2,169	$	26,383
Weighted-average recognition period	1.69		1.23		1.85

Related Party Transactions

12 Months Ended

Dec. 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. As a result, the related party transactions listed below include transactions with the Bank Stockholders or their respective affiliates for pre-IPO periods only.

As of December 31, 2021 and 2020, the following balances with such affiliates were included in the consolidated statements of financial condition in the following line items:


	December 31,
	2021		2020

	(in thousands)
Accounts receivable	$	277	$	4,009
Receivable from affiliates	3,313		111
Other assets	3,530		2,722
Accounts payable, accrued expenses and other liabilities	7,767		6,140
Deferred revenue	4,767		4,500
Payable to affiliates	4,860		5,142

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


	Year Ended
	December 31,
	2021		2020		2019

	(in thousands)
Revenue:
Transaction fees and commissions (1)	$	—	$	—	$	75,829
Subscription fees (1)	923		—		5,670
Refinitiv market data fees (2)	61,161		59,706		55,635
Other fees	522		—		—
Expenses: (3)
Employee compensation and benefits	856		—		—
Technology and communications	3,951		2,960		2,960
General and administrative	194		(591)		430
Professional fees	39		—		—
Occupancy	—		15		481
Operating income:
Net interest income (expense) (4)	—		—		858

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

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

(3)The Company maintains agreements with Refinitiv to provide the Company with certain real estate, payroll, benefits administration and other administrative services.

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

During the year ended December 31, 2021, $1.6 million of previously accrued expenses payable to affiliates of Refinitiv were waived and the liabilities were reversed through an increase to additional paid-in capital.

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 December 31, 2021 and 2020, $2.0 million related to these offering costs, is included as a component of the additional paid-in capital balance on the consolidated statements of financial condition.

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Financial Instruments Measured at Fair Value

The Company’s financial instruments measured at fair value on the consolidated statements of financial condition as of December 31, 2021 and 2020 have been categorized based upon the fair value hierarchy as follows:


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

	(in thousands)
As of December 31, 2021
Assets
Cash equivalents – Money market funds	$	654,553	$	—	$	—	$	654,553
Receivable from affiliates – Foreign currency forward contracts	—		3,019		—		3,019
Total assets measured at fair value	$	654,553	$	3,019	$	—	$	657,572

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

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 December 31, 2021 and 2020, the counterparty on each of the foreign currency forward contracts was an affiliate of Refinitiv and therefore the corresponding receivables and liabilities on such contracts were included in receivable from affiliates and payable to affiliates on the accompanying consolidated statements of financial condition.

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:


	December 31,
	2021		2020

	(in thousands)
Foreign currency forward contracts – Gross notional amount	$	146,202	$	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 consolidated statements of income within general and administrative expenses.

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


	Year Ended
	December 31,
	2021		2020		2019

	(in thousands)
Foreign currency forward contracts not designated in accounting hedge relationship	$	9,008	$	(6,269)	$	3,029

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

The Company’s financial instruments not measured at fair value on the consolidated statements of financial condition as of December 31, 2021 and 2020 have been categorized based upon the fair value hierarchy as follows:


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

	(in thousands)
As of December 31, 2021
Assets
Cash and restricted cash	$	318,495	$	318,495	$	—	$	—	$	318,495
Receivable from brokers and dealers and clearing organizations	—		—		—		—		—
Deposits with clearing organizations	20,523		20,523		—		—		20,523
Accounts receivable	129,937		—		129,937		—		129,937
Other assets – Memberships in clearing organizations	2,392		—		—		2,392		2,392
Total	$	471,347	$	339,018	$	129,937	$	2,392	$	471,347

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

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 consolidated statements of financial condition, are classified within level 3 of the fair value hierarchy because the valuation requires assumptions that are both significant and unobservable.

Non-recurring Fair Value Measurements

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

Financial Instruments Without Readily Determinable Fair Values

Included in other assets on the consolidated statements of financial condition are equity investments without readily determinable fair values of $21.1 million as of both December 31, 2021 and 2020. There were no impairments or adjustments to the carrying value of equity investments without readily determinable fair values during the year ended December 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.

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

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

+ References + Details

Credit Risk	12 Months Ended
Credit Risk	Dec. 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 will recognize a receivable from (and a matching payable to) brokers and dealers and clearing organizations for the proceeds from the unsettled transaction, until the failed transaction settles. The Company may be obligated to discharge the obligation of the non-performing party and, as a result, may incur a loss if the market value of the security is different from the contract amount of the transaction. However, from time to time, the Company enters into repurchase and/or reverse repurchase agreements to facilitate the clearance of securities relating to fails to deliver or receive. 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 operates a continuous net settlement system, whereby as trades are submitted and compared, the FICC becomes the counterparty. A substantial number of the Company’s transactions are collateralized and executed with, and on behalf of, a limited number of broker-dealers. The Company’s exposure to credit risk associated with the nonperformance of these clients in fulfilling their contractual obligations pursuant to securities transactions can be directly impacted by volatile trading markets which may impair the clients’ ability to satisfy their obligations to the Company. The Company does not expect nonperformance by counterparties in the above situations. However, the Company’s policy is to monitor its market exposure and counterparty risk. In addition, the Company has a policy of reviewing, as considered necessary, the credit standing of each counterparty with which it conducts business. Allowance for Credit Losses The Company may be exposed to credit risk regarding its receivables, which are primarily receivables from financial institutions, including investment managers and broker-dealers. The Company maintains an allowance for credit losses based upon an estimate of the amount of potential credit losses in existing accounts receivable, as determined from a review of aging schedules, past due balances, historical collection experience and other specific account data. Careful analysis of the financial condition of 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: •Geographic location •Transaction fee type (billing type) •Legal entity Write-Offs Once determined uncollectible, aged balances are written off against the allowance for credit losses. This determination is based on careful analysis of individual receivables and aging schedules, which are disaggregated based on the risk characteristics described above. Based on current policy, this generally occurs when the receivable is 360 days past due. As of December 31, 2021 and 2020, the Company maintained an allowance for credit losses with regard to these receivables of $0.3 million and $0.2 million, respectively. For the years ended December 31, 2021 and 2020, the Company recognized a credit loss expense of $13 thousand and $0.1 million, respectively. For the year ended December 31, 2019, recoveries resulted in a net reversal of credit loss expense totaling $1.0 million.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 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 cases were dismissed in March 2021, with the Court granting the Plaintiffs leave to further amend the complaint by no later than May 14, 2021. The plaintiffs filed an Amended Complaint on or about May 14, 2021, and the Company served its motion to dismiss on Plaintiffs on June 14, 2021. The motions to dismiss were fully briefed on August 4, 2021. In the event the matter is not dismissed, the Company intends to continue to vigorously defend its position, and believes that it has meritorious defenses to the Amended Complaint. 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 December 31, 2021, there were $0.5 million in letters of credit issued under the Revolving Credit Facility and no borrowings outstanding. As of December 31, 2020, there were no letters of credit issued under the Revolving Credit Facility and no drawn amounts outstanding.

Earnings Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Earnings Per Share

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

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


	Year Ended
	December 31,
EPS: Post-IPO net income attributable to Tradeweb Markets Inc.	2021		2020		2019

	(in thousands, except share and per share amounts)
Numerator:
Post-IPO net income attributable to Tradeweb Markets Inc.	$	226,828	$	166,296	$	83,769

Denominator:
Weighted average shares of Class A and Class B common stock outstanding - Basic	201,419,081		180,409,462		148,013,274
Dilutive effect of equity-settled PRSUs	2,067,558		2,472,801		2,464,137
Dilutive effect of options	3,473,549		5,179,109		6,062,835
Dilutive effect of RSUs	294,652		161,660		—
Weighted average shares of Class A and Class B common stock outstanding - Diluted	207,254,840		188,223,032		156,540,246

Earnings per share - Basic	$	1.13	$	0.92	$	0.57
Earnings per share - Diluted	$	1.09	$	0.88	$	0.54

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


	Year Ended
	December 31,
EPS: Pre-IPO net income attributable to Tradeweb Markets LLC (1)	2019

(in thousands, except share and per share amounts)
Numerator:
Pre-IPO net income attributable to Tradeweb Markets LLC	$	42,352

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

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

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

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. The potential dilutive effect of LLC Interests are evaluated under the if-converted method. The potential dilutive effect of PRSUs, shares underlying options and RSUs are evaluated under the treasury stock method.

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


	Year Ended
	December 31,
	2021	2020	2019


Anti-dilutive Shares:
Equity-settled PRSUs	—	—	—
Options	—	264,376	128,125
RSUs	—	443	—
LLC Interests	30,699,577	45,828,289	74,279,741

For the year ended December 31, 2019, there were no anti-dilutive shares relating to the pre-IPO period.

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

Regulatory Capital Requirements

12 Months Ended

Dec. 31, 2021

Regulatory Capital Requirements

TWL, DW, TWD and EA 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 December 31, 2021 and 2020, the regulatory capital requirements and regulatory capital for TWL, DW, TWD, TEL, TWJ, TWEU, TESL and EA are as follows:


As of December 31, 2021	TWL		DW		TWD		TEL		TWJ		TWEU		TESL		EA

	(in thousands)
Regulatory Capital	$	33,566	$	61,379	$	22,784	$	84,636	$	7,932	$	7,626	$	1,760	$	212,572
Regulatory Capital Requirement	3,424		2,931		652		36,136		1,184		3,272		1,272		78
Excess Regulatory Capital	$	30,142	$	58,448	$	22,132	$	48,500	$	6,748	$	4,354	$	488	$	212,494


As of December 31, 2020	TWL		DW		TWD		TEL		TWJ		TWEU

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


	As of December 31, 2021				As of December 31, 2020
	TW SEF		DW SEF		TW SEF		DW SEF

	(in thousands)
Financial Resources	$	30,063	$	15,999	$	28,476	$	15,298
Required Financial Resources	11,000		6,770		13,500		6,223
Excess Financial Resources	$	19,063	$	9,229	$	14,976	$	9,075

Liquid Financial Assets	$	15,283	$	10,014	$	15,662	$	8,610
Required Liquid Financial Assets	2,750		1,693		6,750		3,112
Excess Liquid Financial Assets	$	12,533	$	8,321	$	8,912	$	5,498

Business Segment and Geographic Information

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Business Segment and Geographic Information

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

Information regarding revenue by client sector is as follows:


	Year Ended
	December 31,
	2021		2020		2019

	(in thousands)
Revenues
Institutional	$	668,812	$	554,330	$	453,379
Wholesale	254,927		185,456		171,096
Retail	70,566		76,352		80,368
Market Data	82,142		76,521		70,723
Total revenue	1,076,447		892,659		775,566
Operating expenses	717,619		629,304		585,747
Operating income	$	358,828	$	263,355	$	189,819

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:


	Year Ended
	December 31,
	2021		2020		2019

	(in thousands)
Revenues
U.S.	$	673,223	$	570,064	$	497,316
International	403,224		322,595		278,250
Total revenue	$	1,076,447	$	892,659	$	775,566

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


	December 31,
	2021		2020

	(in thousands)
Long-lived assets
U.S.	$	4,152,186	$	4,091,569
International	15,848		16,544
Total	$	4,168,034	$	4,108,113

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

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Business Combination and Asset Acquisition [Abstract]

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Chairman of the Board of Directors On February 16, 2022, the Company announced that Mr. Martin Brand, previously the Chairman of the Company’s board of directors (the “Board”), stepped down as Chairman and resigned from the Board effective February 11, 2022. Mr. Brand’s resignation was not the result of any disagreement with the Company. In connection with Mr. Brand’s resignation, the Board elected Mr. Lee Olesky, the Company’s co-founder and Chief Executive Officer (“CEO”) and a member of the Board since March 2019, as Chairman of the Board, effective February 11, 2022. Ms. Paula Madoff, who has also served on the Board since March 2019, was elected Lead Independent Director effective February 11, 2022. CEO Transition On February 16, 2022, the Company announced that Mr. Olesky will retire as CEO of the Company effective December 31, 2022. On February 11, 2022, the Board elected the Company’s President, Mr. Billy Hult, to succeed Mr. Olesky as CEO of the Company, effective January 1, 2023. Mr. Olesky will stay on with the Company in the position of Chairman of the Board, and accordingly will continue to serve in his capacity as a director of the Company. Cash Dividends and Distributions On February 2, 2022, the Board declared a cash dividend of $0.08 per share of Class A common stock and Class B common stock for the first quarter of 2022. This dividend will be payable on March 15, 2022 to stockholders of record as of March 1, 2022. On February 1, 2022, 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 $16.7 million, as adjusted by required state and local tax withholdings as well as increases in Tradeweb Markets Inc. shares, that will be determined prior to the record date of March 1, 2022, payable on March 11, 2022.

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements have been presented in conformity with accounting principles generally accepted in the United States of America (“GAAP” or “U.S. GAAP”). The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. As discussed in Note 1 – Organization, as a result of the Reorganization Transactions, Tradeweb Markets Inc. consolidates TWM LLC and 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 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.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the difference may be material to the consolidated financial statements.
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 the consolidated statements of income. These reclassifications had no impact on total consolidated revenue or consolidated net income.
Business Combinations	Business Combinations Business combinations are accounted for under the purchase method of accounting pursuant to Accounting Standards Codification (“ASC”) 805, Business Combinations (“ASC 805”). The total cost of an acquisition is allocated to the underlying net assets based on their respective estimated fair values. The excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. The fair value of assets acquired and liabilities assumed is determined based on assumptions that reasonable market participants would use in the principal (or most advantageous) market for the asset or liability. Determining the fair value of certain assets acquired and liabilities assumed is judgmental in nature and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash flows, discount rates, growth rates, customer attrition rates and asset lives.
Pushdown Accounting	Pushdown Accounting In connection with the Refinitiv Transaction, a majority interest of Refinitiv was acquired by BCP on October 1, 2018 from TR. The Refinitiv Transaction was accounted for by Refinitiv in accordance with the acquisition method of accounting pursuant to ASC 805, and pushdown accounting was applied to Refinitiv to record the fair value of the assets and liabilities of Refinitiv as of October 1, 2018, the date of the Refinitiv Transaction. The Company, as a consolidating subsidiary of Refinitiv, also accounted for the Refinitiv Transaction using pushdown accounting which resulted in a new fair value basis of accounting for certain of the Company’s assets and liabilities beginning on October 1, 2018. Under the pushdown accounting applied, the excess of the fair value of the Company above the fair value accounting basis of the net assets and liabilities of the Company as of October 1, 2018 was recorded as goodwill. The fair value of assets acquired and liabilities assumed was determined based on assumptions that reasonable market participants would use in the principal (or most advantageous) market for the asset or liability. The adjusted valuations primarily affected the values of the Company’s long-lived and indefinite-lived intangible assets, including software development costs.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consists of cash and highly liquid investments (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 LossesThe 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. Additions to the allowance for credit losses are charged to credit loss expense, which is included in general and administrative expenses in the consolidated statements of income. Aged balances that are determined to be uncollectible, are written off against the allowance for credit losses.
Receivable from and Payable to Brokers 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.
Software Development Costs	Software Development Costs The Company capitalizes costs associated with the development of internal use software at the point at which the conceptual formulation, design and testing of possible software project alternatives have been completed. The Company capitalizes employee compensation and related benefits and third party consulting costs incurred during the application development stage which directly contribute to such development. Such costs are amortized on a straight-line basis over three years. Software development costs acquired as part of the NFI Acquisition are amortized over one year. Costs capitalized as part of the Refinitiv Transaction pushdown accounting allocation are amortized over nine years. The Company reviews the amounts capitalized for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable, or that their useful lives are shorter than originally expected. Non-capitalized software costs and routine maintenance costs are expensed as incurred.
Goodwill	Goodwill Goodwill includes the excess of the fair value of the Company above the fair value accounting basis of the net assets and liabilities of the Company as previously applied under pushdown accounting in connection with the Refinitiv Transaction. Goodwill also includes the cost of acquired companies in excess of the fair value of identifiable net assets at the acquisition date, including the NFI Acquisition. Goodwill is not amortized, but is tested for impairment annually on October 1st and between annual tests, whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. Goodwill is tested at the reporting unit level, which is defined as an operating segment or one level below the operating segment. The Company is one reporting unit for goodwill impairment testing purposes. An impairment loss is recognized if the estimated fair value of a reporting unit is less than its net book value. Such loss is calculated as the difference between the estimated fair value of goodwill and its carrying value.
Intangible Assets	Intangible Assets Intangible assets with a finite life are amortized over the estimated lives, ranging from seven to thirteen years. Intangible assets subject to amortization are tested for impairment whenever events or changes in circumstances suggest that an asset’s or asset group’s carrying value may not be fully recoverable. Intangible assets with an indefinite useful life are tested for impairment at least annually. An impairment loss is recognized if the sum of the estimated discounted cash flows relating to the asset or asset group is less than the corresponding book value.
Equity Investments Without Readily Determinable Fair Values	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 consolidated statements of financial condition.
Leases	Leases At lease commencement, a right-of-use asset and a lease liability are recognized for all leases with an initial term in excess of twelve months based on the initial present value of the fixed lease payments over the lease term. The lease right-of-use asset also reflects the present value of any initial direct costs, prepaid lease payments and lease incentives. The Company’s leases do not provide a readily determinable implicit discount rate. Therefore, management estimates the Company’s incremental borrowing rate used to discount the lease payments based on the information available at lease commencement. The Company includes the term covered by an option to extend a lease when the option is reasonably certain to be exercised. The Company has elected not to separate non-lease components from lease components for all leases. Significant assumptions and judgements in calculating the lease right-of-use assets and lease liabilities include the determination of the applicable borrowing rate for each lease. Operating lease expense is recognized on a straight-line basis over the lease term and included as a component of occupancy expense in the consolidated statements of income. 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: •whether any expired or existing contracts are or contain leases, •the lease classification for any expired or existing leases, and •initial direct costs for any existing leases.
Deferred IPO and Follow-On Offering Costs	Deferred IPO and Follow-On Offering CostsDeferred IPO and follow-on offering costs consist of legal, accounting, and other costs directly related to the Company’s efforts to raise capital. These costs are recognized as a reduction in additional paid-in capital within the consolidated statements of financial condition when the offering is effective.
Revenue Recognition	Revenue RecognitionThe Company’s classification of revenues in the consolidated statements of income represents revenues from contracts with customers disaggregated by type of revenue.
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 consolidated statements of financial condition date. Foreign currency re-measurement gains or losses on transactions in nonfunctional currencies are recognized in the consolidated statements of income within general and administrative expenses. The realized and unrealized gains/losses totaled a $4.0 million loss, a $1.3 million gain and a $3.0 million loss for the years ended December 31, 2021, 2020 and 2019, respectively. 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 consolidated statements of income within general and administrative expenses. The Company does not use derivative instruments for trading or speculative purposes.
Income Tax	Income Tax The Corporation is subject to U.S. federal, state and local income taxes with respect to its taxable income, including its allocable share of any taxable income of TWM LLC, and is taxed at prevailing corporate tax rates. TWM LLC is a multiple member limited liability company taxed as a partnership and accordingly any taxable income generated by TWM LLC is passed through to and included in the taxable income of its members, including the Corporation. Income taxes also include unincorporated business taxes on income earned or losses incurred for conducting business in certain state and local jurisdictions, income taxes on income earned or losses incurred in foreign jurisdictions on certain operations and federal and state income taxes on income earned or losses incurred, both current and deferred, on subsidiaries that are taxed as corporations for U.S. tax purposes. The Company records deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities. The Company measures deferred taxes using the enacted tax rates and laws that will be in effect when such temporary differences are expected to reverse. The Company evaluates the need for valuation allowances based on the weight of positive and negative evidence. The Company records valuation allowances wherever management believes it is more likely than not that the Company will not be able to realize its deferred tax assets in the foreseeable future. The Company records uncertain tax positions on the basis of a two-step process whereby (i) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to income taxes within the provision for income taxes in the consolidated statements of income. Accrued interest and penalties are included within accounts payable, accrued expenses and other liabilities in the consolidated statements of financial condition. The Company has elected to treat taxes due on future U.S. inclusions in taxable income under the global intangible low-taxed income (“GILTI”) provision of the Tax Cuts and Jobs Act as a current period expense when incurred.
Stock-Based Compensation	Stock-Based Compensation The stock-based payments received by the employees of the Company are accounted for as equity 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. The grant-date fair value of stock-based awards that do not require future service (i.e., vested awards) are expensed immediately. Forfeitures of stock-based compensation awards are recognized as they occur. For grants made during the post-IPO period, the fair value of the equity instruments is determined based on the price of the Class A common stock on the grant date. Prior to the IPO, the Company awarded options to management and other employees (collectively, the “Special Option Award”) under the Amended and Restated Tradeweb Markets Inc. Option Plan (the “Option Plan”). The significant assumptions used to estimate the fair value as of grant date of the options awarded prior to the IPO did not reflect changes that would have occurred to these assumptions as a result of the IPO. The non-cash stock-based compensation expense associated with the Special Option Award began being expensed in the second quarter of 2019.The Company uses the Black-Scholes pricing model to value some of its option awards. Determining the appropriate fair value model and calculating the fair value of the option awards requires the input of highly subjective assumptions, including the expected life of the option awards and the stock price volatility.
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 all potentially dilutive 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, as applicable. The dilutive effect of stock options and other stock-based payment awards is calculated using the treasury stock method, which assumes the proceeds from the exercise of these instruments are used to purchase common shares at the average market price for the period. The dilutive effect of LLC Interests is evaluated under the if-converted method, where the securities are assumed to be converted at the beginning of the period, and the resulting common shares are included in the denominator of the diluted earnings per share calculation for the entire period presented. Performance-based awards are considered contingently issuable shares and their dilutive effect is included in the denominator of the diluted earnings per share calculation for the entire period, if those shares would be issuable as of the end of the reporting period, assuming the end of the reporting period was also the end of the contingency period. Shares of Class C and Class D common stock do not have economic rights in Tradeweb Markets Inc. and, therefore, are not included in the calculation of basic earnings per share.
Fair Value Measurement	Fair Value Measurement The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). Instruments that the Company owns (long positions) are marked to bid prices, and instruments that the Company has sold, but not yet purchased (short positions) are marked to offer prices. Fair value measurements do not include transaction costs. The fair value hierarchy under ASC 820, Fair Value Measurement (“ASC 820”), prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described below. Basis of Fair Value Measurement A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. •Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; •Level 2: Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly; •Level 3: Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Preliminary Purchase Price Allocated

The final purchase price was allocated as follows:


	Purchase Price Allocation

	(in thousands)
Cash and cash equivalents	$	33,797
Deposits with clearing organizations	18,147
Accounts receivable	2,645
Equipment	1,498
Software development costs	820
Goodwill	85,462
Intangible assets – customer relationships	101,285

Accrued compensation	(1,246)
Deferred revenue	(620)
Accounts payable, accrued expenses and other liabilities	(229)
Total	241,559
Less: Cash acquired	(33,797)
Less: Deposits with clearing organizations acquired	(18,147)
Working capital adjustments	385
Purchase price, net of cash and deposits acquired and excluding working capital adjustments	$	190,000

Software Development Costs (Tables)

12 Months Ended

Dec. 31, 2021

Research and Development [Abstract]

Components of Software Development Costs

The components of software development costs, net of accumulated amortization are as follows:


	December 31,
	2021		2020

	(in thousands)
Software development costs	$	270,672	$	235,382
Accumulated amortization	(114,469)		(67,352)
Software development costs, net of accumulated amortization	$	156,203	$	168,030

Schedule of Non-capitalized Software Costs and Routine Maintenance Costs

Capitalized software development costs and amortization expense are as follows:


	Year Ended
	December 31,
	2021		2020		2019

	(in thousands)
Software development costs capitalized(1)	$	34,470	$	31,046	$	28,681
Amortization expense related to capitalized software development costs	47,116		36,102		26,176

(1)Software development costs capitalized does not include acquired software development costs. See Note 4 – Acquisitions.

Estimated Annual Future Amortization for Existing Intangible Assets

The estimated annual future amortization for software development costs through December 31, 2026 is as follows:


	Amount

	(in thousands)
2022	$	45,463
2023	$	35,127
2024	$	24,045
2025	$	18,722
2026	$	18,722

The estimated annual future amortization for definite-lived intangible assets through December 31, 2026 is as follows:


	Amount

	(in thousands)
2022	$	107,198
2023	$	107,198
2024	$	107,198
2025	$	101,684
2026	$	85,141

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Goodwill includes the following activity during the years ended December 31, 2021 and 2020:


	December 31,
	2021		2020

	(in thousands)
Balance at beginning of period	$	2,694,797	$	2,694,797
Goodwill recognized in connection with the NFI Acquisition	85,462		—
Balance at end of period	$	2,780,259	$	2,694,797

Summary of Intangible Assets Which Have an Indefinite Useful Life

Intangible assets with an indefinite useful life consisted of the following as of December 31, 2021 and 2020:


	December 31,
	2021		2020

	(in thousands)
Licenses	$	168,800	$	168,800
Tradename	154,300		154,300
Total	$	323,100	$	323,100

Intangible Assets That are Subject to Amortization

Intangible assets that are subject to amortization consisted of the following:


		December 31, 2021						December 31, 2020
	Amortization Period	Cost		Accumulated Amortization		Net Carrying Amount		Cost		Accumulated Amortization		Net Carrying Amount

		(in thousands)
Customer relationships - Refinitiv Transaction	12 years	$	928,200	$	(251,387)	$	676,813	$	928,200	$	(174,037)	$	754,163
Customer relationships - NFI Acquisition	13 years	101,285		(3,896)		97,389		—		—		—
Content and data	7 years	154,400		(71,686)		82,714		154,400		(49,629)		104,771
		$	1,183,885	$	(326,969)	$	856,916	$	1,082,600	$	(223,666)	$	858,934

Estimated Annual Future Amortization for Existing Intangible Assets

The estimated annual future amortization for software development costs through December 31, 2026 is as follows:


	Amount

	(in thousands)
2022	$	45,463
2023	$	35,127
2024	$	24,045
2025	$	18,722
2026	$	18,722

The estimated annual future amortization for definite-lived intangible assets through December 31, 2026 is as follows:


	Amount

	(in thousands)
2022	$	107,198
2023	$	107,198
2024	$	107,198
2025	$	101,684
2026	$	85,141

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

The following is a summary of lease right-of-use assets and lease liabilities related to operating leases as of December 31, 2021 and 2020:


	December 31,
	2021		2020

	(in thousands)
Operating lease right-of-use assets	$	20,496	$	29,437
Operating lease liabilities	$	24,331	$	34,463

Activity related to the Company’s leases for the years ended December 31, 2021, 2020 and 2019 is as follows:


	Year Ended
	December 31,
	2021		2020		2019

	(in thousands)
Operating lease expense included as a component of occupancy expense on the accompanying consolidated statements of income	$	10,624	$	10,439	$	10,265
Cash for amounts included in the measurement of operating lease liability	$	11,736	$	12,060	$	11,667

At December 31, 2021 and 2020, the weighted average borrowing rate and weighted average remaining lease term are as follows:


	December 31,
	2021		2020

Weighted average borrowing rate	2.8	%	2.9	%
Weighted average remaining lease term (years)	4.4		4.7

Schedule of Maturity of Lease Liabilities and Future Minimum Lease Payments

The following table presents the future minimum lease payments and the maturity of lease liabilities as of December 31, 2021:


	Amount
	(in thousands)
2022	$	8,104
2023	5,653
2024	4,405
2025	2,690
2026	2,544
Thereafter	2,544
Total future lease payments	25,940
Less imputed interest	(1,609)
Lease liability	$	24,331

Revenue (Tables)

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Schedule of Breakdown of Revenues Between Fixed and Variable Revenues

The breakdown of revenues between fixed and variable revenues for the years ended December 31, 2021, 2020 and 2019 is as follows:


	Year Ended				Year Ended				Year Ended
	December 31, 2021				December 31, 2020				December 31, 2019

	(in thousands)
	Variable		Fixed		Variable		Fixed		Variable		Fixed
Revenues
Transaction fees and commissions	$	690,592	$	155,762	$	536,176	$	145,412	$	435,173	$	137,775
Subscription fees	1,812		156,636		1,685		140,673		1,736		136,995
Refinitiv market data fees	—		61,161		—		59,706		—		55,635
Other	821		9,663		598		8,409		834		7,418
Total revenue	$	693,225	$	383,222	$	538,459	$	354,200	$	437,743	$	337,823

Schedule of Recognized Revenue and Remaining Deferred Revenue Balance

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


	Amount

	(in thousands)
Deferred revenue balance - December 31, 2020	$	23,193
Deferred revenue billed in the current period	119,256
Revenue recognized that was previously deferred	(118,139)
Deferred revenue acquired in connection with the NFI Acquisition	620
Deferred revenue balance - December 31, 2021	$	24,930

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Components of Provisions for Income Taxes

The provision for income taxes consists of the following:


	Year Ended
	December 31,
	2021		2020		2019

	(in thousands)
Current:
Federal	$	2,025	$	(16,529)	$	21,373
State and Local	8,334		5,261		11,537
Foreign	1,107		2,153		4,368
Total current tax expense	11,466		(9,115)		37,278
Deferred:
Federal	49,266		52,845		(88)
State and local	40,363		12,572		18,194
Foreign	(4,220)		(228)		(3,082)
Total deferred tax expense	85,409		65,189		15,024
Total provision for income taxes	$	96,875	$	56,074	$	52,302

Reconciliation of the Statutory Tax Rate

A reconciliation of the U.S. federal statutory tax rate to the effective rate is as follows:


	Year Ended
	December 31,
	2021		2020		2019

Statutory U.S. federal income tax rate	21.0	%	21.0	%	21.0	%
State and local income taxes, net of federal income tax benefit	3.7		5.0		3.9
Foreign tax rate differential	(0.2)		0.2		(1.1)

Non-controlling interest	(2.3)		(3.4)		(7.2)
Tax Receivable Agreement adjustment	(0.7)		(0.9)		(3.1)
Rate change	6.7		(0.2)		10.2
Equity Compensation	(2.5)		(1.8)		—
Other	0.5		0.5		(0.5)
Effective income tax rate	26.2	%	20.4	%	23.2	%

Components of Deferred Tax Assets (Liabilities)

The components of the Company’s net deferred tax asset (liability) are as follows:


	December 31,
	2021		2020

	(in thousands)
Deferred tax assets:
Investment in partnership	$	506,586	$	509,835
Net operating losses	55,236		21,647
Tax Receivable Agreement - Interest	13,393		13,859
Employee compensation	31,507		23,291
Tax credits	8,947		9,276
Other	9,775		7,150
Deferred tax assets, gross	625,444		585,058
Valuation Allowance	(741)		(110)
Total deferred tax assets, net	624,703		584,948

Deferred tax liabilities
Goodwill and Intangibles	(26,744)		(24,811)
Total deferred tax liabilities	(26,744)		(24,811)

Total net deferred tax asset (liability)	$	597,959	$	560,137

Components of Uncertain Tax Positions

The components of the Company’s uncertain tax positions are as follows:


	Amount
	(in thousands)
Gross unrecognized tax benefits as of January 1, 2021	$	5,514
Increase in current year tax positions	1,900
Increase in prior year tax positions	1,528
Decrease in prior year tax positions	—

Settlements	(1,936)
Gross unrecognized tax benefits as of December 31, 2021	$	7,006

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2021

Stockholders' Equity Note [Abstract]

Schedule of Class of Common Stock Par Value, Votes and Economic Rights

These attributes are summarized in the following table:


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

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


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

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

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Schedule of the Ownership Interest in Noncontrolling Interest

Non-Controlling Interests (Tables)

12 Months Ended

Dec. 31, 2021

Noncontrolling Interest [Abstract]

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


	December 31, 2021			December 31, 2020
	LLC Interests	Ownership %		LLC Interests	Ownership %
Number of LLC Interests held by Tradeweb Markets Inc.	203,220,013	86.9	%	195,008,657	85.1	%
Number of LLC Interests held by non-controlling interests	30,527,964	13.1	%	34,011,202	14.9	%
Total LLC Interests outstanding	233,747,977	100.0	%	229,019,859	100.0	%

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

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


Net Income Attributable to Tradeweb Markets Inc. and Transfers (to) from the Non-Controlling Interests	Year Ended
	December 31,
	2021		2020		2019

	(in thousands)
Net income attributable to Tradeweb Markets Inc.	$	226,828	$	166,296	$	83,769
Transfers (to) from non-controlling interests:
Allocation of equity to non-controlling interests arising from the reorganization transactions and IPO	—		—		(1,607,529)
Increase/(decrease) in Tradeweb Markets Inc.’s additional paid-in capital as a result of ownership changes in TWM LLC	87,006		533,900		402,227
Net transfers (to) from non-controlling interests	87,006		533,900		(1,205,302)
Change from net income attributable to Tradeweb Markets Inc. and transfers (to) from non-controlling interests	$	313,834	$	700,196	$	(1,121,533)

Stock-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Equity-Settled PRSUs Issued

A summary of the Company’s outstanding equity-settled PRSUs is presented below:


	Equity-Settled PRSUs	Weighted Average Grant-Date Fair Value
Equity-settled PRSUs outstanding at December 31, 2020	3,356,130	$	21.09
Grants	209,925	$	74.29
Vests	(1,108,060)	$	9.53
Performance adjustment	208,437	$	74.30
Forfeitures and adjustments	(10,834)	$	44.51
Equity-settled PRSUs outstanding at December 31, 2021	2,655,598	$	34.20

Schedule of Unrecognized Compensation Expense

The following table summarizes information about equity-settled PRSU awards:


	Year Ended
	December 31,
	2021		2020		2019

	(in thousands)
Equity-settled PRSU compensation expense	$	30,633	$	27,809	$	25,392
Income tax benefit	$	(16,374)	$	(10,261)	$	(4,781)

The following table summarizes information about options awards:


	Year Ended
	December 31,
	2021		2020		2019

	(in thousands)
Options compensation expense	$	5,327	$	6,118	$	24,432
Income tax benefit	$	(69,868)	$	(57,457)	$	(8,556)

As of December 31, 2021, total unrecognized compensation expense related to unvested stock-based compensation arrangements and the expected recognition period are as follows:


	Equity-Settled PRSUs		Options		RSUs

	(dollars in thousands)
Total unrecognized compensation cost	$	31,321	$	2,169	$	26,383
Weighted-average recognition period	1.69		1.23		1.85

Schedule of Options Issued

A summary of the Company’s outstanding options is presented below:


	Options	Weighted Average Grant-Date Fair Value		Weighted Average Exercise Price
Options outstanding at December 31, 2020	9,241,883	$	2.54	$	22.56
Grants	—	$	—	$	—
Exercises	(5,652,053)	$	2.16	$	21.56
Forfeitures and adjustments	(174,542)	$	7.13	$	34.85
Expired	—	$	—	$	—
Options outstanding at December 31, 2021	3,415,288	$	2.92	$	23.59
Vested options outstanding at December 31, 2021 - all exercisable	874,893	$	2.06	$	21.17

Schedule of Assumptions Used to Estimate the Fair Value of The Option

The significant assumptions used to estimate the fair value of the options as of the grant date, for options granted during the year ended December 31, 2019, were as follows:


Weighted Average Expected Life (years)	5.7
Weighted Average Risk-Free Interest Rate	2.9		%
Weighted Average Expected Volatility	20.0		%
Weighted Average Expected Dividend Yield	3.9		%
Weighted Average Share Price	$	21.62
Weighted Average Exercise Price	$	21.62

Summary of Outstanding RSUs

A summary of the Company’s outstanding RSUs is presented below:


	RSUs	Weighted Average Grant-Date Fair Value
RSUs outstanding at December 31, 2020	493,878	$	38.91
Grants	370,306	$	75.09
Vests	(171,494)	$	38.98
Forfeitures	(8,926)	$	54.69
RSUs outstanding at December 31, 2021	683,764	$	58.28

Summary of RSU Activity

The following table summarizes information about RSU awards:


	Year Ended
	December 31,
	2021		2020		2019

	(in thousands)
RSU compensation expense	$	15,983	$	5,359	$	—
Income tax benefit	$	(5,416)	$	(311)	$	—

Schedule of Total Stock-based Compensation Expense


	Year Ended
	December 31,
	2021		2020		2019

	(in thousands)
Total stock-based compensation expense	$	51,943	$	39,286	$	49,824

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2021

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

As of December 31, 2021 and 2020, the following balances with such affiliates were included in the consolidated statements of financial condition in the following line items:


	December 31,
	2021		2020

	(in thousands)
Accounts receivable	$	277	$	4,009
Receivable from affiliates	3,313		111
Other assets	3,530		2,722
Accounts payable, accrued expenses and other liabilities	7,767		6,140
Deferred revenue	4,767		4,500
Payable to affiliates	4,860		5,142

Schedule of Affiliates were Included in the Consolidated Statements of Income

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


	Year Ended
	December 31,
	2021		2020		2019

	(in thousands)
Revenue:
Transaction fees and commissions (1)	$	—	$	—	$	75,829
Subscription fees (1)	923		—		5,670
Refinitiv market data fees (2)	61,161		59,706		55,635
Other fees	522		—		—
Expenses: (3)
Employee compensation and benefits	856		—		—
Technology and communications	3,951		2,960		2,960
General and administrative	194		(591)		430
Professional fees	39		—		—
Occupancy	—		15		481
Operating income:
Net interest income (expense) (4)	—		—		858

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

(3)The Company maintains agreements with Refinitiv to provide the Company with certain real estate, payroll, benefits administration and other administrative services.

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

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements


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

	(in thousands)
As of December 31, 2021
Assets
Cash equivalents – Money market funds	$	654,553	$	—	$	—	$	654,553
Receivable from affiliates – Foreign currency forward contracts	—		3,019		—		3,019
Total assets measured at fair value	$	654,553	$	3,019	$	—	$	657,572

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

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

Schedule 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:


	December 31,
	2021		2020

	(in thousands)
Foreign currency forward contracts – Gross notional amount	$	146,202	$	122,458

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


	Year Ended
	December 31,
	2021		2020		2019

	(in thousands)
Foreign currency forward contracts not designated in accounting hedge relationship	$	9,008	$	(6,269)	$	3,029

Schedule of 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

	(in thousands)
As of December 31, 2021
Assets
Cash and restricted cash	$	318,495	$	318,495	$	—	$	—	$	318,495
Receivable from brokers and dealers and clearing organizations	—		—		—		—		—
Deposits with clearing organizations	20,523		20,523		—		—		20,523
Accounts receivable	129,937		—		129,937		—		129,937
Other assets – Memberships in clearing organizations	2,392		—		—		2,392		2,392
Total	$	471,347	$	339,018	$	129,937	$	2,392	$	471,347

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

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

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

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.

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Schedule of Basic and Diluted Earnings Per Share

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

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. (post-IPO period):


	Year Ended
	December 31,
EPS: Post-IPO net income attributable to Tradeweb Markets Inc.	2021		2020		2019

	(in thousands, except share and per share amounts)
Numerator:
Post-IPO net income attributable to Tradeweb Markets Inc.	$	226,828	$	166,296	$	83,769

Denominator:
Weighted average shares of Class A and Class B common stock outstanding - Basic	201,419,081		180,409,462		148,013,274
Dilutive effect of equity-settled PRSUs	2,067,558		2,472,801		2,464,137
Dilutive effect of options	3,473,549		5,179,109		6,062,835
Dilutive effect of RSUs	294,652		161,660		—
Weighted average shares of Class A and Class B common stock outstanding - Diluted	207,254,840		188,223,032		156,540,246

Earnings per share - Basic	$	1.13	$	0.92	$	0.57
Earnings per share - Diluted	$	1.09	$	0.88	$	0.54

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


	Year Ended
	December 31,
EPS: Pre-IPO net income attributable to Tradeweb Markets LLC (1)	2019

(in thousands, except share and per share amounts)
Numerator:
Pre-IPO net income attributable to Tradeweb Markets LLC	$	42,352

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

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

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	Year Ended
	December 31,
	2021	2020	2019


Anti-dilutive Shares:
Equity-settled PRSUs	—	—	—
Options	—	264,376	128,125
RSUs	—	443	—
LLC Interests	30,699,577	45,828,289	74,279,741

Regulatory Capital Requirements (Tables)

12 Months Ended

Dec. 31, 2021

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

Schedule of Regulatory Capital Requirements

At December 31, 2021 and 2020, the regulatory capital requirements and regulatory capital for TWL, DW, TWD, TEL, TWJ, TWEU, TESL and EA are as follows:


As of December 31, 2021	TWL		DW		TWD		TEL		TWJ		TWEU		TESL		EA

	(in thousands)
Regulatory Capital	$	33,566	$	61,379	$	22,784	$	84,636	$	7,932	$	7,626	$	1,760	$	212,572
Regulatory Capital Requirement	3,424		2,931		652		36,136		1,184		3,272		1,272		78
Excess Regulatory Capital	$	30,142	$	58,448	$	22,132	$	48,500	$	6,748	$	4,354	$	488	$	212,494


As of December 31, 2020	TWL		DW		TWD		TEL		TWJ		TWEU

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


	As of December 31, 2021				As of December 31, 2020
	TW SEF		DW SEF		TW SEF		DW SEF

	(in thousands)
Financial Resources	$	30,063	$	15,999	$	28,476	$	15,298
Required Financial Resources	11,000		6,770		13,500		6,223
Excess Financial Resources	$	19,063	$	9,229	$	14,976	$	9,075

Liquid Financial Assets	$	15,283	$	10,014	$	15,662	$	8,610
Required Liquid Financial Assets	2,750		1,693		6,750		3,112
Excess Liquid Financial Assets	$	12,533	$	8,321	$	8,912	$	5,498

Business Segment and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Schedule of Information Regarding Revenue by Client Sector

Information regarding revenue by client sector is as follows:


	Year Ended
	December 31,
	2021		2020		2019

	(in thousands)
Revenues
Institutional	$	668,812	$	554,330	$	453,379
Wholesale	254,927		185,456		171,096
Retail	70,566		76,352		80,368
Market Data	82,142		76,521		70,723
Total revenue	1,076,447		892,659		775,566
Operating expenses	717,619		629,304		585,747
Operating income	$	358,828	$	263,355	$	189,819

Schedule of Revenue and Long-Lived Assets by Geographic Location

The following table provides revenue by geographic area:


	Year Ended
	December 31,
	2021		2020		2019

	(in thousands)
Revenues
U.S.	$	673,223	$	570,064	$	497,316
International	403,224		322,595		278,250
Total revenue	$	1,076,447	$	892,659	$	775,566

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


	December 31,
	2021		2020

	(in thousands)
Long-lived assets
U.S.	$	4,152,186	$	4,091,569
International	15,848		16,544
Total	$	4,168,034	$	4,108,113

Organization (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Jun. 25, 2021	Dec. 31, 2020	Apr. 08, 2019	Apr. 03, 2019
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Additional dilutive shares (in shares)	5,835,759
Class C Common Stock
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Common stock, par value (in dollars per share)	$ 0.00001		$ 0.00001		$ 0.00001
Class D Common Stock
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Common stock, par value (in dollars per share)	0.00001		0.00001		0.00001
Class A Common Stock
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Common stock, par value (in dollars per share)	0.00001		0.00001		0.00001
Class B Common Stock
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Common stock, par value (in dollars per share)	$ 0.00001		$ 0.00001		$ 0.00001
NFI Acquisition
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
All-cash acquisition	$ 190,000	$ 190,000
Tradeweb Markets LLC
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership interest	51.30%		85.10%	64.30%
Ownership percentage, continuing LLC Owners	13.10%		14.90%	25.30%
Tradeweb Markets LLC \| Public Investors
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage, continuing LLC Owners	45.50%
Tradeweb Markets LLC \| Class D Common Stock
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage, continuing LLC Owners				10.30%
Tradeweb Markets LLC \| Class C and Class D Common Stock \| Bank Stockholders
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage, continuing LLC Owners	3.20%
Tradeweb Markets Inc
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership interest	87.80%
Tradeweb Markets Inc \| Public Investors
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Voting power percentage	7.80%
Tradeweb Markets Inc \| Class C Common Stock \| Bank Stockholders
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of share owned (in shares)	1,654,825
Tradeweb Markets Inc \| Class D Common Stock
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of share owned (in shares)	22,988,329
Tradeweb Markets Inc \| Class D Common Stock \| Bank Stockholders
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of share owned (in shares)	5,767,435
Tradeweb Markets Inc \| Class D Common Stock \| Other Stockholders
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of share owned (in shares)	117,375
Voting power percentage	0.10%
Tradeweb Markets Inc \| Class A Common Stock \| Public Investors
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of share owned (in shares)	106,286,821
Tradeweb Markets Inc \| Class B Common Stock
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of share owned (in shares)	96,933,192
Tradeweb Markets Inc \| Class C and Class D Common Stock \| Bank Stockholders
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage, continuing LLC Owners	0.10%
Voting power percentage	4.30%

Significant Accounting Policies - Furniture, Equipment, Purchased Software, Leasehold Improvements and Software Development Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Software Development Costs
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life	3 years
Amortization of pushdown accounting allocation	9 years
NFI Acquisition \| Software Development Costs
Furniture, Equipment, Purchased Software and Leasehold Improvements
Amortization Period	1 year
Minimum
Furniture, Equipment, Purchased Software and Leasehold Improvements
Amortization Period	7 years
Maximum
Furniture, Equipment, Purchased Software and Leasehold Improvements
Amortization Period	13 years
Furniture, Equipment, Purchased Software and Leasehold Improvements
Furniture, Equipment, Purchased Software and Leasehold Improvements
Accumulated depreciation and amortization	$ 56.0	$ 35.4
Depreciation expense	$ 20.9	$ 18.3	$ 13.7
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

Significant Accounting Policies - Goodwill (Details)		12 Months Ended
Significant Accounting Policies - Goodwill (Details)	Oct. 01, 2021 USD ($)	Dec. 31, 2021 reporting_unit
Accounting Policies [Abstract]
Number of reporting units \| reporting_unit		1
Impairment of goodwill \| $	$ 0

Significant Accounting Policies - Intangible Assets (Details)	12 Months Ended
	Dec. 31, 2021
Minimum
Intangible Assets
Amortization Period	7 years
Maximum
Intangible Assets
Amortization Period	13 years

Significant Accounting Policies - Deferred IPO Cost Follow-On Offering Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Subsidiary, Sale of Stock [Line Items]
Offering costs incurred	$ 0	$ 2,508	$ 14,943
Initial Public Offering
Subsidiary, Sale of Stock [Line Items]
Deferred costs	$ 15,900
Follow On Offering
Subsidiary, Sale of Stock [Line Items]
Deferred costs		$ 5,200

Significant Accounting Policies - Translation of Foreign Currency and Foreign Currency Forward Contracts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Foreign currency transaction gain (loss), before tax	$ (4,000)	$ 1,300	$ (3,000)
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	$ 9,008	$ (6,269)	$ 3,029

Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restricted Cash Equivalents [Abstract]
Restricted cash	$ 1,000	$ 1,000	$ 1,000

Acquisitions - Narrative (Details) - NFI Acquisition - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Jun. 25, 2021	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Purchase price, net of cash and deposits acquired and excluding working capital adjustments	$ 190,000	$ 190,000	$ 190,000
Working capital adjustments	$ 700	(385)
Adjustment in accounts receivable		(100)
Adjustment in other assets		(900)
Adjustment in accounts payable, accrued expenses and other liabilities		(400)
Adjustment in goodwill		(2,500)
Transaction costs			$ 5,100
Customer Relationships
Business Acquisition [Line Items]
Adjustment in customer relationships		$ 2,000
Intangible assets amortization period (in years)	15 years
Amortization Period			13 years	13 years
Software Development Costs
Business Acquisition [Line Items]
Amortization Period			1 year

Acquisitions - Schedule of Preliminary Purchase Price (Details) - USD ($) $ in Thousands		3 Months Ended
	Jun. 25, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Goodwill		$ 2,780,259	$ 2,694,797	$ 2,694,797
NFI Acquisition
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Cash and cash equivalents		33,797
Deposits with clearing organizations		18,147
Accounts receivable		2,645
Equipment		1,498
Goodwill		85,462
Accrued compensation		(1,246)
Deferred revenue		(620)
Accounts payable, accrued expenses and other liabilities		(229)
Total		241,559
Less: Cash acquired		(33,797)
Less: Deposits with clearing organizations acquired		(18,147)
Working capital adjustments	$ (700)	385
Purchase price, net of cash and deposits acquired and excluding working capital adjustments	$ 190,000	190,000
NFI Acquisition \| Software Development Costs
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets		820
NFI Acquisition \| Customer Relationships
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets		$ 101,285

Software Development Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Software Development Costs
Software development costs	$ 270,672	$ 235,382
Accumulated amortization	(114,469)	(67,352)
Software development costs, net of accumulated amortization	156,203	168,030
Software development costs capitalized	34,470	31,046	$ 28,681
Amortization expense related to capitalized software development costs	$ 47,116	$ 36,102	$ 26,176

Software Development Costs - Estimated Annual Future Amortization (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Estimated annual future amortization for existing intangibles assets
2022	$ 107,198
2023	107,198
2024	107,198
2025	101,684
2026	85,141
Software Development Costs
Estimated annual future amortization for existing intangibles assets
2022	45,463
2023	35,127
2024	24,045
2025	18,722
2026	$ 18,722

Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Roll Forward]
Balance at beginning of period	$ 2,694,797	$ 2,694,797
Goodwill recognized in connection with the NFI Acquisition	85,462	0
Balance at end of period	$ 2,780,259	$ 2,694,797

Goodwill and Intangible Assets - Indefinite Lived Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Intangible assets with indefinite useful lives
Indefinite-lived intangible assets	$ 323,100	$ 323,100
Licenses
Intangible assets with indefinite useful lives
Indefinite-lived intangible assets	168,800	168,800
Tradename
Intangible assets with indefinite useful lives
Indefinite-lived intangible assets	$ 154,300	$ 154,300

Goodwill and Intangible Assets - Finite Lived Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Intangible assets that are subject to amortization
Cost	$ 1,183,885	$ 1,082,600
Accumulated Amortization	(326,969)	(223,666)
Net Carrying Amount	$ 856,916	$ 858,934
Customer Relationships \| Refinitiv
Intangible assets that are subject to amortization
Amortization Period	12 years	12 years
Cost	$ 928,200	$ 928,200
Accumulated Amortization	(251,387)	(174,037)
Net Carrying Amount	$ 676,813	$ 754,163
Customer Relationships \| NFI Acquisition
Intangible assets that are subject to amortization
Amortization Period	13 years	13 years
Cost	$ 101,285	$ 0
Accumulated Amortization	(3,896)	0
Net Carrying Amount	$ 97,389	$ 0
Content and data
Intangible assets that are subject to amortization
Amortization Period	7 years	7 years
Cost	$ 154,400	$ 154,400
Accumulated Amortization	(71,686)	(49,629)
Net Carrying Amount	$ 82,714	$ 104,771

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 103.3	$ 99.4	$ 99.4

Goodwill and Intangible Assets - Future Amortization (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Estimated annual future amortization for existing intangibles assets
2022	$ 107,198
2023	107,198
2024	107,198
2025	101,684
2026	$ 85,141

Leases - Narrative (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Secured Operating Lease
Lessee, Lease, Description [Line Items]
Letter of credit guaranteed by Refinitiv		$ 1,200,000
Revolving credit facility
Lessee, Lease, Description [Line Items]
Letter of credit issued	$ 500,000	0
Letter of credit guaranteed by Refinitiv	$ 0	$ 0
Minimum
Lessee, Lease, Description [Line Items]
Initial term of lease	1 year
Maximum
Lessee, Lease, Description [Line Items]
Initial term of lease	10 years

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease right-of-use assets	$ 20,496	$ 29,437
Operating lease liabilities	24,331	34,463
Operating lease expense included as a component of occupancy expense on the accompanying consolidated statements of income	10,624	10,439	$ 10,265
Cash for amounts included in the measurement of operating lease liability	$ 11,736	$ 12,060	$ 11,667
Weighted average borrowing rate	2.80%	2.90%
Weighted average remaining lease term (years)	4 years 4 months 24 days	4 years 8 months 12 days

Leases - Maturity of Lease Liabilities and Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Year one	$ 8,104
Year two	5,653
Year three	4,405
Year four	2,690
Year five	2,544
Thereafter	2,544
Total future lease payments	25,940
Less imputed interest	(1,609)
Lease liability	$ 24,331	$ 34,463

Revenue - Breakdown of Revenues Between Fixed and Variable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues
Total revenue	$ 1,076,447	$ 892,659	$ 775,566
Transaction fees and commissions
Revenues
Total revenue	846,354	681,588	572,948
Refinitiv market data fees
Revenues
Total revenue	61,161	59,706	55,635
Other
Revenues
Total revenue	10,484	9,007	8,252
Variable
Revenues
Total revenue	693,225	538,459	437,743
Variable \| Transaction fees and commissions
Revenues
Total revenue	690,592	536,176	435,173
Variable \| Subscription fees
Revenues
Total revenue	1,812	1,685	1,736
Variable \| Refinitiv market data fees
Revenues
Total revenue	0	0	0
Variable \| Other
Revenues
Total revenue	821	598	834
Fixed
Revenues
Total revenue	383,222	354,200	337,823
Fixed \| Transaction fees and commissions
Revenues
Total revenue	155,762	145,412	137,775
Fixed \| Subscription fees
Revenues
Total revenue	156,636	140,673	136,995
Fixed \| Refinitiv market data fees
Revenues
Total revenue	61,161	59,706	55,635
Fixed \| Other
Revenues
Total revenue	$ 9,663	$ 8,409	$ 7,418

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

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Percentage of amount of U.S. federal, state and local income or franchise tax savings

Revenue - Recognized Revenue and Remaining Balances (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Change in Contract with Customer
Deferred revenue balance - beginning of period	$ 23,193
Deferred revenue billed in the current period	119,256
Revenue recognized that was previously deferred	(118,139)
Deferred revenue acquired in connection with the NFI Acquisition	620
Deferred revenue balance - end of period	$ 24,930

Revenue - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue recognized that was previously deferred	$ 23.0	$ 23.8

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Line Items]
Income before taxes	$ 369,983	$ 274,464	$ 225,326
Remaining percentage of tax benefits	50.00%
Interest accrued	$ 1,900
Penalties accrued	200
Other assets	76,355	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
United States
Income Tax Disclosure [Line Items]
Income before taxes	347,300
Foreign
Income Tax Disclosure [Line Items]
Income before taxes	22,700
State Jurisdiction
Income Tax Disclosure [Line Items]
Net operating loss carryforwards	48,400
Local Jurisdiction
Income Tax Disclosure [Line Items]
Net operating loss carryforwards	$ 6,800

Income Taxes - Components of Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current:
Federal	$ 2,025	$ (16,529)	$ 21,373
State and Local	8,334	5,261	11,537
Foreign	1,107	2,153	4,368
Total current tax expense	11,466	(9,115)	37,278
Deferred:
Federal	49,266	52,845	(88)
State and local	40,363	12,572	18,194
Foreign	(4,220)	(228)	(3,082)
Total deferred tax expense	85,409	65,189	15,024
Total provision for income taxes	$ 96,875	$ 56,074	$ 52,302

Income Taxes - Reconciliation of the Statutory Rate (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of the statutory tax rate
Statutory U.S. federal income tax rate	21.00%	21.00%	21.00%
State and local income taxes, net of federal income tax benefit	3.70%	5.00%	3.90%
Foreign tax rate differential	(0.20%)	0.20%	(1.10%)
Non-controlling interest	(2.30%)	(3.40%)	(7.20%)
Tax Receivable Agreement adjustment	(0.70%)	(0.90%)	(3.10%)
Rate change	6.70%	(0.20%)	10.20%
Equity Compensation	(2.50%)	(1.80%)	0.00%
Other	0.50%	0.50%	(0.50%)
Effective income tax rate	26.20%	20.40%	23.20%

Income Taxes - Deferred Tax Asset (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Investment in partnership	$ 506,586	$ 509,835
Net operating losses	55,236	21,647
Tax Receivable Agreement - Interest	13,393	13,859
Employee compensation	31,507	23,291
Tax credits	8,947	9,276
Other	9,775	7,150
Deferred tax assets, gross	625,444	585,058
Valuation Allowance	(741)	(110)
Total deferred tax assets, net	624,703	584,948
Deferred tax liabilities
Goodwill and Intangibles	(26,744)	(24,811)
Total deferred tax liabilities	(26,744)	(24,811)
Total net deferred tax asset (liability)	$ 597,959	$ 560,137

Income Taxes - Uncertain Tax Position (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Gross unrecognized tax benefits as of January 1, 2021	$ 5,514
Increase in current year tax positions	1,900
Increase in prior year tax positions	1,528
Decrease in prior year tax positions	0
Settlements	(1,936)
Gross unrecognized tax benefits as of December 31, 2021	$ 7,006

Tax Receivable Agreement (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Tax Receivable Agreement

50.00%

Tax receivable agreement liability

$ 412,449

$ 404,332

Tax receivable agreement liability adjustment

^[1]

$ 12,745

$ 11,425

$ 33,134

[1]	See Note 10 – Tax Receivable Agreement.

Stockholder's Equity - Initial Public Offering and Reorganization Transaction (Details) - USD ($) $ / shares in Units, $ in Billions		3 Months Ended
	Apr. 08, 2019	Dec. 31, 2019
Subsidiary, Sale of Stock [Line Items]
Weighted average share price (in dollars per share)	$ 27.00	$ 21.62
Net proceeds	$ 1.2
Class A Common Stock \| Initial Public Offering
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock, net of offering costs and cancellations (in shares)	46,000,000
Weighted average share price (in dollars per share)	$ 27.00
Class A Common Stock \| Over-Allotment Option
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock, net of offering costs and cancellations (in shares)	6,000,000	2,593,181

Stockholder's Equity - Amendment and Restatement of Certificate of Incorporation (Details)		12 Months Ended
	Apr. 03, 2019 vote $ / shares shares	Dec. 31, 2021 vote $ / shares shares	Dec. 31, 2020 $ / shares shares	Apr. 08, 2019
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares) \| shares	250,000,000	250,000,000	250,000,000
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.00001	$ 0.00001	$ 0.00001
Conversion ratio		1
Threshold percentage of economic interest for conversion		10.00%
Class A Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares) \| shares	1,000,000,000	1,000,000,000	1,000,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.00001	$ 0.00001	$ 0.00001
Number of votes per common stock \| vote	1	1
Conversion ratio		1
Class B Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares) \| shares	450,000,000	450,000,000	450,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.00001	$ 0.00001	$ 0.00001
Number of votes per common stock \| vote	10	10
Conversion ratio		1
Class C Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares) \| shares	350,000,000	350,000,000	350,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.00001	$ 0.00001	$ 0.00001
Number of votes per common stock \| vote	1	1
Conversion ratio		1
Class D Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares) \| shares	300,000,000	300,000,000	300,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.00001	$ 0.00001	$ 0.00001
Number of votes per common stock \| vote	10	10
Conversion ratio		1
Voting power threshold percentage to require conversion of shares				4.90%
Class D Common Stock \| Minimum
Class of Stock [Line Items]
Voting power threshold percentage to require conversion of shares				4.90%

Stockholder's Equity - Recapitalization of Tradeweb Markets LLC (Details)		12 Months Ended
	Apr. 04, 2019 shares	Dec. 31, 2021 shares
Class of Stock [Line Items]
Common units exchanged (in shares)	222,222,197
Cancellation ratio		1
Class A Common Stock
Class of Stock [Line Items]
Common units exchanged (in shares)		146,333
Class C Common Stock
Class of Stock [Line Items]
Common units exchanged (in shares)		447
Common Class Pa Shares
Class of Stock [Line Items]
Common units exchanged (in shares)		6,887
Common Class Pc Shares
Class of Stock [Line Items]
Common units exchanged (in shares)		2
Common Class P1a Shares
Class of Stock [Line Items]
Common units exchanged (in shares)		6,094
Common Class P1c Shares
Class of Stock [Line Items]
Common units exchanged (in shares)		232

Stockholder's Equity - Issuance and Cancellation of Common Stock (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		12 Months Ended
	Apr. 08, 2019	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Shares contributed by Refinitiv Owner (in shares)	96,933,192
Percentage of combined voting power of common stock	27.50%
Weighted average share price (in dollars per share)	$ 27.00		$ 21.62
Net proceeds	$ 1,200.0
Tradeweb Markets LLC
Class of Stock [Line Items]
Number of LLC Interest (in shares)	56,300,676			30,527,964	34,011,202
Ownership percentage, continuing LLC Owners	25.30%			13.10%	14.90%
Number of LLC Interest held by parent (in shares)	142,933,192			203,220,013	195,008,657
Ownership interest	64.30%			51.30%	85.10%
Class B Common Stock
Class of Stock [Line Items]
Number of shares owned (in shares)	96,933,192			96,933,192	96,933,192
Number of shares cancelled (in shares)	96,933,192
Percentage of combined voting power of common stock	56.40%
Class B Common Stock \| Tradeweb Markets LLC
Class of Stock [Line Items]
Percentage of economic interest	43.60%
Class C Common Stock
Class of Stock [Line Items]
Number of shares owned (in shares)	10,006,269			1,654,825	3,139,821
Shares issued to acquire TWM LLC (in shares)	20,000,000
Number of shares cancelled (in shares)	9,993,731
Class D Common Stock
Class of Stock [Line Items]
Number of shares owned (in shares)	46,294,407			28,873,139	30,871,381
Shares issued to acquire TWM LLC (in shares)	22,988,329
Number of shares cancelled (in shares)	36,006,269
Percentage of combined voting power of common stock	13.40%
Number of LLC Interest (in shares)	22,988,329
Class D Common Stock \| Tradeweb Markets LLC
Class of Stock [Line Items]
Ownership percentage, continuing LLC Owners	10.30%
Class A Common Stock
Class of Stock [Line Items]
Number of shares owned (in shares)	46,000,000			106,286,821	98,075,465
Percentage of combined voting power of common stock	2.70%
Class A Common Stock \| October 2019 Follow-On Offering
Class of Stock [Line Items]
Issuance of common stock, net of offering costs and cancellations (in shares)			19,881,059
Weighted average share price (in dollars per share)			$ 42.00
Net proceeds			$ 810.0
Stock repurchased and retired (in shares)			45,393
Class A Common Stock \| Over-Allotment Option
Class of Stock [Line Items]
Issuance of common stock, net of offering costs and cancellations (in shares)	6,000,000		2,593,181
Shares issued to underwriters (in shares)		1,674,162
Class A Common Stock \| April 2020 Follow-On Offering
Class of Stock [Line Items]
Issuance of common stock, net of offering costs and cancellations (in shares)		12,835,245
Weighted average share price (in dollars per share)		$ 50.25
Net proceeds		$ 626.3
Stock repurchased and retired (in shares)		596,418
Class A Common Stock \| Tradeweb Markets LLC
Class of Stock [Line Items]
Percentage of economic interest	20.70%
LLC Interests \| October 2019 Follow-On Offering
Class of Stock [Line Items]
Stock repurchased and retired (in shares)			19,835,666
LLC Interests \| April 2020 Follow-On Offering
Class of Stock [Line Items]
Stock repurchased and retired (in shares)		12,238,827

Stockholder's Equity - Share Repurchase (Details)	12 Months Ended
Stockholder's Equity - Share Repurchase (Details)	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares	Feb. 04, 2021 USD ($)
Class of Stock [Line Items]
Average price per share (in dollars per share) \| $ / shares	$ 72.25	$ 50.47	$ 42.70
Conversion ratio	1
Number of shares withheld (in shares) \| shares	983,072	1,509,321	208,823
Share-based payment arrangement, decrease for tax withholding obligation	$ 71,024,000	$ 76,200,000	$ 8,900,000
Class A Common Stock
Class of Stock [Line Items]
Share repurchase program, amount authorized				$ 150,000,000
Common stock repurchased (in shares) \| shares	901,968
Average price per share (in dollars per share) \| $ / shares	$ 83.90
Aggregate value of share repurchase	$ 75,700,000
Conversion ratio	1
Stock repurchase program, remaining authorized repurchase amount	$ 74,300,000

Non-Controlling Interests - Summary of Ownership Interest (Details)		12 Months Ended
	Apr. 08, 2019 shares	Dec. 31, 2021 shares	Dec. 31, 2020 shares
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)	142,933,192	203,220,013	195,008,657
Number of LLC Interests held by non-controlling interests (in shares)	56,300,676	30,527,964	34,011,202
Total LLC Interests outstanding (in shares)		233,747,977	229,019,859
Number of LLC Interests held by Tradeweb Markets Inc.	64.30%	51.30%	85.10%
Number of LLC Interests held by non-controlling interests	25.30%	13.10%	14.90%
Total LLC Interests outstanding		100.00%	100.00%

Non-Controlling Interests - Summary of Equity Changes Due to Changes in Corporation Ownership (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Noncontrolling Interest [Abstract]
Net income attributable to Tradeweb Markets Inc.	$ 226,828	$ 166,296	$ 83,769
Allocation of equity to non-controlling interests arising from the reorganization transactions and IPO	0	0	(1,607,529)
Increase/(decrease) in Tradeweb Markets Inc.’s additional paid-in capital as a result of ownership changes in TWM LLC	87,006	533,900	402,227
Net transfers (to) from non-controlling interests	87,006	533,900	(1,205,302)
Change from net income attributable to Tradeweb Markets Inc. and transfers (to) from non-controlling interests	$ 313,834	$ 700,196	$ (1,121,533)

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

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Net income attributable to parent

Stock-Based Compensation Plans - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 51,943,000	$ 39,286,000	$ 49,824,000
Exercises (in dollars per share)	$ 2.16	$ 0	$ 8.83
Intrinsic value of options exercised during the year	$ 333,800,000	$ 291,800,000	$ 21,300,000
Options outstanding intrinsic value	$ 261,400,000
Award, options, outstanding, weighted average remaining contractual term	7 years
Intrinsic value of vested options outstanding and exercisable	$ 69,100,000
Award, options, exercisable, weighted average remaining contractual term	6 years 9 months 18 days
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
Equity-Settled PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Performance Modifier	100.00%
Weighted-average grant-date fair value (in dollars per share)	$ 74.29	$ 38.87	$ 21.08
Granted (in shares)	209,925
Fair value of vested	$ 67,400,000	$ 39,800,000	$ 0
Vested in period (in shares)	1,108,060
Compensation expense	$ 30,633,000	$ 27,809,000	$ 25,392,000
Equity-Settled PRSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Performance Modifier	0.00%
Equity-Settled PRSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Performance Modifier	200.00%
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Vesting percentage	33.00%
Weighted-average grant-date fair value (in dollars per share)	$ 75.09	$ 38.91
Granted (in shares)	370,306		0
Fair value of vested	$ 12,500,000
Vested in period (in shares)	171,494	0	0
Compensation expense	$ 15,983,000	$ 5,359,000	$ 0
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Compensation expense	$ 5,327,000	$ 6,118,000	$ 24,432,000
Options \| Initial Public Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 18,900,000

Stock-Based Compensation Plans - PRSUs Settlement (Details) - Equity-Settled PRSUs - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Equity-Settled PRSUs
Balance outstanding at beginning of period (in shares)	3,356,130
Grants (in shares)	209,925
Vests (in shares)	(1,108,060)
Performance adjustment (in shares)	208,437
Forfeitures (in shares)	(10,834)
Balance options outstanding at end of period (in shares)	2,655,598	3,356,130
Weighted Average Grant-Date Fair Value
Balance outstanding at end of period (in dollars per share)	$ 34.20	$ 21.09
Grants (in dollars per share)	74.29	$ 38.87	$ 21.08
Vests (in dollars per share)	9.53
Performance adjustment (in dollars per share)	74.30
Forfeitures and adjustments (in dollars per share)	44.51
Balance outstanding at beginning of period (in dollars per share)	$ 21.09

Stock-Based Compensation Plans - PSRUs Settle Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 51,943	$ 39,286	$ 49,824
Equity-Settled PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	30,633	27,809	25,392
Income tax benefit	$ (16,374)	$ (10,261)	$ (4,781)

Stock-Based Compensation Plans - Outstanding Options (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Options
Options outstanding at beginning of period (in shares)	9,241,883
Grants (in shares)	0
Exercises (in shares)	(5,652,053)
Forfeitures and adjustments (in shares)	(174,542)
Expired (in shares)	0
Options outstanding at end of period (in shares)	3,415,288	9,241,883
Vested options outstanding (in shares)	874,893
Weighted Average Grant-Date Fair Value
Options outstanding at beginning of period (in dollars per share)	$ 2.54
Grants (in dollars per share)	0
Exercises (in dollars per share)	2.16	$ 0	$ 8.83
Forfeitures and adjustments (in dollars per share)	7.13
Expired (in dollars per share)	0
Options outstanding at end of period (in dollars per share)	2.92	2.54
Vested options outstanding (in dollars per share)	2.06
Weighted Average Exercise Price
Options outstanding at beginning of period (in dollars per share)	22.56
Grants (in dollars per share)	0
Exercises (in dollars per share)	21.56
Forfeitures and adjustments (in dollars per share)	34.85
Expired (in dollars per share)	0
Options outstanding at end of period (in dollars per share)	23.59	$ 22.56
Vested options outstanding (in dollars per share)	$ 21.17

Stock-Based Compensation Plans - Option Award Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options compensation expense	$ 51,943	$ 39,286	$ 49,824
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options compensation expense	5,327	6,118	24,432
Income tax benefit	$ (69,868)	$ (57,457)	$ (8,556)

Stock-Based Compensation Plans - Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2019	Apr. 08, 2019
Share-based Payment Arrangement [Abstract]
Weighted Average Expected Life (years)	5 years 8 months 12 days
Weighted Average Risk-Free Interest Rate	2.90%
Weighted Average Expected Volatility	20.00%
Weighted Average Expected Dividend Yield	3.90%
Weighted Average Share Price (in dollars per share)	$ 21.62	$ 27.00
Weighted Average Exercise Price (in dollars per share)	$ 21.62

Stock-Based Compensation Plans - Summary of Outstanding RSUs (Details) - RSUs - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
RSUs
Balance outstanding at beginning of period (in shares)	493,878
Granted (in shares)	370,306		0
Vests (in shares)	(171,494)	0	0
Forfeitures (in shares)	(8,926)
Balance options outstanding at end of period (in shares)	683,764	493,878
Weighted Average Grant-Date Fair Value
Balance outstanding at beginning of period (in dollars per share)	$ 38.91
Grants (in dollars per share)	75.09	$ 38.91
Vests (in dollars per share)	38.98
Forfeitures (in dollars per share)	54.69
Balance outstanding at end of period (in dollars per share)	$ 58.28	$ 38.91

Stock-Based Compensation Plans - Summary of RSU Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 51,943	$ 39,286	$ 49,824
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	15,983	5,359	0
Income tax benefit	$ (5,416)	$ (311)	$ 0

Stock-Based Compensation Plans - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Total stock-based compensation expense	$ 51,943	$ 39,286	$ 49,824

Stock-Based Compensation Plans - Unrecognized Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Equity-Settled PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost	$ 31,321
Weighted-average recognition period	1 year 8 months 8 days
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost		$ 2,169
Weighted-average recognition period		1 year 2 months 23 days
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost			$ 26,383
Weighted-average recognition period			1 year 10 months 6 days

Related Party Transactions - Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Related Party Transactions [Abstract]
Accounts receivable	$ 277	$ 4,009
Receivable from affiliates	3,313	111
Other assets	3,530	2,722
Accounts payable, accrued expenses and other liabilities	7,767	6,140
Deferred revenue	4,767	4,500
Payable to affiliates	$ 4,860	$ 5,142

Related Party Transactions - Consolidated Statements of Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue:
Total revenue	$ 1,076,447	$ 892,659	$ 775,566
Expenses
Employee compensation and benefits	407,260	349,658	329,457
Technology and communications	56,189	47,500	39,285
General and administrative	32,153	34,822	34,960
Professional fees	36,181	28,875	28,029
Occupancy	14,528	14,660	14,686
Operating income:
Net interest income (expense)	(1,590)	(316)	2,373
Affiliated Entity
Expenses
Employee compensation and benefits	856	0	0
Technology and communications	3,951	2,960	2,960
General and administrative	194	(591)	430
Professional fees	39	0	0
Occupancy	0	15	481
Operating income:
Net interest income (expense)	0	0	858
Transaction fees and commissions
Revenue:
Total revenue	846,354	681,588	572,948
Transaction fees and commissions \| Affiliated Entity
Revenue:
Total revenue	0	0	75,829
Subscription fees
Revenue:
Total revenue	158,448	142,358	138,731
Subscription fees \| Affiliated Entity
Revenue:
Total revenue	923	0	5,670
Refinitiv market data fees
Revenue:
Total revenue	61,161	59,706	55,635
Refinitiv market data fees \| Affiliated Entity
Revenue:
Total revenue	61,161	59,706	55,635
Other fees
Revenue:
Total revenue	10,484	9,007	8,252
Other fees \| Affiliated Entity
Revenue:
Total revenue	$ 522	$ 0	$ 0

Related Party Transactions - Narrative (Details) - USD ($) $ in Millions	1 Months Ended			12 Months Ended
	Apr. 30, 2020	Oct. 31, 2019	Apr. 30, 2019	Dec. 31, 2021	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
Affiliated Entity
Related Party Transactions
Related party, payable reversal				$ 1.6

Fair Value of Financial Instruments - Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value of Financial Instruments
Receivable from affiliates – Foreign currency forward contracts	$ 3,313	$ 111
Total assets measured at fair value	657,572	541,790
Payable to affiliates – Foreign currency forward contracts	4,860	5,142
Total liabilities measured at fair value	0	3,409
Foreign currency forward contracts
Fair Value of Financial Instruments
Receivable from affiliates – Foreign currency forward contracts	3,019
Payable to affiliates – Foreign currency forward contracts	0	3,409
Cash equivalents – Money market funds
Fair Value of Financial Instruments
Cash equivalents – Money market funds	654,553	541,790
Quoted Prices in active Markets for Identical Assets (Level 1)
Fair Value of Financial Instruments
Total assets measured at fair value	654,553	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	0
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	654,553	541,790
Significant Observable Inputs (Level 2)
Fair Value of Financial Instruments
Total assets measured at fair value	3,019	0
Total liabilities measured at fair value	0	3,409
Significant Observable Inputs (Level 2) \| Foreign currency forward contracts
Fair Value of Financial Instruments
Receivable from affiliates – Foreign currency forward contracts	3,019
Payable to affiliates – Foreign currency forward contracts	0	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	0
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 - Foreign Currency Forward Contracts (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Foreign currency forward contracts – Gross notional amount \| Not Designated as Hedging Instrument
Derivative [Line Items]
Gross notional amount	$ 146,202	$ 122,458

Fair Value of Financial Instruments - Unrealized Gains(Losses) on Foreign Currency Forwards (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
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	$ 9,008	$ (6,269)	$ 3,029

Fair Value of Financial Instruments - Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value of Financial Instruments
Receivable from brokers and dealers and clearing organizations	$ 0	$ 368
Deposits with clearing organizations	20,523	11,671
Accounts receivable	129,937	105,286
Total assets	5,990,180	5,679,850
Payable to brokers and dealers and clearing organizations	0	252
Total liabilities	681,237	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	318,495	250,490
Receivable from brokers and dealers and clearing organizations	0	368
Deposits with clearing organizations	20,523	11,671
Accounts receivable	129,937	105,286
Other assets – Memberships in clearing organizations	2,392	1,586
Total assets	471,347	369,401
Payable to brokers and dealers and clearing organizations	0	252
Total liabilities	0	252
Quoted Prices in active Markets for Identical Assets (Level 1) \| Fair Value, Nonrecurring
Fair Value of Financial Instruments
Cash and restricted cash	318,495	250,490
Receivable from brokers and dealers and clearing organizations	0	0
Deposits with clearing organizations	20,523	11,671
Accounts receivable	0	0
Other assets – Memberships in clearing organizations	0	0
Total assets	339,018	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	0	368
Deposits with clearing organizations	0	0
Accounts receivable	129,937	105,286
Other assets – Memberships in clearing organizations	0	0
Total assets	129,937	105,654
Payable to brokers and dealers and clearing organizations	0	252
Total liabilities	0	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	2,392	1,586
Total assets	2,392	1,586
Payable to brokers and dealers and clearing organizations	0	0
Total liabilities	0	0
Total Fair Value \| Fair Value, Nonrecurring
Fair Value of Financial Instruments
Cash and restricted cash	318,495	250,490
Receivable from brokers and dealers and clearing organizations	0	368
Deposits with clearing organizations	20,523	11,671
Accounts receivable	129,937	105,286
Other assets – Memberships in clearing organizations	2,392	1,586
Total assets	471,347	369,401
Payable to brokers and dealers and clearing organizations	0	252
Total liabilities	$ 0	$ 252

Credit Risk (Details) - USD ($) $ in Thousands	12 Months Ended
Credit Risk (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Risks and Uncertainties [Abstract]
Allowance for doubtful accounts	$ 273	$ 243
Recoveries resulting in reversal of credit loss expense	$ 13	$ 100
Reversal of credit loss expense			$ 1,000

Commitments and Contingencies (Details) - Revolving credit facility - USD ($)	Apr. 08, 2019	Dec. 31, 2021	Dec. 31, 2020
Commitments and Contingencies
Revolving credit facility, term	5 years
Maximum borrowing capacity	$ 500,000,000
Commitment fee, percentage	0.25%
Letter of credit issued		$ 500,000	$ 0
Letters of credit outstanding		$ 0	$ 0
Fed Funds Effective Rate
Commitments and Contingencies
Spread	0.50%
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%

Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Numerator:

$ 226,828

$ 166,296

$ 83,769

Pre-IPO net income attributable to Tradeweb Markets LLC

$ 42,352

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

^[1],[2]

201,419,081

180,409,462

148,013,274

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

5,835,759

^[1],[2]

207,254,840

188,223,032

156,540,246

Earnings per share - Basic (in dollars per share)

^[1],[2]

$ 1.13

$ 0.92

$ 0.57

Earnings per share - Diluted (in dollars per share)

^[1],[2]

$ 1.09

$ 0.88

$ 0.54

Equity-settled PRSUs

2,067,558

2,472,801

1,098,260

Options

3,473,549

5,179,109

6,062,835

RSUs

294,652

161,660

[1]

In April 2019, the Company completed the Reorganization Transactions and the IPO, which, among other things, resulted in Tradeweb Markets Inc. becoming the successor of Tradeweb Markets LLC for financial reporting purposes. As a result, earnings per share information for the pre-IPO period is not comparable to the earnings per share information for the post-IPO period. Therefore, earnings per share information is being presented separately for the pre-IPO and post-IPO periods. See Note 18 – Earnings Per Share for additional information.

[2]

Presents information for Tradeweb Markets Inc. (post-IPO period).

Earnings Per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Equity-settled PRSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	0	0	0
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	0	264,376	128,125
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	0	443	0
LLC Interests
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	30,699,577	45,828,289	74,279,741

Regulatory Capital Requirements (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
TWL
Regulatory Capital Requirements
Regulatory Capital	$ 33,566	$ 49,254
Regulatory Capital Requirement	3,424	2,438
Excess Regulatory Capital	30,142	46,816
DW
Regulatory Capital Requirements
Regulatory Capital	61,379	58,026
Regulatory Capital Requirement	2,931	2,147
Excess Regulatory Capital	58,448	55,879
TWD
Regulatory Capital Requirements
Regulatory Capital	22,784	20,577
Regulatory Capital Requirement	652	731
Excess Regulatory Capital	22,132	19,846
TEL
Regulatory Capital Requirements
Regulatory Capital	84,636	59,238
Regulatory Capital Requirement	36,136	33,742
Excess Regulatory Capital	48,500	25,496
TWJ
Regulatory Capital Requirements
Regulatory Capital	7,932	11,066
Regulatory Capital Requirement	1,184	3,799
Excess Regulatory Capital	6,748	7,267
TWEU
Regulatory Capital Requirements
Regulatory Capital	7,626	19,102
Regulatory Capital Requirement	3,272	2,562
Excess Regulatory Capital	4,354	16,540
TESL
Regulatory Capital Requirements
Regulatory Capital	1,760
Regulatory Capital Requirement	1,272
Excess Regulatory Capital	488
EA
Regulatory Capital Requirements
Regulatory Capital	212,572
Regulatory Capital Requirement	78
Excess Regulatory Capital	212,494
TW SEF
Regulatory Capital Requirements
Financial Resources	30,063	28,476
Required Financial Resources	11,000	13,500
Excess Financial Resources	19,063	14,976
Liquid Financial Assets	15,283	15,662
Required Liquid Financial Assets	2,750	6,750
Excess Liquid Financial Assets	12,533	8,912
DW SEF
Regulatory Capital Requirements
Financial Resources	15,999	15,298
Required Financial Resources	6,770	6,223
Excess Financial Resources	9,229	9,075
Liquid Financial Assets	10,014	8,610
Required Liquid Financial Assets	1,693	3,112
Excess Liquid Financial Assets	$ 8,321	$ 5,498

Business Segment and Geographic Information - Revenue by Client Sector (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Segment and Geographic Information
Total revenue	$ 1,076,447	$ 892,659	$ 775,566
Operating expenses	717,619	629,304	585,747
Operating income	358,828	263,355	189,819
Institutional
Business Segment and Geographic Information
Total revenue	668,812	554,330	453,379
Wholesale
Business Segment and Geographic Information
Total revenue	254,927	185,456	171,096
Retail
Business Segment and Geographic Information
Total revenue	70,566	76,352	80,368
Market Data
Business Segment and Geographic Information
Total revenue	$ 82,142	$ 76,521	$ 70,723

Business Segment and Geographic Information - Revenue and Long-lived Assets by Geographic Region (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Segment and Geographic Information
Total revenue	$ 1,076,447	$ 892,659	$ 775,566
Long-lived assets	4,168,034	4,108,113
U.S.
Business Segment and Geographic Information
Total revenue	673,223	570,064	497,316
Long-lived assets	4,152,186	4,091,569
International
Business Segment and Geographic Information
Total revenue	403,224	322,595	$ 278,250
Long-lived assets	$ 15,848	$ 16,544