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

<!--XBRL Document Created with Wdesk from Workiva-->
<!--Copyright 2020 Workiva-->
<!--r:d17fb7cb-8b44-40cf-9dc5-c8bf36120f1c,g:fc52c554-3ba7-4534-abae-ac188fa55f07-->
<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/Cover" xlink:type="simple" xlink:href="tw-20200630.xsd#Cover"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/Cover" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/ConsolidatedStatementsofFinancialCondition" xlink:type="simple" xlink:href="tw-20200630.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_5acd91a8-d70e-4877-b6ca-7df872c8cb80" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_Assets"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_a87e6eb3-a611-4e2a-986b-1614c94a03f6" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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_5acd91a8-d70e-4877-b6ca-7df872c8cb80" xlink:to="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_a87e6eb3-a611-4e2a-986b-1614c94a03f6" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RestrictedCash_b418cfa5-dc43-45e4-ab93-34f9bd4f48a9" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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_5acd91a8-d70e-4877-b6ca-7df872c8cb80" xlink:to="loc_us-gaap_RestrictedCash_b418cfa5-dc43-45e4-ab93-34f9bd4f48a9" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReceivablesFromBrokersDealersAndClearingOrganizations_6898352b-9a7d-4dce-baf0-59be112c3f23" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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_5acd91a8-d70e-4877-b6ca-7df872c8cb80" xlink:to="loc_us-gaap_ReceivablesFromBrokersDealersAndClearingOrganizations_6898352b-9a7d-4dce-baf0-59be112c3f23" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DepositsWithClearingOrganizationsAndOthersSecurities_e8fa78ec-4eee-47ae-8682-54df24f11b2b" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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_5acd91a8-d70e-4877-b6ca-7df872c8cb80" xlink:to="loc_us-gaap_DepositsWithClearingOrganizationsAndOthersSecurities_e8fa78ec-4eee-47ae-8682-54df24f11b2b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_tw_AccountReceivableExcludingReceivableFromBrokersAndDealersAndClearingOrganizationsNetOfAllowance_29c2ea47-4145-4f74-8b50-1306a86a01bc" xlink:href="tw-20200630.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_5acd91a8-d70e-4877-b6ca-7df872c8cb80" xlink:to="loc_tw_AccountReceivableExcludingReceivableFromBrokersAndDealersAndClearingOrganizationsNetOfAllowance_29c2ea47-4145-4f74-8b50-1306a86a01bc" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentNet_ba28b749-a6b8-4d1b-816b-d0d5f285b56e" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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_5acd91a8-d70e-4877-b6ca-7df872c8cb80" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentNet_ba28b749-a6b8-4d1b-816b-d0d5f285b56e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseRightOfUseAsset_91489c5c-7663-46a7-afea-721dd4dbcede" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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_5acd91a8-d70e-4877-b6ca-7df872c8cb80" xlink:to="loc_us-gaap_OperatingLeaseRightOfUseAsset_91489c5c-7663-46a7-afea-721dd4dbcede" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CapitalizedComputerSoftwareNet_ecacdb1c-57eb-4205-b491-1935e6a18883" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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_5acd91a8-d70e-4877-b6ca-7df872c8cb80" xlink:to="loc_us-gaap_CapitalizedComputerSoftwareNet_ecacdb1c-57eb-4205-b491-1935e6a18883" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IntangibleAssetsNetExcludingGoodwill_d1a43525-7551-4580-97e8-0bedac774677" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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_5acd91a8-d70e-4877-b6ca-7df872c8cb80" xlink:to="loc_us-gaap_IntangibleAssetsNetExcludingGoodwill_d1a43525-7551-4580-97e8-0bedac774677" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Goodwill_8025c0d6-7cf4-42a3-9e8e-f3a3be8c1ef0" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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_5acd91a8-d70e-4877-b6ca-7df872c8cb80" xlink:to="loc_us-gaap_Goodwill_8025c0d6-7cf4-42a3-9e8e-f3a3be8c1ef0" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DueFromAffiliates_865002fa-9923-4e85-8184-a20f7ed66c31" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DueFromAffiliates"/>
    <link:calculationArc order="11" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_5acd91a8-d70e-4877-b6ca-7df872c8cb80" xlink:to="loc_us-gaap_DueFromAffiliates_865002fa-9923-4e85-8184-a20f7ed66c31" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherAssets_b03008df-61f1-4d2b-9065-5cc15bc2f5ef" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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_5acd91a8-d70e-4877-b6ca-7df872c8cb80" xlink:to="loc_us-gaap_OtherAssets_b03008df-61f1-4d2b-9065-5cc15bc2f5ef" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredIncomeTaxAssetsNet_e93b9bb7-7a18-4033-805c-740f79a04d51" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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_5acd91a8-d70e-4877-b6ca-7df872c8cb80" xlink:to="loc_us-gaap_DeferredIncomeTaxAssetsNet_e93b9bb7-7a18-4033-805c-740f79a04d51" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_2bd8c8e9-d971-4087-a39f-97df94508dda" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MinorityInterest_0917da23-f172-4cfc-8f29-001d639dcdb4" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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_2bd8c8e9-d971-4087-a39f-97df94508dda" xlink:to="loc_us-gaap_MinorityInterest_0917da23-f172-4cfc-8f29-001d639dcdb4" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquity_747ef3c2-0828-4e0a-b376-4c54e0e37e93" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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_2bd8c8e9-d971-4087-a39f-97df94508dda" xlink:to="loc_us-gaap_StockholdersEquity_747ef3c2-0828-4e0a-b376-4c54e0e37e93" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Liabilities_c1119896-9f71-4ef9-bca2-de0de6d88b86" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_Liabilities"/>
    <link:loc xlink:type="locator" xlink:label="loc_srt_PayablesToBrokerDealersAndClearingOrganizations_9ee3c7b3-b80a-4139-9e09-e3b435b3e3bd" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.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_c1119896-9f71-4ef9-bca2-de0de6d88b86" xlink:to="loc_srt_PayablesToBrokerDealersAndClearingOrganizations_9ee3c7b3-b80a-4139-9e09-e3b435b3e3bd" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EmployeeRelatedLiabilitiesCurrentAndNoncurrent_f5bdec59-2761-47ec-8deb-e678066a0d58" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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_c1119896-9f71-4ef9-bca2-de0de6d88b86" xlink:to="loc_us-gaap_EmployeeRelatedLiabilitiesCurrentAndNoncurrent_f5bdec59-2761-47ec-8deb-e678066a0d58" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ContractWithCustomerLiability_35cc754f-a5ae-4999-88fd-a5cbae8f9c80" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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_c1119896-9f71-4ef9-bca2-de0de6d88b86" xlink:to="loc_us-gaap_ContractWithCustomerLiability_35cc754f-a5ae-4999-88fd-a5cbae8f9c80" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent_f3488807-c04b-42f3-8078-6434e830aaf1" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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_c1119896-9f71-4ef9-bca2-de0de6d88b86" xlink:to="loc_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent_f3488807-c04b-42f3-8078-6434e830aaf1" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseLiability_7e8cf758-5f67-461c-a943-f2d2e45d710a" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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_c1119896-9f71-4ef9-bca2-de0de6d88b86" xlink:to="loc_us-gaap_OperatingLeaseLiability_7e8cf758-5f67-461c-a943-f2d2e45d710a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_tw_EquityCompensationPayable_f28ec72f-744c-4ebd-ba8d-00a1f0c9da64" xlink:href="tw-20200630.xsd#tw_EquityCompensationPayable"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_c1119896-9f71-4ef9-bca2-de0de6d88b86" xlink:to="loc_tw_EquityCompensationPayable_f28ec72f-744c-4ebd-ba8d-00a1f0c9da64" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_tw_TaxReceivableAgreementLiability_346baafe-b076-4d55-8c60-13fff3d3fafe" xlink:href="tw-20200630.xsd#tw_TaxReceivableAgreementLiability"/>
    <link:calculationArc order="7" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_c1119896-9f71-4ef9-bca2-de0de6d88b86" xlink:to="loc_tw_TaxReceivableAgreementLiability_346baafe-b076-4d55-8c60-13fff3d3fafe" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DueToAffiliateCurrentAndNoncurrent_3f947474-df20-4b6f-847c-95e964864e51" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DueToAffiliateCurrentAndNoncurrent"/>
    <link:calculationArc order="8" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_c1119896-9f71-4ef9-bca2-de0de6d88b86" xlink:to="loc_us-gaap_DueToAffiliateCurrentAndNoncurrent_3f947474-df20-4b6f-847c-95e964864e51" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredIncomeTaxLiabilitiesNet_6993fecd-633d-461c-959f-117807219300" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredIncomeTaxLiabilitiesNet"/>
    <link:calculationArc order="9" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_c1119896-9f71-4ef9-bca2-de0de6d88b86" xlink:to="loc_us-gaap_DeferredIncomeTaxLiabilitiesNet_6993fecd-633d-461c-959f-117807219300" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquity_8ee1ceff-aa0f-48b2-88cc-8c00d3773b89" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockholdersEquity"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_f9e47c15-2576-4602-8311-342487adc934" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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_8ee1ceff-aa0f-48b2-88cc-8c00d3773b89" xlink:to="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_f9e47c15-2576-4602-8311-342487adc934" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetainedEarningsAccumulatedDeficit_f8232540-aeed-40cd-8aa5-a5dc613aa632" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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_8ee1ceff-aa0f-48b2-88cc-8c00d3773b89" xlink:to="loc_us-gaap_RetainedEarningsAccumulatedDeficit_f8232540-aeed-40cd-8aa5-a5dc613aa632" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AdditionalPaidInCapital_d279d1f6-5259-45ce-9486-97968bb1c4f9" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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_8ee1ceff-aa0f-48b2-88cc-8c00d3773b89" xlink:to="loc_us-gaap_AdditionalPaidInCapital_d279d1f6-5259-45ce-9486-97968bb1c4f9" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockValue_4f649fbc-2dd7-4089-bb4c-be649bd2451b" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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_8ee1ceff-aa0f-48b2-88cc-8c00d3773b89" xlink:to="loc_us-gaap_CommonStockValue_4f649fbc-2dd7-4089-bb4c-be649bd2451b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockValue_5ff4755e-72a3-4aef-9102-1fbed2035c38" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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_8ee1ceff-aa0f-48b2-88cc-8c00d3773b89" xlink:to="loc_us-gaap_PreferredStockValue_5ff4755e-72a3-4aef-9102-1fbed2035c38" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquity_c823fa32-2001-4d92-b744-445690023e7e" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Liabilities_9f53242e-f1fe-4fcb-9c4c-3720fb63ff13" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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_c823fa32-2001-4d92-b744-445690023e7e" xlink:to="loc_us-gaap_Liabilities_9f53242e-f1fe-4fcb-9c4c-3720fb63ff13" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommitmentsAndContingencies_49cbfffa-0d47-46a6-97c4-5140dc39bd3e" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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_c823fa32-2001-4d92-b744-445690023e7e" xlink:to="loc_us-gaap_CommitmentsAndContingencies_49cbfffa-0d47-46a6-97c4-5140dc39bd3e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_b567424a-2a69-4f18-be84-3599b55250a9" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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_c823fa32-2001-4d92-b744-445690023e7e" xlink:to="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_b567424a-2a69-4f18-be84-3599b55250a9" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.tradeweb.com/role/ConsolidatedStatementsofFinancialConditionParenthetical" xlink:type="simple" xlink:href="tw-20200630.xsd#ConsolidatedStatementsofFinancialConditionParenthetical"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/ConsolidatedStatementsofFinancialConditionParenthetical" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/ConsolidatedStatementsofIncome" xlink:type="simple" xlink:href="tw-20200630.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_NetIncomeLoss_a3639c34-75a5-4916-b530-e2f39e6b3126" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetIncomeLoss"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfitLoss_ab54f9e0-4d4c-40fa-9693-2c34897ba487" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProfitLoss"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLoss_a3639c34-75a5-4916-b530-e2f39e6b3126" xlink:to="loc_us-gaap_ProfitLoss_ab54f9e0-4d4c-40fa-9693-2c34897ba487" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_5db607a9-46b4-4db1-9302-f3144237d8f0" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetIncomeLossAttributableToNoncontrollingInterest"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLoss_a3639c34-75a5-4916-b530-e2f39e6b3126" xlink:to="loc_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_5db607a9-46b4-4db1-9302-f3144237d8f0" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfitLoss_f6147173-16b0-403e-b7eb-868a393097fb" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProfitLoss"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_0c0b83a6-5e00-420d-84c4-cdee1ab1f041" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ProfitLoss_f6147173-16b0-403e-b7eb-868a393097fb" xlink:to="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_0c0b83a6-5e00-420d-84c4-cdee1ab1f041" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxExpenseBenefit_d0ec772c-668c-4435-aac9-bdef6d4ac59d" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ProfitLoss_f6147173-16b0-403e-b7eb-868a393097fb" xlink:to="loc_us-gaap_IncomeTaxExpenseBenefit_d0ec772c-668c-4435-aac9-bdef6d4ac59d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_969d12f9-25d2-48b1-8842-e86887b23adb" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingIncomeLoss_f78de0a5-224f-4b4d-a8b5-d7351277c41e" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingIncomeLoss"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_969d12f9-25d2-48b1-8842-e86887b23adb" xlink:to="loc_us-gaap_OperatingIncomeLoss_f78de0a5-224f-4b4d-a8b5-d7351277c41e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestIncomeExpenseNet_4f0b8880-ea47-4596-83b8-7074e9db210b" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestIncomeExpenseNet"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_969d12f9-25d2-48b1-8842-e86887b23adb" xlink:to="loc_us-gaap_InterestIncomeExpenseNet_4f0b8880-ea47-4596-83b8-7074e9db210b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CostsAndExpenses_93d4f163-9a6c-48eb-918b-2f350454fc1f" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CostsAndExpenses"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LaborAndRelatedExpense_5a2e3f7b-0264-4874-8233-11b796b19856" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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_93d4f163-9a6c-48eb-918b-2f350454fc1f" xlink:to="loc_us-gaap_LaborAndRelatedExpense_5a2e3f7b-0264-4874-8233-11b796b19856" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DepreciationAndAmortization_e8a9396e-6160-4d8d-a9c1-9d763a863263" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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_93d4f163-9a6c-48eb-918b-2f350454fc1f" xlink:to="loc_us-gaap_DepreciationAndAmortization_e8a9396e-6160-4d8d-a9c1-9d763a863263" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommunicationsAndInformationTechnology_59027b9c-81a8-47f9-99be-7aa9d2ad344f" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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_93d4f163-9a6c-48eb-918b-2f350454fc1f" xlink:to="loc_us-gaap_CommunicationsAndInformationTechnology_59027b9c-81a8-47f9-99be-7aa9d2ad344f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherGeneralAndAdministrativeExpense_37d90368-b5e5-4b18-b55f-f4b21f8c1c7f" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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_93d4f163-9a6c-48eb-918b-2f350454fc1f" xlink:to="loc_us-gaap_OtherGeneralAndAdministrativeExpense_37d90368-b5e5-4b18-b55f-f4b21f8c1c7f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfessionalFees_e11395ba-bdfc-452c-95cf-fe69f015dff1" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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_93d4f163-9a6c-48eb-918b-2f350454fc1f" xlink:to="loc_us-gaap_ProfessionalFees_e11395ba-bdfc-452c-95cf-fe69f015dff1" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OccupancyNet_551a867a-300c-444f-a94b-302e76a8c107" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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_93d4f163-9a6c-48eb-918b-2f350454fc1f" xlink:to="loc_us-gaap_OccupancyNet_551a867a-300c-444f-a94b-302e76a8c107" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingIncomeLoss_81b267d7-68ea-472e-9587-b8eafe339737" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingIncomeLoss"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CostsAndExpenses_55ad33c4-2d82-45b9-aca8-1c2aea195a43" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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_81b267d7-68ea-472e-9587-b8eafe339737" xlink:to="loc_us-gaap_CostsAndExpenses_55ad33c4-2d82-45b9-aca8-1c2aea195a43" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax_a40b0753-6858-421e-a1f9-cbf1e27b5b18" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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_81b267d7-68ea-472e-9587-b8eafe339737" xlink:to="loc_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax_a40b0753-6858-421e-a1f9-cbf1e27b5b18" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.tradeweb.com/role/ConsolidatedStatementsofComprehensiveIncome" xlink:type="simple" xlink:href="tw-20200630.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_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest_a7cc0f12-b919-4bb3-adab-90605f5e73bc" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest_6f464c3c-5734-4430-a6d4-1d925b115abc" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest_a7cc0f12-b919-4bb3-adab-90605f5e73bc" xlink:to="loc_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest_6f464c3c-5734-4430-a6d4-1d925b115abc" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_43a44ec2-c266-42a1-9ddd-dcc2712619d4" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetIncomeLossAttributableToNoncontrollingInterest"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest_a7cc0f12-b919-4bb3-adab-90605f5e73bc" xlink:to="loc_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_43a44ec2-c266-42a1-9ddd-dcc2712619d4" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTax_c926c893-adbf-4429-ae17-5b69aa7e5eee" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTax"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent_564116f0-4e1d-44f8-8f16-1f9f0abab705" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTax_c926c893-adbf-4429-ae17-5b69aa7e5eee" xlink:to="loc_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent_564116f0-4e1d-44f8-8f16-1f9f0abab705" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLoss_91a4e6d1-7271-4a7f-af9e-b3c173eade24" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetIncomeLoss"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTax_c926c893-adbf-4429-ae17-5b69aa7e5eee" xlink:to="loc_us-gaap_NetIncomeLoss_91a4e6d1-7271-4a7f-af9e-b3c173eade24" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.tradeweb.com/role/ConsolidatedStatementsofChangesinEquity" xlink:type="simple" xlink:href="tw-20200630.xsd#ConsolidatedStatementsofChangesinEquity"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/ConsolidatedStatementsofChangesinEquity" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/ConsolidatedStatementsofChangesinEquityParenthetical" xlink:type="simple" xlink:href="tw-20200630.xsd#ConsolidatedStatementsofChangesinEquityParenthetical"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/ConsolidatedStatementsofChangesinEquityParenthetical" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/ConsolidatedStatementsofCashFlows" xlink:type="simple" xlink:href="tw-20200630.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_6cdf4f52-6715-4812-814f-6e73e367dc62" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsForSoftware_7d72acda-ca58-4e7b-9453-8d16401f3702" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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_6cdf4f52-6715-4812-814f-6e73e367dc62" xlink:to="loc_us-gaap_PaymentsForSoftware_7d72acda-ca58-4e7b-9453-8d16401f3702" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_e471345c-029f-44f2-a143-e8a1f413d2b0" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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_6cdf4f52-6715-4812-814f-6e73e367dc62" xlink:to="loc_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_e471345c-029f-44f2-a143-e8a1f413d2b0" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_ba2e7b71-4ba3-4566-9221-13a4b6153661" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_d8d598cc-9c4e-41f0-959b-4dd42f15d619" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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_ba2e7b71-4ba3-4566-9221-13a4b6153661" xlink:to="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_d8d598cc-9c4e-41f0-959b-4dd42f15d619" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_a906a668-f2a2-4e7f-aea5-a0a76f863b9f" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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_ba2e7b71-4ba3-4566-9221-13a4b6153661" xlink:to="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_a906a668-f2a2-4e7f-aea5-a0a76f863b9f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_c324b63b-c72d-4f49-b029-e0c1eb37c006" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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_ba2e7b71-4ba3-4566-9221-13a4b6153661" xlink:to="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_c324b63b-c72d-4f49-b029-e0c1eb37c006" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_ff94e087-c68d-434d-9042-bb010dc1a73b" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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_ba2e7b71-4ba3-4566-9221-13a4b6153661" xlink:to="loc_us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_ff94e087-c68d-434d-9042-bb010dc1a73b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_9e08881d-c4ce-4a91-8c78-7d3c292b933f" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
    <link:loc xlink:type="locator" xlink:label="loc_tw_IncreaseDecreaseInEquityCompensationPayable_68beafaa-3bf2-4b96-9661-c43a90b8e590" xlink:href="tw-20200630.xsd#tw_IncreaseDecreaseInEquityCompensationPayable"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_9e08881d-c4ce-4a91-8c78-7d3c292b933f" xlink:to="loc_tw_IncreaseDecreaseInEquityCompensationPayable_68beafaa-3bf2-4b96-9661-c43a90b8e590" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInAccountsReceivable_2219f9d3-cead-4a0b-9986-1d1da0a44ad3" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_9e08881d-c4ce-4a91-8c78-7d3c292b933f" xlink:to="loc_us-gaap_IncreaseDecreaseInAccountsReceivable_2219f9d3-cead-4a0b-9986-1d1da0a44ad3" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInBrokerageReceivables_b99d2e25-ea42-498e-9c3d-d90f5b5d148b" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInBrokerageReceivables"/>
    <link:calculationArc order="3" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_9e08881d-c4ce-4a91-8c78-7d3c292b933f" xlink:to="loc_us-gaap_IncreaseDecreaseInBrokerageReceivables_b99d2e25-ea42-498e-9c3d-d90f5b5d148b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredIncomeTaxExpenseBenefit_aab5f6b1-626a-4572-aea1-ebaf415195aa" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredIncomeTaxExpenseBenefit"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_9e08881d-c4ce-4a91-8c78-7d3c292b933f" xlink:to="loc_us-gaap_DeferredIncomeTaxExpenseBenefit_aab5f6b1-626a-4572-aea1-ebaf415195aa" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherOperatingAssets_cdb7cb1f-4c6f-486f-b6e9-f10cac838e0f" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInOtherOperatingAssets"/>
    <link:calculationArc order="5" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_9e08881d-c4ce-4a91-8c78-7d3c292b933f" xlink:to="loc_us-gaap_IncreaseDecreaseInOtherOperatingAssets_cdb7cb1f-4c6f-486f-b6e9-f10cac838e0f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInDepositOtherAssets_6d7fc597-b987-4e6f-8a7e-6ef80fb69618" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInDepositOtherAssets"/>
    <link:calculationArc order="6" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_9e08881d-c4ce-4a91-8c78-7d3c292b933f" xlink:to="loc_us-gaap_IncreaseDecreaseInDepositOtherAssets_6d7fc597-b987-4e6f-8a7e-6ef80fb69618" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfitLoss_793f16ef-b6ee-473c-9756-a7571ff56729" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProfitLoss"/>
    <link:calculationArc order="7" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_9e08881d-c4ce-4a91-8c78-7d3c292b933f" xlink:to="loc_us-gaap_ProfitLoss_793f16ef-b6ee-473c-9756-a7571ff56729" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInEmployeeRelatedLiabilities_9e5ea24e-9998-4334-8eed-f06bfa7a6307" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInEmployeeRelatedLiabilities"/>
    <link:calculationArc order="8" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_9e08881d-c4ce-4a91-8c78-7d3c292b933f" xlink:to="loc_us-gaap_IncreaseDecreaseInEmployeeRelatedLiabilities_9e5ea24e-9998-4334-8eed-f06bfa7a6307" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInDeferredRevenue_4f39372a-00b8-49f1-b052-e35b6a114ba8" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInDeferredRevenue"/>
    <link:calculationArc order="9" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_9e08881d-c4ce-4a91-8c78-7d3c292b933f" xlink:to="loc_us-gaap_IncreaseDecreaseInDeferredRevenue_4f39372a-00b8-49f1-b052-e35b6a114ba8" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseDueFromAffiliates_67295b9d-ea75-45f6-a328-e4d3a1b7a7f2" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseDueFromAffiliates"/>
    <link:calculationArc order="10" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_9e08881d-c4ce-4a91-8c78-7d3c292b933f" xlink:to="loc_us-gaap_IncreaseDecreaseDueFromAffiliates_67295b9d-ea75-45f6-a328-e4d3a1b7a7f2" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_7c4115a8-db4a-4839-8c10-9938033e4601" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities"/>
    <link:calculationArc order="11" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_9e08881d-c4ce-4a91-8c78-7d3c292b933f" xlink:to="loc_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_7c4115a8-db4a-4839-8c10-9938033e4601" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DepreciationAndAmortization_05aa2ceb-8d59-4871-a89c-ca968c7eb18e" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DepreciationAndAmortization"/>
    <link:calculationArc order="12" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_9e08881d-c4ce-4a91-8c78-7d3c292b933f" xlink:to="loc_us-gaap_DepreciationAndAmortization_05aa2ceb-8d59-4871-a89c-ca968c7eb18e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensation_b04094c3-c775-419b-a4fb-45a6dcca742b" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensation"/>
    <link:calculationArc order="13" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_9e08881d-c4ce-4a91-8c78-7d3c292b933f" xlink:to="loc_us-gaap_ShareBasedCompensation_b04094c3-c775-419b-a4fb-45a6dcca742b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_f7b03fd8-2937-4a31-8bc4-152d2b79bb24" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsForRepurchaseOfRedeemableNoncontrollingInterest_83c8202b-ca97-4c6f-b6f0-818a4883ce14" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsForRepurchaseOfRedeemableNoncontrollingInterest"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_f7b03fd8-2937-4a31-8bc4-152d2b79bb24" xlink:to="loc_us-gaap_PaymentsForRepurchaseOfRedeemableNoncontrollingInterest_83c8202b-ca97-4c6f-b6f0-818a4883ce14" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfCommonStock_230f78d4-54c1-43e8-9127-1851b57362e3" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromIssuanceOfCommonStock"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_f7b03fd8-2937-4a31-8bc4-152d2b79bb24" xlink:to="loc_us-gaap_ProceedsFromIssuanceOfCommonStock_230f78d4-54c1-43e8-9127-1851b57362e3" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsOfOrdinaryDividends_c6f90125-2bed-477a-a2d8-61e99bc0ad88" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsOfOrdinaryDividends"/>
    <link:calculationArc order="3" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_f7b03fd8-2937-4a31-8bc4-152d2b79bb24" xlink:to="loc_us-gaap_PaymentsOfOrdinaryDividends_c6f90125-2bed-477a-a2d8-61e99bc0ad88" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsRelatedToTaxWithholdingForShareBasedCompensation_1ca34885-9350-47dc-ad89-9048c987e23a" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsRelatedToTaxWithholdingForShareBasedCompensation"/>
    <link:calculationArc order="4" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_f7b03fd8-2937-4a31-8bc4-152d2b79bb24" xlink:to="loc_us-gaap_PaymentsRelatedToTaxWithholdingForShareBasedCompensation_1ca34885-9350-47dc-ad89-9048c987e23a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromStockOptionsExercised_a121eb6e-8e7d-4651-80d3-8e4304246939" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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_f7b03fd8-2937-4a31-8bc4-152d2b79bb24" xlink:to="loc_us-gaap_ProceedsFromStockOptionsExercised_a121eb6e-8e7d-4651-80d3-8e4304246939" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsOfStockIssuanceCosts_634ece6c-e623-409c-8668-e3ddb2cfdc85" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsOfStockIssuanceCosts"/>
    <link:calculationArc order="6" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_f7b03fd8-2937-4a31-8bc4-152d2b79bb24" xlink:to="loc_us-gaap_PaymentsOfStockIssuanceCosts_634ece6c-e623-409c-8668-e3ddb2cfdc85" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsOfCapitalDistribution_7706a5ff-4b63-4222-9bcf-9939e5f03cc3" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsOfCapitalDistribution"/>
    <link:calculationArc order="7" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_f7b03fd8-2937-4a31-8bc4-152d2b79bb24" xlink:to="loc_us-gaap_PaymentsOfCapitalDistribution_7706a5ff-4b63-4222-9bcf-9939e5f03cc3" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_tw_PaymentsOfCapitalDistributionToNoncontrollingInterest_185541ab-284b-43a6-b6ad-adfb76ee0dc8" xlink:href="tw-20200630.xsd#tw_PaymentsOfCapitalDistributionToNoncontrollingInterest"/>
    <link:calculationArc order="8" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_f7b03fd8-2937-4a31-8bc4-152d2b79bb24" xlink:to="loc_tw_PaymentsOfCapitalDistributionToNoncontrollingInterest_185541ab-284b-43a6-b6ad-adfb76ee0dc8" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.tradeweb.com/role/Organization" xlink:type="simple" xlink:href="tw-20200630.xsd#Organization"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/Organization" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/OrganizationDetails" xlink:type="simple" xlink:href="tw-20200630.xsd#OrganizationDetails"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/OrganizationDetails" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/SignificantAccountingPolicies" xlink:type="simple" xlink:href="tw-20200630.xsd#SignificantAccountingPolicies"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/SignificantAccountingPolicies" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/SignificantAccountingPoliciesPolicies" xlink:type="simple" xlink:href="tw-20200630.xsd#SignificantAccountingPoliciesPolicies"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/SignificantAccountingPoliciesPolicies" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/SignificantAccountingPoliciesFurnitureEquipmentPurchasedSoftwareLeaseholdImprovementsandSoftwareDevelopmentCostDetails" xlink:type="simple" xlink:href="tw-20200630.xsd#SignificantAccountingPoliciesFurnitureEquipmentPurchasedSoftwareLeaseholdImprovementsandSoftwareDevelopmentCostDetails"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/SignificantAccountingPoliciesFurnitureEquipmentPurchasedSoftwareLeaseholdImprovementsandSoftwareDevelopmentCostDetails" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/SignificantAccountingPoliciesIntangibleAssetsDetails" xlink:type="simple" xlink:href="tw-20200630.xsd#SignificantAccountingPoliciesIntangibleAssetsDetails"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/SignificantAccountingPoliciesIntangibleAssetsDetails" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/SignificantAccountingPoliciesDeferredIPOCostFollowOnOfferingCostsDetails" xlink:type="simple" xlink:href="tw-20200630.xsd#SignificantAccountingPoliciesDeferredIPOCostFollowOnOfferingCostsDetails"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/SignificantAccountingPoliciesDeferredIPOCostFollowOnOfferingCostsDetails" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/SignificantAccountingPoliciesRecentAccountingPronouncementsDetails" xlink:type="simple" xlink:href="tw-20200630.xsd#SignificantAccountingPoliciesRecentAccountingPronouncementsDetails"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/SignificantAccountingPoliciesRecentAccountingPronouncementsDetails" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/RestrictedCash" xlink:type="simple" xlink:href="tw-20200630.xsd#RestrictedCash"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/RestrictedCash" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/RestrictedCashDetails" xlink:type="simple" xlink:href="tw-20200630.xsd#RestrictedCashDetails"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/RestrictedCashDetails" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/GoodwillandIntangibleAssets" xlink:type="simple" xlink:href="tw-20200630.xsd#GoodwillandIntangibleAssets"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/GoodwillandIntangibleAssets" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/GoodwillandIntangibleAssetsTables" xlink:type="simple" xlink:href="tw-20200630.xsd#GoodwillandIntangibleAssetsTables"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/GoodwillandIntangibleAssetsTables" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/GoodwillandIntangibleAssetsSummaryofGoodwillDetails" xlink:type="simple" xlink:href="tw-20200630.xsd#GoodwillandIntangibleAssetsSummaryofGoodwillDetails"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/GoodwillandIntangibleAssetsSummaryofGoodwillDetails" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/GoodwillandIntangibleAssetsIndefiniteLivedIntangibleAssetsDetails" xlink:type="simple" xlink:href="tw-20200630.xsd#GoodwillandIntangibleAssetsIndefiniteLivedIntangibleAssetsDetails"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/GoodwillandIntangibleAssetsIndefiniteLivedIntangibleAssetsDetails" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/GoodwillandIntangibleAssetsFiniteLivedIntangibleAssetsDetails" xlink:type="simple" xlink:href="tw-20200630.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_3519e960-b644-4ff3-99dd-adcfc7ff94c4" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsNet"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_245b759d-e967-4af2-81ea-9947e84340f4" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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_3519e960-b644-4ff3-99dd-adcfc7ff94c4" xlink:to="loc_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_245b759d-e967-4af2-81ea-9947e84340f4" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsGross_198605ca-6d38-4fea-bcfa-fd9b33131e1f" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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_3519e960-b644-4ff3-99dd-adcfc7ff94c4" xlink:to="loc_us-gaap_FiniteLivedIntangibleAssetsGross_198605ca-6d38-4fea-bcfa-fd9b33131e1f" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.tradeweb.com/role/Revenue" xlink:type="simple" xlink:href="tw-20200630.xsd#Revenue"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/Revenue" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/RevenueTables" xlink:type="simple" xlink:href="tw-20200630.xsd#RevenueTables"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/RevenueTables" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/RevenueBreakdownofRevenuesBetweenFixedandVariableDetails" xlink:type="simple" xlink:href="tw-20200630.xsd#RevenueBreakdownofRevenuesBetweenFixedandVariableDetails"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/RevenueBreakdownofRevenuesBetweenFixedandVariableDetails" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/RevenueRecognizedRevenueandRemainingBalancesDetails" xlink:type="simple" xlink:href="tw-20200630.xsd#RevenueRecognizedRevenueandRemainingBalancesDetails"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/RevenueRecognizedRevenueandRemainingBalancesDetails" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/IncomeTaxes" xlink:type="simple" xlink:href="tw-20200630.xsd#IncomeTaxes"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/IncomeTaxes" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/IncomeTaxesDetails" xlink:type="simple" xlink:href="tw-20200630.xsd#IncomeTaxesDetails"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/IncomeTaxesDetails" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/TaxReceivableAgreement" xlink:type="simple" xlink:href="tw-20200630.xsd#TaxReceivableAgreement"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/TaxReceivableAgreement" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/TaxReceivableAgreementDetails" xlink:type="simple" xlink:href="tw-20200630.xsd#TaxReceivableAgreementDetails"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/TaxReceivableAgreementDetails" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/StockholdersEquity" xlink:type="simple" xlink:href="tw-20200630.xsd#StockholdersEquity"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/StockholdersEquity" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/StockholdersEquityTables" xlink:type="simple" xlink:href="tw-20200630.xsd#StockholdersEquityTables"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/StockholdersEquityTables" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/StockholdersEquityInitialPublicOfferingandReorganizationTransactionsDetails" xlink:type="simple" xlink:href="tw-20200630.xsd#StockholdersEquityInitialPublicOfferingandReorganizationTransactionsDetails"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/StockholdersEquityInitialPublicOfferingandReorganizationTransactionsDetails" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/StockholdersEquityAmendmentsandRestatementofCertificateofIncorporationDetails" xlink:type="simple" xlink:href="tw-20200630.xsd#StockholdersEquityAmendmentsandRestatementofCertificateofIncorporationDetails"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/StockholdersEquityAmendmentsandRestatementofCertificateofIncorporationDetails" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/StockholdersEquityRecapitalizationofTradewebMarketsLLCDetails" xlink:type="simple" xlink:href="tw-20200630.xsd#StockholdersEquityRecapitalizationofTradewebMarketsLLCDetails"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/StockholdersEquityRecapitalizationofTradewebMarketsLLCDetails" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/StockholdersEquityIssuanceandCancellationofCommonStockDetails" xlink:type="simple" xlink:href="tw-20200630.xsd#StockholdersEquityIssuanceandCancellationofCommonStockDetails"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/StockholdersEquityIssuanceandCancellationofCommonStockDetails" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/StockholdersEquityRedemptionsandExchangeofLLCInterestsDetails" xlink:type="simple" xlink:href="tw-20200630.xsd#StockholdersEquityRedemptionsandExchangeofLLCInterestsDetails"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/StockholdersEquityRedemptionsandExchangeofLLCInterestsDetails" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/NonControllingInterests" xlink:type="simple" xlink:href="tw-20200630.xsd#NonControllingInterests"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/NonControllingInterests" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/NonControllingInterestsTables" xlink:type="simple" xlink:href="tw-20200630.xsd#NonControllingInterestsTables"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/NonControllingInterestsTables" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/NonControllingInterestsDetails" xlink:type="simple" xlink:href="tw-20200630.xsd#NonControllingInterestsDetails"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/NonControllingInterestsDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_tw_NetIncomeAttributableToParentAndTransfersToFromNoncontrollingInterest_bf95dc3e-c0dc-4719-b884-212aa099f804" xlink:href="tw-20200630.xsd#tw_NetIncomeAttributableToParentAndTransfersToFromNoncontrollingInterest"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLoss_cf75bffd-b1c7-49f3-89fc-f1c5df35b1dd" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetIncomeLoss"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_tw_NetIncomeAttributableToParentAndTransfersToFromNoncontrollingInterest_bf95dc3e-c0dc-4719-b884-212aa099f804" xlink:to="loc_us-gaap_NetIncomeLoss_cf75bffd-b1c7-49f3-89fc-f1c5df35b1dd" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_tw_TransfersFromToNoncontrollingInterests_5dda2d60-3892-4809-b2e4-3fd7df131c5c" xlink:href="tw-20200630.xsd#tw_TransfersFromToNoncontrollingInterests"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_tw_NetIncomeAttributableToParentAndTransfersToFromNoncontrollingInterest_bf95dc3e-c0dc-4719-b884-212aa099f804" xlink:to="loc_tw_TransfersFromToNoncontrollingInterests_5dda2d60-3892-4809-b2e4-3fd7df131c5c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_tw_MinorityInterestTotalNumberOfInterests_d1feaaf2-838d-4601-9084-dacfbb1e882f" xlink:href="tw-20200630.xsd#tw_MinorityInterestTotalNumberOfInterests"/>
    <link:loc xlink:type="locator" xlink:label="loc_tw_MinorityInterestNumberOfInterestsHeldByNoncontrollingOwners_025d008a-2099-47ad-9560-1c76213dc13a" xlink:href="tw-20200630.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_d1feaaf2-838d-4601-9084-dacfbb1e882f" xlink:to="loc_tw_MinorityInterestNumberOfInterestsHeldByNoncontrollingOwners_025d008a-2099-47ad-9560-1c76213dc13a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_tw_MinorityInterestNumberOfInterestsHeldByParent_1706d27e-55dc-4339-873d-f981cb5ca496" xlink:href="tw-20200630.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_d1feaaf2-838d-4601-9084-dacfbb1e882f" xlink:to="loc_tw_MinorityInterestNumberOfInterestsHeldByParent_1706d27e-55dc-4339-873d-f981cb5ca496" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_tw_TransfersFromToNoncontrollingInterests_2b723044-336a-4576-a6a3-0e36ddf57ac3" xlink:href="tw-20200630.xsd#tw_TransfersFromToNoncontrollingInterests"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLoss_a8e2e61b-49a3-473d-8870-fe431d97c196" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetIncomeLoss"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_tw_TransfersFromToNoncontrollingInterests_2b723044-336a-4576-a6a3-0e36ddf57ac3" xlink:to="loc_us-gaap_NetIncomeLoss_a8e2e61b-49a3-473d-8870-fe431d97c196" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MinorityInterestPeriodIncreaseDecrease_31e3ec36-35b7-422e-adb0-8119f03dd2ea" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MinorityInterestPeriodIncreaseDecrease"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_tw_TransfersFromToNoncontrollingInterests_2b723044-336a-4576-a6a3-0e36ddf57ac3" xlink:to="loc_us-gaap_MinorityInterestPeriodIncreaseDecrease_31e3ec36-35b7-422e-adb0-8119f03dd2ea" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_tw_MinorityInterestTotalOwnershipPercentage_c9349d76-9229-4e10-8fa7-94f031ea7e8d" xlink:href="tw-20200630.xsd#tw_MinorityInterestTotalOwnershipPercentage"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners_00adbd27-dcb2-4664-90db-80adf2b2aa43" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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_c9349d76-9229-4e10-8fa7-94f031ea7e8d" xlink:to="loc_us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners_00adbd27-dcb2-4664-90db-80adf2b2aa43" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MinorityInterestOwnershipPercentageByParent_1748df42-aa12-4b4d-b2ca-65c6e4c7cd4f" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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_c9349d76-9229-4e10-8fa7-94f031ea7e8d" xlink:to="loc_us-gaap_MinorityInterestOwnershipPercentageByParent_1748df42-aa12-4b4d-b2ca-65c6e4c7cd4f" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.tradeweb.com/role/StockBasedCompensationPlans" xlink:type="simple" xlink:href="tw-20200630.xsd#StockBasedCompensationPlans"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/StockBasedCompensationPlans" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/StockBasedCompensationPlansTables" xlink:type="simple" xlink:href="tw-20200630.xsd#StockBasedCompensationPlansTables"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/StockBasedCompensationPlansTables" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/StockBasedCompensationPlansDetails" xlink:type="simple" xlink:href="tw-20200630.xsd#StockBasedCompensationPlansDetails"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/StockBasedCompensationPlansDetails" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/StockBasedCompensationPlansPSRUssettledactivityDetails" xlink:type="simple" xlink:href="tw-20200630.xsd#StockBasedCompensationPlansPSRUssettledactivityDetails"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/StockBasedCompensationPlansPSRUssettledactivityDetails" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/StockBasedCompensationPlansOptionsDetails" xlink:type="simple" xlink:href="tw-20200630.xsd#StockBasedCompensationPlansOptionsDetails"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/StockBasedCompensationPlansOptionsDetails" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/RelatedPartyTransactions" xlink:type="simple" xlink:href="tw-20200630.xsd#RelatedPartyTransactions"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/RelatedPartyTransactions" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/RelatedPartyTransactionsTables" xlink:type="simple" xlink:href="tw-20200630.xsd#RelatedPartyTransactionsTables"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/RelatedPartyTransactionsTables" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/RelatedPartyTransactionsBalancesDetails" xlink:type="simple" xlink:href="tw-20200630.xsd#RelatedPartyTransactionsBalancesDetails"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/RelatedPartyTransactionsBalancesDetails" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/RelatedPartyTransactionsConsolidatedStatementsofIncomeDetails" xlink:type="simple" xlink:href="tw-20200630.xsd#RelatedPartyTransactionsConsolidatedStatementsofIncomeDetails"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/RelatedPartyTransactionsConsolidatedStatementsofIncomeDetails" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/RelatedPartyTransactionsNarrativeDetails" xlink:type="simple" xlink:href="tw-20200630.xsd#RelatedPartyTransactionsNarrativeDetails"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/RelatedPartyTransactionsNarrativeDetails" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/FairValueofFinancialInstruments" xlink:type="simple" xlink:href="tw-20200630.xsd#FairValueofFinancialInstruments"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/FairValueofFinancialInstruments" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/FairValueofFinancialInstrumentsTables" xlink:type="simple" xlink:href="tw-20200630.xsd#FairValueofFinancialInstrumentsTables"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/FairValueofFinancialInstrumentsTables" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/FairValueofFinancialInstrumentsDetails" xlink:type="simple" xlink:href="tw-20200630.xsd#FairValueofFinancialInstrumentsDetails"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/FairValueofFinancialInstrumentsDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetsFairValueDisclosure_a8139d8b-c505-4e5b-a4eb-b90468bbc229" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetsFairValueDisclosure"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashAndCashEquivalentsFairValueDisclosure_ddf196f0-1ea6-46c7-90df-810da353b6a1" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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_a8139d8b-c505-4e5b-a4eb-b90468bbc229" xlink:to="loc_us-gaap_CashAndCashEquivalentsFairValueDisclosure_ddf196f0-1ea6-46c7-90df-810da353b6a1" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.tradeweb.com/role/CreditRisk" xlink:type="simple" xlink:href="tw-20200630.xsd#CreditRisk"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/CreditRisk" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/CreditRiskTables" xlink:type="simple" xlink:href="tw-20200630.xsd#CreditRiskTables"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/CreditRiskTables" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/CreditRiskDetails" xlink:type="simple" xlink:href="tw-20200630.xsd#CreditRiskDetails"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/CreditRiskDetails" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/CreditRiskCreditlossesDetails" xlink:type="simple" xlink:href="tw-20200630.xsd#CreditRiskCreditlossesDetails"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/CreditRiskCreditlossesDetails" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/CommitmentsandContingencies" xlink:type="simple" xlink:href="tw-20200630.xsd#CommitmentsandContingencies"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/CommitmentsandContingencies" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/CommitmentsandContingenciesDetails" xlink:type="simple" xlink:href="tw-20200630.xsd#CommitmentsandContingenciesDetails"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/CommitmentsandContingenciesDetails" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/EarningsPerShare" xlink:type="simple" xlink:href="tw-20200630.xsd#EarningsPerShare"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/EarningsPerShare" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/EarningsPerShareTables" xlink:type="simple" xlink:href="tw-20200630.xsd#EarningsPerShareTables"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/EarningsPerShareTables" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/EarningsPerShareDetails" xlink:type="simple" xlink:href="tw-20200630.xsd#EarningsPerShareDetails"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/EarningsPerShareDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_45e53d90-a6fb-4008-9abf-b08b5ea87603" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements_2c494cb9-d419-4822-b596-38874ad58166" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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_45e53d90-a6fb-4008-9abf-b08b5ea87603" xlink:to="loc_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements_2c494cb9-d419-4822-b596-38874ad58166" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_2c046031-c233-4d4a-b848-f46225675adf" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.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_45e53d90-a6fb-4008-9abf-b08b5ea87603" xlink:to="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_2c046031-c233-4d4a-b848-f46225675adf" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.tradeweb.com/role/RegulatoryCapitalRequirements" xlink:type="simple" xlink:href="tw-20200630.xsd#RegulatoryCapitalRequirements"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/RegulatoryCapitalRequirements" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/RegulatoryCapitalRequirementsTables" xlink:type="simple" xlink:href="tw-20200630.xsd#RegulatoryCapitalRequirementsTables"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/RegulatoryCapitalRequirementsTables" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/RegulatoryCapitalRequirementsDetails" xlink:type="simple" xlink:href="tw-20200630.xsd#RegulatoryCapitalRequirementsDetails"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/RegulatoryCapitalRequirementsDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_srt_NetCapitalUnderCommodityExchangeActComputation_3e6cce06-f6e9-41fd-a5a8-3a9db0dcba5c" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_NetCapitalUnderCommodityExchangeActComputation"/>
    <link:loc xlink:type="locator" xlink:label="loc_srt_RequiredNetCapitalUnderCommodityExchangeAct1_6feb57a9-d9f0-4bb9-b5f4-21ee85d8575f" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.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_3e6cce06-f6e9-41fd-a5a8-3a9db0dcba5c" xlink:to="loc_srt_RequiredNetCapitalUnderCommodityExchangeAct1_6feb57a9-d9f0-4bb9-b5f4-21ee85d8575f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_srt_NetCapitalExcessShortageUnderCommodityExchangeAct_fe7a7b74-cc72-4bf7-aa93-1f00de0fb260" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.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_3e6cce06-f6e9-41fd-a5a8-3a9db0dcba5c" xlink:to="loc_srt_NetCapitalExcessShortageUnderCommodityExchangeAct_fe7a7b74-cc72-4bf7-aa93-1f00de0fb260" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_tw_LiquidFinancialAssets_f497ee01-8de7-4b4b-8b21-dbf31ac60f89" xlink:href="tw-20200630.xsd#tw_LiquidFinancialAssets"/>
    <link:loc xlink:type="locator" xlink:label="loc_tw_RequiredLiquidFinancialAssets_3e9308fb-bc31-4b6a-b742-6300c17890c2" xlink:href="tw-20200630.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_f497ee01-8de7-4b4b-8b21-dbf31ac60f89" xlink:to="loc_tw_RequiredLiquidFinancialAssets_3e9308fb-bc31-4b6a-b742-6300c17890c2" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_tw_ExcessLiquidFinancialAssets_2cbee628-170a-47f9-8c29-39a68c792007" xlink:href="tw-20200630.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_f497ee01-8de7-4b4b-8b21-dbf31ac60f89" xlink:to="loc_tw_ExcessLiquidFinancialAssets_2cbee628-170a-47f9-8c29-39a68c792007" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_tw_RegulatoryCapital_989b72e9-d5f0-45a5-981f-32842046f170" xlink:href="tw-20200630.xsd#tw_RegulatoryCapital"/>
    <link:loc xlink:type="locator" xlink:label="loc_tw_ExcessRegulatoryCapital_1f027865-cb51-44ec-8de6-8973fd9abefe" xlink:href="tw-20200630.xsd#tw_ExcessRegulatoryCapital"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_tw_RegulatoryCapital_989b72e9-d5f0-45a5-981f-32842046f170" xlink:to="loc_tw_ExcessRegulatoryCapital_1f027865-cb51-44ec-8de6-8973fd9abefe" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_tw_RegulatoryCapitalRequirement_9a8e6cfe-2c7a-4dac-876c-8c486aafea82" xlink:href="tw-20200630.xsd#tw_RegulatoryCapitalRequirement"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_tw_RegulatoryCapital_989b72e9-d5f0-45a5-981f-32842046f170" xlink:to="loc_tw_RegulatoryCapitalRequirement_9a8e6cfe-2c7a-4dac-876c-8c486aafea82" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.tradeweb.com/role/BusinessSegmentandGeographicInformation" xlink:type="simple" xlink:href="tw-20200630.xsd#BusinessSegmentandGeographicInformation"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/BusinessSegmentandGeographicInformation" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/BusinessSegmentandGeographicInformationTables" xlink:type="simple" xlink:href="tw-20200630.xsd#BusinessSegmentandGeographicInformationTables"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/BusinessSegmentandGeographicInformationTables" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/BusinessSegmentandGeographicInformationRevenuebyClientSectorDetails" xlink:type="simple" xlink:href="tw-20200630.xsd#BusinessSegmentandGeographicInformationRevenuebyClientSectorDetails"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/BusinessSegmentandGeographicInformationRevenuebyClientSectorDetails" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/BusinessSegmentandGeographicInformationRevenueandLonglivedAssetsbyGeographicRegionDetails" xlink:type="simple" xlink:href="tw-20200630.xsd#BusinessSegmentandGeographicInformationRevenueandLonglivedAssetsbyGeographicRegionDetails"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/BusinessSegmentandGeographicInformationRevenueandLonglivedAssetsbyGeographicRegionDetails" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/SubsequentEvents" xlink:type="simple" xlink:href="tw-20200630.xsd#SubsequentEvents"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/SubsequentEvents" xlink:type="extended"/>
  <link:roleRef roleURI="http://www.tradeweb.com/role/SubsequentEventsDetails" xlink:type="simple" xlink:href="tw-20200630.xsd#SubsequentEventsDetails"/>
  <link:calculationLink xlink:role="http://www.tradeweb.com/role/SubsequentEventsDetails" xlink:type="extended"/>
</link:linkbase>
