<?xml version="1.0" encoding="UTF-8"?>

<!--XBRL Document Created with the Workiva Platform-->
<!--Copyright 2024 Workiva-->
<!--r:5ead32e3-95d1-4dac-a587-a29a6e25d1f3,g:7d2c4c73-884a-4ead-9263-a20c145766dc-->
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:roleRef roleURI="http://www.tradeweb.com/role/ConsolidatedStatementsofFinancialCondition" xlink:type="simple" xlink:href="tw-20231231.xsd#ConsolidatedStatementsofFinancialCondition"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/ConsolidatedStatementsofFinancialCondition" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Assets_5b03c30c-354b-49ff-b175-b72b7e1106ef" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_Assets"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_ebe68e1b-b9a2-48bf-bd94-47f63a70f61f" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_5b03c30c-354b-49ff-b175-b72b7e1106ef" xlink:to="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_ebe68e1b-b9a2-48bf-bd94-47f63a70f61f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RestrictedCash_fa74fd19-bacf-4a07-b74f-2a8cd21d2169" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_RestrictedCash"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_5b03c30c-354b-49ff-b175-b72b7e1106ef" xlink:to="loc_us-gaap_RestrictedCash_fa74fd19-bacf-4a07-b74f-2a8cd21d2169" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReceivablesFromBrokersDealersAndClearingOrganizations_418abeab-77ca-4b58-b240-cf8ed96d0a3d" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ReceivablesFromBrokersDealersAndClearingOrganizations"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_5b03c30c-354b-49ff-b175-b72b7e1106ef" xlink:to="loc_us-gaap_ReceivablesFromBrokersDealersAndClearingOrganizations_418abeab-77ca-4b58-b240-cf8ed96d0a3d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DepositsWithClearingOrganizationsAndOthersSecurities_6b2abad9-426d-4101-9d74-e1924c4fe51c" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_DepositsWithClearingOrganizationsAndOthersSecurities"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_5b03c30c-354b-49ff-b175-b72b7e1106ef" xlink:to="loc_us-gaap_DepositsWithClearingOrganizationsAndOthersSecurities_6b2abad9-426d-4101-9d74-e1924c4fe51c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_tw_AccountReceivableExcludingReceivableFromBrokersAndDealersAndClearingOrganizationsNetOfAllowance_2b1aeaf6-5545-425f-9d0a-088205ed0be5" xlink:href="tw-20231231.xsd#tw_AccountReceivableExcludingReceivableFromBrokersAndDealersAndClearingOrganizationsNetOfAllowance"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_5b03c30c-354b-49ff-b175-b72b7e1106ef" xlink:to="loc_tw_AccountReceivableExcludingReceivableFromBrokersAndDealersAndClearingOrganizationsNetOfAllowance_2b1aeaf6-5545-425f-9d0a-088205ed0be5" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentNet_acaf9e73-d90c-4062-8a6e-812f6cb789ea" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_PropertyPlantAndEquipmentNet"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_5b03c30c-354b-49ff-b175-b72b7e1106ef" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentNet_acaf9e73-d90c-4062-8a6e-812f6cb789ea" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseRightOfUseAsset_b0e84bed-73ed-4409-8dd9-504aa00ed463" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_OperatingLeaseRightOfUseAsset"/>
    <link:calculationArc order="7" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_5b03c30c-354b-49ff-b175-b72b7e1106ef" xlink:to="loc_us-gaap_OperatingLeaseRightOfUseAsset_b0e84bed-73ed-4409-8dd9-504aa00ed463" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CapitalizedComputerSoftwareNet_f8d75d24-9308-4dfe-bfef-2e0390ff75c0" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_CapitalizedComputerSoftwareNet"/>
    <link:calculationArc order="8" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_5b03c30c-354b-49ff-b175-b72b7e1106ef" xlink:to="loc_us-gaap_CapitalizedComputerSoftwareNet_f8d75d24-9308-4dfe-bfef-2e0390ff75c0" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IntangibleAssetsNetExcludingGoodwill_24a46d9e-eb70-4f0d-ba5c-096b3885a7f4" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_IntangibleAssetsNetExcludingGoodwill"/>
    <link:calculationArc order="9" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_5b03c30c-354b-49ff-b175-b72b7e1106ef" xlink:to="loc_us-gaap_IntangibleAssetsNetExcludingGoodwill_24a46d9e-eb70-4f0d-ba5c-096b3885a7f4" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Goodwill_45fb7b29-0e57-4a71-a862-d02b5f58cab5" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_Goodwill"/>
    <link:calculationArc order="10" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_5b03c30c-354b-49ff-b175-b72b7e1106ef" xlink:to="loc_us-gaap_Goodwill_45fb7b29-0e57-4a71-a862-d02b5f58cab5" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherReceivables_de5e904e-bdfc-498a-aeda-a8447a9a6b75" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_OtherReceivables"/>
    <link:calculationArc order="11" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_5b03c30c-354b-49ff-b175-b72b7e1106ef" xlink:to="loc_us-gaap_OtherReceivables_de5e904e-bdfc-498a-aeda-a8447a9a6b75" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherAssets_276f64bf-0d9f-4c47-9899-def5a1b145cf" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_OtherAssets"/>
    <link:calculationArc order="12" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_5b03c30c-354b-49ff-b175-b72b7e1106ef" xlink:to="loc_us-gaap_OtherAssets_276f64bf-0d9f-4c47-9899-def5a1b145cf" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredIncomeTaxAssetsNet_f258f9e7-a64f-4ee2-9154-87e6000c2886" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_DeferredIncomeTaxAssetsNet"/>
    <link:calculationArc order="13" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_5b03c30c-354b-49ff-b175-b72b7e1106ef" xlink:to="loc_us-gaap_DeferredIncomeTaxAssetsNet_f258f9e7-a64f-4ee2-9154-87e6000c2886" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquity_07506e2e-f59f-46f6-8b33-86f5b965acca" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_StockholdersEquity"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_5c992012-883e-4472-ad57-ea349541e435" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquity_07506e2e-f59f-46f6-8b33-86f5b965acca" xlink:to="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_5c992012-883e-4472-ad57-ea349541e435" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetainedEarningsAccumulatedDeficit_b27cb2cd-6d79-4136-8b53-b5cb9ca0978e" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_RetainedEarningsAccumulatedDeficit"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquity_07506e2e-f59f-46f6-8b33-86f5b965acca" xlink:to="loc_us-gaap_RetainedEarningsAccumulatedDeficit_b27cb2cd-6d79-4136-8b53-b5cb9ca0978e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AdditionalPaidInCapital_8f9a5b1a-7185-4487-958d-4ec0e7b884b6" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_AdditionalPaidInCapital"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquity_07506e2e-f59f-46f6-8b33-86f5b965acca" xlink:to="loc_us-gaap_AdditionalPaidInCapital_8f9a5b1a-7185-4487-958d-4ec0e7b884b6" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockValue_ce097f53-fd5a-4f5f-953c-fee6768a7288" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_CommonStockValue"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquity_07506e2e-f59f-46f6-8b33-86f5b965acca" xlink:to="loc_us-gaap_CommonStockValue_ce097f53-fd5a-4f5f-953c-fee6768a7288" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockValue_5b112e68-b202-478d-9163-b63ad733b9ec" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_PreferredStockValue"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquity_07506e2e-f59f-46f6-8b33-86f5b965acca" xlink:to="loc_us-gaap_PreferredStockValue_5b112e68-b202-478d-9163-b63ad733b9ec" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_679cb82c-fa5f-42d4-8c23-1608373731d5" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MinorityInterest_6f942781-a1a5-4d8e-aaac-1a199d1bec45" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_MinorityInterest"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_679cb82c-fa5f-42d4-8c23-1608373731d5" xlink:to="loc_us-gaap_MinorityInterest_6f942781-a1a5-4d8e-aaac-1a199d1bec45" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquity_145c7a9c-2727-4345-9338-2e4adbca4d38" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_StockholdersEquity"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_679cb82c-fa5f-42d4-8c23-1608373731d5" xlink:to="loc_us-gaap_StockholdersEquity_145c7a9c-2727-4345-9338-2e4adbca4d38" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Liabilities_7dfd2c33-2e24-42bc-a0df-014fac477831" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_Liabilities"/>
    <link:loc xlink:type="locator" xlink:label="loc_srt_PayablesToBrokerDealersAndClearingOrganizations_ce3d6c79-9dc9-4fe5-b03f-805f75950f9e" xlink:href="https://xbrl.fasb.org/srt/2023/elts/srt-2023.xsd#srt_PayablesToBrokerDealersAndClearingOrganizations"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_7dfd2c33-2e24-42bc-a0df-014fac477831" xlink:to="loc_srt_PayablesToBrokerDealersAndClearingOrganizations_ce3d6c79-9dc9-4fe5-b03f-805f75950f9e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EmployeeRelatedLiabilitiesCurrentAndNoncurrent_9e681820-6fe9-40e6-a65c-672b92e84b48" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_EmployeeRelatedLiabilitiesCurrentAndNoncurrent"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_7dfd2c33-2e24-42bc-a0df-014fac477831" xlink:to="loc_us-gaap_EmployeeRelatedLiabilitiesCurrentAndNoncurrent_9e681820-6fe9-40e6-a65c-672b92e84b48" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ContractWithCustomerLiability_13fa7499-60eb-4d91-ba58-d6f55bf60cd6" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ContractWithCustomerLiability"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_7dfd2c33-2e24-42bc-a0df-014fac477831" xlink:to="loc_us-gaap_ContractWithCustomerLiability_13fa7499-60eb-4d91-ba58-d6f55bf60cd6" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent_3d85ccee-71e9-47d3-81f2-eb46e4a85bef" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_7dfd2c33-2e24-42bc-a0df-014fac477831" xlink:to="loc_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent_3d85ccee-71e9-47d3-81f2-eb46e4a85bef" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseLiability_8151285d-c26e-4eed-b769-96dffb95a3fb" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_OperatingLeaseLiability"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_7dfd2c33-2e24-42bc-a0df-014fac477831" xlink:to="loc_us-gaap_OperatingLeaseLiability_8151285d-c26e-4eed-b769-96dffb95a3fb" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_tw_TaxReceivableAgreementLiability_b5bac671-be30-4430-9243-65dfc1b99e41" xlink:href="tw-20231231.xsd#tw_TaxReceivableAgreementLiability"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_7dfd2c33-2e24-42bc-a0df-014fac477831" xlink:to="loc_tw_TaxReceivableAgreementLiability_b5bac671-be30-4430-9243-65dfc1b99e41" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherLiabilities_dcf7208a-6418-45cd-8f3b-7b273c0e7775" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_OtherLiabilities"/>
    <link:calculationArc order="7" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_7dfd2c33-2e24-42bc-a0df-014fac477831" xlink:to="loc_us-gaap_OtherLiabilities_dcf7208a-6418-45cd-8f3b-7b273c0e7775" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredIncomeTaxLiabilitiesNet_0b66948a-8ebe-439e-bdc4-98796d48e0b3" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_DeferredIncomeTaxLiabilitiesNet"/>
    <link:calculationArc order="8" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_7dfd2c33-2e24-42bc-a0df-014fac477831" xlink:to="loc_us-gaap_DeferredIncomeTaxLiabilitiesNet_0b66948a-8ebe-439e-bdc4-98796d48e0b3" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchase_29fbf7f0-3dc9-45fa-bfd8-543bdcbdffc0" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_SecuritiesSoldUnderAgreementsToRepurchase"/>
    <link:calculationArc order="9" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_7dfd2c33-2e24-42bc-a0df-014fac477831" xlink:to="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchase_29fbf7f0-3dc9-45fa-bfd8-543bdcbdffc0" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquity_fb2727e6-f9d9-4b15-8bb6-bb798bf23194" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_LiabilitiesAndStockholdersEquity"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Liabilities_544efd87-6deb-488d-a8ee-9bcce9ea518d" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_Liabilities"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity_fb2727e6-f9d9-4b15-8bb6-bb798bf23194" xlink:to="loc_us-gaap_Liabilities_544efd87-6deb-488d-a8ee-9bcce9ea518d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommitmentsAndContingencies_ab917af0-1b83-4ec3-b027-35a26fddf361" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_CommitmentsAndContingencies"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity_fb2727e6-f9d9-4b15-8bb6-bb798bf23194" xlink:to="loc_us-gaap_CommitmentsAndContingencies_ab917af0-1b83-4ec3-b027-35a26fddf361" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_13efdd29-5356-4175-b126-aedd5818ddcc" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity_fb2727e6-f9d9-4b15-8bb6-bb798bf23194" xlink:to="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_13efdd29-5356-4175-b126-aedd5818ddcc" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.tradeweb.com/role/ConsolidatedStatementsofIncome" xlink:type="simple" xlink:href="tw-20231231.xsd#ConsolidatedStatementsofIncome"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/ConsolidatedStatementsofIncome" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingIncomeLoss_cc92cfa6-a715-42b7-9936-55f42233dc49" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_OperatingIncomeLoss"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CostsAndExpenses_f1ca5dc9-589b-4d69-be56-1a51bef7af59" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_CostsAndExpenses"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OperatingIncomeLoss_cc92cfa6-a715-42b7-9936-55f42233dc49" xlink:to="loc_us-gaap_CostsAndExpenses_f1ca5dc9-589b-4d69-be56-1a51bef7af59" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax_f1fb684d-ece9-4dcd-a3b8-5ad498149269" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OperatingIncomeLoss_cc92cfa6-a715-42b7-9936-55f42233dc49" xlink:to="loc_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax_f1fb684d-ece9-4dcd-a3b8-5ad498149269" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLoss_59579979-1ca2-4260-92d0-38fd75fd8d61" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_NetIncomeLoss"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_1f74ca8b-32b1-48ef-a719-da67ccb75f69" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_NetIncomeLossAttributableToNoncontrollingInterest"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLoss_59579979-1ca2-4260-92d0-38fd75fd8d61" xlink:to="loc_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_1f74ca8b-32b1-48ef-a719-da67ccb75f69" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfitLoss_fbeac4dc-c70a-454c-a845-9fd3057964b1" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ProfitLoss"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLoss_59579979-1ca2-4260-92d0-38fd75fd8d61" xlink:to="loc_us-gaap_ProfitLoss_fbeac4dc-c70a-454c-a845-9fd3057964b1" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CostsAndExpenses_490aabb4-3a0a-4970-9a58-3c7b47c0e1c2" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_CostsAndExpenses"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LaborAndRelatedExpense_cfad5147-cd85-4486-a99f-922d60ec3ca5" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_LaborAndRelatedExpense"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CostsAndExpenses_490aabb4-3a0a-4970-9a58-3c7b47c0e1c2" xlink:to="loc_us-gaap_LaborAndRelatedExpense_cfad5147-cd85-4486-a99f-922d60ec3ca5" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DepreciationAndAmortization_2ce6555e-e704-475d-bc0b-7ebed2876641" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_DepreciationAndAmortization"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CostsAndExpenses_490aabb4-3a0a-4970-9a58-3c7b47c0e1c2" xlink:to="loc_us-gaap_DepreciationAndAmortization_2ce6555e-e704-475d-bc0b-7ebed2876641" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommunicationsAndInformationTechnology_064412ce-dd49-4342-8a38-5c3680b2aea7" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_CommunicationsAndInformationTechnology"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CostsAndExpenses_490aabb4-3a0a-4970-9a58-3c7b47c0e1c2" xlink:to="loc_us-gaap_CommunicationsAndInformationTechnology_064412ce-dd49-4342-8a38-5c3680b2aea7" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherGeneralAndAdministrativeExpense_ce258bbc-b867-4fee-bba8-5e966fcbca62" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_OtherGeneralAndAdministrativeExpense"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CostsAndExpenses_490aabb4-3a0a-4970-9a58-3c7b47c0e1c2" xlink:to="loc_us-gaap_OtherGeneralAndAdministrativeExpense_ce258bbc-b867-4fee-bba8-5e966fcbca62" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfessionalFees_49c7ae74-5d44-406e-8822-7454000b9ff1" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ProfessionalFees"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CostsAndExpenses_490aabb4-3a0a-4970-9a58-3c7b47c0e1c2" xlink:to="loc_us-gaap_ProfessionalFees_49c7ae74-5d44-406e-8822-7454000b9ff1" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OccupancyNet_5f303a50-4b2b-4cb5-95be-89a55144bbad" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_OccupancyNet"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CostsAndExpenses_490aabb4-3a0a-4970-9a58-3c7b47c0e1c2" xlink:to="loc_us-gaap_OccupancyNet_5f303a50-4b2b-4cb5-95be-89a55144bbad" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_72da987c-6911-4a9e-b365-a04d9e3cb854" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestIncomeExpenseNet_8b551b81-1725-455c-8d7b-a87e0e79584a" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_InterestIncomeExpenseNet"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_72da987c-6911-4a9e-b365-a04d9e3cb854" xlink:to="loc_us-gaap_InterestIncomeExpenseNet_8b551b81-1725-455c-8d7b-a87e0e79584a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_tw_TaxReceivableAgreementLiabilityAdjustment_829c8feb-3491-4873-9e39-cfa3d180063c" xlink:href="tw-20231231.xsd#tw_TaxReceivableAgreementLiabilityAdjustment"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_72da987c-6911-4a9e-b365-a04d9e3cb854" xlink:to="loc_tw_TaxReceivableAgreementLiabilityAdjustment_829c8feb-3491-4873-9e39-cfa3d180063c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherNonoperatingIncomeExpense_608ec391-6361-45df-ab22-b0e39d8d1b3c" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_OtherNonoperatingIncomeExpense"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_72da987c-6911-4a9e-b365-a04d9e3cb854" xlink:to="loc_us-gaap_OtherNonoperatingIncomeExpense_608ec391-6361-45df-ab22-b0e39d8d1b3c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingIncomeLoss_3df67463-3d3e-4f4b-9ddb-53c6339bdd9b" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_OperatingIncomeLoss"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_72da987c-6911-4a9e-b365-a04d9e3cb854" xlink:to="loc_us-gaap_OperatingIncomeLoss_3df67463-3d3e-4f4b-9ddb-53c6339bdd9b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfitLoss_ccc29a3b-5048-4aad-afc3-7310599bbfcb" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ProfitLoss"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxExpenseBenefit_0cc3d3e4-a7e5-430e-a52b-07263120b7be" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_IncomeTaxExpenseBenefit"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ProfitLoss_ccc29a3b-5048-4aad-afc3-7310599bbfcb" xlink:to="loc_us-gaap_IncomeTaxExpenseBenefit_0cc3d3e4-a7e5-430e-a52b-07263120b7be" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_8874960e-c48a-4918-b0c0-b25c6fc1b05b" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ProfitLoss_ccc29a3b-5048-4aad-afc3-7310599bbfcb" xlink:to="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_8874960e-c48a-4918-b0c0-b25c6fc1b05b" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.tradeweb.com/role/ConsolidatedStatementsofComprehensiveIncome" xlink:type="simple" xlink:href="tw-20231231.xsd#ConsolidatedStatementsofComprehensiveIncome"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/ConsolidatedStatementsofComprehensiveIncome" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTax_ca6917b9-4a03-41d6-89f2-76569a25717d" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ComprehensiveIncomeNetOfTax"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_a87705e6-9ba3-4324-ad58-177e15916648" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTax_ca6917b9-4a03-41d6-89f2-76569a25717d" xlink:to="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_a87705e6-9ba3-4324-ad58-177e15916648" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest_29f39539-57d2-45de-9dbd-82fef7e47c74" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTax_ca6917b9-4a03-41d6-89f2-76569a25717d" xlink:to="loc_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest_29f39539-57d2-45de-9dbd-82fef7e47c74" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_09620f6a-4bde-4072-8ce2-9ace680402ce" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_NetIncomeLossAttributableToNoncontrollingInterest"/>
    <link:calculationArc order="3" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTax_ca6917b9-4a03-41d6-89f2-76569a25717d" xlink:to="loc_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_09620f6a-4bde-4072-8ce2-9ace680402ce" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_f4acb840-ec01-4afa-934e-d4431cb63749" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTax"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_f95f857c-b50d-4f6e-a718-4827bba5131e" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_f4acb840-ec01-4afa-934e-d4431cb63749" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_f95f857c-b50d-4f6e-a718-4827bba5131e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_4f1ce637-7aee-4837-8ee5-b81cf2b2ce93" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_11044afc-4432-47f7-af55-4066a2964367" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTax"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_4f1ce637-7aee-4837-8ee5-b81cf2b2ce93" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_11044afc-4432-47f7-af55-4066a2964367" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfitLoss_7414a4b3-8073-4903-a681-e2e0e6a37534" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ProfitLoss"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_4f1ce637-7aee-4837-8ee5-b81cf2b2ce93" xlink:to="loc_us-gaap_ProfitLoss_7414a4b3-8073-4903-a681-e2e0e6a37534" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.tradeweb.com/role/ConsolidatedStatementsofCashFlows" xlink:type="simple" xlink:href="tw-20231231.xsd#ConsolidatedStatementsofCashFlows"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/ConsolidatedStatementsofCashFlows" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_f338469b-0522-4bf4-9493-ca6584d63d98" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsForSoftware_340a5605-8ac4-418d-9364-b6cef5fcbc26" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_PaymentsForSoftware"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_f338469b-0522-4bf4-9493-ca6584d63d98" xlink:to="loc_us-gaap_PaymentsForSoftware_340a5605-8ac4-418d-9364-b6cef5fcbc26" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_e74bad77-8174-4fc7-9140-de3624549069" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_PaymentsToAcquirePropertyPlantAndEquipment"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_f338469b-0522-4bf4-9493-ca6584d63d98" xlink:to="loc_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_e74bad77-8174-4fc7-9140-de3624549069" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired_0272bfe7-0da5-4c2a-844a-ad47ff202c5e" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired"/>
    <link:calculationArc order="3" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_f338469b-0522-4bf4-9493-ca6584d63d98" xlink:to="loc_us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired_0272bfe7-0da5-4c2a-844a-ad47ff202c5e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsForDerivativeInstrumentInvestingActivities_100b786e-805a-4054-b2a8-81920dd6544f" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_PaymentsForDerivativeInstrumentInvestingActivities"/>
    <link:calculationArc order="4" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_f338469b-0522-4bf4-9493-ca6584d63d98" xlink:to="loc_us-gaap_PaymentsForDerivativeInstrumentInvestingActivities_100b786e-805a-4054-b2a8-81920dd6544f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_e0422882-7f2a-49bc-a352-43942433f9fe" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_c00c3872-c6f9-483a-995c-6c227c56ee6c" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_e0422882-7f2a-49bc-a352-43942433f9fe" xlink:to="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_c00c3872-c6f9-483a-995c-6c227c56ee6c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RestrictedCash_879106d8-df13-4754-afd3-ba031d4d07e8" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_RestrictedCash"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_e0422882-7f2a-49bc-a352-43942433f9fe" xlink:to="loc_us-gaap_RestrictedCash_879106d8-df13-4754-afd3-ba031d4d07e8" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_03f43003-6e1a-4e8d-93d1-50156308990f" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInDepositOtherAssets_fe183773-caf0-4283-a3f1-59d67f364da1" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_IncreaseDecreaseInDepositOtherAssets"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_03f43003-6e1a-4e8d-93d1-50156308990f" xlink:to="loc_us-gaap_IncreaseDecreaseInDepositOtherAssets_fe183773-caf0-4283-a3f1-59d67f364da1" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_tw_IncreaseDecreaseInEquityCompensationPayable_3915ca1d-6939-4be4-9192-6e44fdc3f3fe" xlink:href="tw-20231231.xsd#tw_IncreaseDecreaseInEquityCompensationPayable"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_03f43003-6e1a-4e8d-93d1-50156308990f" xlink:to="loc_tw_IncreaseDecreaseInEquityCompensationPayable_3915ca1d-6939-4be4-9192-6e44fdc3f3fe" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInAccountsReceivable_165eda84-259a-4b06-b476-150ffaa917fb" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable"/>
    <link:calculationArc order="3" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_03f43003-6e1a-4e8d-93d1-50156308990f" xlink:to="loc_us-gaap_IncreaseDecreaseInAccountsReceivable_165eda84-259a-4b06-b476-150ffaa917fb" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_35ad7be0-4899-46a7-b9f6-54308bc34de3" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_03f43003-6e1a-4e8d-93d1-50156308990f" xlink:to="loc_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_35ad7be0-4899-46a7-b9f6-54308bc34de3" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_tw_TaxReceivableAgreementLiabilityAdjustment_fe6c1e91-0c8a-4ca2-95da-c03dbe3427d3" xlink:href="tw-20231231.xsd#tw_TaxReceivableAgreementLiabilityAdjustment"/>
    <link:calculationArc order="5" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_03f43003-6e1a-4e8d-93d1-50156308990f" xlink:to="loc_tw_TaxReceivableAgreementLiabilityAdjustment_fe6c1e91-0c8a-4ca2-95da-c03dbe3427d3" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInEmployeeRelatedLiabilities_0a2de6da-4a5b-4300-bc10-ebdf0e1caac8" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_IncreaseDecreaseInEmployeeRelatedLiabilities"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_03f43003-6e1a-4e8d-93d1-50156308990f" xlink:to="loc_us-gaap_IncreaseDecreaseInEmployeeRelatedLiabilities_0a2de6da-4a5b-4300-bc10-ebdf0e1caac8" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredIncomeTaxExpenseBenefit_9dfee1a0-a61d-428a-b114-e5875d7e332e" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_DeferredIncomeTaxExpenseBenefit"/>
    <link:calculationArc order="7" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_03f43003-6e1a-4e8d-93d1-50156308990f" xlink:to="loc_us-gaap_DeferredIncomeTaxExpenseBenefit_9dfee1a0-a61d-428a-b114-e5875d7e332e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInDeferredRevenue_0d26663e-7af1-4226-9209-b8b92bba3949" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_IncreaseDecreaseInDeferredRevenue"/>
    <link:calculationArc order="8" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_03f43003-6e1a-4e8d-93d1-50156308990f" xlink:to="loc_us-gaap_IncreaseDecreaseInDeferredRevenue_0d26663e-7af1-4226-9209-b8b92bba3949" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensation_39c7bf54-fd70-4d4f-87b5-08083697baac" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ShareBasedCompensation"/>
    <link:calculationArc order="9" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_03f43003-6e1a-4e8d-93d1-50156308990f" xlink:to="loc_us-gaap_ShareBasedCompensation_39c7bf54-fd70-4d4f-87b5-08083697baac" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherNoncashIncomeExpense_2a8d1fd4-2587-4de7-8a62-5093ffd59cdf" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_OtherNoncashIncomeExpense"/>
    <link:calculationArc order="10" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_03f43003-6e1a-4e8d-93d1-50156308990f" xlink:to="loc_us-gaap_OtherNoncashIncomeExpense_2a8d1fd4-2587-4de7-8a62-5093ffd59cdf" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfitLoss_37cfc5b0-d8af-4a54-b8a0-8e2ad9b0127b" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ProfitLoss"/>
    <link:calculationArc order="11" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_03f43003-6e1a-4e8d-93d1-50156308990f" xlink:to="loc_us-gaap_ProfitLoss_37cfc5b0-d8af-4a54-b8a0-8e2ad9b0127b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherOperatingAssets_99d51e87-53d5-4caf-94c3-02e8d368afff" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_IncreaseDecreaseInOtherOperatingAssets"/>
    <link:calculationArc order="12" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_03f43003-6e1a-4e8d-93d1-50156308990f" xlink:to="loc_us-gaap_IncreaseDecreaseInOtherOperatingAssets_99d51e87-53d5-4caf-94c3-02e8d368afff" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInBrokerageReceivables_f61288d5-09bf-4994-9e84-e7763ad4b92f" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_IncreaseDecreaseInBrokerageReceivables"/>
    <link:calculationArc order="13" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_03f43003-6e1a-4e8d-93d1-50156308990f" xlink:to="loc_us-gaap_IncreaseDecreaseInBrokerageReceivables_f61288d5-09bf-4994-9e84-e7763ad4b92f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseDueFromAffiliates_560cb0e7-3342-4e80-84c1-3077d055e3a3" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_IncreaseDecreaseDueFromAffiliates"/>
    <link:calculationArc order="14" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_03f43003-6e1a-4e8d-93d1-50156308990f" xlink:to="loc_us-gaap_IncreaseDecreaseDueFromAffiliates_560cb0e7-3342-4e80-84c1-3077d055e3a3" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DepreciationAndAmortization_a8afdc48-88ba-43b9-9c2f-833a8d6dd556" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_DepreciationAndAmortization"/>
    <link:calculationArc order="15" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_03f43003-6e1a-4e8d-93d1-50156308990f" xlink:to="loc_us-gaap_DepreciationAndAmortization_a8afdc48-88ba-43b9-9c2f-833a8d6dd556" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInFinancialInstrumentsSoldNotYetPurchased_5deb6bdf-e892-4285-aaf9-3877936d8b8b" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_IncreaseDecreaseInFinancialInstrumentsSoldNotYetPurchased"/>
    <link:calculationArc order="16" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_03f43003-6e1a-4e8d-93d1-50156308990f" xlink:to="loc_us-gaap_IncreaseDecreaseInFinancialInstrumentsSoldNotYetPurchased_5deb6bdf-e892-4285-aaf9-3877936d8b8b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_c4a757bb-91dc-4df5-a38b-dbed8a69f77d" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsOfOrdinaryDividends_c0e97a77-8d6e-418b-9812-dcfdd8b75816" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_PaymentsOfOrdinaryDividends"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_c4a757bb-91dc-4df5-a38b-dbed8a69f77d" xlink:to="loc_us-gaap_PaymentsOfOrdinaryDividends_c0e97a77-8d6e-418b-9812-dcfdd8b75816" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_tw_PaymentsOnTaxReceivableAgreementLiability_a09998f5-8cf6-4a98-9bcd-d3f8ff731999" xlink:href="tw-20231231.xsd#tw_PaymentsOnTaxReceivableAgreementLiability"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_c4a757bb-91dc-4df5-a38b-dbed8a69f77d" xlink:to="loc_tw_PaymentsOnTaxReceivableAgreementLiability_a09998f5-8cf6-4a98-9bcd-d3f8ff731999" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsRelatedToTaxWithholdingForShareBasedCompensation_386953bf-8ca1-4cb0-8f7a-9182b079b23c" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_PaymentsRelatedToTaxWithholdingForShareBasedCompensation"/>
    <link:calculationArc order="3" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_c4a757bb-91dc-4df5-a38b-dbed8a69f77d" xlink:to="loc_us-gaap_PaymentsRelatedToTaxWithholdingForShareBasedCompensation_386953bf-8ca1-4cb0-8f7a-9182b079b23c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsForRepurchaseOfCommonStock_7f9f493b-9233-4729-8772-39cb2b88d01a" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_PaymentsForRepurchaseOfCommonStock"/>
    <link:calculationArc order="4" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_c4a757bb-91dc-4df5-a38b-dbed8a69f77d" xlink:to="loc_us-gaap_PaymentsForRepurchaseOfCommonStock_7f9f493b-9233-4729-8772-39cb2b88d01a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromStockOptionsExercised_8c9aaa30-2444-4978-8e3f-bb3a02a9c18d" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ProceedsFromStockOptionsExercised"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_c4a757bb-91dc-4df5-a38b-dbed8a69f77d" xlink:to="loc_us-gaap_ProceedsFromStockOptionsExercised_8c9aaa30-2444-4978-8e3f-bb3a02a9c18d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_tw_PaymentsOfCapitalDistributionToNoncontrollingInterest_d3269d2e-f6fc-4f94-a709-438f1e1c30b3" xlink:href="tw-20231231.xsd#tw_PaymentsOfCapitalDistributionToNoncontrollingInterest"/>
    <link:calculationArc order="6" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_c4a757bb-91dc-4df5-a38b-dbed8a69f77d" xlink:to="loc_tw_PaymentsOfCapitalDistributionToNoncontrollingInterest_d3269d2e-f6fc-4f94-a709-438f1e1c30b3" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsOfFinancingCosts_d2971241-ac88-4f58-a685-d106883c3f18" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_PaymentsOfFinancingCosts"/>
    <link:calculationArc order="7" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_c4a757bb-91dc-4df5-a38b-dbed8a69f77d" xlink:to="loc_us-gaap_PaymentsOfFinancingCosts_d2971241-ac88-4f58-a685-d106883c3f18" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_1a6d0890-a255-4f35-9f03-38a6a7759819" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_0e05f1b5-0c67-41d6-abb4-22fe121ef373" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_1a6d0890-a255-4f35-9f03-38a6a7759819" xlink:to="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_0e05f1b5-0c67-41d6-abb4-22fe121ef373" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_e9039468-86bf-4793-95da-e547018bbf5e" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_1a6d0890-a255-4f35-9f03-38a6a7759819" xlink:to="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_e9039468-86bf-4793-95da-e547018bbf5e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_009cf5e5-1ffc-4457-a827-32eb100e0c7a" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_1a6d0890-a255-4f35-9f03-38a6a7759819" xlink:to="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_009cf5e5-1ffc-4457-a827-32eb100e0c7a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_160b5364-fc2f-4a5c-9c81-a0e157d0b5ec" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_1a6d0890-a255-4f35-9f03-38a6a7759819" xlink:to="loc_us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_160b5364-fc2f-4a5c-9c81-a0e157d0b5ec" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.tradeweb.com/role/AcquisitionsScheduleofPreliminaryPurchasePriceDetails" xlink:type="simple" xlink:href="tw-20231231.xsd#AcquisitionsScheduleofPreliminaryPurchasePriceDetails"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/AcquisitionsScheduleofPreliminaryPurchasePriceDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet_4f39030b-642a-4bc3-b1c3-44fd4f19b3a0" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesDeferredRevenue_3281dbc3-9ed1-4bfb-b6e3-0ca29cd576d8" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesDeferredRevenue"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet_4f39030b-642a-4bc3-b1c3-44fd4f19b3a0" xlink:to="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesDeferredRevenue_3281dbc3-9ed1-4bfb-b6e3-0ca29cd576d8" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill_8dc2fc93-6a2d-4fb8-99c8-ac2f6d860c3d" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet_4f39030b-642a-4bc3-b1c3-44fd4f19b3a0" xlink:to="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill_8dc2fc93-6a2d-4fb8-99c8-ac2f6d860c3d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredTaxAssets_6bda097e-ebfd-4955-b1c3-e5231c844ae0" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredTaxAssets"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet_4f39030b-642a-4bc3-b1c3-44fd4f19b3a0" xlink:to="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredTaxAssets_6bda097e-ebfd-4955-b1c3-e5231c844ae0" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCapitalLeaseObligation_0e7bf5ac-983d-47c8-8033-5270bc6b4490" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCapitalLeaseObligation"/>
    <link:calculationArc order="4" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet_4f39030b-642a-4bc3-b1c3-44fd4f19b3a0" xlink:to="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCapitalLeaseObligation_0e7bf5ac-983d-47c8-8033-5270bc6b4490" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles_dd520ec4-635c-43ba-967b-da4e278fe57e" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet_4f39030b-642a-4bc3-b1c3-44fd4f19b3a0" xlink:to="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles_dd520ec4-635c-43ba-967b-da4e278fe57e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedOtherNoncurrentAssets_69868960-a2fd-4644-b2e7-16c0bc98edd5" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedOtherNoncurrentAssets"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet_4f39030b-642a-4bc3-b1c3-44fd4f19b3a0" xlink:to="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedOtherNoncurrentAssets_69868960-a2fd-4644-b2e7-16c0bc98edd5" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable_704b34f3-65e6-4a1b-9a41-411f30689fbb" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable"/>
    <link:calculationArc order="7" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet_4f39030b-642a-4bc3-b1c3-44fd4f19b3a0" xlink:to="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable_704b34f3-65e6-4a1b-9a41-411f30689fbb" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsReceivables_a0045bed-22e4-4fe1-9567-7c8bfe5b278d" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsReceivables"/>
    <link:calculationArc order="8" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet_4f39030b-642a-4bc3-b1c3-44fd4f19b3a0" xlink:to="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsReceivables_a0045bed-22e4-4fe1-9567-7c8bfe5b278d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment_83d0860c-fe9c-45c4-8a99-9845e2d60461" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment"/>
    <link:calculationArc order="9" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet_4f39030b-642a-4bc3-b1c3-44fd4f19b3a0" xlink:to="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment_83d0860c-fe9c-45c4-8a99-9845e2d60461" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Goodwill_03c2fad0-6008-45f9-bfa0-5d77defd0d8e" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_Goodwill"/>
    <link:calculationArc order="10" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet_4f39030b-642a-4bc3-b1c3-44fd4f19b3a0" xlink:to="loc_us-gaap_Goodwill_03c2fad0-6008-45f9-bfa0-5d77defd0d8e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_tw_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedEmployeesRelatedLiabilities_d8a66736-b7c6-4a46-a4e0-b58df6bffacc" xlink:href="tw-20231231.xsd#tw_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedEmployeesRelatedLiabilities"/>
    <link:calculationArc order="11" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet_4f39030b-642a-4bc3-b1c3-44fd4f19b3a0" xlink:to="loc_tw_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedEmployeesRelatedLiabilities_d8a66736-b7c6-4a46-a4e0-b58df6bffacc" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents_c3b9ec81-b182-44bf-a518-980e309996c8" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents"/>
    <link:calculationArc order="12" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet_4f39030b-642a-4bc3-b1c3-44fd4f19b3a0" xlink:to="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents_c3b9ec81-b182-44bf-a518-980e309996c8" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_tw_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedRightOfUseAsset_f1e06e73-d911-4be0-a7cb-80adb4ebc4ec" xlink:href="tw-20231231.xsd#tw_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedRightOfUseAsset"/>
    <link:calculationArc order="13" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet_4f39030b-642a-4bc3-b1c3-44fd4f19b3a0" xlink:to="loc_tw_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedRightOfUseAsset_f1e06e73-d911-4be0-a7cb-80adb4ebc4ec" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.tradeweb.com/role/SoftwareDevelopmentCostsScheduleofComponentsofSoftwareDevelopmentCostsDetails" xlink:type="simple" xlink:href="tw-20231231.xsd#SoftwareDevelopmentCostsScheduleofComponentsofSoftwareDevelopmentCostsDetails"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/SoftwareDevelopmentCostsScheduleofComponentsofSoftwareDevelopmentCostsDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CapitalizedComputerSoftwareNet_2eb74c34-4f58-4ca4-8888-f54d41bc11b1" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_CapitalizedComputerSoftwareNet"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CapitalizedComputerSoftwareGross_1a7c112a-befc-4952-a3dc-767b4522cb48" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_CapitalizedComputerSoftwareGross"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CapitalizedComputerSoftwareNet_2eb74c34-4f58-4ca4-8888-f54d41bc11b1" xlink:to="loc_us-gaap_CapitalizedComputerSoftwareGross_1a7c112a-befc-4952-a3dc-767b4522cb48" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CapitalizedComputerSoftwareAccumulatedAmortization_42faaf50-f478-454b-acec-b35d4c5a908b" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_CapitalizedComputerSoftwareAccumulatedAmortization"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CapitalizedComputerSoftwareNet_2eb74c34-4f58-4ca4-8888-f54d41bc11b1" xlink:to="loc_us-gaap_CapitalizedComputerSoftwareAccumulatedAmortization_42faaf50-f478-454b-acec-b35d4c5a908b" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.tradeweb.com/role/GoodwillandIntangibleAssetsFiniteLivedIntangibleAssetsDetails" xlink:type="simple" xlink:href="tw-20231231.xsd#GoodwillandIntangibleAssetsFiniteLivedIntangibleAssetsDetails"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/GoodwillandIntangibleAssetsFiniteLivedIntangibleAssetsDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsNet_8afec1e7-488d-4504-99ea-7f5e413a9333" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_FiniteLivedIntangibleAssetsNet"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_8fd37ef5-7870-4f00-bcea-047868769f0f" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsNet_8afec1e7-488d-4504-99ea-7f5e413a9333" xlink:to="loc_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_8fd37ef5-7870-4f00-bcea-047868769f0f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsGross_73661c42-c397-42d7-9c3c-1e6655b27bab" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_FiniteLivedIntangibleAssetsGross"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsNet_8afec1e7-488d-4504-99ea-7f5e413a9333" xlink:to="loc_us-gaap_FiniteLivedIntangibleAssetsGross_73661c42-c397-42d7-9c3c-1e6655b27bab" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.tradeweb.com/role/LeasesMaturityofLeaseLiabilitiesandFutureMinimumLeasePaymentsDetails" xlink:type="simple" xlink:href="tw-20231231.xsd#LeasesMaturityofLeaseLiabilitiesandFutureMinimumLeasePaymentsDetails"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/LeasesMaturityofLeaseLiabilitiesandFutureMinimumLeasePaymentsDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_c9d90302-22bc-4bae-9e13-991661c5f651" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseLiability_ae6180bd-c199-4a68-95e9-afc7d9d616f0" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_OperatingLeaseLiability"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_c9d90302-22bc-4bae-9e13-991661c5f651" xlink:to="loc_us-gaap_OperatingLeaseLiability_ae6180bd-c199-4a68-95e9-afc7d9d616f0" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_85d4754d-f713-46b8-9060-9ebd5c54760d" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_c9d90302-22bc-4bae-9e13-991661c5f651" xlink:to="loc_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_85d4754d-f713-46b8-9060-9ebd5c54760d" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.tradeweb.com/role/LeasesMaturityofLeaseLiabilitiesandFutureMinimumLeasePaymentsDetails_1" xlink:type="simple" xlink:href="tw-20231231.xsd#LeasesMaturityofLeaseLiabilitiesandFutureMinimumLeasePaymentsDetails_1"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/LeasesMaturityofLeaseLiabilitiesandFutureMinimumLeasePaymentsDetails_1" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_8a16e268-282a-495b-92c6-77baaf5c4134" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive_15fc39cf-19a5-43ad-ba9a-33a49d489caf" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_8a16e268-282a-495b-92c6-77baaf5c4134" xlink:to="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive_15fc39cf-19a5-43ad-ba9a-33a49d489caf" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour_6fafa8fc-ef37-442e-9856-058042817442" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_8a16e268-282a-495b-92c6-77baaf5c4134" xlink:to="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour_6fafa8fc-ef37-442e-9856-058042817442" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_77e325da-ad05-46e5-afb1-ac3673b574c1" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_8a16e268-282a-495b-92c6-77baaf5c4134" xlink:to="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_77e325da-ad05-46e5-afb1-ac3673b574c1" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_c379085f-9f42-44c1-a4b0-6dd0ba3bc06c" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_8a16e268-282a-495b-92c6-77baaf5c4134" xlink:to="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_c379085f-9f42-44c1-a4b0-6dd0ba3bc06c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive_7c72efab-348f-4d92-b358-2721934419b8" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_8a16e268-282a-495b-92c6-77baaf5c4134" xlink:to="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive_7c72efab-348f-4d92-b358-2721934419b8" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree_d194c227-6dce-40f3-b8f4-275ce9abbf67" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_8a16e268-282a-495b-92c6-77baaf5c4134" xlink:to="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree_d194c227-6dce-40f3-b8f4-275ce9abbf67" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.tradeweb.com/role/IncomeTaxesComponentsofProvisionDetails" xlink:type="simple" xlink:href="tw-20231231.xsd#IncomeTaxesComponentsofProvisionDetails"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/IncomeTaxesComponentsofProvisionDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredIncomeTaxExpenseBenefit_d9be002f-4fb5-4e8c-8060-bcb392bb1abf" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_DeferredIncomeTaxExpenseBenefit"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit_abcb18d7-55fb-4b04-a8d9-a06c91812993" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_DeferredIncomeTaxExpenseBenefit_d9be002f-4fb5-4e8c-8060-bcb392bb1abf" xlink:to="loc_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit_abcb18d7-55fb-4b04-a8d9-a06c91812993" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredForeignIncomeTaxExpenseBenefit_9a4538c9-c09c-4138-bb23-49f6c1ee5a81" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_DeferredForeignIncomeTaxExpenseBenefit"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_DeferredIncomeTaxExpenseBenefit_d9be002f-4fb5-4e8c-8060-bcb392bb1abf" xlink:to="loc_us-gaap_DeferredForeignIncomeTaxExpenseBenefit_9a4538c9-c09c-4138-bb23-49f6c1ee5a81" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredFederalIncomeTaxExpenseBenefit_0053a4f6-2c1a-4e3b-8361-162c3aec1fb1" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_DeferredFederalIncomeTaxExpenseBenefit"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_DeferredIncomeTaxExpenseBenefit_d9be002f-4fb5-4e8c-8060-bcb392bb1abf" xlink:to="loc_us-gaap_DeferredFederalIncomeTaxExpenseBenefit_0053a4f6-2c1a-4e3b-8361-162c3aec1fb1" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxExpenseBenefit_42b98b56-9d6b-4a2d-b213-b38b2cb7bf53" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_IncomeTaxExpenseBenefit"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CurrentIncomeTaxExpenseBenefit_0371657a-b9f6-4eee-ac44-38ae3bd97521" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_CurrentIncomeTaxExpenseBenefit"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeTaxExpenseBenefit_42b98b56-9d6b-4a2d-b213-b38b2cb7bf53" xlink:to="loc_us-gaap_CurrentIncomeTaxExpenseBenefit_0371657a-b9f6-4eee-ac44-38ae3bd97521" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredIncomeTaxExpenseBenefit_1ae6da11-2172-418d-8a5b-b1a7621b5d52" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_DeferredIncomeTaxExpenseBenefit"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeTaxExpenseBenefit_42b98b56-9d6b-4a2d-b213-b38b2cb7bf53" xlink:to="loc_us-gaap_DeferredIncomeTaxExpenseBenefit_1ae6da11-2172-418d-8a5b-b1a7621b5d52" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CurrentIncomeTaxExpenseBenefit_523271bf-b12c-4b54-be62-40466dde8a3b" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_CurrentIncomeTaxExpenseBenefit"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CurrentStateAndLocalTaxExpenseBenefit_43f894b1-5316-4b18-b029-bfd8168c4eb3" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_CurrentStateAndLocalTaxExpenseBenefit"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CurrentIncomeTaxExpenseBenefit_523271bf-b12c-4b54-be62-40466dde8a3b" xlink:to="loc_us-gaap_CurrentStateAndLocalTaxExpenseBenefit_43f894b1-5316-4b18-b029-bfd8168c4eb3" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CurrentFederalTaxExpenseBenefit_80dbbd2c-98ca-4b62-8972-ec1096d3414f" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_CurrentFederalTaxExpenseBenefit"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CurrentIncomeTaxExpenseBenefit_523271bf-b12c-4b54-be62-40466dde8a3b" xlink:to="loc_us-gaap_CurrentFederalTaxExpenseBenefit_80dbbd2c-98ca-4b62-8972-ec1096d3414f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CurrentForeignTaxExpenseBenefit_713f5491-a70f-4c89-8043-24807bef8150" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_CurrentForeignTaxExpenseBenefit"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CurrentIncomeTaxExpenseBenefit_523271bf-b12c-4b54-be62-40466dde8a3b" xlink:to="loc_us-gaap_CurrentForeignTaxExpenseBenefit_713f5491-a70f-4c89-8043-24807bef8150" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.tradeweb.com/role/IncomeTaxesReconciliationoftheStatutoryRateDetails" xlink:type="simple" xlink:href="tw-20231231.xsd#IncomeTaxesReconciliationoftheStatutoryRateDetails"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/IncomeTaxesReconciliationoftheStatutoryRateDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateContinuingOperations_e2abc2fb-7d32-4c48-9ba3-d17d8a0934d0" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_EffectiveIncomeTaxRateContinuingOperations"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent_592a4303-a8ae-489f-9076-dae4569b58bc" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateContinuingOperations_e2abc2fb-7d32-4c48-9ba3-d17d8a0934d0" xlink:to="loc_us-gaap_EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent_592a4303-a8ae-489f-9076-dae4569b58bc" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments_ab3f3d8a-d5e7-4013-a61f-fa6291aca3a8" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateContinuingOperations_e2abc2fb-7d32-4c48-9ba3-d17d8a0934d0" xlink:to="loc_us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments_ab3f3d8a-d5e7-4013-a61f-fa6291aca3a8" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_8e0395cc-0003-4022-8172-ddc4b4c74421" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateContinuingOperations_e2abc2fb-7d32-4c48-9ba3-d17d8a0934d0" xlink:to="loc_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_8e0395cc-0003-4022-8172-ddc4b4c74421" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_tw_EffectiveIncomeTaxRateReconciliationEquityCompensationPercent_6f690907-025e-4e81-ade8-8a64e27866d0" xlink:href="tw-20231231.xsd#tw_EffectiveIncomeTaxRateReconciliationEquityCompensationPercent"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateContinuingOperations_e2abc2fb-7d32-4c48-9ba3-d17d8a0934d0" xlink:to="loc_tw_EffectiveIncomeTaxRateReconciliationEquityCompensationPercent_6f690907-025e-4e81-ade8-8a64e27866d0" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate_b98bdd45-ad2c-4976-a148-561df888cf78" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateContinuingOperations_e2abc2fb-7d32-4c48-9ba3-d17d8a0934d0" xlink:to="loc_us-gaap_EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate_b98bdd45-ad2c-4976-a148-561df888cf78" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_788e6b1f-13d7-4c2d-bb98-8df9da4d0e32" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateContinuingOperations_e2abc2fb-7d32-4c48-9ba3-d17d8a0934d0" xlink:to="loc_us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_788e6b1f-13d7-4c2d-bb98-8df9da4d0e32" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationMinorityInterestIncomeExpense_24b7c0c3-8319-4b11-8171-daaa0f3c78d0" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationMinorityInterestIncomeExpense"/>
    <link:calculationArc order="7" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateContinuingOperations_e2abc2fb-7d32-4c48-9ba3-d17d8a0934d0" xlink:to="loc_us-gaap_EffectiveIncomeTaxRateReconciliationMinorityInterestIncomeExpense_24b7c0c3-8319-4b11-8171-daaa0f3c78d0" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential_d25336bc-710d-4fc8-b2b7-cac5e8dbcd91" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential"/>
    <link:calculationArc order="8" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateContinuingOperations_e2abc2fb-7d32-4c48-9ba3-d17d8a0934d0" xlink:to="loc_us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential_d25336bc-710d-4fc8-b2b7-cac5e8dbcd91" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.tradeweb.com/role/IncomeTaxesDeferredTaxAssetDetails" xlink:type="simple" xlink:href="tw-20231231.xsd#IncomeTaxesDeferredTaxAssetDetails"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/IncomeTaxesDeferredTaxAssetDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsNet_b1b5b1ea-59eb-4f47-a114-6b891bb40a04" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_DeferredTaxAssetsNet"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsGross_1c3b726f-4728-4a38-9fcf-ca64324e2d8e" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_DeferredTaxAssetsGross"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_DeferredTaxAssetsNet_b1b5b1ea-59eb-4f47-a114-6b891bb40a04" xlink:to="loc_us-gaap_DeferredTaxAssetsGross_1c3b726f-4728-4a38-9fcf-ca64324e2d8e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsValuationAllowance_d1766477-3d76-41d6-8ac6-f50cc0a85c28" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_DeferredTaxAssetsValuationAllowance"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_DeferredTaxAssetsNet_b1b5b1ea-59eb-4f47-a114-6b891bb40a04" xlink:to="loc_us-gaap_DeferredTaxAssetsValuationAllowance_d1766477-3d76-41d6-8ac6-f50cc0a85c28" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredIncomeTaxLiabilities_2fbe1b02-0a10-4477-a34a-2742e3824567" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_DeferredIncomeTaxLiabilities"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsGoodwill_aa3b0be4-daf4-48ea-a89b-e664cca6117a" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsGoodwill"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_DeferredIncomeTaxLiabilities_2fbe1b02-0a10-4477-a34a-2742e3824567" xlink:to="loc_us-gaap_DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsGoodwill_aa3b0be4-daf4-48ea-a89b-e664cca6117a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsLiabilitiesNet_d6415f8a-c424-4c65-a47a-9638df1c22e9" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_DeferredTaxAssetsLiabilitiesNet"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsNet_123f5196-02a1-4034-98db-a5643029b4d3" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_DeferredTaxAssetsNet"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_DeferredTaxAssetsLiabilitiesNet_d6415f8a-c424-4c65-a47a-9638df1c22e9" xlink:to="loc_us-gaap_DeferredTaxAssetsNet_123f5196-02a1-4034-98db-a5643029b4d3" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredIncomeTaxLiabilities_9aa0db26-1e51-45e8-abb9-86e33ecf91e3" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_DeferredIncomeTaxLiabilities"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_DeferredTaxAssetsLiabilitiesNet_d6415f8a-c424-4c65-a47a-9638df1c22e9" xlink:to="loc_us-gaap_DeferredIncomeTaxLiabilities_9aa0db26-1e51-45e8-abb9-86e33ecf91e3" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsGross_bd6ef696-7c73-43a1-8704-4a1cdf736d48" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_DeferredTaxAssetsGross"/>
    <link:loc xlink:type="locator" xlink:label="loc_tw_DeferredTaxAssetsTaxReceivableAgreement_d0a1f08e-023e-4344-8648-8282135ca14b" xlink:href="tw-20231231.xsd#tw_DeferredTaxAssetsTaxReceivableAgreement"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_DeferredTaxAssetsGross_bd6ef696-7c73-43a1-8704-4a1cdf736d48" xlink:to="loc_tw_DeferredTaxAssetsTaxReceivableAgreement_d0a1f08e-023e-4344-8648-8282135ca14b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsOperatingLossCarryforwards_fac06362-a75e-4e1a-9435-b161388741b3" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_DeferredTaxAssetsOperatingLossCarryforwards"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_DeferredTaxAssetsGross_bd6ef696-7c73-43a1-8704-4a1cdf736d48" xlink:to="loc_us-gaap_DeferredTaxAssetsOperatingLossCarryforwards_fac06362-a75e-4e1a-9435-b161388741b3" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits_f7e65fdd-010e-4a27-a3c8-3f3df29b5ccc" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_DeferredTaxAssetsGross_bd6ef696-7c73-43a1-8704-4a1cdf736d48" xlink:to="loc_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits_f7e65fdd-010e-4a27-a3c8-3f3df29b5ccc" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsTaxCreditCarryforwards_e92f1aac-4ad2-464b-b447-3794acc9774f" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_DeferredTaxAssetsTaxCreditCarryforwards"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_DeferredTaxAssetsGross_bd6ef696-7c73-43a1-8704-4a1cdf736d48" xlink:to="loc_us-gaap_DeferredTaxAssetsTaxCreditCarryforwards_e92f1aac-4ad2-464b-b447-3794acc9774f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsOther_9c0a3b92-075d-484b-9de6-3b50b794bdf0" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_DeferredTaxAssetsOther"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_DeferredTaxAssetsGross_bd6ef696-7c73-43a1-8704-4a1cdf736d48" xlink:to="loc_us-gaap_DeferredTaxAssetsOther_9c0a3b92-075d-484b-9de6-3b50b794bdf0" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsInvestments_d0297c0f-c34f-4573-a2ed-ca33dd6585aa" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_DeferredTaxAssetsInvestments"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_DeferredTaxAssetsGross_bd6ef696-7c73-43a1-8704-4a1cdf736d48" xlink:to="loc_us-gaap_DeferredTaxAssetsInvestments_d0297c0f-c34f-4573-a2ed-ca33dd6585aa" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.tradeweb.com/role/NonControllingInterestsScheduleofOwnershipInterestDetails" xlink:type="simple" xlink:href="tw-20231231.xsd#NonControllingInterestsScheduleofOwnershipInterestDetails"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/NonControllingInterestsScheduleofOwnershipInterestDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_tw_MinorityInterestTotalOwnershipPercentage_19e9c36e-1bed-48c5-91f9-4d7209df47ed" xlink:href="tw-20231231.xsd#tw_MinorityInterestTotalOwnershipPercentage"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners_93309653-a503-4b2e-9f8b-621f0adf27bb" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_tw_MinorityInterestTotalOwnershipPercentage_19e9c36e-1bed-48c5-91f9-4d7209df47ed" xlink:to="loc_us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners_93309653-a503-4b2e-9f8b-621f0adf27bb" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MinorityInterestOwnershipPercentageByParent_9c17edd9-9294-4dea-a09d-84f6dc9720c4" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_MinorityInterestOwnershipPercentageByParent"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_tw_MinorityInterestTotalOwnershipPercentage_19e9c36e-1bed-48c5-91f9-4d7209df47ed" xlink:to="loc_us-gaap_MinorityInterestOwnershipPercentageByParent_9c17edd9-9294-4dea-a09d-84f6dc9720c4" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_tw_MinorityInterestTotalNumberOfInterests_9665d95b-abc5-4416-bcc3-8769cf6e2a15" xlink:href="tw-20231231.xsd#tw_MinorityInterestTotalNumberOfInterests"/>
    <link:loc xlink:type="locator" xlink:label="loc_tw_MinorityInterestNumberOfInterestsHeldByNoncontrollingOwners_f6273478-728d-4558-88f0-819e1aee07ce" xlink:href="tw-20231231.xsd#tw_MinorityInterestNumberOfInterestsHeldByNoncontrollingOwners"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_tw_MinorityInterestTotalNumberOfInterests_9665d95b-abc5-4416-bcc3-8769cf6e2a15" xlink:to="loc_tw_MinorityInterestNumberOfInterestsHeldByNoncontrollingOwners_f6273478-728d-4558-88f0-819e1aee07ce" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_tw_MinorityInterestNumberOfInterestsHeldByParent_e678cc9b-9191-4f34-8202-68c79815a85f" xlink:href="tw-20231231.xsd#tw_MinorityInterestNumberOfInterestsHeldByParent"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_tw_MinorityInterestTotalNumberOfInterests_9665d95b-abc5-4416-bcc3-8769cf6e2a15" xlink:to="loc_tw_MinorityInterestNumberOfInterestsHeldByParent_e678cc9b-9191-4f34-8202-68c79815a85f" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.tradeweb.com/role/NonControllingInterestsScheduleofEquityChangesDuetoChangesinCorporationOwnershipDetails" xlink:type="simple" xlink:href="tw-20231231.xsd#NonControllingInterestsScheduleofEquityChangesDuetoChangesinCorporationOwnershipDetails"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/NonControllingInterestsScheduleofEquityChangesDuetoChangesinCorporationOwnershipDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_tw_TransfersFromToNoncontrollingInterests_dc06521b-5c03-4c4a-a9e9-16ea2b07dc5d" xlink:href="tw-20231231.xsd#tw_TransfersFromToNoncontrollingInterests"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance_1989cd59-f5ab-4841-bbde-b59f9ada8e45" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_tw_TransfersFromToNoncontrollingInterests_dc06521b-5c03-4c4a-a9e9-16ea2b07dc5d" xlink:to="loc_us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance_1989cd59-f5ab-4841-bbde-b59f9ada8e45" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_tw_NetIncomeAttributableToParentAndTransfersToFromNoncontrollingInterest_423735bf-7b40-4b36-b008-4f17852b9242" xlink:href="tw-20231231.xsd#tw_NetIncomeAttributableToParentAndTransfersToFromNoncontrollingInterest"/>
    <link:loc xlink:type="locator" xlink:label="loc_tw_TransfersFromToNoncontrollingInterests_c3037bec-d232-45dc-99bd-6c0ba5c35f0f" xlink:href="tw-20231231.xsd#tw_TransfersFromToNoncontrollingInterests"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_tw_NetIncomeAttributableToParentAndTransfersToFromNoncontrollingInterest_423735bf-7b40-4b36-b008-4f17852b9242" xlink:to="loc_tw_TransfersFromToNoncontrollingInterests_c3037bec-d232-45dc-99bd-6c0ba5c35f0f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLoss_648bf618-fca5-4ccd-941d-4690978615d3" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_NetIncomeLoss"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_tw_NetIncomeAttributableToParentAndTransfersToFromNoncontrollingInterest_423735bf-7b40-4b36-b008-4f17852b9242" xlink:to="loc_us-gaap_NetIncomeLoss_648bf618-fca5-4ccd-941d-4690978615d3" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.tradeweb.com/role/FairValueofFinancialInstrumentsFinancialInstrumentsMeasuredatFairValueDetails" xlink:type="simple" xlink:href="tw-20231231.xsd#FairValueofFinancialInstrumentsFinancialInstrumentsMeasuredatFairValueDetails"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/FairValueofFinancialInstrumentsFinancialInstrumentsMeasuredatFairValueDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetsFairValueDisclosure_6fe0e638-bb9a-43b0-a95a-ec2d51e19488" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_AssetsFairValueDisclosure"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashAndCashEquivalentsFairValueDisclosure_10007565-b54c-4fe2-b6a2-4acc435fabeb" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_CashAndCashEquivalentsFairValueDisclosure"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsFairValueDisclosure_6fe0e638-bb9a-43b0-a95a-ec2d51e19488" xlink:to="loc_us-gaap_CashAndCashEquivalentsFairValueDisclosure_10007565-b54c-4fe2-b6a2-4acc435fabeb" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.tradeweb.com/role/FairValueofFinancialInstrumentsFinancialInstrumentsNotMeasuredatFairValueDetails" xlink:type="simple" xlink:href="tw-20231231.xsd#FairValueofFinancialInstrumentsFinancialInstrumentsNotMeasuredatFairValueDetails"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/FairValueofFinancialInstrumentsFinancialInstrumentsNotMeasuredatFairValueDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesFairValueDisclosure_3d2ede81-7418-4479-9c10-66cc12ee9393" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_LiabilitiesFairValueDisclosure"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchase_fbb2f8d9-83de-4ee4-97cb-7e901a8f18ac" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_SecuritiesSoldUnderAgreementsToRepurchase"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesFairValueDisclosure_3d2ede81-7418-4479-9c10-66cc12ee9393" xlink:to="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchase_fbb2f8d9-83de-4ee4-97cb-7e901a8f18ac" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_srt_PayablesToBrokerDealersAndClearingOrganizations_9948a12b-4e13-413d-b18a-d807b2044a7b" xlink:href="https://xbrl.fasb.org/srt/2023/elts/srt-2023.xsd#srt_PayablesToBrokerDealersAndClearingOrganizations"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesFairValueDisclosure_3d2ede81-7418-4479-9c10-66cc12ee9393" xlink:to="loc_srt_PayablesToBrokerDealersAndClearingOrganizations_9948a12b-4e13-413d-b18a-d807b2044a7b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetsFairValueDisclosure_16f9ae26-d7ff-436c-9404-6c4f1e8761df" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_AssetsFairValueDisclosure"/>
    <link:loc xlink:type="locator" xlink:label="loc_tw_RestrictedCashAndCashEquivalentsFairValueDisclosure_62e1db84-f705-471e-bfd1-892ca5eb3d29" xlink:href="tw-20231231.xsd#tw_RestrictedCashAndCashEquivalentsFairValueDisclosure"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsFairValueDisclosure_16f9ae26-d7ff-436c-9404-6c4f1e8761df" xlink:to="loc_tw_RestrictedCashAndCashEquivalentsFairValueDisclosure_62e1db84-f705-471e-bfd1-892ca5eb3d29" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReceivablesFromClearingOrganizations_9a06f562-a092-4d39-803f-9bcf8a1bb622" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ReceivablesFromClearingOrganizations"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsFairValueDisclosure_16f9ae26-d7ff-436c-9404-6c4f1e8761df" xlink:to="loc_us-gaap_ReceivablesFromClearingOrganizations_9a06f562-a092-4d39-803f-9bcf8a1bb622" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DepositsWithClearingOrganizationsAndOthersSecurities_01e8ae24-3f69-4f3e-a2bd-c4f616921cc2" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_DepositsWithClearingOrganizationsAndOthersSecurities"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsFairValueDisclosure_16f9ae26-d7ff-436c-9404-6c4f1e8761df" xlink:to="loc_us-gaap_DepositsWithClearingOrganizationsAndOthersSecurities_01e8ae24-3f69-4f3e-a2bd-c4f616921cc2" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_tw_AccountReceivableExcludingReceivableFromBrokersAndDealersAndClearingOrganizationsNetOfAllowance_892caa26-4f6f-4ea4-b020-ddb6b337c2aa" xlink:href="tw-20231231.xsd#tw_AccountReceivableExcludingReceivableFromBrokersAndDealersAndClearingOrganizationsNetOfAllowance"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsFairValueDisclosure_16f9ae26-d7ff-436c-9404-6c4f1e8761df" xlink:to="loc_tw_AccountReceivableExcludingReceivableFromBrokersAndDealersAndClearingOrganizationsNetOfAllowance_892caa26-4f6f-4ea4-b020-ddb6b337c2aa" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReceivablesFromBrokersDealersAndClearingOrganizations_737d220c-fd00-4448-acdc-ebd14026620c" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ReceivablesFromBrokersDealersAndClearingOrganizations"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsFairValueDisclosure_16f9ae26-d7ff-436c-9404-6c4f1e8761df" xlink:to="loc_us-gaap_ReceivablesFromBrokersDealersAndClearingOrganizations_737d220c-fd00-4448-acdc-ebd14026620c" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.tradeweb.com/role/EarningsPerShareBasicandDilutedEarningsPerShareDetails" xlink:type="simple" xlink:href="tw-20231231.xsd#EarningsPerShareBasicandDilutedEarningsPerShareDetails"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/EarningsPerShareBasicandDilutedEarningsPerShareDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_0a0164ec-bb44-45b8-9a16-de601956fc39" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements_6f82f900-6a74-47bf-80d6-d0282aa37356" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_0a0164ec-bb44-45b8-9a16-de601956fc39" xlink:to="loc_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements_6f82f900-6a74-47bf-80d6-d0282aa37356" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_8c6fcbef-b296-4c30-892a-8d2ed49b2c11" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_0a0164ec-bb44-45b8-9a16-de601956fc39" xlink:to="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_8c6fcbef-b296-4c30-892a-8d2ed49b2c11" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_465133a6-549f-4a7e-b6da-91e55c293b48" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLoss_2691da43-9070-4374-8971-991d441427db" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_NetIncomeLoss"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_465133a6-549f-4a7e-b6da-91e55c293b48" xlink:to="loc_us-gaap_NetIncomeLoss_2691da43-9070-4374-8971-991d441427db" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic_dc9678fb-75aa-4855-b3e9-b2b4da971c9d" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_465133a6-549f-4a7e-b6da-91e55c293b48" xlink:to="loc_us-gaap_ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic_dc9678fb-75aa-4855-b3e9-b2b4da971c9d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_d4784101-7796-42dc-842d-6a2db1af595a" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLoss_dd117e3e-80b7-46bc-af9a-1eecdee8b98a" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_NetIncomeLoss"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_d4784101-7796-42dc-842d-6a2db1af595a" xlink:to="loc_us-gaap_NetIncomeLoss_dd117e3e-80b7-46bc-af9a-1eecdee8b98a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic_739bf865-0d4f-4e7c-94fc-94b7a3572dc3" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_d4784101-7796-42dc-842d-6a2db1af595a" xlink:to="loc_us-gaap_ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic_739bf865-0d4f-4e7c-94fc-94b7a3572dc3" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.tradeweb.com/role/RegulatoryCapitalRequirementsDetails" xlink:type="simple" xlink:href="tw-20231231.xsd#RegulatoryCapitalRequirementsDetails"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/RegulatoryCapitalRequirementsDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_tw_LiquidFinancialAssets_20d3fa9a-d2ca-4298-92e5-bf4a9270eb9e" xlink:href="tw-20231231.xsd#tw_LiquidFinancialAssets"/>
    <link:loc xlink:type="locator" xlink:label="loc_tw_RequiredLiquidFinancialAssets_b72d35bb-d920-474a-8862-362e22c83aaf" xlink:href="tw-20231231.xsd#tw_RequiredLiquidFinancialAssets"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_tw_LiquidFinancialAssets_20d3fa9a-d2ca-4298-92e5-bf4a9270eb9e" xlink:to="loc_tw_RequiredLiquidFinancialAssets_b72d35bb-d920-474a-8862-362e22c83aaf" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_tw_ExcessLiquidFinancialAssets_f17b5e9b-febc-4a0a-aef3-52dde26ffe00" xlink:href="tw-20231231.xsd#tw_ExcessLiquidFinancialAssets"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_tw_LiquidFinancialAssets_20d3fa9a-d2ca-4298-92e5-bf4a9270eb9e" xlink:to="loc_tw_ExcessLiquidFinancialAssets_f17b5e9b-febc-4a0a-aef3-52dde26ffe00" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_tw_RegulatoryCapital_2543a4c0-49cf-4766-8a19-648bd6f3df28" xlink:href="tw-20231231.xsd#tw_RegulatoryCapital"/>
    <link:loc xlink:type="locator" xlink:label="loc_tw_RegulatoryCapitalRequirement_12c9316b-81a1-4dfa-9617-89b8c1eec3a4" xlink:href="tw-20231231.xsd#tw_RegulatoryCapitalRequirement"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_tw_RegulatoryCapital_2543a4c0-49cf-4766-8a19-648bd6f3df28" xlink:to="loc_tw_RegulatoryCapitalRequirement_12c9316b-81a1-4dfa-9617-89b8c1eec3a4" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_tw_ExcessRegulatoryCapital_3da69636-7f7e-45d3-a03d-0b96dc4781a9" xlink:href="tw-20231231.xsd#tw_ExcessRegulatoryCapital"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_tw_RegulatoryCapital_2543a4c0-49cf-4766-8a19-648bd6f3df28" xlink:to="loc_tw_ExcessRegulatoryCapital_3da69636-7f7e-45d3-a03d-0b96dc4781a9" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_srt_NetCapitalUnderCommodityExchangeActComputation_be4544d4-6c9f-4e47-b8a4-550569df53d8" xlink:href="https://xbrl.fasb.org/srt/2023/elts/srt-2023.xsd#srt_NetCapitalUnderCommodityExchangeActComputation"/>
    <link:loc xlink:type="locator" xlink:label="loc_srt_RequiredNetCapitalUnderCommodityExchangeAct1_5fe56c61-bdf9-4464-9ac1-63e35fff77a6" xlink:href="https://xbrl.fasb.org/srt/2023/elts/srt-2023.xsd#srt_RequiredNetCapitalUnderCommodityExchangeAct1"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_srt_NetCapitalUnderCommodityExchangeActComputation_be4544d4-6c9f-4e47-b8a4-550569df53d8" xlink:to="loc_srt_RequiredNetCapitalUnderCommodityExchangeAct1_5fe56c61-bdf9-4464-9ac1-63e35fff77a6" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_srt_NetCapitalExcessShortageUnderCommodityExchangeAct_c4947f50-b313-4ae2-9b33-b6ccb3605ec9" xlink:href="https://xbrl.fasb.org/srt/2023/elts/srt-2023.xsd#srt_NetCapitalExcessShortageUnderCommodityExchangeAct"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_srt_NetCapitalUnderCommodityExchangeActComputation_be4544d4-6c9f-4e47-b8a4-550569df53d8" xlink:to="loc_srt_NetCapitalExcessShortageUnderCommodityExchangeAct_c4947f50-b313-4ae2-9b33-b6ccb3605ec9" xlink:type="arc"/>
  </link:calculationLink>
</link:linkbase>
