Tradeweb Markets (TW) 10-Q25 Jul 242024 Q2 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Jul. 18, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-38860
Entity Registrant Name	Tradeweb Markets Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-2456358
Entity Address, Address Line One	1177 Avenue of the Americas
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
City Area Code	646
Local Phone Number	430-6000
Title of 12(b) Security	Class A common stock, par value $0.00001
Trading Symbol	TW
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001758730
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		116,292,668
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		96,933,192
Class C Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		18,000,000
Class D Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		5,076,973

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 1,718,230	$ 1,706,468
Restricted cash	1,000	1,000
Receivable from brokers and dealers and clearing organizations	432,037	381,178
Deposits with clearing organizations	62,694	36,806
Accounts receivable, net of allowance for credit losses of $158 and $284 at June 30, 2024 and December 31, 2023, respectively	233,084	168,407
Furniture, equipment, purchased software and leasehold improvements, net of accumulated depreciation and amortization	32,456	33,559
Lease right-of-use assets	25,662	25,206
Software development costs, net of accumulated amortization	151,418	131,332
Goodwill	2,857,713	2,815,524
Intangible assets, net of accumulated amortization	1,004,116	1,004,797
Receivable and due from affiliates	2,980	192
Deferred tax asset	684,200	684,250
Other assets	78,951	70,819
Total assets	7,284,541	7,059,538
Liabilities
Securities sold under agreements to repurchase	0	21,612
Payable to brokers and dealers and clearing organizations	424,751	351,864
Accrued compensation	119,270	164,329
Deferred revenue	28,174	25,746
Accounts payable, accrued expenses and other liabilities	77,148	57,501
Lease liabilities	28,105	27,463
Payable and due to affiliates	0	1,327
Deferred tax liability	18,751	20,767
Tax receivable agreement liability	380,937	457,523
Total liabilities	1,077,136	1,128,132
Commitments and contingencies (Note 13)
Equity
Preferred stock, $0.00001 par value; 250,000,000 shares authorized; none issued or outstanding	0	0
Additional paid-in capital	4,795,562	4,738,758
Accumulated other comprehensive income (loss)	(7,920)	(5,389)
Retained earnings	843,158	640,384
Total stockholders’ equity attributable to Tradeweb Markets Inc.	5,630,802	5,373,755
Non-controlling interests	576,603	557,651
Total equity	6,207,405	5,931,406
Total liabilities and equity	7,284,541	7,059,538
Class A Common Stock
Equity
Common stock, value	1	1
Class B Common Stock
Equity
Common stock, value	1	1
Class C Common Stock
Equity
Common stock, value	0	0
Class D Common Stock
Equity
Common stock, value	$ 0	$ 0

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounts receivable, allowance for credit losses	$ 158	$ 284
Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Preferred stock, shares authorized (in shares)	250,000,000	250,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	116,282,605	115,090,787
Common stock, shares outstanding (in shares)	116,282,605	115,090,787
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	450,000,000	450,000,000
Common stock, shares issued (in shares)	96,933,192	96,933,192
Common stock, shares outstanding (in shares)	96,933,192	96,933,192
Class C Common Stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	350,000,000	350,000,000
Common stock, shares issued (in shares)	18,000,000	18,000,000
Common stock, shares outstanding (in shares)	18,000,000	18,000,000
Class D Common Stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	5,076,973	5,077,973
Common stock, shares outstanding (in shares)	5,076,973	5,077,973

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Total revenue	$ 404,951	$ 310,613	$ 813,690	$ 639,862
Expenses
Employee compensation and benefits	137,236	103,924	280,323	218,417
Depreciation and amortization	49,936	45,887	99,273	91,291
Technology and communications	24,230	18,701	45,540	36,268
General and administrative	12,755	11,072	23,609	24,992
Professional fees	13,324	10,666	25,124	21,842
Occupancy	4,976	4,028	9,649	8,151
Total expenses	242,457	194,278	483,518	400,961
Operating income	162,494	116,335	330,172	238,901
Interest income	21,511	15,576	42,571	28,516
Interest expense	(542)	(467)	(2,260)	(916)
Other income (loss), net	0	(456)	0	(115)
Income before taxes	183,463	130,988	370,483	266,386
Provision for income taxes	(47,047)	(29,049)	(90,685)	(62,254)
Net income	136,416	101,939	279,798	204,132
Less: Net income attributable to non-controlling interests	17,177	12,857	34,417	27,194
Net income attributable to Tradeweb Markets Inc.	$ 119,239	$ 89,082	$ 245,381	$ 176,938
Earnings per share attributable to Tradeweb Markets Inc. Class A and B common stockholders:
Basic (in dollars per share)	$ 0.56	$ 0.42	$ 1.15	$ 0.84
Diluted (in dollars per share)	$ 0.55	$ 0.42	$ 1.14	$ 0.83
Weighted average shares outstanding:
Basic (in shares)	213,162,158	211,569,728	212,936,015	209,847,153
Diluted (in shares)	214,895,947	213,156,753	214,778,342	211,659,814
Transaction fees and commissions
Revenues
Total revenue	$ 330,475	$ 246,461	$ 665,926	$ 513,059
Subscription fees
Revenues
Total revenue	50,746	45,748	100,427	90,122
LSEG market data fees
Revenues
Total revenue	20,581	15,461	41,081	31,055
Other
Revenues
Total revenue	$ 3,149	$ 2,943	$ 6,256	$ 5,626

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 136,416	$ 101,939	$ 279,798	$ 204,132
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments, with no tax benefit for each of the three and six months ended June 30, 2024 and 2023	(439)	1,184	(2,803)	3,833
Other comprehensive income (loss), net of tax	(439)	1,184	(2,803)	3,833
Comprehensive income	135,977	103,123	276,995	207,965
Less: Net income attributable to non-controlling interests	17,177	12,857	34,417	27,194
Less: Foreign currency translation adjustments attributable to non-controlling interests	(43)	117	(275)	414
Comprehensive income attributable to Tradeweb Markets Inc.	$ 118,843	$ 90,149	$ 242,853	$ 180,357

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, tax benefit	$ 0	$ 0	$ 0	$ 0

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Common Stock Class C Common Stock	Common Stock Class D Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Non- Controlling Interests
Beginning balance at Dec. 31, 2022	$ 5,546,316	$ 1	$ 1	$ 0	$ 0	$ 4,577,270	$ (10,113)	$ 386,632	$ 592,525
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from equity incentive plans	6,320					6,320
Share repurchases pursuant to share repurchase programs	(22,706)							(22,706)
Tax receivable agreement liability and deferred taxes arising from LLC Interest ownership exchanges and the issuance of common stock from equity incentive plans	15,082					15,082
Adjustments to non-controlling interests	0					6,910	(4)		(6,906)
Distributions to non-controlling interests	(2,283)								(2,283)
Dividends	(18,733)							(18,733)
Stock-based compensation expense	11,905					11,905
Payroll taxes paid for stock-based compensation	(39,878)					(39,878)
Net income	102,193							87,856	14,337
Foreign currency translation adjustments	2,649						2,352		297
Ending balance at Mar. 31, 2023	5,600,865	1	1	0	0	4,577,609	(7,765)	433,049	597,970
Beginning balance at Dec. 31, 2022	5,546,316	1	1	0	0	4,577,270	(10,113)	386,632	592,525
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	204,132
Foreign currency translation adjustments	3,833
Ending balance at Jun. 30, 2023	5,717,368	1	1	0	0	4,693,795	(6,818)	495,481	534,908
Beginning balance at Mar. 31, 2023	5,600,865	1	1	0	0	4,577,609	(7,765)	433,049	597,970
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from equity incentive plans	1,262					1,262
Share repurchases pursuant to share repurchase programs	(7,602)							(7,602)
Tax receivable agreement liability and deferred taxes arising from LLC Interest ownership exchanges and the issuance of common stock from equity incentive plans	27,827					27,827
Adjustments to non-controlling interests	0					72,870	(120)		(72,750)
Distributions to non-controlling interests	(3,286)								(3,286)
Dividends	(19,048)							(19,048)
Stock-based compensation expense	16,097					16,097
Payroll taxes paid for stock-based compensation	(1,870)					(1,870)
Net income	101,939							89,082	12,857
Foreign currency translation adjustments	1,184						1,067		117
Ending balance at Jun. 30, 2023	5,717,368	1	1	0	0	4,693,795	(6,818)	495,481	534,908
Beginning balance at Dec. 31, 2023	5,931,406	1	1	0	0	4,738,758	(5,389)	640,384	557,651
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from equity incentive plans	2,807					2,807
Issuance of common stock for business acquisition	36,692					36,692
Tax receivable agreement liability and deferred taxes arising from LLC Interest ownership exchanges and the issuance of common stock from equity incentive plans	18,358					18,358
Adjustments to non-controlling interests	0					1,333	(3)		(1,330)
Distributions to non-controlling interests	(6,095)								(6,095)
Dividends	(21,286)							(21,286)
Stock-based compensation expense	16,959					16,959
Payroll taxes paid for stock-based compensation	(43,832)					(43,832)
Net income	143,382							126,142	17,240
Foreign currency translation adjustments	(2,364)						(2,132)		(232)
Ending balance at Mar. 31, 2024	6,076,027	1	1	0	0	4,771,075	(7,524)	745,240	567,234
Beginning balance at Dec. 31, 2023	5,931,406	1	1	0	0	4,738,758	(5,389)	640,384	557,651
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	279,798
Foreign currency translation adjustments	(2,803)
Ending balance at Jun. 30, 2024	6,207,405	1	1	0	0	4,795,562	(7,920)	843,158	576,603
Beginning balance at Mar. 31, 2024	6,076,027	1	1	0	0	4,771,075	(7,524)	745,240	567,234
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from equity incentive plans	2,021					2,021
Tax receivable agreement liability and deferred taxes arising from LLC Interest ownership exchanges and the issuance of common stock from equity incentive plans	761					761
Adjustments to non-controlling interests	0					(2,198)			2,198
Distributions to non-controlling interests	(9,963)								(9,963)
Dividends	(21,321)							(21,321)
Stock-based compensation expense	24,350					24,350
Payroll taxes paid for stock-based compensation	(447)					(447)
Net income	136,416							119,239	17,177
Foreign currency translation adjustments	(439)						(396)		(43)
Ending balance at Jun. 30, 2024	$ 6,207,405	$ 1	$ 1	$ 0	$ 0	$ 4,795,562	$ (7,920)	$ 843,158	$ 576,603

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividends (in dollars per share)	$ 0.10	$ 0.10	$ 0.09	$ 0.09

Condensed Consolidated Statem_8

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net income	$ 279,798	$ 204,132
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	99,273	91,291
Stock-based compensation expense	40,117	27,323
Deferred taxes	17,008	49,264
Other (income) loss, net	0	115
(Increase) decrease in operating assets:
Receivable from/payable to brokers and dealers and clearing organizations, net	22,027	362
Deposits with clearing organizations	(25,902)	50
Accounts receivable	(64,949)	(18,239)
Receivable and due from affiliates/payable and due to affiliates, net	(4,356)	(5,277)
Other assets	3,554	1,334
Increase (decrease) in operating liabilities:
Securities sold under agreements to repurchase	(21,612)	0
Accrued compensation	(44,448)	(66,974)
Deferred revenue	2,226	4,555
Accounts payable, accrued expenses and other liabilities	20,848	(3,997)
Net cash provided by operating activities	323,584	283,939
Cash flows from investing activities
Cash paid for acquisitions, net of cash acquired	(89,224)	0
Cash paid for foreign currency call option	0	(2,389)
Cash paid for investments	(11,585)	0
Purchases of furniture, equipment, software and leasehold improvements	(11,417)	(11,166)
Capitalized software development costs	(22,478)	(20,505)
Net cash used in investing activities	(134,704)	(34,060)
Cash flows from financing activities
Share repurchases pursuant to share repurchase programs	0	(30,056)
Proceeds from stock-based compensation exercises	4,828	7,582
Dividends	(42,607)	(37,781)
Distributions to non-controlling interests	(16,058)	(5,569)
Payroll taxes paid for stock-based compensation	(44,457)	(41,748)
Payments on tax receivable agreement liability	(76,586)	(5,724)
Net cash used in financing activities	(174,880)	(113,296)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(2,238)	2,589
Net increase (decrease) in cash, cash equivalents and restricted cash	11,762	139,172
Cash, cash equivalents and restricted cash
Beginning of period	1,707,468	1,258,229
End of period	1,719,230	1,397,401
Supplemental disclosure of cash flow information
Income taxes paid, net of (refunds)	61,414	19,026
Cash paid for interest	1,757	413
Non-cash investing and financing activities
Issuance of common stock for business acquisition	36,692	0
Furniture, equipment, software and leasehold improvement additions included in accounts payable	165	1,203
Unsettled share repurchases included in other liabilities	0	252
Reconciliation of cash, cash equivalents and restricted cash as shown on the statements of financial condition:
Cash and cash equivalents	1,718,230
Restricted cash	1,000
Cash, cash equivalents and restricted cash shown in the statement of cash flows	1,719,230	1,397,401
Adjusted For Refinitiv Transaction
Non-cash investing and financing activities
Establishment of liabilities under tax receivable agreement	0	27,976
Deferred tax asset	$ 19,119	$ 70,886

Organization

Organization	6 Months Ended
Organization	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Tradeweb Markets Inc. (the “Corporation”) was incorporated as a Delaware corporation on November 7, 2018 to carry on the business of Tradeweb Markets LLC (“TWM LLC”) following the completion of a series of reorganization transactions on April 4, 2019 (the “Reorganization Transactions”), in connection with Tradeweb Markets Inc.’s initial public offering (the “IPO”), which closed on April 8, 2019. Following the Reorganization Transactions, Refinitiv (as defined below) owned an indirect majority ownership interest in the Company (as defined below). On January 29, 2021, London Stock Exchange Group plc (“LSEG”) completed its acquisition of the Refinitiv business from a consortium, including certain investment funds affiliated with The Blackstone Group Inc. (f/k/a The Blackstone Group L.P.) (“Blackstone”) as well as Thomson Reuters Corporation (“TR”), in an all share transaction (the “LSEG Transaction”). In connection with the LSEG Transaction, the Corporation became a consolidating subsidiary of LSEG. Prior to the LSEG Transaction, the Corporation was a consolidating subsidiary of BCP York Holdings (“BCP”), a company owned by certain investment funds affiliated with Blackstone, through BCP’s previous majority ownership interest in Refinitiv. As used herein, “Refinitiv,” prior to the LSEG Transaction, means Refinitiv Holdings Limited, and unless otherwise stated or the context otherwise requires, all of its direct and indirect subsidiaries, and subsequent to the LSEG Transaction, refers to Refinitiv Parent Limited, and unless otherwise stated or the context otherwise requires, all of its subsidiaries. Refinitiv owns substantially all of the former financial and risk business of Thomson Reuters (as defined below), including, prior to and following the completion of the Reorganization Transactions, an indirect majority ownership interest in the Company. The Refinitiv business was rebranded by LSEG as LSEG Data & Analytics during the fourth quarter of 2023. The Corporation is a holding company whose principal asset is LLC Interests (as defined below) of TWM LLC. As the sole manager of TWM LLC, the Corporation operates and controls all of the business and affairs of TWM LLC and, through TWM LLC and its subsidiaries, conducts the Corporation’s business. As a result of this control, and because the Corporation has a substantial financial interest in TWM LLC, the Corporation consolidates the financial results of TWM LLC and reports a non-controlling interest in the Corporation’s condensed consolidated financial statements. As of June 30, 2024, Tradeweb Markets Inc. owned 90.2% of TWM LLC and the non-controlling interest holders owned the remaining 9.8% of TWM LLC. As of December 31, 2023, Tradeweb Markets Inc. owned 90.2% of TWM LLC and the non-controlling interest holders owned the remaining 9.8% of TWM LLC. Unless the context otherwise requires, references to the “Company” refer to Tradeweb Markets Inc. and its consolidated subsidiaries, including TWM LLC, following the completion of the Reorganization Transactions, and TWM LLC and its consolidated subsidiaries prior to the completion of the Reorganization Transactions. The Company is a leader in building and operating electronic marketplaces for a global network of clients across the institutional, wholesale and retail client sectors. The Company’s principal subsidiaries include: • Tradeweb LLC (“TWL”), a registered broker-dealer under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), a member of the Financial Industry Regulatory Authority (“FINRA”), a member of the Municipal Securities Rulemaking Board (“MSRB”), a registered independent introducing broker with the Commodities Future Trading Commission (“CFTC”) and a member of the National Futures Association (“NFA”). • Dealerweb Inc. (“DW”) (formerly known as Hilliard Farber & Co., Inc.), a registered broker-dealer under the Exchange Act and a member of FINRA and MSRB. DW is also registered as an introducing broker with the CFTC and a member of the NFA. • Tradeweb Direct LLC (“TWD”) (formerly known as BondDesk Trading LLC), a registered broker-dealer under the Exchange Act and a member of FINRA and MSRB. • Tradeweb Europe Limited (“TEL”), a MiFID Investment Firm regulated by the Financial Conduct Authority (the “FCA”) in the UK, and certain other global regulators, that maintains branches in Asia. • TW SEF LLC (“TW SEF”), a Swap Execution Facility (“SEF”) regulated by the CFTC and certain other global regulators. • DW SEF LLC (“DW SEF”), a SEF regulated by the CFTC and certain other global regulators. • Tradeweb Japan K.K. (“TWJ”), a security house regulated by the Japanese Financial Services Agency (“JFSA”) and the Japan Securities Dealers Association (“JSDA”). • Tradeweb EU B.V. (“TWEU”), a MiFID Investment Firm regulated by the Netherlands Authority for the Financial Markets (“AFM”), the De Nederlandsche Bank (“DNB”) and certain other global regulators and that maintains a branch in France. • Tradeweb Execution Services Limited (“TESL”), an Investment Firm (“BIPRU Firm”) regulated by the FCA in the UK. • Tradeweb Information Technology Services (Shanghai) Co., Ltd is a wholly-owned foreign enterprise (WOFE) in China. Its business scope includes information, data and technology related services including development, sales, import and export and consulting. The Tradeweb offshore electronic trading platform is recognized by the People’s Bank of China (“PBOC”) for the provision of Bond Connect, CIBM Direct RFQ and Swap Connect. • Tradeweb Execution Services B.V. (“TESBV”), a MiFID Investment Firm authorized and regulated by the AFM, with permission to trade on a matched principal basis. • Tradeweb Australia Pty Ltd (formerly Yieldbroker Pty Limited) (“YB” or “Yieldbroker”), acquired in August 2023, a Tier 1 Australian Markets Licensee in Australia, regulated by the Australian Securities & Investments Commission (“ASIC”), that also maintains a branch in Singapore that is regulated by the Monetary Authority of Singapore (“MAS”) as a Regulated Market Operator. Tradeweb Australia Pty Ltd changed its name from Yieldbroker Pty Limited in January 2024. • Tradeweb (DIFC) Limited (“TDIFC”), an Authorized Firm regulated by the Dubai Financial Services Authority (“DFSA”) with a license for “arranging deals in investments” for users to access the Company’s various trading venues that are also separately recognized by the DFSA. • TW Technology and Trading Private Limited ("TTTL"), a private limited company incorporated in Mumbai, India. In November 2023, TWM LLC and the Corporation entered into a definitive agreement for TWM LLC to acquire all of the outstanding equity interests of R8FIN Holdings LP (together with its subsidiaries, “r8fin”). r8fin provides a suite of algorithmic-based tools as well as a thin-client execution management system (EMS) trading application to facilitate futures and cash trades. The solutions complement Tradeweb’s existing Dealerweb Active Streams, Dealerweb Central Limit Order Book (CLOB), Tradeweb Request-for-Quote (RFQ) and Tradeweb AiEX (Automated Intelligent Execution) offerings. The acquisition closed on January 19, 2024, following the satisfaction of closing conditions and regulatory reviews. The total consideration was $125.9 million, consisting of cash and the issuance of shares of Class A common stock of the Corporation (the “r8fin Acquisition”). See Note 4 – Acquisitions for additional details on this acquisition. In August 2023, the Company acquired Yieldbroker, a leading Australian trading platform for Australian and New Zealand government bonds and interest rate derivatives, covering the institutional and wholesale client sector, for A$123.6 million in cash (the “Yieldbroker Acquisition”). This acquisition combines Australia and New Zealand’s highly attractive, fast-growing markets with Tradeweb’s international reach and scale. In June 2021, the Company acquired Nasdaq’s U.S. fixed income electronic trading platform, formerly known as eSpeed (the “NFI Acquisition”), which is a fully executable central limit order book (CLOB) for electronic trading in on-the-run (OTR) U.S. government bonds. The NFI Acquisition included the acquisition of Execution Access, LLC, (“EA”), a registered broker-dealer under the Exchange Act and a member of FINRA. In November 2022, EA merged with and into DW with DW being the surviving entity. A majority interest of Refinitiv (formerly the Thomson Reuters Financial & Risk Business) was acquired by BCP on October 1, 2018 (the “Refinitiv Transaction”) from TR. The Refinitiv Transaction resulted in a new basis of accounting for certain of the Company’s assets and liabilities beginning on October 1, 2018. See Note 2 – Significant Accounting Policies for a description of pushdown accounting applied as a result of the Refinitiv Transaction. In connection with the Reorganization Transactions, TWM LLC’s limited liability company agreement (the “TWM LLC Agreement”) was amended and restated to, among other things, (i) provide for a new single class of common membership interests in TWM LLC (the “LLC Interests”), (ii) exchange all of the then existing membership interests in TWM LLC for LLC Interests and (iii) appoint the Corporation as the sole manager of TWM LLC. LLC Interests, other than those held by the Corporation, are redeemable or exchangeable in accordance with the TWM LLC Agreement for shares of Class A common stock, par value $0.00001 per share, of the Corporation (the “Class A common stock”) or Class B common stock, par value $0.00001 per share, of the Corporation (the “Class B common stock”), as the case may be, on a one-for-one basis. As used herein, references to “Continuing LLC Owners” refer collectively to (i) those owners of TWM LLC prior to the Reorganization Transactions (the “Original LLC Owners”), including an indirect subsidiary of Refinitiv, certain investment and commercial banks (collectively, the “Bank Stockholders”), and members of management, that continued to own LLC Interests after the completion of the IPO and Reorganization Transactions and that received shares of Class C common stock, par value $0.00001 per share, of the Corporation (the “Class C common stock”), shares of Class D common stock, par value $0.00001 per share, of the Corporation (the “Class D common stock”) or a combination of both, as the case may be, in connection with the completion of the Reorganization Transactions, (ii) any subsequent transferee of any Original LLC Owner that has executed a joinder agreement to the TWM LLC Agreement and (iii) solely with respect to the Tax Receivable Agreement (as defined in Note 7 – Tax Receivable Agreement), (x) those Original LLC Owners, including certain of the Bank Stockholders, that disposed of all of their LLC Interests for cash in connection with the IPO and (y) any party that has executed a joinder agreement to the Tax Receivable Agreement in accordance with the Tax Receivable Agreement. As of June 30, 2024: • The public investors collectively owned 116,282,605 shares of Class A common stock, representing 10.1% of the combined voting power of Tradeweb Markets Inc.’s issued and outstanding common stock and indirectly, through Tradeweb Markets Inc., owned 49.2% of the economic interest in TWM LLC; • Refinitiv collectively owned 96,933,192 shares of Class B common stock, 18,000,000 shares of Class C common stock and 4,988,329 shares of Class D common stock, representing 89.9% of the combined voting power of Tradeweb Markets Inc.’s issued and outstanding common stock and directly and indirectly, through Tradeweb Markets Inc., owned 50.8% of the economic interest in TWM LLC; and • Other stockholders that continued to own LLC Interests also collectively owned 88,644 shares of Class D common stock, representing less than 0.1% of the combined voting power of Tradeweb Markets Inc.’s issued and outstanding common stock. Collectively, these stockholders directly owned less than 0.1% of the economic interest in TWM LLC. In addition, the Company’s basic and diluted earnings per share calculations for the three and six months ended June 30, 2024 were impacted by 125,012 and 142,484, respectively, of weighted average shares resulting from unvested restricted stock units and unsettled vested performance - based restricted stock units that were considered participating securities for purposes of calculating earnings per share in accordance with the two - class method. The Company’s diluted earnings per share calculations for the three and six months ended June 30, 2024 also include 1,733,789 and 1,842,327, respectively, of weighted average shares resulting from the dilutive effect of its equity incentive plans. See Note 14 – Earnings Per Share for additional details.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
Significant Accounting Policies	Jun. 30, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies The following is a summary of significant accounting policies: Basis of Presentation The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. As discussed in Note 1 – Organization, as a result of the Reorganization Transactions, Tradeweb Markets Inc. consolidates TWM LLC and its subsidiaries and TWM LLC is considered to be the predecessor to Tradeweb Markets Inc. for financial reporting purposes. Tradeweb Markets Inc. had no business transactions or activities and no substantial assets or liabilities prior to the Reorganization Transactions. The condensed consolidated financial statements represent the financial condition and results of operations of the Company and report a non-controlling interest related to the LLC Interests held by Continuing LLC Owners. These condensed consolidated financial statements are unaudited and should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The consolidated financial information as of December 31, 2023 has been derived from audited financial statements not included herein. These unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) with respect to interim financial reporting and Form 10-Q. In accordance with such rules and regulations, certain disclosures that are normally included in annual financial statements have been omitted. These unaudited condensed consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the difference may be material to the condensed consolidated financial statements. Business Combinations Business combinations are accounted for under the purchase method of accounting pursuant to Accounting Standards Codification (“ASC”) 805, Business Combinations (“ASC 805”) . The total cost of an acquisition is allocated to the underlying net assets based on their respective estimated fair values. The excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. The fair value of assets acquired and liabilities assumed is determined based on assumptions that reasonable market participants would use in the principal (or most advantageous) market for the asset or liability. Determining the fair value of certain assets acquired and liabilities assumed is judgmental in nature and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash flows, discount rates, growth rates, customer attrition rates and asset lives. Transaction costs incurred to effect a business combination are expensed as incurred and are included as a component of professional fees or general and administrative expenses in the condensed consolidated statements of income . Pushdown Accounting In connection with the Refinitiv Transaction, a majority interest of Refinitiv was acquired by BCP on October 1, 2018 from TR. The Refinitiv Transaction was accounted for by Refinitiv in accordance with the acquisition method of accounting pursuant to ASC 805 , and pushdown accounting was applied to Refinitiv to record the fair value of the assets and liabilities of Refinitiv as of October 1, 2018, the date of the Refinitiv Transaction. The Company, as a consolidating subsidiary of Refinitiv, also accounted for the Refinitiv Transaction using pushdown accounting which resulted in a new fair value basis of accounting for certain of the Company’s assets and liabilities beginning on October 1, 2018. Under the pushdown accounting applied, the excess of the fair value of the Company above the fair value accounting basis of the net assets and liabilities of the Company as of October 1, 2018 was recorded as goodwill. The fair value of assets acquired and liabilities assumed was determined based on assumptions that reasonable market participants would use in the principal (or most advantageous) market for the asset or liability. The adjusted valuations primarily affected the values of the Company’s long-lived and indefinite-lived intangible assets, including software development costs. Cash and Cash Equivalents Cash and cash equivalents consists of cash and highly liquid investments with remaining maturities at the time of purchase of three months or less. Allowance for Credit Losses The Company continually monitors collections and payments from its clients and maintains an allowance for credit losses. The allowance for credit losses is based on an estimate of the amount of potential credit losses in existing accounts receivable, as determined from a review of aging schedules, past due balances, historical collection experience and other specific account data. Careful analysis of the financial condition of the Company’s counterparties is also performed. Additions to the allowance for credit losses are charged to credit loss expense, which is included in general and administrative expenses in the condensed consolidated statements of income. Aged balances that are determined to be uncollectible are written off against the allowance for credit losses. An allowance for credit losses is also recognized for any credit impairment for available-for-sale debt securities. See Note 12 – Credit Risk for additional information. Receivable from and Payable to Brokers and Dealers and Clearing Organizations Receivable from and payable to brokers and dealers and clearing organizations consists of proceeds from transactions executed on the Company’s wholesale platform which failed to settle due to the inability of a transaction party to deliver or receive the transacted security. These securities transactions are generally collateralized by those securities. Until the failed transaction settles, a receivable from (and a matching payable to) brokers and dealers and clearing organizations is recognized for the proceeds from the unsettled transaction. Deposits with Clearing Organizations Deposits with clearing organizations are comprised of cash deposits. Furniture, Equipment, Purchased Software and Leasehold Improvements Furniture, equipment, purchased software and leasehold improvements are carried at cost less accumulated depreciation. Depreciation for furniture, equipment and purchased software is computed on a straight-line basis over the estimated useful lives of the related assets, ranging from three Furniture, equipment, purchased software and leasehold improvements are tested for impairment whenever events or changes in circumstances suggest that an asset’s carrying value may not be fully recoverable. As of June 30, 2024 and December 31, 2023, accumulated depreciation related to furniture, equipment, purchased software and leasehold improvements totaled $105.7 million and $95.8 million, respectively. Depreciation expense for furniture, equipment, purchased software and leasehold improvements was $5.2 million and $5.3 million for the three months ended June 30, 2024 and 2023, respectively, and $10.5 million and $10.5 million for the six months ended June 30, 2024 and 2023, respectively. Software Development Costs The Company capitalizes costs associated with the development of internal use software at the point at which the conceptual formulation, design and testing of possible software project alternatives have been completed. The Company capitalizes employee compensation and related benefits and third party consulting costs incurred during the application development stage which directly contribute to such development. Such costs are amortized on a straight-line basis over three years. Software development costs acquired as part of the r8fin Acquisition are amortized over seven years and software development costs acquired as part of the Yieldbroker Acquisition and NFI Acquisition were both amortized over one year. Costs capitalized as part of the Refinitiv Transaction pushdown accounting allocation are amortized over nine years. The Company reviews the amounts capitalized for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable, or that their useful lives are shorter than originally expected. Non-capitalized software costs and routine maintenance costs are expensed as incurred. As of June 30, 2024 and December 31, 2023, accumulated amortization related to software development costs totaled $254.0 million and $222.5 million, respectively. Amortization expense for software development costs was $16.0 million and $13.8 million for the three months ended June 30, 2024 and 2023, respectively, and $31.6 million and $27.2 million for the six months ended June 30, 2024 and 2023, respectively. Goodwill Goodwill includes the excess of the fair value of the Company above the fair value accounting basis of the net assets and liabilities of the Company as previously applied under pushdown accounting in connection with the Refinitiv Transaction. Goodwill also includes the cost of acquired companies in excess of the fair value of identifiable net assets at the acquisition date, including the r8fin Acquisition, the Yieldbroker Acquisition and the NFI Acquisition. Goodwill is not amortized, but is tested for impairment annually on October 1 st and between annual tests, whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. Goodwill is tested at the reporting unit level, which is defined as an operating segment or one level below the operating segment. The Company consists of one reporting unit for goodwill impairment testing purposes. An impairment loss is recognized if the estimated fair value of a reporting unit is less than its net book value. Such loss is calculated as the difference between the estimated fair value of goodwill and its carrying value. Goodwill was last tested for impairment on October 1, 2023 and no impairment of goodwill was identified. Intangible Assets Intangible assets with a finite life are amortized over the estimated lives, ranging from four As of June 30, 2024 and December 31, 2023, accumulated amortization related to intangible assets totaled $599.6 million and $542.4 million, respectively. Amortization expense for definite-lived intangible assets was $28.7 million and $26.8 million for the three months ended June 30, 2024 and 2023, respectively, and $57.2 million and $53.6 million for the six months ended June 30, 2024 and 2023, respectively. Investments in Available-for-Sale Debt Securities Investments in available-for-sale debt securities are carried at fair value with unrealized gains or losses excluded from earnings and reported in accumulated other comprehensive loss in the condensed consolidated statements of financial condition until realized. On a quarterly basis, the Company assesses whether an impairment loss on its available-for-sale debt securities has occurred due to declines in fair value or other market conditions. When the amortized cost basis of an available-for-sale debt security exceeds its fair value, the security is deemed to be impaired. The portion of an impairment related to credit losses is determined by comparing the present value of cash flows expected to be collected from the security with the amortized cost basis of the security and is recorded as a charge in the condensed consolidated statements of operations. The remainder of an impairment is recognized in accumulated other comprehensive loss if the Company does not intend to sell the security and it is more likely than not that the Company will not be required to sell the security prior to recovery. Investments in available-for-sale debt securities are included as a component of other assets on the condensed consolidated statements of financial condition. Equity Investments Without Readily Determinable Fair Values Equity investments without a readily determinable fair value are measured at cost, less impairment, plus or minus observable price changes (in orderly transactions) of an identical or similar investment of the same issuer. If the Company determines that the equity investment is impaired on the basis of a qualitative assessment, the Company will recognize an impairment loss equal to the amount by which the investment’s carrying amount exceeds its fair value. Equity investments are included as a component of other assets on the condensed consolidated statements of financial condition. Securities Sold Under Agreements to Repurchase From time to time, the Company sells securities under agreements to repurchase in order to facilitate the clearance of securities. Securities sold under agreements to repurchase are treated as collateralized financings and are presented in the condensed consolidated statements of financial condition at the amounts of cash received. Receivables and payables arising from these agreements are not offset in the condensed consolidated statements of financial condition. Leases At lease commencement, a right-of-use asset and a lease liability are recognized for all leases with an initial term in excess of 12 months based on the initial present value of the fixed lease payments over the lease term. The lease right-of-use asset also reflects the present value of any initial direct costs, prepaid lease payments and lease incentives. The Company’s leases do not provide a readily determinable implicit discount rate. Therefore, management estimates the Company’s incremental borrowing rate used to discount the lease payments based on the information available at lease commencement. The Company includes the term covered by an option to extend a lease when the option is reasonably certain to be exercised. The Company has elected not to separate non-lease components from lease components for all leases. Significant assumptions and judgments in calculating the lease right-of-use assets and lease liabilities include the determination of the applicable borrowing rate for each lease. Operating lease expense is recognized on a straight-line basis over the lease term and included as a component of occupancy expense in the condensed consolidated statements of income. Deferred Offering Costs Deferred offering costs consist of legal, accounting and other costs directly related to the Company’s efforts to raise cap ital. Th ese costs are recognized as a reduction in additional paid-in capital within the condensed consolidated statements of financial condition when the offering is effective. No offering costs were incurred during the three and six months ended June 30, 2024 and 2023. Revenue Recognition The Company’s classification of revenues in the condensed consolidated statements of income represents revenues from contracts with customers disaggregated by type of revenue. See Note 5 – Revenue for additional details regarding revenue types and the Company’s policies regarding revenue recognition. Translation of Foreign Currency and Foreign Exchange Derivative Contracts Revenues, expenses, assets and liabilities denominated in non-functional currencies are recorded in the appropriate functional currency for the legal entity at the rate of exchange prevailing at the transaction date. Monetary assets and liabilities that are denominated in non-functional currencies are then remeasured at the end of each reporting period at the exchange rate prevailing at the end of the reporting period. Foreign currency remeasurement gains or losses on monetary assets and liabilities in nonfunctional currencies are recognized in the condensed consolidated statements of income within general and administrative expenses. The realized and unrealized losses totaled $0.8 million and $1.4 million during the three months ended June 30, 2024 and 2023, respectively, and realized and unrealized losses during the six months ended June 30, 2024 and 2023 totaled $2.0 million and $1.8 million, respectively. Since the condensed consolidated financial statements are presented in U.S. dollars, the Company also translates all non-U.S. dollar functional currency revenues, expenses, assets and liabilities into U.S. dollars. All non-U.S. dollar functional currency revenue and expense amounts are translated into U.S. dollars monthly at the average exchange rate for the month. All non-U.S. dollar functional currency assets and liabilities are translated at the rate prevailing at the end of the reporting period. Gains or losses on translation in the financial statements, when the functional currency is other than the U.S. dollar, are included as a component of other comprehensive income. The Company enters into foreign currency forward contracts to mitigate its U.S. dollar and British pound sterling versus euro exposure, generally with a duration of less than 12 months. In June 2023, the Company also entered into a foreign currency call option on Australian dollars, see Note 11 – Fair Value of Financial Instruments for additional details. The Company’s foreign exchange derivative contracts are not designated as hedges for accounting purposes. Changes in the fair value during the period of foreign currency forward contracts, which were entered into for foreign exchange risk management purposes relating to operating activities, are recognized in the condensed consolidated statements of income within general and administrative expenses and related cash flows are included in cash flows from operating activities, and changes in the fair value during the period of the foreign currency call option on Australian dollars, which was entered into for foreign exchange risk management purposes relating to investing activities, are recognized in the consolidated statements of income within other income/loss and related cash flows are included in cash flows from investing activities. The Company does not use derivative instruments for trading or speculative purposes. Realized and unrealized gains on foreign currency forward contracts during the three months ended June 30, 2024 and 2023 totaled $2.6 million and $2.2 million, respectively and realized and unrealized gains on foreign currency forward contracts during the six months ended June 30, 2024 and 2023 totaled $6.9 million and $1.0 million, respectively. Realized and unrealized gains on the foreign currency call option on Australian dollars during both the three and six months ended June 30, 2023 totaled $0.6 million . As of June 30, 2024 and December 31, 2023 , the counterparty on each of the foreign exchange derivative contracts was an affiliate of LSEG and therefore the corresponding assets or liabilities on such contracts were included in receivable and due from affiliates or payable and due to affiliates, respectively, on the accompanying condensed consolidated statements of financial condition. See Note 11 – Fair Value of Financial Instruments for additional details on the Company ’ s derivative instruments. Income Tax The Corporation is subject to U.S. federal, state and local income taxes with respect to its taxable income, including its allocable share of any taxable income of TWM LLC, and is taxed at prevailing corporate tax rates. TWM LLC is a multiple member limited liability company taxed as a partnership and accordingly any taxable income generated by TWM LLC is passed through to and included in the taxable income of its members, including the Corporation. Income taxes also include unincorporated business taxes on income earned or losses incurred for conducting business in certain state and local jurisdictions, income taxes on income earned or losses incurred in foreign jurisdictions on certain operations and federal and state income taxes on income earned or losses incurred, both current and deferred, on subsidiaries that are taxed as corporations for U.S. tax purposes. The Company records deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities. The Company measures deferred taxes using the enacted tax rates and laws that will be in effect when such temporary differences are expected to reverse. The Company evaluates the need for valuation allowances based on the weight of positive and negative evidence. The Company records valuation allowances wherever management believes it is more likely than not that the Company will not be able to realize its deferred tax assets in the foreseeable future. The Company records uncertain tax positions on the basis of a two-step process whereby (i) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to income taxes within the provision for income taxes in the condensed consolidated statements of income. Accrued interest and penalties are included within accounts payable, accrued expenses and other liabilities in the condensed consolidated statements of financial condition. The Company has elected to treat taxes due on future U.S. inclusions in taxable income under the global intangible low-taxed income (“GILTI”) provision of the Tax Cuts and Jobs Act of 2017 as a current period expense when incurred. On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 (“IRA”) into law. The IRA establishes a 15% corporate alternative minimum tax (”CAMT”) effective for taxable years beginning after December 31, 2022, and imposes a 1% excise tax on the repurchase after December 31, 2022 of stock by publicly traded U.S. corporations. The 1% excise tax did not have an impact to our financial condition, results of operations and cash flows as of and for the three and six months ended June 30, 2024. The Company is subject to the 15% CAMT, however, it is not expected to have a material impact on the Company’s effective tax rate. On October 8, 2021, the Organization for Economic Cooperation and Development announced an accord endorsing and providing an implementation plan focused on global profit allocation, and implementing a global minimum tax rate of at least 15% for large multinational corporations on a jurisdiction-by-jurisdiction basis, known as the “Two Pillar Plan.” On December 15, 2022, the European Council formally adopted a European Union directive on the implementation of the plan which became effective for the Company beginning on January 1, 2024. The Company falls under the provisions of the Two Pillar Plan and related tax impacts per local country adoption as it is a consolidating subsidiary of LSEG. The Company does not anticipate a material impact to its financial condition, results of operations and cash flows from the Two Pillar Plan. Stock-Based Compensation The stock-based payments received by the employees of the Company are accounted for as equity awards. The Company measures and recognizes the cost of employee services received in exchange for awards of equity instruments based on their estimated fair values measured as of the grant date. These costs are recognized as an expense over the requisite service period, with an offsetting increase to additional paid-in capital. The grant-date fair value of stock-based awards that do not require future service (i.e., vested awards) are expensed immediately. Forfeitures of stock-based compensation awards are recognized as they occur. For grants made during the post-IPO period, the fair value of the equity instruments is determined based on the price of the Class A common stock on the grant date. Prior to the IPO, the Company awarded options to management and other employees (collectively, the “Special Option Award”) under the Amended and Restated Tradeweb Markets Inc. Option Plan (the “Option Plan”). The significant assumptions used to estimate the fair value as of grant date of the options awarded prior to the IPO did not reflect changes that would have occurred to these assumptions as a result of the IPO. The non-cash stock-based compensation expense associated with the Special Option Award began being expensed in the second quarter of 2019. The Company uses the Black-Scholes pricing model to value some of its option awards. Determining the appropriate fair value model and calculating the fair value of the option awards requires the input of highly subjective assumptions, including the expected life of the option awards and the stock price volatility. For performance-based restricted stock units that vest based on market conditions, the Company recognizes stock-based compensation based on the estimated grant date fair value of the awards computed with the assistance of a valuation specialist using a Monte Carlo simulation on a binomial model. The significant assumptions used to estimate the fair value of the performance-based restricted stock units that vest based on market conditions are years of maturity, annualized volatility and the risk-free interest rate. The maturity period represents the period of time that the award granted was modeled into the future, the risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of measurement corresponding with the maturity period of the award and the expected volatility is based upon historical volatility of the Company’s Class A common stock. Earnings Per Share Basic and diluted earnings per share are computed in accordance with the two-class method as unvested restricted stock units and unsettled vested performance-based restricted stock units issued to certain retired executives are entitled to non-forfeitable dividend equivalent rights and are considered participating securities prior to being issued and outstanding shares of common stock. The two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that otherwise would have been available to common shareholders. Basic earnings per share is computed by dividing the net income attributable to the Company’s outstanding shares of Class A and Class B common stock by the weighted-average number of the Company’s shares outstanding during the period. For purposes of computing diluted earnings per share, the weighted-average number of the Company’s shares reflects the dilutive effect that could occur if all potentially dilutive securities were converted into or exchanged or exercised for the Company’s Class A or Class B common stock. The dilutive effect of stock options and other stock - based payment awards is calculated using the treasury stock method, which assumes the proceeds from the exercise of these instruments are used to purchase common shares at the average market price for the period. The dilutive effect of LLC Interests is evaluated under the if-converted method, where the securities are assumed to be converted at the beginning of the period, and the resulting common shares are included in the denominator of the diluted earnings per share calculation for the entire period presented. Performance-based awards are considered contingently issuable shares and their dilutive effect is included in the denominator of the diluted earnings per share calculation for the entire period, if those shares would be issuable as of the end of the reporting period, assuming the end of the reporting period was also the end of the contingency period. Shares of Class C and Class D common stock do not have economic rights in Tradeweb Markets Inc. and, therefore, are not included in the calculation of basic earnings per share. Fair Value Measurement The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). Instruments that the Company owns (long positions) are marked to bid prices, and instruments that the Company has sold, but not yet purchased (short positions) are marked to offer prices. Fair value measurements do not include transaction costs. The fair value hierarchy under ASC 820, Fair Value Measurement (“ASC 820”) , prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described below. Basis of Fair Value Measurement A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. • Level 1 : Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; • Level 2 : Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly; • Level 3 : Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Improvements to Income Tax Disclosures . The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation and income taxes paid. The ASU is effective for the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2025. The guidance may be applied on a prospective or retrospective basis and early adoption is permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements. In November 2023, FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly reviewed by the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items and interim disclosures of a reportable segment’s profit or loss and assets. The ASU also allows, in addition to the measure that is most consistent with U.S. GAAP, the disclosure of additional measures of segment profit or loss that are used by the CODM in assessing segment performance and deciding how to allocate resources. The ASU also requires the disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. All disclosure requirements under ASU 2023-07 and existing segment disclosures in ASC 280, Segment Reporting are also required for public entities with a single reportable segment. The ASU is effective for the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2024, and subsequent interim periods, with early adoption permitted. The ASU is to be applied retrospectively to all periods presented in the financial statements. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements. In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”), which

Restricted Cash

Restricted Cash	6 Months Ended
Restricted Cash	Jun. 30, 2024
Restricted Cash Equivalents [Abstract]
Restricted Cash	Restricted Cash Cash has been segregated in a special reserve bank account for the benefit of brokers and dealers under SEC Rule 15c3-3. The Company computes the proprietary accounts of broker-dealers (“PAB”) reserve, which requires the Company to maintain minimum segregated cash in the amount of excess total credits per the reserve computation. As of both June 30, 2024 and December 31, 2023, cash in the amount of $1.0 million, has been segregated in the PAB reserve account, exceeding the requirements pursuant to SEC Rule 15c3-3.

Acquisitions

Acquisitions	6 Months Ended
Acquisitions	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions	Acquisitions r8fin On January 19, 2024, the Company completed its acquisition of all of the outstanding equity interests of R8FIN Holdings LP in exchange for total consideration of $125.9 million, consisting of $89.2 million in cash paid at closing (net of cash acquired) and the issuance of 374,601 shares of Class A common stock of the Corporation valued as of the closing date at $36.7 million. r8fin provides a suite of algorithmic-based tools as well as a thin-client execution management system (EMS) trading application to facilitate futures and cash trades. The solutions complement Tradeweb’s existing Dealerweb Active Streams, Dealerweb Central Limit Order Book (CLOB), Tradeweb Request-for-Quote (RFQ) and Tradeweb AiEX (Automated Intelligent Execution) offerings. The acquisition was accounted for as a business combination and the Company utilized the assistance of a third-party valuation specialist to determine the fair value of the assets acquired and liabilities assumed at the date of the closing of the acquisition. The fair values were determined based on assumptions that reasonable market participants would use in the principal (or most advantageous) market and primarily included significant unobservable inputs (Level 3). Customer relationships were valued using the income approach, specifically a multi-period excess earnings method. The excess earnings method examines the economic returns contributed by the identified tangible and intangible assets of a company, and then examines the excess return that is attributable to the intangible asset being valued. The discount rate used reflects the amount of risk associated with the hypothetical cash flows for the customer relationships relative to the overall business. In developing a discount rate for the customer relationships, the Company estimated a weighted-average cost of capital for the overall business and employed an intangible asset risk premium to this rate when discounting the excess earnings related to customer relationships. The resulting discounted cash flows were then tax-affected at the applicable statutory rate. The developed technology that was acquired, included in the condensed consolidated balance sheet as software development costs, was valued using the income approach, specifically the relief-from-royalty method (“RFRM”). The RFRM is used to estimate the cost savings that accrue to the owner of an intangible asset who would otherwise have to pay royalties or license fees on revenues earned through the use of the asset. The royalty rate is applied to the projected revenue over the expected remaining life of the intangible asset to estimate royalty savings. The net after-tax royalty savings are calculated for each year in the remaining economic life of the technology and discounted to present value. The discount rate used reflects the amount of risk associated with the hypothetical cash flows for the developed technology relative to the overall business as discussed above relating to the customer relationships. The final purchase price was allocated as follows: Purchase Price Allocation (dollars in thousands) Cash and cash equivalents $ 1,397 Accounts receivable 153 Software development costs 28,000 Goodwill 42,189 Intangible assets - Customer relationships 56,500 Other assets 179 Deferred revenue (219) Accounts payable, accrued expenses and other liabilities (886) Total cash paid and stock issued 127,313 Less: Cash acquired (1,397) Less: Working capital and other closing adjustments (1) (14) Purchase price, net of cash acquired and excluding working capital and other closing adjustments $ 125,902 (1) The net working capital and other closing adjustments receivable of $14,000 as of June 30, 2024 was collected in July 2024 . The acquired software development costs will be amortized over a useful life of seven years and the customer relationships will be amortized over a useful life of 13 years. The goodwill recognized in connection with the r8fin Acquisition is primarily attributable to the acquisition of expected future customers, future technology and synergies from the integration of the operations of r8fin into the Company's operations and its single business segment. All of the goodwill recognized in connection with the r8fin Acquisition is expected to be deductible for income tax purposes. During the three and six months ended June 30, 2024, the Company recognized $0.1 million and $0.5 million, respectively, in transaction costs incurred to effect the r8fin Acquisition, which are included as a component of professional fees in the accompanying condensed consolidated statements of income. During the three and six months ended June 30, 2024, the Company also recognized $0 and $51,000, respectively, in transaction costs incurred to effect the r8fin Acquisition, which are included as a component of general and administrative expenses in the accompanying condensed consolidated statements of income. The r8fin Acquisition was not material to the Company's condensed consolidated financial statements and therefore pro forma and current period results of this acquisition have not been presented. ICD On April 5, 2024, the Company entered into a definitive agreement for TWM LLC to acquire the Institutional Cash Distributors business (“ICD”) by purchasing all of the outstanding equity interests of each of ICD Intermediate Holdco 1, LLC, SCIC - ICD Blocker 1, Inc. and Parthenon Investors V ICD Blocker, Inc. Pursuant to the terms of the purchase agreement, TWM LLC is required to pay $785 million in cash, subject to customary working capital and other adjustments, for the acquisition. In connection with the acquisition closing, the Corporation will also issue and sell $4.5 million of shares of its Class A common stock in reliance on Section 4(a)(2) of the Securities Act, to an equityholder of the seller, which such shares of Class A common stock will be issued and sold as restricted stock, subject to vesting and forfeiture terms, pursuant to the Tradeweb Markets Inc. 2019 Omnibus Equity Incentive Plan. The acquisition is expected to close in the third quarter of 2024, subject to the satisfaction of customary closing conditions and regulatory reviews.

Revenue

Revenue	6 Months Ended
Revenue	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Revenue Recognition The Company enters into contracts with its clients to provide a stand-ready connection to its electronic marketplaces, which facilitates the execution of trades by its clients. The access to the Company’s electronic marketplaces includes market data, continuous pricing data refreshes and the processing of trades thereon. The stand-ready connection to the electronic marketplaces is considered a single performance obligation satisfied over time as the client simultaneously receives and consumes the benefit from the Company’s performance as access is provided (that is, the performance obligation constitutes a series of services that are substantially the same in nature and are provided over time using the same measure of progress). For its services, the Company earns subscription fees for granting access to its electronic marketplaces. Subscription fees, which are generally fixed fees, are recognized as revenue on a monthly basis, in the period that access is provided. The frequency of subscription fee billings varies from monthly to annually, depending on contract terms. Fees received by the Company which are not yet earned are included in deferred revenue on the condensed consolidated statements of financial condition until the revenue recognition criteria have been met. The Company also earns transaction fees and/or commissions from transactions executed on the Company’s electronic marketplaces. The Company earns commission revenue from its electronic and voice brokerage services on a riskless principal basis. Riskless principal revenues are derived on matched principal transactions where revenues are earned on the spread between the buy and sell price of the transacted product. Transaction fees and commissions are generated both on a variable and fixed price basis and vary by geographic region, product type and trade size. Fixed monthly transaction fees or commissions, or monthly transaction fees or commission minimums, are earned on a monthly basis in the period the stand-ready trading services are provided and are generally billed monthly. For variable transaction fees or commissions, the Company charges its clients amounts calculated based on the mix of products traded and the volume of transactions executed. Variable transaction fee or commission revenue is recognized and recorded on a trade-date basis when the individual trade occurs and is generally billed when the trade settles or is billed monthly. Variable discounts or rebates on transaction fees or commissions are earned and applied monthly or quarterly, resolved within the same reporting period and are recorded as a reduction to revenue in the period the relevant trades occur. The Company earns fees from an affiliate of LSEG (Refinitiv, which was rebranded as LSEG Data & Analytics during the fourth quarter of 2023) relating to the sale of market data to LSEG, which distributes that data. Included in these fees, which are billed quarterly, are real-time market data fees which are recognized monthly on a straight-line basis, as LSEG receives and consumes the benefit evenly over the contract period, as the data is provided. Also included in these fees are fees for historical data sets, which are recognized when the historical data set is provided to LSEG. Significant judgments used in accounting for the Company’s market data agreement with LSEG include the following determinations: • The provision of real-time market data feeds and historical data sets are distinct performance obligations. • The performance obligations under this contract are recognized over time from the initial delivery of the data feeds until the end of the contract term or at a point in time upon delivery of each historical data set. • The transaction prices for the performance obligations were determined by using an adjusted market assessment analysis. Inputs in this analysis included publicly available price lists for data sets provided by other companies, planned internal pricing strategies and other market data points and adjustments obtained through consultations with market data industry experts regarding estimating a standalone selling price for each performance obligation. Some revenues earned by the Company have fixed fee components, such as monthly minimums or fixed monthly fees, and variable components, such as transaction - based fees. The breakdown of revenues between fixed and variable revenues for the three and six months ended June 30, 2024 and 2023 is as follows: Three Months Ended Three Months Ended June 30, 2024 June 30, 2023 (dollars in thousands) (dollars in thousands) Variable Fixed Variable Fixed Revenues Transaction fees and commissions $ 294,003 $ 36,472 $ 209,634 $ 36,827 Subscription fees 465 50,281 470 45,278 LSEG market data fees — 20,581 — 15,461 Other 382 2,767 264 2,679 Total revenue $ 294,850 $ 110,101 $ 210,368 $ 100,245 Six Months Ended Six Months Ended June 30, 2024 June 30, 2023 (dollars in thousands) (dollars in thousands) Variable Fixed Variable Fixed Revenues Transaction fees and commissions $ 592,265 $ 73,661 $ 439,815 $ 73,244 Subscription fees 935 99,492 930 89,192 LSEG market data fees — 41,081 — 31,055 Other 744 5,512 466 5,160 Total revenue $ 593,944 $ 219,746 $ 441,211 $ 198,651 Deferred Revenue The Company records deferred revenue when cash payments are received or due in advance of services to be performed. The revenue recognized and the remaining deferred revenue balances are shown below: Amount (dollars in thousands) Deferred revenue balance - December 31, 2023 $ 25,746 New billings 81,074 Revenue recognized (78,882) Deferred revenue acquired in connection with the r8fin Acquisition 219 Effect of foreign currency exchange rate changes 17 Deferred revenue balance - June 30, 2024 $ 28,174 During the six months ended June 30, 2024, the Company recognized into revenue $22.6 million in deferred revenue that was deferred as of December 31, 2023. During the six months ended June 30, 2023, the Company recognized into revenue $19.6 million in deferred revenue that was deferred as of December 31, 2022.

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Corporation is subject to U.S. federal, state and local income taxes with respect to its taxable income, including its allocable share of any taxable income of TWM LLC, and is taxed at prevailing corporate tax rates. The Company’s actual effective tax rate will be impacted by the Corporation’s ownership share of TWM LLC, which will continue to increase as Continuing LLC Owners that continue to hold LLC Interests redeem or exchange their LLC Interests for shares of Class A common stock or Class B common stock, as applicable, or the Corporation purchases LLC Interests from such Continuing LLC Owners. The Company’s consolidated effective tax rate will also vary from period to period depending on changes in the mix of earnings, tax legislation and tax rates in various jurisdictions. The Company’s provision for income taxes includes U.S., federal, state, local and foreign taxes. The Company’s effective tax rate for the three months ended June 30, 2024 and 2023 was approximately 25.6% an d 22.2%, respectively. The effective tax rate for the three months ended June 30, 2024 differed from the U.S. federal statutory rate of 21.0% primarily due to state, local and foreign taxes and the disallowance of compensation expense tax deductions, partially offset by the effect of non-controlling interests. The effective tax rate for the three months ended June 30, 2023 differed from the U.S. federal statutory rate of 21.0% primarily due to the disallowance of compensation expense tax deductions and state, local and foreign taxes, partially offset by the effect of non-controlling interests. The Company’s effective tax rate for the six months ended June 30, 2024 and 2023 was approximately 24.5% an d 23.4%, respectively. The effective tax rate for the six months ended June 30, 2024 differed from the U.S. federal statutory rate of 21.0% primarily due to state, local and foreign taxes and the disallowance of compensation expense tax deductions, partially offset by the effect of non-controlling interests. The effective tax rate for the six months ended June 30, 2023 differed from the U.S. federal statutory rate of 21.0% primarily due to the disallowance of compensation expense tax deductions and state, local and foreign taxes, partially offset by the effect of non-controlling interests. The Company has obtained, and expects to obtain, an increase in its share of the tax basis of the assets of TWM LLC when LLC Interests are redeemed or exchanged by Continuing LLC Owners and in connection with certain other qualifying transactions. This increase in tax basis has had, and may in the future have, the effect of reducing the amounts that the Corporation would otherwise pay in the future to various tax authorities. Pursuant to the Tax Receivable Agreement, the Corporation is required to make cash payments to the Continuing LLC Owners equal to 50% of the amount of U.S. federal, state and local income or franchise tax savings, if any, that the Corporation actually realizes (or in some circumstances are deemed to realize) as a result of certain future tax benefits to which the Corporation may become entitled. The Corporation expects to benefit from the remaining 50% of tax benefits, if any, that the Corporation may actually realize. See Note 7 – Tax Receivable Agreement for further details. The tax benefit has been recognized in deferred tax assets on the condensed consolidated statements of financial condition. In connection with the Reorganization Transactions, a Refinitiv entity was contributed to the Corporation, pursuant to which the Corporation received 96,933,192 LLC Interests and Refinitiv received 96,933,192 shares of Class B common stock (“Refinitiv Contribution”). As a result of the Refinitiv Contribution, the Company assumed the tax liabilities of the contributed entity and the Company was indemnified by Refinitiv for these tax liabilities assumed. During the second quarter of 2023, the contributed entity reached an audit settlement with the State of New Jersey for the tax years 2008 - 2015 and in the third quarter of 2023 paid $2.0 million in full settlement of the matter and the prior liabilities assumed. In the third quarter of 2023, Refinitiv reimbursed the Company for the $2.0 million paid to the State of New Jersey pursuant to the indemnification agreement. As of June 30, 2024 and December 31, 2023, there were no remaining tax liabilities accrued associated with the Refinitiv Contribution.

Tax Receivable Agreement

Tax Receivable Agreement	6 Months Ended
Tax Receivable Agreement	Jun. 30, 2024
Tax Receivable Agreement
Tax Receivable Agreement	Tax Receivable Agreement In connection with the Reorganization Transactions, the Corporation entered into a tax receivable agreement (the “Tax Receivable Agreement”) with TWM LLC and the Continuing LLC Owners, which provides for the payment by the Corporation to a Continuing LLC Owner of 50% of the amount of U.S. federal, state and local income or franchise tax savings, if any, that the Corporation actually realizes (or in some circumstances is deemed to realize) as a result of (i) increases in the tax basis of TWM LLC’s assets resulting from (a) the purchase of LLC Interests from a Continuing LLC Owner, including with the net proceeds from the IPO and any subsequent offerings or (b) redemptions or exchanges by a Continuing LLC Owner of LLC Interests for shares of Class A common stock or Class B common stock or for cash, as applicable, and (ii) certain other tax benefits related to the Corporation making payments under the Tax Receivable Agreement. Payments under the Tax Receivable Agreement are due within 150 days after the filing of the tax return based on the actual tax savings realized by the Corporation, estimated payments may be made in advance. The first payment of the Tax Receivable Agreement was made in January 2021. Substantially all payments due under the Tax Receivable Agreement are payable over fifteen years following the purchase of LLC Interests from Continuing LLC Owners or redemption or exchanges by Continuing LLC Owners of LLC Interests. The Corporation accounts for the income tax effects resulting from taxable redemptions or exchanges of LLC Interests by Continuing LLC Owners for shares of Class A common stock or Class B common stock or cash, as the case may be, and purchases by the Corporation of LLC Interests from Continuing LLC Owners by recognizing an increase in deferred tax assets, based on enacted tax rates at the date of each redemption, exchange, or purchase, as the case may be. Further, the Corporation evaluates the likelihood that it will realize the benefit represented by the deferred tax asset, and, to the extent that the Corporation estimates that it is more likely than not that it will not realize the benefit, it reduces the carrying amount of the deferred tax asset with a valuation allowance.

Non-Controlling Interests

Non-Controlling Interests	6 Months Ended
Non-Controlling Interests	Jun. 30, 2024
Noncontrolling Interest [Abstract]
Non-Controlling Interests	Non-Controlling Interests In connection with the Reorganization Transactions, Tradeweb Markets Inc. became the sole manager of TWM LLC and, as a result of this control, and because Tradeweb Markets Inc. has a substantial financial interest in TWM LLC, consolidates the financial results of TWM LLC into its condensed consolidated financial statements. The non-controlling interests balance reported on the condensed consolidated statements of financial condition represents the economic interests of TWM LLC held by the holders of LLC Interests other than Tradeweb Markets Inc. Income or loss is attributed to the non-controlling interests based on the relative ownership percentages of LLC Interests held during the period by Tradeweb Markets Inc. and the other holders of LLC Interests. The following table summarizes the ownership interest in Tradeweb Markets LLC: June 30, 2024 June 30, 2023 LLC Ownership LLC Ownership Number of LLC Interests held by Tradeweb Markets Inc. 213,215,797 90.2 % 211,601,209 90.2 % Number of LLC Interests held by non-controlling interests 23,076,973 9.8 % 23,080,571 9.8 % Total LLC Interests outstanding 236,292,770 100.0 % 234,681,780 100.0 % LLC Interests held by Continuing LLC Owners are redeemable in accordance with the TWM LLC Agreement at the election of the members for shares of Class A common stock or Class B common stock, as applicable, on a one-for-one basis or, at the Company’s option, a cash payment in accordance with the terms of the TWM LLC Agreement. The following table summarizes the impact on Tradeweb Market Inc.’s equity due to changes in the Corporation’s ownership interest in TWM LLC: Net Income Attributable to Tradeweb Markets Inc. and Transfers (to) from the Non-Controlling Interests Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (dollars in thousands) Net income attributable to Tradeweb Markets Inc. $ 119,239 $ 89,082 $ 245,381 $ 176,938 Transfers (to) from non-controlling interests: Increase/(decrease) in Tradeweb Markets Inc.’s additional paid-in capital as a result of ownership changes in TWM LLC (2,198) 72,870 (865) 79,780 Net transfers (to) from non-controlling interests (2,198) 72,870 (865) 79,780 Change from net income attributable to Tradeweb Markets Inc. and transfers (to) from non-controlling interests $ 117,041 $ 161,952 $ 244,516 $ 256,718

Stockholders' Equity and Stock-

Stockholders' Equity and Stock-Based Compensation Plans	6 Months Ended
Stockholders' Equity and Stock-Based Compensation Plans	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stockholders' Equity and Stock-Based Compensation Plans	Stockholders’ Equity and Stock-Based Compensation Plans The rights and privileges of the Company’s stockholders’ equity and LLC Interests are described in the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and there have been no changes to those rights and privileges during the six months ended June 30, 2024. Common Stock The following table details the movement in the Company’s outstanding shares of common stock during the period: Class A Class B Class C Class D Total Balance at December 31, 2023 115,090,787 96,933,192 18,000,000 5,077,973 235,101,952 Issuance of common stock from equity incentive plans 699,840 — — — 699,840 Issuance of common stock for business acquisition (1) 374,601 — — — 374,601 Balance at March 31, 2024 116,165,228 96,933,192 18,000,000 5,077,973 236,176,393 Activities related to exchanges of LLC Interests 1,000 — — (1,000) — Issuance of common stock from equity incentive plans 116,377 — — — 116,377 Balance at June 30, 2024 116,282,605 96,933,192 18,000,000 5,076,973 236,292,770 (1) On January 19, 2024, the Corporation issued 374,601 unregistered shares of class A common stock as partial consideration for the r8fin Acquisition (the “r8fin Acquisition Shares”), in reliance on Section 4(a)(2) of the Securities Act. The r8fin Acquisition Shares are considered issued and outstanding subsequent to their January 19, 2024 issuance, but remain subject to a lock-up that restricts the sale, transfer or disposal of these shares for the two year period following the January 19, 2024 closing date of the r8fin Acquisition. See Note 4 – Acquisitions for additional details on this acquisition. Class A Class B Class C Class D Total Balance at December 31, 2022 110,746,606 96,933,192 3,251,177 23,092,704 234,023,679 Activities related to exchanges of LLC Interests 8,733 — — (8,733) — Issuance of common stock from equity incentive plans 986,090 — — — 986,090 Share repurchases pursuant to share repurchase programs (313,311) — — — (313,311) Balance at March 31, 2023 111,428,118 96,933,192 3,251,177 23,083,971 234,696,458 Activities related to exchanges of LLC Interests 3,254,577 — (3,251,177) (3,400) — Issuance of common stock from equity incentive plans 92,687 — — — 92,687 Share repurchases pursuant to share repurchase programs (107,365) — — — (107,365) Balance at June 30, 2023 114,668,017 96,933,192 — 23,080,571 234,681,780 Stock-Based Compensation Plans Under the Tradeweb Markets Inc. 2019 Omnibus Equity Incentive Plan, the Company is authorized to issue up to 8,841,864 new shares of Class A common stock to employees, officers and non-employee directors. Under this plan, the Company may grant awards in respect of shares of Class A common stock, including restricted stock units with only time-based vesting conditions (“RSUs”), performance-based restricted stock units with both time and performance-based vesting conditions, stock options and dividend equivalent rights. The Company refers to performance-based restricted stock units that vest based on the financial performance of the Company as “PRSUs” and performance-based restricted stock units that vest based on market conditions, such as total shareholder return, as “PSUs”. RSUs, PRSUs and PSUs each represent promises to issue actual shares of Class A common stock at the end of a vesting period. Stock options have a maximum contractual term of 10 years. In connection with organizational changes, on June 17, 2024, the Company determined that the employment of Thomas Pluta, President of the Company, will terminate effective September 30, 2024. In connection with the termination of his employment, Mr. Pluta will also resign from the Board of Directors of the Company effective September 30, 2024. As of June 17, 2024, there was approximately $4.4 million in total unamortized stock-based compensation associated with equity awards previously granted to Mr. Pluta that will be accelerated and amortized into expense over a revised estimated service period ending on September 30, 2024. Of this amount, $1.7 million represents regularly scheduled amortization that would have been recognized from June 17, 2024 through September 30, 2024 if Mr. Pluta’s employment was not terminated and $2.7 million represents accelerated stock-based compensation expense. During the three months ended June 30, 2024, the Company incurred a total of $0.3 million in accelerated stock-based compensation expense relating to Mr. Pluta’s departure, with the remaining $2.4 million to be recorded during the three months ending September 30, 2024 . During the three months ended June 30, 2024, the Company granted 12,526 RSUs at a weighted-average grant-date fair value of $112.82. No PRSUs or PSUs were granted during the three months ended June 30, 2024. During the six months ended June 30, 2024, the Company granted 457,978 RSUs, 201,546 PRSUs and 86,592 PSUs at a weighted-average grant-date fair value of $104.48, $104.66 and $149.00, respectively. RSU awards granted to employees will generally vest one-third each year over a three-year period, and RSU awards granted to non-employee directors will vest after one year. PRSUs generally cliff vest on January 1 of the third calendar year from the calendar year of the date of grant and the number of shares a participant will receive upon vesting is determined by a performance modifier, which is adjusted as a result of the financial performance of the Company. For PRSU awards granted during 2024, the financial performance of the Company will be determined based on the compound annual growth rate over a three-year performance period beginning on January 1 in the year of grant. For PRSU awards granted during 2023 and prior, the financial performance of the Company was determined based on the financial performance of the Company in the grant year, and any earned awards that remain outstanding are subject to time-based vesting conditions. The performance modifier for PRSUs can vary between 0% (minimum) and 250% (maximum) of the target (100%) award amount for PRSU awards granted during 2024 and 2023. PRSUs granted during 2022 and prior had a 200% maximum performance modifier. PSUs cliff vest on January 1 of the third calendar year from the calendar year of the date of grant and the number of shares a participant will receive upon vesting is determined by a performance modifier, which is adjusted as a result of the Company’s total shareholder return over a three-year performance period. The performance modifier for PSUs can vary between 0% (minimum) and 250% (maximum) of the target (100%) award amount. The grant date fair value of PSUs granted on March 15, 2024 and 2023 was estimated using the Monte Carlo simulation model and the significant valuation assumptions used in those models were as follows: March 15, 2024 PSU Grant March 15, 2023 PSU Grant Maturity (years) 2.8 2.8 Annualized Volatility 26.63 % 28.81 % Risk-Free Interest Rate 4.44 % 3.77 % A summary of the Company ’ s total stock-based compensation expense is presented below: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (dollars in thousands) Total stock-based compensation expense $ 23,715 $ 15,712 $ 40,117 $ 27,323 The stock-based compensation expense above excludes $0.6 million and $0.4 million of stock-based compensation expense capitalized to software development costs during the three months ended June 30, 2024 and 2023, respectively, and $1.2 million and $0.6 million during the six months ended June 30, 2024 and 2023, respectively. Share Repurchase Program On December 5, 2022, the Company announced that its board of directors authorized a new share repurchase program (the “2022 Share Repurchase Program”), after completing in October 2022, the $150.0 million of total repurchases of the Company’s Class A common stock previously authorized in February 2021 (the “2021 Share Repurchase Program”). The 2022 Share Repurchase Program was authorized to continue to offset annual dilution from stock-based compensation plans, as well as to opportunistically repurchase the Company’s Class A common stock. The 2022 Share Repurchase Program authorizes the purchase of up to $300.0 million of the Company’s Class A common stock at the Company’s discretion and has no termination date. The 2022 Share Repurchase Program can be effected through regular open-market purchases (which may include repurchase plans designed to comply with Rule 10b5-1), through privately negotiated transactions or through accelerated share repurchases, each in accordance with applicable securities laws and other restrictions. The amounts, timing and manner of the repurchases will be subject to general market conditions, the prevailing price and trading volumes of the Company’s Class A common stock and other factors. The 2022 Share Repurchase Program does not require the Company to acquire a specific number of shares and may be suspended, amended or discontinued at any time. There were no share repurchases during the three and six months ended June 30, 2024. During the three and six months ended June 30, 2023, the Company acquired a total of 107,365 and 420,676 shares of Class A common stock, at an average price of $70.81 and $72.05, for purchases totaling $7.6 million and $30.3 million, respectively. Each share of Class A common stock repurchased pursuant to the share repurchase programs was funded with the proceeds, on a dollar-for-dollar basis, from the repurchase by Tradeweb Markets LLC of an LLC Interest from the Corporation in order to maintain the one-to-one ratio between outstanding shares of the Class A common stock and Class B common stock and the LLC Interests owned by the Corporation. Subsequent to their repurchase, the shares of Class A common stock and the LLC Interests were all cancelled and retired. As of June 30, 2024, a total of $239.8 million remained available for repurchase pursuant to the 2022 Share Repurchase Program. For shares repurchased pursuant to share repurchase programs, the excess of the repurchase price paid over the par value of the Class A common stock is be recorded as a reduction to retained earnings. Other Share Repurchases During the three months ended June 30, 2024 and 2023, the Company withheld 2,505 and 26,259 shares, respectively, of Class A common stock from employee stock option, PRSU and RSU awards, at an average price per share of $107.57 and $71.23, respectively, and an aggregate value of $0.3 million and $1.9 million, respectively, based on the price of the Class A common stock on the date the relevant withholding occurred. During the six months ended June 30, 2024 and 2023, the Company withheld 455,326 and 601,083 shares, respectively, of Class A common stock from employee stock option, PRSU and RSU awards, at an average price per share of $97.24 and $69.42, respectively, and an aggregate value of $44.3 million and $41.7 million, respectively, based on the price of the Class A common stock on the date the relevant withholding occurred. These shares are withheld in order for the Company to cover the employee payroll tax withholding obligations upon the exercise of stock options and settlement of RSUs and PRSUs and such shares were not withheld in connection with the share repurchase programs discussed above.

Related Party Transactions

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company enters into transactions with its affiliates from time to time which are considered to be related party transactions. As of June 30, 2024 and December 31, 2023, the following balances with such affiliates were included in the condensed consolidated statements of financial condition in the following line items: June 30, December 31, 2024 2023 (dollars in thousands) Accounts receivable $ 751 $ 688 Receivable and due from affiliates 2,980 192 Other assets 43 17 Accounts payable, accrued expenses and other liabilities 1,597 1,044 Deferred revenue 6,434 6,508 Payable and due to affiliates — 1,327 The following balances with such affiliates were included in the condensed consolidated statements of income in the following line items: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (dollars in thousands) Revenue: Subscription fees $ 271 $ 638 $ 575 $ 1,471 LSEG market data fees (1) 20,581 15,461 41,081 31,055 Other fees 155 136 360 250 Expenses: (2) Employee compensation and benefits — 17 — 17 Technology and communications 1,556 1,487 3,128 2,651 General and administrative 2 (46) 5 — Professional fees 39 — 65 1 Occupancy 26 20 39 20 (1) The Company maintains a market data license agreement with an affiliate of LSEG (Refinitiv, which was rebranded as LSEG Data & Analytics during the fourth quarter of 2023). Under the agreement, the Company delivers to LSEG certain market data feeds which LSEG distributes to its customers. The Company earns license fees and royalties for these feeds. (2) The Company maintains agreements with LSEG to provide the Company with certain market data, office space, finance, human resources and other administrative services.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
Fair Value of Financial Instruments	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments Financial Instruments Measured at Fair Value The Company’s financial instruments measured at fair value on the condensed consolidated statements of financial condition as of June 30, 2024 and December 31, 2023 have been categorized based upon the fair value hierarchy as follows: Quoted Prices in active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (dollars in thousands) As of June 30, 2024 Assets Cash equivalents – Money market funds and other highly liquid investments $ 1,562,815 $ — $ — $ 1,562,815 Receivable and due from affiliates – Foreign exchange derivative contracts — 2,626 — 2,626 Other assets – Investment in available for sale debt securities — — 10,102 10,102 Total assets measured at fair value $ 1,562,815 $ 2,626 $ 10,102 $ 1,575,543 As of December 31, 2023 Assets Cash equivalents – Money market funds and other highly liquid investments $ 1,543,644 $ — $ — $ 1,543,644 Total assets measured at fair value $ 1,543,644 $ — $ — $ 1,543,644 Liabilities Payable and due to affiliates – Foreign exchange derivative contracts $ — $ 775 $ — $ 775 Total liabilities measured at fair value $ — $ 775 $ — $ 775 The Company’s cash equivalents are classified within level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets. In April 2024, the Company made an investment in a convertible note with a principal amount and original amortized cost basis of $10.0 million. The note accrues interest at a rate of 5% per annum, compounded annually, and matures on the earliest to occur of January 19, 2027, an event of default or a change in control as each term is defined in the convertible note. The note and accrued interest will convert to equity securities of the issuer on January 19, 2027, if not previously repaid or converted upon certain defined financing events. The convertible note is accounted for as an available-for-sale debt security and the convertible note and accrued interest is included within other assets on the accompanying condensed consolidated statements of financial condition at a fair value and amortized cost basis of $10.1 million as of June 30, 2024. There were no fair value adjustments or credit losses recorded on the convertible note during the three and six months ended June 30, 2024. The convertible note is classified within level 3 of the fair value hierarchy because the valuation requires assumptions that are both significant and unobservable. The primary methods used to estimate the fair value of the convertible note were a discounted cash flow analysis and a probability-weighted expected return model which incorporated the credit risk of the issuer and scenarios in which the note would convert into equity, the estimated equity value of the issuer and the conversion terms outlined in the convertible note agreement. Significant unobservable inputs included a discount rate of 15%. Significant increases or decreases in the discount rate would have resulted in a significantly lower or higher fair value measurement. The Company enters into foreign currency forward contracts to mitigate its U.S. dollar and British pound sterling versus euro exposure, generally with a duration of less than 12 months. On June 1, 2023, the Company entered into a foreign currency call option on Australian dollars, giving the Company an option to buy A$120.7 million ($79.9 million U.S. dollars as translated as of June 30, 2023), in order to partially mitigate the Company’s U.S. dollar versus Australian dollar foreign exchange exposure on the then anticipated payment of the Australian dollar denominated purchase price for the Yieldbroker acquisition. The valuations for the Company’s foreign currency forward contracts and foreign currency call option are primarily based on the difference between the exchange rate associated with the contract and the exchange rate at the current period end for the tenor of the contract. Foreign currency forward contracts and the foreign currency call option are categorized as Level 2 in the fair value hierarchy. As of June 30, 2024 and December 31, 2023, the counterparty on each of these foreign exchange derivative contracts was an affiliate of LSEG and therefore the corresponding assets or liabilities on such contracts were included in receivable and due from affiliates or payable and due to affiliates, respectively, on the accompanying condensed consolidated statements of financial condition. The following table summarizes the aggregate U.S. dollar equivalent notional amount of the Company ’ s foreign exchange derivative contracts not designated as hedges for accounting purposes: June 30, December 31, 2024 2023 (dollars in thousands) Foreign currency forward contracts – Gross notional amount $ 229,131 $ 192,877 The Company’s foreign exchange derivative contracts are not designated as hedges for accounting purposes and changes in the fair value of these contracts during the period are recognized in the condensed consolidated statements of income. The total realized and unrealized gains (losses) on foreign exchange derivative contracts recorded within the condensed consolidated statements of income are as follows: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (dollars in thousands) Foreign currency forward contracts not designated in accounting hedge relationship – General and administrative (expenses)/income $ 2,560 $ 2,198 $ 6,911 $ 1,038 Foreign currency call option contract not designated in accounting hedge relationship – Other income/(loss) (1) $ — $ 618 $ — $ 618 (1) On June 1, 2023, the Company entered into a foreign currency call option on Australian dollars, in order to partially mitigate the Company’s U.S. dollar versus Australian dollar foreign exchange exposure on the then-anticipated payment of the Australian dollar denominated purchase price for the Yieldbroker Acquisition. On August 25, 2023, the Company unwound the out-of-the-money foreign currency call option and received $1.1 million. Financial Instruments Not Measured at Fair Value The Company’s financial instruments not measured at fair value on the condensed consolidated statements of financial condition as of June 30, 2024 and December 31, 2023 have been categorized based upon the fair value hierarchy as follows: Carrying Value Quoted Prices in Significant Observable Inputs (Level 2) Significant Total Fair Value As of June 30, 2024 (dollars in thousands) Assets Cash and restricted cash $ 156,415 $ 156,415 $ — $ — $ 156,415 Receivable from brokers and dealers and clearing organizations 432,037 — 432,037 — 432,037 Deposits with clearing organizations 62,694 62,694 — — 62,694 Accounts receivable 233,084 — 233,084 — 233,084 Other assets – Memberships in clearing organizations 2,907 — — 2,907 2,907 Total $ 887,137 $ 219,109 $ 665,121 $ 2,907 $ 887,137 Liabilities Securities sold under agreements to repurchase $ — $ — $ — $ — $ — Payable to brokers and dealers and clearing organizations 424,751 — 424,751 — 424,751 Total $ 424,751 $ — $ 424,751 $ — $ 424,751 As of December 31, 2023 Assets Cash and restricted cash $ 163,824 $ 163,824 $ — $ — $ 163,824 Receivable from brokers and dealers and clearing organizations 381,178 — 381,178 — 381,178 Deposits with clearing organizations 36,806 36,806 — — 36,806 Accounts receivable 168,407 — 168,407 — 168,407 Other assets – Memberships in clearing organizations 2,426 — — 2,426 2,426 Total $ 752,641 $ 200,630 $ 549,585 $ 2,426 $ 752,641 Liabilities Securities sold under agreements to repurchase (1) $ 21,612 $ — $ 21,612 $ — $ 21,612 Payable to brokers and dealers and clearing organizations 351,864 — 351,864 — 351,864 Total $ 373,476 $ — $ 373,476 $ — $ 373,476 (1) As of December 31, 2023, Treasury securities with a fair value of $21.6 million collateralized the securities sold under agreements to repurchase liability. The liability amounts presented represent the gross liability and are not offset on the condensed consolidated statements of financial condition. The securities sold under agreements to repurchase liability were subsequently settled on January 2, 2024. The carrying value of financial instruments not measured at fair value classified within level 1 or level 2 of the fair value hierarchy approximates fair value because of the relatively short term nature of the underlying assets or liabilities. The memberships in clearing organizations, which are included in other assets on the condensed consolidated statements of financial condition, are classified within level 3 of the fair value hierarchy because the valuation requires assumptions that are both significant and unobservable. Non-recurring Fair Value Measurements The Company measures certain assets and liabilities, such as assets acquired in a business combination, at fair value as of the acquisition date. See Note 4 – Acquisitions for further details regarding these non-recurring fair value measurements. Financial Instruments Without Readily Determinable Fair Values Included in other assets on the condensed consolidated statements of financial condition are equity investments without readily determinable fair values of $10.5 million and $8.9 million as of June 30, 2024 and December 31, 2023, respectively. These equity investments are subject to general contractual sale restrictions that prohibit the transfer or sale of the investment without prior consent of the investee.

Credit Risk

Credit Risk	6 Months Ended
Credit Risk	Jun. 30, 2024
Risks and Uncertainties [Abstract]
Credit Risk	Credit Risk Cash and cash equivalents includes cash and highly liquid investments held by a limited number of global financial institutions, including cash amounts in excess of federally insured limits. To mitigate this concentration of credit risk, the Company invests through high-credit-quality financial institutions, monitors the concentration of credit exposure of investments with any single obligor and diversifies as determined appropriate. In the normal course of business the Company, as agent, executes transactions with, and on behalf of, other brokers and dealers. If the agency transactions do not settle because of failure to perform by either counterparty, the Company will recognize a receivable from (and a matching payable to) brokers and dealers and clearing organizations for the proceeds from the unsettled transaction, until the failed transaction settles. The Company may be obligated to discharge the obligation of the non-performing party and, as a result, may incur a loss if the market value of the security is different from the contract amount of the transaction. However, from time to time, the Company enters into repurchase and/or reverse repurchase agreements to facilitate the clearance of securities relating to fails to deliver or receive. The Company seeks to manage credit exposure related to these agreements to repurchase (or reverse repurchase), including the risk related to a decline in market value of collateral (pledged or received), by entering into agreements to repurchase with overnight or short-term maturity dates and only entering into repurchase transactions with netting members of the Fixed Income Clearing Corporation (“FICC”). The FICC operates a continuous net settlement system, whereby as trades are submitted and compared, the FICC becomes the counterparty. Historically the Company has used ICBC, a wholly-owned subsidiary of the Industrial and Commercial Bank of China Limited, to clear U.S. Treasury trades executed by non-FICC members on the Company’s wholesale trading platform. Under that arrangement, ICBC submitted the Company’s trades from non-FICC members to the FICC under the ICBC netting account with the FICC. Following the November 2023 ransomware attack on some ICBC operating systems, including those used to clear U.S. Treasury and repurchase agreement financings, the Company has and may continue to self-clear these U.S. Treasury trades. As a result, this increased the number of trades that settle over the fed wire, instead of FICC clearing, and accordingly the Company has experienced and may continue to experience, an increase in the number of U.S. Treasury failed settlement transactions. As of June 30, 2024, the Company recorded a $432.0 million receivable and a $424.8 million payable from/to brokers and dealers and clearing organizations related to failed settlement transactions and the Company self-funded the remaining $7.3 million difference between the fail to deliver and fail to receive. All of the above failed settlement transactions outstanding as of June 30, 2024 were fully settled during July 2024. Additionally, in the normal course of business, the Company, as an introducing broker, executes transactions on behalf of or with customers of the Company, which are cleared by a clearing broker. As between the Company and the clearing broker, the Company is responsible for losses that may result from the clearing broker’s rejection, reversal or cancellation of a transaction. If there are temporary errors or delays in the processing or settlement of transactions, the clearing broker may require, usually with two business days notice, that the Company provide cash deposits until the errors are resolved. A substantial number of the Company’s transactions are collateralized and executed with, and on behalf of, a limited number of broker-dealers. The Company’s exposure to credit risk associated with the nonperformance of these clients in fulfilling their contractual obligations pursuant to securities transactions can be directly impacted by volatile trading markets which may impair the clients’ ability to satisfy their obligations to the Company. The Company does not expect nonperformance by counterparties in the above situations. However, the Company’s policy is to monitor its market exposure and counterparty risk. In addition, the Company has a policy of reviewing, as considered necessary, the credit standing of each counterparty with which it conducts business. Allowance for Credit Losses The Company may be exposed to credit risk regarding its receivables, which are primarily receivables from financial institutions, including investment managers and broker-dealers. The Company maintains an allowance for credit losses based upon an estimate of the amount of potential credit losses in existing accounts receivable, as determined from a review of aging schedules, past due balances, historical collection experience and other specific account data. Careful analysis of the financial condition of the Company’s counterparties is also performed. Account balances are pooled based on the following risk characteristics: 1. Geographic location 2. Transaction fee type (billing type) 3. Legal entity An allowance for credit losses is also recognized for any credit impairment for available-for-sale debt securities. Write-Offs Once determined uncollectible, aged balances are written off against the allowance for credit losses. This determination is based on careful analysis of individual receivables and aging schedules, which are disaggregated based on the risk characteristics described above. Based on current policy, this generally occurs when the receivable is 360 days past due. As of June 30, 2024 and December 31, 2023, the Company maintained an allowance for credit losses with regard to its receivables of $0.2 million and $0.3 million, respectively. For the three months ended June 30, 2024, recoveries resulted in a reversal of credit loss expenses totaling $79,000, and, for the three months ended June 30, 2023, credit loss expense was $21,000. For the six months ended June 30, 2024, recoveries resulted in a reversal of credit loss expenses totaling $71,000, and, for the six months ended June 30, 2023, credit loss expense was $47,000.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies From time to time, the Company is subject to various claims, lawsuits and other legal proceedings, including reviews, investigations and proceedings by governmental and self-regulatory agencies regarding its business. While the ultimate resolution of these matters cannot presently be determined, the Company does not believe that, taking into account any applicable insurance coverage, any of the pending legal proceedings, including the matters set forth below, could reasonably be expected to have a material adverse effect on its business, financial condition or results of operations. In the normal course of business, the Company enters into agreements with its customers which provide the customers with indemnification rights, including in the event that the electronic marketplaces of the Company infringe upon the intellectual property or other proprietary right of a third party. The Company’s exposure under these agreements is unknown as this would involve estimating future claims against the Company which have not yet occurred. However, based on its experience, the Company expects the risk of a material loss to be remote. The Company has been named as a defendant, along with other financial institutions, in two consolidated antitrust class actions relating to trading practices in United States Treasury securities auctions. The cases were dismissed in March 2021, with the Court granting the Plaintiffs leave to further amend the complaint by no later than May 14, 2021. The plaintiffs filed an amended complaint on or about May 14, 2021, and the Company moved to dismiss the amended complaint on June 14, 2021. By order dated March 31, 2022, the Court granted the Company’s motion and dismissed all of the claims against it in the amended complaint. The Court also denied the plaintiffs’ request for leave to file a further amended complaint. On April 28, 2022, the Plaintiffs filed a Notice of Appeal of the decision and filed their opening brief on the appeal in the United States Court of Appeals for the Second Circuit on August 18, 2022. The Company filed its brief in response on November 17, 2022. Plaintiffs filed their brief in reply in further support of their appeal on December 14, 2022. Oral argument in the appeal was held on October 3, 2023, and by order and opinion issued on February 1, 2024, the Second Circuit affirmed the District Court’s order dismissing all claims against all defendants, including the claims against the Company. All deadlines for any further avenues of appeal have expired and the Company considers the matter closed. Additionally, the Company was dismissed from a cla ss action relating to an interest rate swaps matter in 2017, but that matter continues against the remaining defendant financial institutions. The Company records its best estimate of a loss, including estimated defense costs, when the loss is considered probable and the amount of such loss can be reasonably estimated. Based on its experience, the Company believes that the amount of damages claimed in a legal proceeding is not a meaningful indicator of the potential liability. At this time, the Company cannot reasonably predict the timing or outcomes of, or estimate the amount of loss, or range of loss, if any, related to its pending legal proceedings, including the matters described above, and therefore does not have any contingency reserves established for any of these matters. Revolving Credit Facility On November 21, 2023, the Company entered into a five year, $500.0 million unsecured revolving credit facility (the “2023 Revolving Credit Facility”) with a syndicate of banks, which replaced its $500.0 million secured credit facility entered into on April 8, 2019 (the “2019 Revolving Credit Facility”). The 2019 Revolving Credit Facility was scheduled to mature in April 2024, but was terminated on November 21, 2023 in conjunction with entering into the 2023 Revolving Credit Facility. There were no outstanding borrowings under the 2019 Revolving Credit Facility at the time of termination and no penalties were due or owing and no penalties were required to be paid as a result of the termination. The 2023 Revolving Credit Facility provides borrowing capacity to be used to fund ongoing working capital needs, letters of credit and for general corporate purposes, including potential future acquisitions and expansions. Subject to the satisfaction of certain conditions, the Company is able to increase the 2023 Revolving Credit Facility by $250.0 million with the consent of the lenders participating in the increase. Borrowings under the 2023 Revolving Credit Facility may be, at the option of the Company, in US Dollars, Euros or Sterling. The 2023 Revolving Credit Facility also provides for the issuance of up to $5.0 million of letters of credit as well as borrowings on same-day notice, referred to as swingline loans, in an amount of up to $50.0 million. On November 21, 2023, the closing date, the $0.5 million letters of credit outstanding under the 2019 Revolving Credit Facility were rolled over under the 2023 Revolving Credit Facility. The 2023 Revolving Credit Facility will mature on November 21, 2028. Borrowings under the 2023 Revolving Credit Facility bear interest at a rate equal to, at the Company’s option, either (a) a base rate equal to the greatest of (i) the administrative agent’s prime rate, (ii) the federal funds effective rate plus ½ of 1.00% and (iii) one month Term SOFR plus 1.00% plus a credit adjustment spread of 0.10%, in each case plus a margin based on the Company’s consolidated net leverage ratio ranging from 0.25% to 0.75%, or (b) a rate equal to (i) in the case of borrowings in US Dollars, Term SOFR plus a credit adjustment spread of 0.10%, subject to a 0.00% floor, (ii) in the case of borrowings in Sterling, SONIA subject to a 0.00% floor, and (iii) in the case of borrowings in Euros, EURIBOR, subject to a 0.00% floor, in each case plus a margin based on the Company’s consolidated net leverage ratio ranging from 1.25% to 1.75%. The agreement that governs the 2023 Revolving Credit Facility also includes a commitment fee of 0.25% for available but unborrowed amounts and other administrative fees that are payable quarterly. Financial covenant requirements include maintaining minimum ratios related to interest coverage and leverage. As of both June 30, 2024 and December 31, 2023, there were $0.5 million in letters of credit issued under the 2023 Revolving Credit Facility and no borrowings outstanding. Leases The Company has operating leases for corporate offices and data centers with initial lease terms ranging from one Amount (dollars in thousands) Remainder of 2024 $ 7,114 2025 7,628 2026 6,574 2027 6,133 2028 1,694 Thereafter 1,539 Total future lease payments 30,682 Less imputed interest (2,577) Lease liability $ 28,105

Earnings Per Share

Earnings Per Share	6 Months Ended
Earnings Per Share	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table summarizes the calculations of basic and diluted earnings per share of Class A and Class B common stock for Tradeweb Markets Inc.: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (dollars in thousands, except per share amounts) Numerator: Net income attributable to Tradeweb Markets Inc. $ 119,239 $ 89,082 $ 245,381 $ 176,938 Less: Distributed and undistributed earnings allocated to unvested RSUs and unsettled vested PRSUs (1) (70) (102) (164) (225) Net income attributable to outstanding shares of Class A and Class B common stock - Basic and Diluted $ 119,169 $ 88,980 $ 245,217 $ 176,713 Denominator: Weighted average shares of Class A and Class B common stock outstanding - Basic 213,162,158 211,569,728 212,936,015 209,847,153 Dilutive effect of PRSUs 568,304 350,713 534,583 318,638 Dilutive effect of options 449,252 1,143,376 524,413 1,306,297 Dilutive effect of RSUs 252,498 92,936 348,282 187,726 Dilutive effect of PSUs 463,735 — 435,049 — Weighted average shares of Class A and Class B common stock outstanding - Diluted 214,895,947 213,156,753 214,778,342 211,659,814 Earnings per share - Basic $ 0.56 $ 0.42 $ 1.15 $ 0.84 Earnings per share - Diluted $ 0.55 $ 0.42 $ 1.14 $ 0.83 (1) During the three months ended June 30, 2024 and 2023, there was a total of 125,012 and 241,963 and during the six months ended June 30, 2024 and 2023, there was a total of 142,484 and 266,790, respectively, weighted average unvested RSUs and unsettled vested PRSUs that were considered a participating security for purposes of calculating earnings per share in accordance with the two-class method. LLC Interests held by Continuing LLC Owners are redeemable in accordance with the TWM LLC Agreement, at the election of such holders, for shares of Class A or Class B common stock, as applicable, of Tradeweb Markets Inc. The potential dilutive effect of LLC Interests are evaluated under the if-converted method. The potential dilutive effect of PRSUs, shares underlying options, RSUs and PSUs are evaluated under the treasury stock method. The following table summarizes the PRSUs, shares underlying options, RSUs, PSUs and weighted-average LLC Interests that were anti-dilutive for the periods indicated. As a result, these shares, which were outstanding, were excluded from the computation of diluted earnings per share for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Anti-dilutive Shares: PRSUs — — — — Options — — — — RSUs 964 113,873 964 113,873 PSUs — — — — LLC Interests 23,077,698 23,153,250 23,077,836 24,738,197 Shares of Class C and Class D common stock do not have economic rights in Tradeweb Markets Inc. and, therefore, are not included in the calculation of basic earnings per share and are not participating securities for purposes of the computation of diluted earnings per share.

Regulatory Capital Requirements

Regulatory Capital Requirements	6 Months Ended
Regulatory Capital Requirements	Jun. 30, 2024
Broker-Dealer [Abstract]
Regulatory Capital Requirements	Regulatory Capital Requirements TWL, DW and TWD are subject to the Uniform Net Capital Rule 15c3-1 under the Exchange Act. TEL and TESL are subject to certain financial resource requirements with the FCA in the UK, TWJ is subject to certain financial resource requirements with the FCA in Japan, TWEU and TESBV are subject to certain finance resource requirements with the AFM in the Netherlands, YB is subject to certain financial resource requirements with ASIC in Australia and TDIFC is subject to certain financial resource requirements with DFSA in the Dubai International Financial Centre. At June 30, 2024 and December 31, 2023, the regulatory capital requirements and regulatory capital for these entities are as follows: June 30, 2024 December 31, 2023 Regulatory Capital Regulatory Capital Requirement Excess Regulatory Capital Regulatory Capital Regulatory Capital Requirement Excess Regulatory Capital (dollars in thousands) TWL $ 72,913 $ 2,348 $ 70,565 $ 50,243 $ 2,856 $ 47,387 DW 181,397 2,814 178,583 156,318 3,579 152,739 TWD 54,267 752 53,515 46,976 850 46,126 TEL 84,326 39,195 45,131 78,127 37,907 40,220 TWJ 5,478 2,440 3,038 6,963 2,029 4,934 TWEU 14,731 6,532 8,199 11,912 5,447 6,465 TESL 5,792 948 4,844 1,813 955 858 TESBV 1,636 818 818 1,683 843 840 YB 6,382 — 6,382 5,261 1,070 4,191 TDIFC 182 30 152 250 39 211 As SEFs, TW SEF and DW SEF are required to maintain adequate financial resources and liquid financial assets in accordance with CFTC regulations. The required and maintained financial resources and liquid financial assets at June 30, 2024 and December 31, 2023 are as follows: June 30, 2024 December 31, 2023 Financial Resources Required Financial Resources Excess Financial Resources Financial Resources Required Financial Resources Excess Financial Resources (dollars in thousands) TW SEF $ 67,467 $ 13,500 $ 53,967 $ 43,286 $ 12,500 $ 30,786 DW SEF 14,432 8,827 5,605 13,309 8,669 4,640 June 30, 2024 December 31, 2023 Liquid Financial Assets Required Liquid Financial Assets Excess Liquid Financial Assets Liquid Financial Assets Required Liquid Financial Assets Excess Liquid Financial Assets (dollars in thousands) TW SEF $ 42,556 $ 3,375 $ 39,181 $ 22,068 $ 3,125 $ 18,943 DW SEF 8,213 2,207 6,006 7,935 2,167 5,768

Business Segment and Geographic

Business Segment and Geographic Information	6 Months Ended
Business Segment and Geographic Information	Jun. 30, 2024
Segment Reporting [Abstract]
Business Segment and Geographic Information	Business Segment and Geographic Information The Company operates electronic marketplaces for the trading of products across the rates, credit, equities and money markets asset classes and provides related pre-trade and post-trade services. The Company’s operations constitute a single business segment because of the integrated nature of these marketplaces and services. Information regarding revenue by client sector is as follows: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (dollars in thousands) Revenues Institutional $ 245,581 $ 183,828 $ 492,918 $ 382,680 Wholesale 94,272 73,329 191,483 149,429 Retail 35,871 30,680 71,040 62,543 Market Data 29,227 22,776 58,249 45,210 Total revenue 404,951 310,613 813,690 639,862 Operating expenses 242,457 194,278 483,518 400,961 Operating income $ 162,494 $ 116,335 $ 330,172 $ 238,901 The Company operates in the U.S. and internationally, primarily in the Europe, Asia and Australia regions. Revenues are attributed to geographic area based on the jurisdiction where the underlying transactions take place. The results by geographic region are not meaningful in understanding the Company’s business. Long-lived assets are attributed to the geographic area based on the location of the particular subsidiary. The following table provides revenue by geographic area: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (dollars in thousands) Revenues U.S. $ 252,144 $ 200,919 $ 506,242 $ 409,621 International 152,807 109,694 307,448 230,241 Total revenue $ 404,951 $ 310,613 $ 813,690 $ 639,862 The following table provides information on the attribution of long-lived assets by geographic area: June 30, December 31, 2024 2023 (dollars in thousands) Long-lived assets U.S. $ 4,043,795 $ 3,990,070 International 27,570 20,348 Total $ 4,071,365 $ 4,010,418

Subsequent Events

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On July 25, 2024, the board of directors of Tradeweb Markets Inc. declared a cash dividend of $0.10 per share of Class A common stock and Class B common stock for the third quarter of 2024. This dividend will be payable on September 16, 2024 to stockholders of record as of September 3, 2024. On July 25, 2024, Tradeweb Markets Inc., as the sole manager, approved a distribution by TWM LLC to its equityholders, including Tradeweb Markets Inc., in an aggregate amount of $89.8 million, as adjusted by required state and local tax withholdings that will be determined prior to the record date of September 3, 2024, payable on September 12, 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 119,239	$ 89,082	$ 245,381	$ 176,938

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
Insider Trading Arrangements	Jun. 30, 2024 shares	Jun. 30, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		The following table describes trading plans intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act, as defined in Item 408 of Regulation S-K (“Rule 10b5-1 trading arrangements”), adopted, modified or terminated by our executive officers and directors during the three months ended June 30, 2024. Name and Title Action Date Aggregate Number of Securities to be Purchased or Sold Scheduled Expiration Date (1) Douglas Friedman General Counsel and Secretary Adoption May 9, 2024 Sale of an amount equal to up to: (A) (i) 6,749 shares of Class A common stock to be issued upon the vesting on January 1, 2025 of previously awarded performance-based restricted stock units, plus (ii) the number of shares issued upon vesting on January 1, 2025 in settlement of dividend equivalent rights in respect of the 6,749 shares subject to the performance-based restricted stock units that accrued during the award’s vesting period of March 15, 2022 - January 1, 2025, pursuant to the terms of the award agreement and determined on the vesting date, less (iii) the number of shares withheld for taxes, to be determined on the vesting date, plus (B) (i) 6,246 shares of Class A common stock to be issued upon the vesting on March 15, 2025 of previously awarded restricted stock units, plus (ii) the number of shares issued upon vesting on March 15, 2025 in settlement of dividend equivalent rights in respect of the 6,246 shares subject to the restricted stock units that accrued during the award’s vesting period of March 15, 2022 - March 15, 2025, pursuant to the terms of the award agreement and determined on the vesting date, less (iii) the number of shares withheld for taxes, to be determined on the vesting date. July 31, 2025 (1) In each case, the Rule 10b5-1 trading arrangement may also expire on such earlier date as all such transactions under the trading arrangement are completed or at such time as such trading arrangement is otherwise terminated in accordance with its terms.
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Douglas Friedman [Member]
Trading Arrangements, by Individual
Name	Douglas Friedman
Title	General Counsel and Secretary
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 9, 2024
Arrangement Duration	448 days
Douglas Friedman Trading Arrangement, Vesting Of Previously Awarded Performance-Based Restricted Stock Units [Member] \| Douglas Friedman [Member]
Trading Arrangements, by Individual
Aggregate Available	6,749	6,749
Douglas Friedman Trading Arrangement, Performance-Based Restricted Stock Units Accrued During Vesting Period Of March 15, 2022 Through January 1, 2025 [Member] \| Douglas Friedman [Member]
Trading Arrangements, by Individual
Aggregate Available	6,749	6,749
Douglas Friedman Trading Arrangement, Vesting Of Previously Restricted Stock Units [Member] \| Douglas Friedman [Member]
Trading Arrangements, by Individual
Aggregate Available	6,246	6,246
Douglas Friedman Trading Arrangement, Restricted Stock Units Accrued During Vesting Period Of March 15, 2022 Through March 15, 2025 [Member] \| Douglas Friedman [Member]
Trading Arrangements, by Individual
Aggregate Available	6,246	6,246

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. As discussed in Note 1 – Organization, as a result of the Reorganization Transactions, Tradeweb Markets Inc. consolidates TWM LLC and its subsidiaries and TWM LLC is considered to be the predecessor to Tradeweb Markets Inc. for financial reporting purposes. Tradeweb Markets Inc. had no business transactions or activities and no substantial assets or liabilities prior to the Reorganization Transactions. The condensed consolidated financial statements represent the financial condition and results of operations of the Company and report a non-controlling interest related to the LLC Interests held by Continuing LLC Owners. These condensed consolidated financial statements are unaudited and should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The consolidated financial information as of December 31, 2023 has been derived from audited financial statements not included herein. These unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) with respect to interim financial reporting and Form 10-Q. In accordance with such rules and regulations, certain disclosures that are normally included in annual financial statements have been omitted. These unaudited condensed consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the difference may be material to the condensed consolidated financial statements.
Business Combinations	Business Combinations Business combinations are accounted for under the purchase method of accounting pursuant to Accounting Standards Codification (“ASC”) 805, Business Combinations (“ASC 805”) . The total cost of an acquisition is allocated to the underlying net assets based on their respective estimated fair values. The excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. The fair value of assets acquired and liabilities assumed is determined based on assumptions that reasonable market participants would use in the principal (or most advantageous) market for the asset or liability. Determining the fair value of certain assets acquired and liabilities assumed is judgmental in nature and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash flows, discount rates, growth rates, customer attrition rates and asset lives. Transaction costs incurred to effect a business combination are expensed as incurred and are included as a component of professional fees or general and administrative expenses in the condensed consolidated statements of income .
Pushdown Accounting	Pushdown Accounting In connection with the Refinitiv Transaction, a majority interest of Refinitiv was acquired by BCP on October 1, 2018 from TR. The Refinitiv Transaction was accounted for by Refinitiv in accordance with the acquisition method of accounting pursuant to ASC 805 , and pushdown accounting was applied to Refinitiv to record the fair value of the assets and liabilities of Refinitiv as of October 1, 2018, the date of the Refinitiv Transaction. The Company, as a consolidating subsidiary of Refinitiv, also accounted for the Refinitiv Transaction using pushdown accounting which resulted in a new fair value basis of accounting for certain of the Company’s assets and liabilities beginning on October 1, 2018. Under the pushdown accounting applied, the excess of the fair value of the Company above the fair value accounting basis of the net assets and liabilities of the Company as of October 1, 2018 was recorded as goodwill. The fair value of assets acquired and liabilities assumed was determined based on assumptions that reasonable market participants would use in the principal (or most advantageous) market for the asset or liability. The adjusted valuations primarily affected the values of the Company’s long-lived and indefinite-lived intangible assets, including software development costs.
Cash and Cash Equivalents	Cash and Cash Equivalents
Allowance for Credit Losses	Allowance for Credit Losses The Company continually monitors collections and payments from its clients and maintains an allowance for credit losses. The allowance for credit losses is based on an estimate of the amount of potential credit losses in existing accounts receivable, as determined from a review of aging schedules, past due balances, historical collection experience and other specific account data. Careful analysis of the financial condition of the Company’s counterparties is also performed.
Receivable from and Payable to Broker and Dealers and Clearing Organizations	Receivable from and Payable to Brokers and Dealers and Clearing Organizations Receivable from and payable to brokers and dealers and clearing organizations consists of proceeds from transactions executed on the Company’s wholesale platform which failed to settle due to the inability of a transaction party to deliver or receive the transacted security. These securities transactions are generally collateralized by those securities. Until the failed transaction settles, a receivable from (and a matching payable to) brokers and dealers and clearing organizations is recognized for the proceeds from the unsettled transaction.
Deposits with Clearing Organizations	Deposits with Clearing Organizations
Furniture, Equipment, Purchased Software and Leasehold Improvements	Furniture, Equipment, Purchased Software and Leasehold Improvements Furniture, equipment, purchased software and leasehold improvements are carried at cost less accumulated depreciation. Depreciation for furniture, equipment and purchased software is computed on a straight-line basis over the estimated useful lives of the related assets, ranging from three Furniture, equipment, purchased software and leasehold improvements are tested for impairment whenever events or changes in circumstances suggest that an asset’s carrying value may not be fully recoverable.
Software Development Costs	Software Development Costs The Company capitalizes costs associated with the development of internal use software at the point at which the conceptual formulation, design and testing of possible software project alternatives have been completed. The Company capitalizes employee compensation and related benefits and third party consulting costs incurred during the application development stage which directly contribute to such development. Such costs are amortized on a straight-line basis over three years. Software development costs acquired as part of the r8fin Acquisition are amortized over seven years and software development costs acquired as part of the Yieldbroker Acquisition and NFI Acquisition were both amortized over one year. Costs capitalized as part of the Refinitiv Transaction pushdown accounting allocation are amortized over nine years. The Company reviews the amounts capitalized for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable, or that their useful lives are shorter than originally expected. Non-capitalized software costs and routine maintenance costs are expensed as incurred.
Goodwill	Goodwill Goodwill includes the excess of the fair value of the Company above the fair value accounting basis of the net assets and liabilities of the Company as previously applied under pushdown accounting in connection with the Refinitiv Transaction. Goodwill also includes the cost of acquired companies in excess of the fair value of identifiable net assets at the acquisition date, including the r8fin Acquisition, the Yieldbroker Acquisition and the NFI Acquisition. Goodwill is not amortized, but is tested for impairment annually on October 1 st and between annual tests, whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. Goodwill is tested at the reporting unit level, which is defined as an operating segment or one level below the operating segment. The Company consists of one reporting unit for goodwill impairment testing purposes. An impairment loss is recognized if the estimated fair value of a reporting unit is less than its net book value. Such loss is calculated as the difference between the estimated fair value of goodwill and its carrying value.
Intangible Assets	Intangible Assets Intangible assets with a finite life are amortized over the estimated lives, ranging from four
Investments in Available-for-Sale Debt Securities	Investments in Available-for-Sale Debt Securities Investments in available-for-sale debt securities are carried at fair value with unrealized gains or losses excluded from earnings and reported in accumulated other comprehensive loss in the condensed consolidated statements of financial condition until realized. On a quarterly basis, the Company assesses whether an impairment loss on its available-for-sale debt securities has occurred due to declines in fair value or other market conditions. When the amortized cost basis of an available-for-sale debt security exceeds its fair value, the security is deemed to be impaired. The portion of an impairment related to credit losses is determined by comparing the present value of cash flows expected to be collected from the security with the amortized cost basis of the security and is recorded as a charge in the condensed consolidated statements of operations. The remainder of an impairment is recognized in accumulated other comprehensive loss if the Company does not intend to sell the security and it is more likely than not that the Company will not be required to sell the security prior to recovery. Investments in available-for-sale debt securities are included as a component of other assets on the condensed consolidated statements of financial condition.
Equity Investments Without Readily Determinable Fair Values	Equity Investments Without Readily Determinable Fair Values Equity investments without a readily determinable fair value are measured at cost, less impairment, plus or minus observable price changes (in orderly transactions) of an identical or similar investment of the same issuer. If the Company determines that the equity investment is impaired on the basis of a qualitative assessment, the Company will recognize an impairment loss equal to the amount by which the investment’s carrying amount exceeds its fair value. Equity investments are included as a component of other assets on the condensed consolidated statements of financial condition.
Securities Sold Under Agreements to Repurchase	Securities Sold Under Agreements to Repurchase From time to time, the Company sells securities under agreements to repurchase in order to facilitate the clearance of securities. Securities sold under agreements to repurchase are treated as collateralized financings and are presented in the condensed consolidated statements of financial condition at the amounts of cash received. Receivables and payables arising from these agreements are not offset in the condensed consolidated statements of financial condition.
Leases	Leases At lease commencement, a right-of-use asset and a lease liability are recognized for all leases with an initial term in excess of 12 months based on the initial present value of the fixed lease payments over the lease term. The lease right-of-use asset also reflects the present value of any initial direct costs, prepaid lease payments and lease incentives. The Company’s leases do not provide a readily determinable implicit discount rate. Therefore, management estimates the Company’s incremental borrowing rate used to discount the lease payments based on the information available at lease commencement. The Company includes the term covered by an option to extend a lease when the option is reasonably certain to be exercised. The Company has elected not to separate non-lease components from lease components for all leases. Significant assumptions and judgments in calculating the lease right-of-use assets and lease liabilities include the determination of the applicable borrowing rate for each lease. Operating lease expense is recognized on a straight-line basis over the lease term and included as a component of occupancy expense in the condensed consolidated statements of income.
Deferred Offering Costs	Deferred Offering Costs Deferred offering costs consist of legal, accounting and other costs directly related to the Company’s efforts to raise cap ital. Th
Revenue Recognition	Revenue Recognition
Translation of Foreign Currency and Foreign Exchange Derivative Contracts	Translation of Foreign Currency and Foreign Exchange Derivative Contracts Revenues, expenses, assets and liabilities denominated in non-functional currencies are recorded in the appropriate functional currency for the legal entity at the rate of exchange prevailing at the transaction date. Monetary assets and liabilities that are denominated in non-functional currencies are then remeasured at the end of each reporting period at the exchange rate prevailing at the end of the reporting period. Foreign currency remeasurement gains or losses on monetary assets and liabilities in nonfunctional currencies are recognized in the condensed consolidated statements of income within general and administrative expenses. The realized and unrealized losses totaled $0.8 million and $1.4 million during the three months ended June 30, 2024 and 2023, respectively, and realized and unrealized losses during the six months ended June 30, 2024 and 2023 totaled $2.0 million and $1.8 million, respectively. Since the condensed consolidated financial statements are presented in U.S. dollars, the Company also translates all non-U.S. dollar functional currency revenues, expenses, assets and liabilities into U.S. dollars. All non-U.S. dollar functional currency revenue and expense amounts are translated into U.S. dollars monthly at the average exchange rate for the month. All non-U.S. dollar functional currency assets and liabilities are translated at the rate prevailing at the end of the reporting period. Gains or losses on translation in the financial statements, when the functional currency is other than the U.S. dollar, are included as a component of other comprehensive income. The Company enters into foreign currency forward contracts to mitigate its U.S. dollar and British pound sterling versus euro exposure, generally with a duration of less than 12 months. In June 2023, the Company also entered into a foreign currency call option on Australian dollars, see Note 11 – Fair Value of Financial Instruments for additional details. The Company’s foreign exchange derivative contracts are not designated as hedges for accounting purposes. Changes in the fair value during the period of foreign currency forward contracts, which were entered into for foreign exchange risk management purposes relating to operating activities, are recognized in the condensed consolidated statements of income within general and administrative expenses and related cash flows are included in cash flows from operating activities, and changes in the fair value during the period of the foreign currency call option on Australian dollars, which was entered into for foreign exchange risk management purposes relating to investing activities, are recognized in the consolidated statements of income within other income/loss and related cash flows are included in cash flows from investing activities. The Company does not use derivative instruments for trading or speculative purposes. Realized and unrealized gains on foreign currency forward contracts during the three months ended June 30, 2024 and 2023 totaled $2.6 million and $2.2 million, respectively and realized and unrealized gains on foreign currency forward contracts during the six months ended June 30, 2024 and 2023 totaled $6.9 million and $1.0 million, respectively. Realized and unrealized gains on the foreign currency call option on Australian dollars during both the three and six months ended June 30, 2023 totaled $0.6 million . As of June 30, 2024 and December 31, 2023 , the counterparty on each of the foreign exchange derivative contracts was an affiliate of LSEG
Income Tax	Income Tax The Corporation is subject to U.S. federal, state and local income taxes with respect to its taxable income, including its allocable share of any taxable income of TWM LLC, and is taxed at prevailing corporate tax rates. TWM LLC is a multiple member limited liability company taxed as a partnership and accordingly any taxable income generated by TWM LLC is passed through to and included in the taxable income of its members, including the Corporation. Income taxes also include unincorporated business taxes on income earned or losses incurred for conducting business in certain state and local jurisdictions, income taxes on income earned or losses incurred in foreign jurisdictions on certain operations and federal and state income taxes on income earned or losses incurred, both current and deferred, on subsidiaries that are taxed as corporations for U.S. tax purposes. The Company records deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities. The Company measures deferred taxes using the enacted tax rates and laws that will be in effect when such temporary differences are expected to reverse. The Company evaluates the need for valuation allowances based on the weight of positive and negative evidence. The Company records valuation allowances wherever management believes it is more likely than not that the Company will not be able to realize its deferred tax assets in the foreseeable future. The Company records uncertain tax positions on the basis of a two-step process whereby (i) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to income taxes within the provision for income taxes in the condensed consolidated statements of income. Accrued interest and penalties are included within accounts payable, accrued expenses and other liabilities in the condensed consolidated statements of financial condition. The Company has elected to treat taxes due on future U.S. inclusions in taxable income under the global intangible low-taxed income (“GILTI”) provision of the Tax Cuts and Jobs Act of 2017 as a current period expense when incurred. On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 (“IRA”) into law. The IRA establishes a 15% corporate alternative minimum tax (”CAMT”) effective for taxable years beginning after December 31, 2022, and imposes a 1% excise tax on the repurchase after December 31, 2022 of stock by publicly traded U.S. corporations. The 1% excise tax did not have an impact to our financial condition, results of operations and cash flows as of and for the three and six months ended June 30, 2024. The Company is subject to the 15% CAMT, however, it is not expected to have a material impact on the Company’s effective tax rate.
Stock-Based Compensation	Stock-Based Compensation The stock-based payments received by the employees of the Company are accounted for as equity awards. The Company measures and recognizes the cost of employee services received in exchange for awards of equity instruments based on their estimated fair values measured as of the grant date. These costs are recognized as an expense over the requisite service period, with an offsetting increase to additional paid-in capital. The grant-date fair value of stock-based awards that do not require future service (i.e., vested awards) are expensed immediately. Forfeitures of stock-based compensation awards are recognized as they occur. For grants made during the post-IPO period, the fair value of the equity instruments is determined based on the price of the Class A common stock on the grant date. Prior to the IPO, the Company awarded options to management and other employees (collectively, the “Special Option Award”) under the Amended and Restated Tradeweb Markets Inc. Option Plan (the “Option Plan”). The significant assumptions used to estimate the fair value as of grant date of the options awarded prior to the IPO did not reflect changes that would have occurred to these assumptions as a result of the IPO. The non-cash stock-based compensation expense associated with the Special Option Award began being expensed in the second quarter of 2019. The Company uses the Black-Scholes pricing model to value some of its option awards. Determining the appropriate fair value model and calculating the fair value of the option awards requires the input of highly subjective assumptions, including the expected life of the option awards and the stock price volatility. For performance-based restricted stock units that vest based on market conditions, the Company recognizes stock-based compensation based on the estimated grant date fair value of the awards computed with the assistance of a valuation specialist using a Monte Carlo simulation on a binomial model. The significant assumptions used to estimate the fair value of the performance-based restricted stock units that vest based on market conditions are years of maturity, annualized volatility and the risk-free interest rate. The maturity period represents the period of time that the award granted was modeled into the future, the risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of measurement corresponding with the maturity period of the award and the expected volatility is based upon historical volatility of the Company’s Class A common stock.
Earnings Per Share	Earnings Per Share Basic and diluted earnings per share are computed in accordance with the two-class method as unvested restricted stock units and unsettled vested performance-based restricted stock units issued to certain retired executives are entitled to non-forfeitable dividend equivalent rights and are considered participating securities prior to being issued and outstanding shares of common stock. The two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that otherwise would have been available to common shareholders. Basic earnings per share is computed by dividing the net income attributable to the Company’s outstanding shares of Class A and Class B common stock by the weighted-average number of the Company’s shares outstanding during the period. For purposes of computing diluted earnings per share, the weighted-average number of the Company’s shares reflects the dilutive effect that could occur if all potentially dilutive securities were converted into or exchanged or exercised for the Company’s Class A or Class B common stock. The dilutive effect of stock options and other stock - based payment awards is calculated using the treasury stock method, which assumes the proceeds from the exercise of these instruments are used to purchase common shares at the average market price for the period. The dilutive effect of LLC Interests is evaluated under the if-converted method, where the securities are assumed to be converted at the beginning of the period, and the resulting common shares are included in the denominator of the diluted earnings per share calculation for the entire period presented. Performance-based awards are considered contingently issuable shares and their dilutive effect is included in the denominator of the diluted earnings per share calculation for the entire period, if those shares would be issuable as of the end of the reporting period, assuming the end of the reporting period was also the end of the contingency period. Shares of Class C and Class D common stock do not have economic rights in Tradeweb Markets Inc. and, therefore, are not included in the calculation of basic earnings per share.
Fair Value Measurement	Fair Value Measurement The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). Instruments that the Company owns (long positions) are marked to bid prices, and instruments that the Company has sold, but not yet purchased (short positions) are marked to offer prices. Fair value measurements do not include transaction costs. The fair value hierarchy under ASC 820, Fair Value Measurement (“ASC 820”) , prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described below. Basis of Fair Value Measurement A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. • Level 1 : Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; • Level 2 : Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly; • Level 3 : Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.
Recent Accounting Pronouncements and Recent SEC Final Rules	Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Improvements to Income Tax Disclosures . The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation and income taxes paid. The ASU is effective for the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2025. The guidance may be applied on a prospective or retrospective basis and early adoption is permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements. In November 2023, FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly reviewed by the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items and interim disclosures of a reportable segment’s profit or loss and assets. The ASU also allows, in addition to the measure that is most consistent with U.S. GAAP, the disclosure of additional measures of segment profit or loss that are used by the CODM in assessing segment performance and deciding how to allocate resources. The ASU also requires the disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. All disclosure requirements under ASU 2023-07 and existing segment disclosures in ASC 280, Segment Reporting are also required for public entities with a single reportable segment. The ASU is effective for the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2024, and subsequent interim periods, with early adoption permitted. The ASU is to be applied retrospectively to all periods presented in the financial statements. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements. In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”), which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value and that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. ASU 2022-03 also requires the disclosure of the fair value, as reflected in the statement of financial condition, of equity securities subject to contractual sale restrictions and the nature and the disclosure of the remaining duration of those restrictions. On January 1, 2024, the Company adopted ASU 2022-03 on a prospective basis, which resulted in additional disclosures regarding contractual sale restrictions on investments, as disclosed in Note 11 – Fair Value of Financial Instruments and did not have a material impact on the Company’s consolidated financial statements. Recent SEC Final Rules In March 2024, the SEC adopted final rules under SEC Release No. 34-99678, The Enhancement and Standardization of Climate-Related Disclosures for Investors (the “Final Climate Rules”), which requires registrants to disclose certain climate-related information in their registration statements and annual reports. The Final Climate Rules require disclosure of, among other things, material climate-related risks and their impact; activities to mitigate or adapt to material climate-related risks; governance and oversight of climate-related risks; material climate-related targets or goals and their financial impact; and material Scope 1 and/or Scope 2 greenhouse gas emissions with an accompanying assurance report required following an initial transition period, at limited assurance level, and then following an additional transition period, at a reasonable assurance level. Additionally, under the Final Climate Rules, the effects of severe weather events and other natural conditions, subject to certain thresholds, and amounts related to carbon offsets and renewable energy credits or certificates are required to be disclosed in the notes to the audited financial statements in certain circumstances. On April 4, 2024, the SEC voluntarily stayed the implementation of the Final Climate Rules pending completion of judicial review of the consolidated challenges to the Final Climate Rules by the Court of Appeals for the Eighth Circuit. The Final Climate Rules, as originally issued, would be effective for the Company in various fiscal years, starting with its Annual Report on Form 10-K for the year ending December 31, 2025. Disclosures pursuant to the Final Climate Rules, as originally issued, would be required prospectively, with information for prior periods required only to the extent it was previously disclosed in an SEC filing. The Company is currently evaluating the impact of the Final Climate Rules on its consolidated financial statements and disclosures.

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
Acquisitions (Tables)	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Final Purchase Price Allocated	The final purchase price was allocated as follows: Purchase Price Allocation (dollars in thousands) Cash and cash equivalents $ 1,397 Accounts receivable 153 Software development costs 28,000 Goodwill 42,189 Intangible assets - Customer relationships 56,500 Other assets 179 Deferred revenue (219) Accounts payable, accrued expenses and other liabilities (886) Total cash paid and stock issued 127,313 Less: Cash acquired (1,397) Less: Working capital and other closing adjustments (1) (14) Purchase price, net of cash acquired and excluding working capital and other closing adjustments $ 125,902 (1) The net working capital and other closing adjustments receivable of $14,000 as of June 30, 2024 was collected in July 2024 .

Revenue (Tables)

Revenue (Tables)	6 Months Ended
Revenue (Tables)	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Breakdown of Revenues Between Fixed and Variable Revenues	The breakdown of revenues between fixed and variable revenues for the three and six months ended June 30, 2024 and 2023 is as follows: Three Months Ended Three Months Ended June 30, 2024 June 30, 2023 (dollars in thousands) (dollars in thousands) Variable Fixed Variable Fixed Revenues Transaction fees and commissions $ 294,003 $ 36,472 $ 209,634 $ 36,827 Subscription fees 465 50,281 470 45,278 LSEG market data fees — 20,581 — 15,461 Other 382 2,767 264 2,679 Total revenue $ 294,850 $ 110,101 $ 210,368 $ 100,245 Six Months Ended Six Months Ended June 30, 2024 June 30, 2023 (dollars in thousands) (dollars in thousands) Variable Fixed Variable Fixed Revenues Transaction fees and commissions $ 592,265 $ 73,661 $ 439,815 $ 73,244 Subscription fees 935 99,492 930 89,192 LSEG market data fees — 41,081 — 31,055 Other 744 5,512 466 5,160 Total revenue $ 593,944 $ 219,746 $ 441,211 $ 198,651
Schedule of Recognized Revenue and Remaining Deferred Revenue Balance	The revenue recognized and the remaining deferred revenue balances are shown below: Amount (dollars in thousands) Deferred revenue balance - December 31, 2023 $ 25,746 New billings 81,074 Revenue recognized (78,882) Deferred revenue acquired in connection with the r8fin Acquisition 219 Effect of foreign currency exchange rate changes 17 Deferred revenue balance - June 30, 2024 $ 28,174

Non-Controlling Interests (Tabl

Non-Controlling Interests (Tables)	6 Months Ended
Non-Controlling Interests (Tables)	Jun. 30, 2024
Noncontrolling Interest [Abstract]
Schedule of the Ownership Interest in Noncontrolling Interest	The following table summarizes the ownership interest in Tradeweb Markets LLC: June 30, 2024 June 30, 2023 LLC Ownership LLC Ownership Number of LLC Interests held by Tradeweb Markets Inc. 213,215,797 90.2 % 211,601,209 90.2 % Number of LLC Interests held by non-controlling interests 23,076,973 9.8 % 23,080,571 9.8 % Total LLC Interests outstanding 236,292,770 100.0 % 234,681,780 100.0 %
Schedule of the Impact on Equity Due to Changes in the Company’s Ownership Interest in Noncontrolling Interest	The following table summarizes the impact on Tradeweb Market Inc.’s equity due to changes in the Corporation’s ownership interest in TWM LLC: Net Income Attributable to Tradeweb Markets Inc. and Transfers (to) from the Non-Controlling Interests Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (dollars in thousands) Net income attributable to Tradeweb Markets Inc. $ 119,239 $ 89,082 $ 245,381 $ 176,938 Transfers (to) from non-controlling interests: Increase/(decrease) in Tradeweb Markets Inc.’s additional paid-in capital as a result of ownership changes in TWM LLC (2,198) 72,870 (865) 79,780 Net transfers (to) from non-controlling interests (2,198) 72,870 (865) 79,780 Change from net income attributable to Tradeweb Markets Inc. and transfers (to) from non-controlling interests $ 117,041 $ 161,952 $ 244,516 $ 256,718

Stockholders' Equity and Stoc_2

Stockholders' Equity and Stock-Based Compensation Plans (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Outstanding Shares Of Common Stock	The following table details the movement in the Company’s outstanding shares of common stock during the period: Class A Class B Class C Class D Total Balance at December 31, 2023 115,090,787 96,933,192 18,000,000 5,077,973 235,101,952 Issuance of common stock from equity incentive plans 699,840 — — — 699,840 Issuance of common stock for business acquisition (1) 374,601 — — — 374,601 Balance at March 31, 2024 116,165,228 96,933,192 18,000,000 5,077,973 236,176,393 Activities related to exchanges of LLC Interests 1,000 — — (1,000) — Issuance of common stock from equity incentive plans 116,377 — — — 116,377 Balance at June 30, 2024 116,282,605 96,933,192 18,000,000 5,076,973 236,292,770 (1) On January 19, 2024, the Corporation issued 374,601 unregistered shares of class A common stock as partial consideration for the r8fin Acquisition (the “r8fin Acquisition Shares”), in reliance on Section 4(a)(2) of the Securities Act. The r8fin Acquisition Shares are considered issued and outstanding subsequent to their January 19, 2024 issuance, but remain subject to a lock-up that restricts the sale, transfer or disposal of these shares for the two year period following the January 19, 2024 closing date of the r8fin Acquisition. See Note 4 – Acquisitions for additional details on this acquisition. Class A Class B Class C Class D Total Balance at December 31, 2022 110,746,606 96,933,192 3,251,177 23,092,704 234,023,679 Activities related to exchanges of LLC Interests 8,733 — — (8,733) — Issuance of common stock from equity incentive plans 986,090 — — — 986,090 Share repurchases pursuant to share repurchase programs (313,311) — — — (313,311) Balance at March 31, 2023 111,428,118 96,933,192 3,251,177 23,083,971 234,696,458 Activities related to exchanges of LLC Interests 3,254,577 — (3,251,177) (3,400) — Issuance of common stock from equity incentive plans 92,687 — — — 92,687 Share repurchases pursuant to share repurchase programs (107,365) — — — (107,365) Balance at June 30, 2023 114,668,017 96,933,192 — 23,080,571 234,681,780
Schedule of PSUs Granted, Valuation Assumptions	The grant date fair value of PSUs granted on March 15, 2024 and 2023 was estimated using the Monte Carlo simulation model and the significant valuation assumptions used in those models were as follows: March 15, 2024 PSU Grant March 15, 2023 PSU Grant Maturity (years) 2.8 2.8 Annualized Volatility 26.63 % 28.81 % Risk-Free Interest Rate 4.44 % 3.77 %
Schedule of Total Stock-based Compensation Expense	A summary of the Company ’ s total stock-based compensation expense is presented below: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (dollars in thousands) Total stock-based compensation expense $ 23,715 $ 15,712 $ 40,117 $ 27,323

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
Related Party Transactions (Tables)	Jun. 30, 2024
Related Party Transactions [Abstract]
Schedule of Balances From Transactions with Affiliates Included in the Consolidated Statements	As of June 30, 2024 and December 31, 2023, the following balances with such affiliates were included in the condensed consolidated statements of financial condition in the following line items: June 30, December 31, 2024 2023 (dollars in thousands) Accounts receivable $ 751 $ 688 Receivable and due from affiliates 2,980 192 Other assets 43 17 Accounts payable, accrued expenses and other liabilities 1,597 1,044 Deferred revenue 6,434 6,508 Payable and due to affiliates — 1,327 The following balances with such affiliates were included in the condensed consolidated statements of income in the following line items: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (dollars in thousands) Revenue: Subscription fees $ 271 $ 638 $ 575 $ 1,471 LSEG market data fees (1) 20,581 15,461 41,081 31,055 Other fees 155 136 360 250 Expenses: (2) Employee compensation and benefits — 17 — 17 Technology and communications 1,556 1,487 3,128 2,651 General and administrative 2 (46) 5 — Professional fees 39 — 65 1 Occupancy 26 20 39 20 (1) The Company maintains a market data license agreement with an affiliate of LSEG (Refinitiv, which was rebranded as LSEG Data & Analytics during the fourth quarter of 2023). Under the agreement, the Company delivers to LSEG certain market data feeds which LSEG distributes to its customers. The Company earns license fees and royalties for these feeds. (2) The Company maintains agreements with LSEG to provide the Company with certain market data, office space, finance, human resources and other administrative services.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
Fair Value of Financial Instruments (Tables)	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value Measurement	The Company’s financial instruments measured at fair value on the condensed consolidated statements of financial condition as of June 30, 2024 and December 31, 2023 have been categorized based upon the fair value hierarchy as follows: Quoted Prices in active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (dollars in thousands) As of June 30, 2024 Assets Cash equivalents – Money market funds and other highly liquid investments $ 1,562,815 $ — $ — $ 1,562,815 Receivable and due from affiliates – Foreign exchange derivative contracts — 2,626 — 2,626 Other assets – Investment in available for sale debt securities — — 10,102 10,102 Total assets measured at fair value $ 1,562,815 $ 2,626 $ 10,102 $ 1,575,543 As of December 31, 2023 Assets Cash equivalents – Money market funds and other highly liquid investments $ 1,543,644 $ — $ — $ 1,543,644 Total assets measured at fair value $ 1,543,644 $ — $ — $ 1,543,644 Liabilities Payable and due to affiliates – Foreign exchange derivative contracts $ — $ 775 $ — $ 775 Total liabilities measured at fair value $ — $ 775 $ — $ 775
Schedule of Derivative Values	The following table summarizes the aggregate U.S. dollar equivalent notional amount of the Company ’ s foreign exchange derivative contracts not designated as hedges for accounting purposes: June 30, December 31, 2024 2023 (dollars in thousands) Foreign currency forward contracts – Gross notional amount $ 229,131 $ 192,877 foreign exchange derivative contracts recorded within the condensed consolidated statements of income are as follows: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (dollars in thousands) Foreign currency forward contracts not designated in accounting hedge relationship – General and administrative (expenses)/income $ 2,560 $ 2,198 $ 6,911 $ 1,038 Foreign currency call option contract not designated in accounting hedge relationship – Other income/(loss) (1) $ — $ 618 $ — $ 618
Schedule of Financial Instruments Not Measured at Fair Value	The Company’s financial instruments not measured at fair value on the condensed consolidated statements of financial condition as of June 30, 2024 and December 31, 2023 have been categorized based upon the fair value hierarchy as follows: Carrying Value Quoted Prices in Significant Observable Inputs (Level 2) Significant Total Fair Value As of June 30, 2024 (dollars in thousands) Assets Cash and restricted cash $ 156,415 $ 156,415 $ — $ — $ 156,415 Receivable from brokers and dealers and clearing organizations 432,037 — 432,037 — 432,037 Deposits with clearing organizations 62,694 62,694 — — 62,694 Accounts receivable 233,084 — 233,084 — 233,084 Other assets – Memberships in clearing organizations 2,907 — — 2,907 2,907 Total $ 887,137 $ 219,109 $ 665,121 $ 2,907 $ 887,137 Liabilities Securities sold under agreements to repurchase $ — $ — $ — $ — $ — Payable to brokers and dealers and clearing organizations 424,751 — 424,751 — 424,751 Total $ 424,751 $ — $ 424,751 $ — $ 424,751 As of December 31, 2023 Assets Cash and restricted cash $ 163,824 $ 163,824 $ — $ — $ 163,824 Receivable from brokers and dealers and clearing organizations 381,178 — 381,178 — 381,178 Deposits with clearing organizations 36,806 36,806 — — 36,806 Accounts receivable 168,407 — 168,407 — 168,407 Other assets – Memberships in clearing organizations 2,426 — — 2,426 2,426 Total $ 752,641 $ 200,630 $ 549,585 $ 2,426 $ 752,641 Liabilities Securities sold under agreements to repurchase (1) $ 21,612 $ — $ 21,612 $ — $ 21,612 Payable to brokers and dealers and clearing organizations 351,864 — 351,864 — 351,864 Total $ 373,476 $ — $ 373,476 $ — $ 373,476 (1) As of December 31, 2023, Treasury securities with a fair value of $21.6 million collateralized the securities sold under agreements to repurchase liability. The liability amounts presented represent the gross liability and are not offset on the condensed consolidated statements of financial condition. The securities sold under agreements to repurchase liability were subsequently settled on January 2, 2024.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
Commitments and Contingencies (Tables)	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Maturity of Lease Liabilities and Future Minimum Lease Payments	The following table presents the future minimum lease payments and the maturity of lease liabilities as of June 30, 2024: Amount (dollars in thousands) Remainder of 2024 $ 7,114 2025 7,628 2026 6,574 2027 6,133 2028 1,694 Thereafter 1,539 Total future lease payments 30,682 Less imputed interest (2,577) Lease liability $ 28,105

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
Earnings Per Share (Tables)	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share	The following table summarizes the calculations of basic and diluted earnings per share of Class A and Class B common stock for Tradeweb Markets Inc.: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (dollars in thousands, except per share amounts) Numerator: Net income attributable to Tradeweb Markets Inc. $ 119,239 $ 89,082 $ 245,381 $ 176,938 Less: Distributed and undistributed earnings allocated to unvested RSUs and unsettled vested PRSUs (1) (70) (102) (164) (225) Net income attributable to outstanding shares of Class A and Class B common stock - Basic and Diluted $ 119,169 $ 88,980 $ 245,217 $ 176,713 Denominator: Weighted average shares of Class A and Class B common stock outstanding - Basic 213,162,158 211,569,728 212,936,015 209,847,153 Dilutive effect of PRSUs 568,304 350,713 534,583 318,638 Dilutive effect of options 449,252 1,143,376 524,413 1,306,297 Dilutive effect of RSUs 252,498 92,936 348,282 187,726 Dilutive effect of PSUs 463,735 — 435,049 — Weighted average shares of Class A and Class B common stock outstanding - Diluted 214,895,947 213,156,753 214,778,342 211,659,814 Earnings per share - Basic $ 0.56 $ 0.42 $ 1.15 $ 0.84 Earnings per share - Diluted $ 0.55 $ 0.42 $ 1.14 $ 0.83 (1) During the three months ended June 30, 2024 and 2023, there was a total of 125,012 and 241,963 and during the six months ended June 30, 2024 and 2023, there was a total of 142,484 and 266,790, respectively, weighted average unvested RSUs and unsettled vested PRSUs that were considered a participating security for purposes of calculating earnings per share in accordance with the two-class method.
Schedule of Antidilutive Shares	The following table summarizes the PRSUs, shares underlying options, RSUs, PSUs and weighted-average LLC Interests that were anti-dilutive for the periods indicated. As a result, these shares, which were outstanding, were excluded from the computation of diluted earnings per share for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Anti-dilutive Shares: PRSUs — — — — Options — — — — RSUs 964 113,873 964 113,873 PSUs — — — — LLC Interests 23,077,698 23,153,250 23,077,836 24,738,197

Regulatory Capital Requiremen_2

Regulatory Capital Requirements (Tables)	6 Months Ended
Regulatory Capital Requirements (Tables)	Jun. 30, 2024
Broker-Dealer [Abstract]
Schedule of Regulatory Capital Requirements	At June 30, 2024 and December 31, 2023, the regulatory capital requirements and regulatory capital for these entities are as follows: June 30, 2024 December 31, 2023 Regulatory Capital Regulatory Capital Requirement Excess Regulatory Capital Regulatory Capital Regulatory Capital Requirement Excess Regulatory Capital (dollars in thousands) TWL $ 72,913 $ 2,348 $ 70,565 $ 50,243 $ 2,856 $ 47,387 DW 181,397 2,814 178,583 156,318 3,579 152,739 TWD 54,267 752 53,515 46,976 850 46,126 TEL 84,326 39,195 45,131 78,127 37,907 40,220 TWJ 5,478 2,440 3,038 6,963 2,029 4,934 TWEU 14,731 6,532 8,199 11,912 5,447 6,465 TESL 5,792 948 4,844 1,813 955 858 TESBV 1,636 818 818 1,683 843 840 YB 6,382 — 6,382 5,261 1,070 4,191 TDIFC 182 30 152 250 39 211
Schedule of Financial Resources and Liquid Financial Resources	The required and maintained financial resources and liquid financial assets at June 30, 2024 and December 31, 2023 are as follows: June 30, 2024 December 31, 2023 Financial Resources Required Financial Resources Excess Financial Resources Financial Resources Required Financial Resources Excess Financial Resources (dollars in thousands) TW SEF $ 67,467 $ 13,500 $ 53,967 $ 43,286 $ 12,500 $ 30,786 DW SEF 14,432 8,827 5,605 13,309 8,669 4,640 June 30, 2024 December 31, 2023 Liquid Financial Assets Required Liquid Financial Assets Excess Liquid Financial Assets Liquid Financial Assets Required Liquid Financial Assets Excess Liquid Financial Assets (dollars in thousands) TW SEF $ 42,556 $ 3,375 $ 39,181 $ 22,068 $ 3,125 $ 18,943 DW SEF 8,213 2,207 6,006 7,935 2,167 5,768

Business Segment and Geograph_2

Business Segment and Geographic Information (Tables)	6 Months Ended
Business Segment and Geographic Information (Tables)	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Information Regarding Revenue by Client Sector	Information regarding revenue by client sector is as follows: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (dollars in thousands) Revenues Institutional $ 245,581 $ 183,828 $ 492,918 $ 382,680 Wholesale 94,272 73,329 191,483 149,429 Retail 35,871 30,680 71,040 62,543 Market Data 29,227 22,776 58,249 45,210 Total revenue 404,951 310,613 813,690 639,862 Operating expenses 242,457 194,278 483,518 400,961 Operating income $ 162,494 $ 116,335 $ 330,172 $ 238,901
Schedule of Revenue and Long-Lived Assets by Geographic Location	The following table provides revenue by geographic area: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (dollars in thousands) Revenues U.S. $ 252,144 $ 200,919 $ 506,242 $ 409,621 International 152,807 109,694 307,448 230,241 Total revenue $ 404,951 $ 310,613 $ 813,690 $ 639,862 The following table provides information on the attribution of long-lived assets by geographic area: June 30, December 31, 2024 2023 (dollars in thousands) Long-lived assets U.S. $ 4,043,795 $ 3,990,070 International 27,570 20,348 Total $ 4,071,365 $ 4,010,418

Organization (Details)

Organization (Details) $ / shares in Units, $ in Thousands, $ in Millions		1 Months Ended	3 Months Ended		6 Months Ended
	Jan. 19, 2024 USD ($)	Aug. 31, 2023 AUD ($)	Jun. 30, 2024 $ / shares shares	Jun. 30, 2023 shares	Jun. 30, 2024 $ / shares shares	Jun. 30, 2023 shares	Dec. 31, 2023 $ / shares
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Stock split ratio, common stock					1
Weighted average unvested RSUs and unsettled vested PRSUs that were considered participating securities (in shares)			125,012	241,963	142,484	266,790
Dilutive securities (in shares)			1,733,789		1,842,327
Class A Common Stock
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Common stock, par value (in dollars per share) \| $ / shares			$ 0.00001		$ 0.00001		$ 0.00001
Class B Common Stock
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Common stock, par value (in dollars per share) \| $ / shares			0.00001		0.00001		0.00001
Class C Common Stock
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Common stock, par value (in dollars per share) \| $ / shares			0.00001		0.00001		0.00001
Class D Common Stock
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Common stock, par value (in dollars per share) \| $ / shares			$ 0.00001		$ 0.00001		$ 0.00001
R8FIN
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Purchase price, net of cash acquired and excluding working capital and other closing adjustments \| $	$ 125,902
Yieldbroker
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Purchase price, net of cash acquired and excluding working capital and other closing adjustments \| $		$ 123.6
Tradeweb Markets LLC
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Ownership interest			90.20%	90.20%	90.20%	90.20%	90.20%
Ownership percentage, continuing LLC owners			9.80%	9.80%	9.80%	9.80%	9.80%
Tradeweb Markets LLC \| Refinitiv
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Ownership interest			50.80%		50.80%
Tradeweb Markets LLC \| Public Investors
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Ownership percentage, continuing LLC owners			49.20%		49.20%
Tradeweb Markets LLC \| Class D Common Stock \| Other Stockholders
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Ownership percentage, continuing LLC owners			10%		10%
Tradeweb Markets Inc \| Refinitiv
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Ownership interest			89.90%		89.90%
Tradeweb Markets Inc \| Public Investors
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Voting power percentage			10.10%		10.10%
Tradeweb Markets Inc \| Class A Common Stock \| Public Investors
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Number of share owned (in shares)			116,282,605		116,282,605
Tradeweb Markets Inc \| Class B Common Stock \| Refinitiv
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Number of share owned (in shares)			96,933,192		96,933,192
Tradeweb Markets Inc \| Class C Common Stock \| Refinitiv
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Number of share owned (in shares)			18,000,000		18,000,000
Tradeweb Markets Inc \| Class D Common Stock \| Refinitiv
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Number of share owned (in shares)			4,988,329		4,988,329
Tradeweb Markets Inc \| Class D Common Stock \| Other Stockholders
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Number of share owned (in shares)			88,644		88,644
Voting power percentage			0.10%		0.10%

Significant Accounting Polici_3

Significant Accounting Policies - Furniture, Equipment, Purchased Software, Leasehold Improvements and Software Development Cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jan. 19, 2024	Dec. 31, 2023
Software development costs
Furniture, Equipment, Purchased Software and Leasehold Improvements
Accumulated depreciation and amortization	$ 254		$ 254			$ 222.5
Useful life of intangible assets	3 years		3 years
Amortization of pushdown accounting allocation			9 years
Amortization expense	$ 16	$ 13.8	$ 31.6	$ 27.2
Software development costs \| R8FIN
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life of intangible assets	7 years		7 years		7 years
Software development costs \| Yieldbroker Acquisition
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life of intangible assets	1 year		1 year
Software development costs \| NFI Acquisition
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life of intangible assets	1 year		1 year
Minimum
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life of intangible assets	4 years		4 years
Maximum
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life of intangible assets	13 years		13 years
Furniture, Equipment, Purchased Software and Leasehold Improvements
Furniture, Equipment, Purchased Software and Leasehold Improvements
Accumulated depreciation and amortization	$ 105.7		$ 105.7			$ 95.8
Depreciation expense	$ 5.2	$ 5.3	$ 10.5	$ 10.5
Furniture, Equipment, Purchased Software and Leasehold Improvements \| Minimum
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life	3 years		3 years
Furniture, Equipment, Purchased Software and Leasehold Improvements \| Maximum
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life	7 years		7 years

Significant Accounting Polici_4

Significant Accounting Policies - Goodwill (Details)		6 Months Ended
Significant Accounting Policies - Goodwill (Details)	Oct. 01, 2023 USD ($)	Jun. 30, 2024 reporting_unit
Accounting Policies [Abstract]
Number of reporting units \| reporting_unit		1
Impairment of goodwill \| $	$ 0

Significant Accounting Polici_5

Significant Accounting Policies - Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Intangible Assets
Accumulated amortization	$ 599.6		$ 599.6		$ 542.4
Amortization expense	$ 28.7	$ 26.8	$ 57.2	$ 53.6
Minimum
Intangible Assets
Useful life of intangible assets	4 years		4 years
Maximum
Intangible Assets
Useful life of intangible assets	13 years		13 years

Significant Accounting Polici_6

Significant Accounting Policies - Deferred Offering Costs (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accounting Policies [Abstract]
Offering costs incurred	$ 0	$ 0	$ 0	$ 0

Significant Accounting Polici_7

Significant Accounting Policies - Translation of Foreign Currency and Exchange Derivative Contracts (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative [Line Items]
Realized and unrealized losses	$ 800	$ 1,400	$ 2,000	$ 1,800
Foreign currency forward contracts – Gross notional amount \| Selling, General and Administrative Expenses
Derivative [Line Items]
Realized and unrealized gains on derivative contracts	$ 2,560	2,198	$ 6,911	1,038
Foreign Currency Call Option \| Selling, General and Administrative Expenses
Derivative [Line Items]
Realized and unrealized gains on derivative contracts		$ 600		$ 600

Restricted Cash (Details)

Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Restricted Cash Equivalents [Abstract]
Restricted cash	$ 1,000	$ 1,000

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($) $ in Thousands			3 Months Ended	6 Months Ended
Acquisitions - Narrative (Details) - USD ($) $ in Thousands	Apr. 05, 2024	Jan. 19, 2024	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023
Business Acquisition [Line Items]
Cash paid for acquisition, net of cash acquired				$ 89,224	$ 0
Software development costs
Business Acquisition [Line Items]
Useful life of intangible assets			3 years	3 years
R8FIN
Business Acquisition [Line Items]
Purchase price, net of cash acquired and excluding working capital and other closing adjustments		$ 125,902
Cash paid for acquisition, net of cash acquired		$ 89,200
R8FIN \| Class A Common Stock
Business Acquisition [Line Items]
Issuance of common stock for business acquisition (in shares)		374,601
Issuance of common stock for business acquisition		$ 36,700
R8FIN \| Professional Fees
Business Acquisition [Line Items]
Transaction costs			$ 100	$ 500
R8FIN \| General and Administrative Expense
Business Acquisition [Line Items]
Transaction costs			$ 0	$ 51
R8FIN \| Software development costs
Business Acquisition [Line Items]
Useful life of intangible assets		7 years	7 years	7 years
R8FIN \| Customer Relationships
Business Acquisition [Line Items]
Useful life of intangible assets		13 years
ICD
Business Acquisition [Line Items]
All-cash acquisition	$ 785,000
ICD \| Class A Common Stock
Business Acquisition [Line Items]
Issuance of common stock for business acquisition	$ 4,500

Acquisitions - Schedule of Fina

Acquisitions - Schedule of Final Purchase Price (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jan. 19, 2024	Dec. 31, 2023
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Goodwill	$ 2,857,713		$ 2,815,524
Less: Working capital and other closing adjustments	$ (14)
R8FIN
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Cash and cash equivalents		$ 1,397
Accounts receivable		153
Goodwill		42,189
Other assets		179
Deferred revenue		(219)
Accounts payable, accrued expenses and other liabilities		(886)
Total cash paid and stock issued		127,313
Less: Cash acquired		(1,397)
Less: Working capital and other closing adjustments		(14)
Purchase price, net of cash acquired and excluding working capital and other closing adjustments		125,902
R8FIN \| Software development costs
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets		28,000
R8FIN \| Intangible assets - Customer relationships
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets		$ 56,500

Revenue - Schedule of Breakdown

Revenue - Schedule of Breakdown of Revenues Between Fixed and Variable Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Total revenue	$ 404,951	$ 310,613	$ 813,690	$ 639,862
Transaction fees and commissions
Revenues
Total revenue	330,475	246,461	665,926	513,059
LSEG market data fees
Revenues
Total revenue	20,581	15,461	41,081	31,055
Other
Revenues
Total revenue	3,149	2,943	6,256	5,626
Variable
Revenues
Total revenue	294,850	210,368	593,944	441,211
Variable \| Transaction fees and commissions
Revenues
Total revenue	294,003	209,634	592,265	439,815
Variable \| Subscription fees
Revenues
Total revenue	465	470	935	930
Variable \| LSEG market data fees
Revenues
Total revenue	0	0	0	0
Variable \| Other
Revenues
Total revenue	382	264	744	466
Fixed
Revenues
Total revenue	110,101	100,245	219,746	198,651
Fixed \| Transaction fees and commissions
Revenues
Total revenue	36,472	36,827	73,661	73,244
Fixed \| Subscription fees
Revenues
Total revenue	50,281	45,278	99,492	89,192
Fixed \| LSEG market data fees
Revenues
Total revenue	20,581	15,461	41,081	31,055
Fixed \| Other
Revenues
Total revenue	$ 2,767	$ 2,679	$ 5,512	$ 5,160

Revenue - Schedule of Recognize

Revenue - Schedule of Recognized Revenue and Remaining Deferred Revenue Balance (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Change in Contract with Customer
Deferred revenue balance - beginning of period	$ 25,746
New billings	81,074
Revenue recognized	(78,882)
Deferred revenue acquired in connection with the r8fin Acquisition	219
Effect of foreign currency exchange rate changes	17
Deferred revenue balance - ending of period	$ 28,174

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue recognized that was previously deferred	$ 22.6	$ 19.6

Income Taxes (Details)

Income Taxes (Details) - USD ($)		3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($)	Apr. 08, 2019	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Sep. 30, 2023
Income Tax Disclosure [Line Items]
Effective tax rate		25.60%	22.20%	24.50%	23.40%
Remaining percentage of tax benefits				50%
Affiliated Entity
Income Tax Disclosure [Line Items]
Estimated tax liability		$ 0		$ 0		$ 0	$ 2,000,000
Class B Common Stock
Income Tax Disclosure [Line Items]
Common stock, shares issued (in shares)		96,933,192		96,933,192		96,933,192
Refinitiv Direct Owner
Income Tax Disclosure [Line Items]
Shares contributed by refinitiv owner (in shares)	96,933,192
Refinitiv Direct Owner \| Class B Common Stock
Income Tax Disclosure [Line Items]
Common stock, shares issued (in shares)	96,933,192

Tax Receivable Agreement (Detai

Tax Receivable Agreement (Details) - USD ($)	3 Months Ended		6 Months Ended
Tax Receivable Agreement (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Tax Receivable Agreement
Percentage of amount of U.S. federal, state and local income or franchise tax savings			50%
Tax receivable agreement, payment term			15 years
Tax receivable agreement liability	$ 380,937,000		$ 380,937,000		$ 457,523,000
Tax receivable agreement liability adjustment	$ 0	$ 0	$ 0	$ 0

Non-Controlling Interests -Sche

Non-Controlling Interests -Schedule of the Ownership Interest in Noncontrolling Interest (Details) - Tradeweb Markets LLC - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Non-Controlling Interests
Number of LLC Interests held by Tradeweb Markets Inc. (in shares)	213,215,797	211,601,209
Number of LLC Interests held by non-controlling interests (in shares)	23,076,973	23,080,571
Total LLC Interests outstanding (in shares)	236,292,770	234,681,780
Number of LLC Interests held by Tradeweb Markets Inc.	90.20%	90.20%	90.20%
Number of LLC Interests held by non-controlling interests	9.80%	9.80%	9.80%
Total LLC Interests outstanding	100%	100%

Non-Controlling Interests - Nar

Non-Controlling Interests - Narrative (Details)	6 Months Ended
Non-Controlling Interests - Narrative (Details)	Jun. 30, 2024
Class A Common Stock
Non-Controlling Interests
Conversion ratio	1
Class B Common Stock
Non-Controlling Interests
Conversion ratio	1

Non-Controlling Interests - Sch

Non-Controlling Interests - Schedule of the Impact on Equity Due to Changes in the Company’s Ownership Interest in Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Noncontrolling Interest [Abstract]
Net income attributable to Tradeweb Markets Inc.	$ 119,239	$ 89,082	$ 245,381	$ 176,938
Increase/(decrease) in Tradeweb Markets Inc.’s additional paid-in capital as a result of ownership changes in TWM LLC	(2,198)		(865)
Increase/(decrease) in Tradeweb Markets Inc.’s additional paid-in capital as a result of ownership changes in TWM LLC		72,870		79,780
Net transfers (to) from non-controlling interests	(2,198)	72,870	(865)	79,780
Change from net income attributable to Tradeweb Markets Inc. and transfers (to) from non-controlling interests	$ 117,041	$ 161,952	$ 244,516	$ 256,718

Stockholders' Equity and Stoc_3

Stockholders' Equity and Stock-Based Compensation Plans - Schedule of Outstanding Shares of Common Stock (Details) - shares		3 Months Ended
	Jan. 19, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock beginning balance (in shares)		236,176,393	235,101,952	234,696,458	234,023,679
Activities related to exchanges of LLC Interests (in shares)		0		0	0
Issuance of common stock from equity incentive plans (in shares)		116,377	699,840	92,687	986,090
Issuance of common stock for business acquisition (in shares)			374,601
Share repurchases pursuant to the share repurchase program (in shares)				(107,365)	(313,311)
Common stock ending balance (in shares)		236,292,770	236,176,393	234,681,780	234,696,458
Shares issued to acquire r8fin Acquisition (in shares)			374,601
Class A Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock beginning balance (in shares)			115,090,787
Common stock ending balance (in shares)		116,282,605
Class A Common Stock \| R8FIN
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock for business acquisition (in shares)	374,601
Shares issued to acquire r8fin Acquisition (in shares)	374,601
Class A Common Stock \| Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock beginning balance (in shares)		116,165,228	115,090,787	111,428,118	110,746,606
Activities related to exchanges of LLC Interests (in shares)		1,000		3,254,577	8,733
Issuance of common stock from equity incentive plans (in shares)		116,377	699,840	92,687	986,090
Issuance of common stock for business acquisition (in shares)			374,601
Share repurchases pursuant to the share repurchase program (in shares)				(107,365)	(313,311)
Common stock ending balance (in shares)		116,282,605	116,165,228	114,668,017	111,428,118
Shares issued to acquire r8fin Acquisition (in shares)			374,601
Class B Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock beginning balance (in shares)			96,933,192
Common stock ending balance (in shares)		96,933,192
Class B Common Stock \| Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock beginning balance (in shares)		96,933,192	96,933,192	96,933,192	96,933,192
Activities related to exchanges of LLC Interests (in shares)		0		0	0
Issuance of common stock from equity incentive plans (in shares)		0	0	0	0
Issuance of common stock for business acquisition (in shares)			0
Share repurchases pursuant to the share repurchase program (in shares)				0	0
Common stock ending balance (in shares)		96,933,192	96,933,192	96,933,192	96,933,192
Shares issued to acquire r8fin Acquisition (in shares)			0
Class C Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock beginning balance (in shares)			18,000,000
Common stock ending balance (in shares)		18,000,000
Class C Common Stock \| Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock beginning balance (in shares)		18,000,000	18,000,000	3,251,177	3,251,177
Activities related to exchanges of LLC Interests (in shares)		0		(3,251,177)	0
Issuance of common stock from equity incentive plans (in shares)		0	0	0	0
Issuance of common stock for business acquisition (in shares)			0
Share repurchases pursuant to the share repurchase program (in shares)				0	0
Common stock ending balance (in shares)		18,000,000	18,000,000	0	3,251,177
Shares issued to acquire r8fin Acquisition (in shares)			0
Class D Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock beginning balance (in shares)			5,077,973
Common stock ending balance (in shares)		5,076,973
Class D Common Stock \| Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock beginning balance (in shares)		5,077,973	5,077,973	23,083,971	23,092,704
Activities related to exchanges of LLC Interests (in shares)		(1,000)		(3,400)	(8,733)
Issuance of common stock from equity incentive plans (in shares)		0	0	0	0
Issuance of common stock for business acquisition (in shares)			0
Share repurchases pursuant to the share repurchase program (in shares)				0	0
Common stock ending balance (in shares)		5,076,973	5,077,973	23,080,571	23,083,971
Shares issued to acquire r8fin Acquisition (in shares)			0

Stockholders' Equity and Stoc_4

Stockholders' Equity and Stock-Based Compensation Plans - Narrative (Details) - USD ($)		3 Months Ended						6 Months Ended
	Jun. 17, 2024	Sep. 30, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 05, 2022	Feb. 28, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense				$ 23,715,000		$ 15,712,000		$ 40,117,000	$ 27,323,000
Stock-based compensation expense capitalized				600,000		400,000		1,200,000	$ 600,000
Stock repurchase program, remaining authorized repurchase amount				239,800,000				$ 239,800,000
Share-based payment arrangement, decrease for tax withholding obligation				$ 447,000	$ 43,832,000	$ 1,870,000	$ 39,878,000
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share repurchase program, amount authorized										$ 300,000,000	$ 150,000,000
Common stock repurchased (in shares)				0		107,365		0	420,676
Average price per share (in dollars per share)						$ 70.81			$ 72.05
Aggregate value of share repurchase						$ 7,600,000			$ 30,300,000
Common stock, conversion ratio								1
Number of shares withheld (in shares)				2,505		26,259		455,326	601,083
Class B Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, conversion ratio								1
President
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 4,400,000
Total stock-based compensation expense	$ 1,700,000
Share-based payment arrangement, accelerated cost				$ 300,000
President \| Forecast
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, accelerated cost		$ 2,700,000	$ 2,400,000
2019 Omnibus Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)				8,841,864				8,841,864
Maximum contractual term								10 years
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum contractual term								3 years
Granted (in shares)				12,526				457,978
Weighted-average grant-date fair value (in dollars per share)				$ 112.82				$ 104.48
Vesting percentage								33%
RSUs \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average price per share (in dollars per share)						$ 71.23			$ 69.42
Share-based payment arrangement, decrease for tax withholding obligation						$ 1,900,000			$ 41,700,000
RSUs \| Non-employee director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum contractual term								1 year
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				0				201,546
Weighted-average grant-date fair value (in dollars per share)								$ 104.66
Performance period								3 years
PRSUs \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average price per share (in dollars per share)				$ 107.57				$ 97.24
Share-based payment arrangement, decrease for tax withholding obligation				$ 300,000				$ 44,300,000
PRSUs \| Awarded During 2024 And 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum performance modifier, percent				0%				0%
Maximum performance modifier, percent				250%				250%
Target performance modifier, percent				100%				100%
PRSUs \| Awarded during 2022 and prior
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum performance modifier, percent				200%				200%
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				0				86,592
Weighted-average grant-date fair value (in dollars per share)								$ 149
Performance period								3 years
PSUs \| Awarded During 2024 And 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum performance modifier, percent				0%				0%
Maximum performance modifier, percent				250%				250%
Target performance modifier, percent				100%				100%

Stockholders' Equity and Stoc_5

Stockholders' Equity and Stock-Based Compensation Plans - Schedule of Significant Valuation Assumptions Used To Estimate The Grant Date Fair Value of PSUs (Details) - PSUs	Mar. 15, 2024	Mar. 15, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maturity (years)	2 years 9 months 18 days	2 years 9 months 18 days
Annualized Volatility	26.63%	28.81%
Risk-Free Interest Rate	4.44%	3.77%

Stockholders' Equity and Stoc_6

Stockholders' Equity and Stock-Based Compensation Plans - Schedule of Outstanding Shares of Common Stock (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Total stock-based compensation expense	$ 23,715	$ 15,712	$ 40,117	$ 27,323

Related Party Transactions - Ba

Related Party Transactions - Balances - Schedule of Balances From Transactions with Affiliates Included in the Consolidated Statements (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Related Party Transactions
Accounts receivable	$ 233,084	$ 168,407
Receivable and due from affiliates	2,980	192
Other assets	78,951	70,819
Accounts payable, accrued expenses and other liabilities	77,148	57,501
Deferred revenue	28,174	25,746
Payable and due to affiliates	0	1,327
Affiliated Entity
Related Party Transactions
Accounts receivable	751	688
Receivable and due from affiliates	2,980	192
Other assets	43	17
Accounts payable, accrued expenses and other liabilities	1,597	1,044
Deferred revenue	6,434	6,508
Payable and due to affiliates	$ 0	$ 1,327

Related Party Transactions - Sc

Related Party Transactions - Schedule of Affiliates were Included in the Consolidated Statements of Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue:
Total revenue	$ 404,951	$ 310,613	$ 813,690	$ 639,862
Expenses
Employee compensation and benefits	137,236	103,924	280,323	218,417
Technology and communications	24,230	18,701	45,540	36,268
Professional fees	13,324	10,666	25,124	21,842
Occupancy	4,976	4,028	9,649	8,151
Affiliated Entity
Expenses
Employee compensation and benefits	0	17	0	17
Technology and communications	1,556	1,487	3,128	2,651
General and administrative	2	(46)	5	0
Professional fees	39	0	65	1
Occupancy	26	20	39	20
Subscription fees
Revenue:
Total revenue	50,746	45,748	100,427	90,122
Subscription fees \| Affiliated Entity
Revenue:
Total revenue	271	638	575	1,471
LSEG market data fees
Revenue:
Total revenue	20,581	15,461	41,081	31,055
LSEG market data fees \| Affiliated Entity
Revenue:
Total revenue	20,581	15,461	41,081	31,055
Other fees
Revenue:
Total revenue	3,149	2,943	6,256	5,626
Other fees \| Affiliated Entity
Revenue:
Total revenue	$ 155	$ 136	$ 360	$ 250

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Schedule of Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value of Financial Instruments
Derivative assets		$ 1,543,644
Other assets – Investment in available for sale debt securities	$ 10,102
Total assets measured at fair value	1,575,543	1,543,644
Liabilities		775
Cash equivalents – Money market funds and other highly liquid investments
Fair Value of Financial Instruments
Derivative assets	1,562,815
Receivable and due from affiliates – Foreign exchange derivative contracts
Fair Value of Financial Instruments
Derivative assets	2,626
Quoted Prices in active Markets for Identical Assets (Level 1)
Fair Value of Financial Instruments
Derivative assets		1,543,644
Other assets – Investment in available for sale debt securities	0
Total assets measured at fair value	1,562,815	1,543,644
Liabilities		0
Quoted Prices in active Markets for Identical Assets (Level 1) \| Cash equivalents – Money market funds and other highly liquid investments
Fair Value of Financial Instruments
Derivative assets	1,562,815
Quoted Prices in active Markets for Identical Assets (Level 1) \| Receivable and due from affiliates – Foreign exchange derivative contracts
Fair Value of Financial Instruments
Derivative assets	0
Significant Observable Inputs (Level 2)
Fair Value of Financial Instruments
Derivative assets		0
Other assets – Investment in available for sale debt securities	0
Total assets measured at fair value	2,626	0
Liabilities		775
Significant Observable Inputs (Level 2) \| Cash equivalents – Money market funds and other highly liquid investments
Fair Value of Financial Instruments
Derivative assets	0
Significant Observable Inputs (Level 2) \| Receivable and due from affiliates – Foreign exchange derivative contracts
Fair Value of Financial Instruments
Derivative assets	2,626
Significant Unobservable Inputs (Level 3)
Fair Value of Financial Instruments
Derivative assets		0
Other assets – Investment in available for sale debt securities	10,102
Total assets measured at fair value	10,102	0
Liabilities		$ 0
Significant Unobservable Inputs (Level 3) \| Cash equivalents – Money market funds and other highly liquid investments
Fair Value of Financial Instruments
Derivative assets	0
Significant Unobservable Inputs (Level 3) \| Receivable and due from affiliates – Foreign exchange derivative contracts
Fair Value of Financial Instruments
Derivative assets	$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Narrative (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Apr. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 01, 2023 AUD ($)
Fair Value of Financial Instruments
Principal amount	$ 10,100,000	$ 10,100,000	$ 10,000,000
Fair value adjustments or credit losses	0	0
Equity investment without readily determinable fair values	$ 10,500,000	$ 10,500,000		$ 8,900,000
Convertible Notes Payable
Fair Value of Financial Instruments
Interest rate			5%
Foreign Exchange Option
Fair Value of Financial Instruments
Gross notional amount					$ 79,900,000	$ 120.7
Measurement Input, Discount Rate
Fair Value of Financial Instruments
Significant unobservable input			0.15

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Schedule of Foreign Exchange Derivative Contracts (Details) $ in Thousands, $ in Millions	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 01, 2023 AUD ($)
Foreign currency forward contracts – Gross notional amount \| Not Designated as Hedging Instrument
Derivative [Line Items]
Gross notional amount	$ 229,131	$ 192,877
Foreign Exchange Option
Derivative [Line Items]
Gross notional amount			$ 79,900	$ 120.7

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Schedule of Unrealized Gains (Losses) on Foreign Currency Forwards (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Aug. 25, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Foreign currency forward contracts not designated in accounting hedge relationship – General and administrative (expenses)/income \| General and Administrative Expenses
Derivative [Line Items]
Realized and unrealized gains (losses) on derivative contracts		$ 2,560	$ 2,198	$ 6,911	$ 1,038
Foreign Exchange Option
Derivative [Line Items]
Proceeds from unwinding of out-of-the-money derivative	$ 1,100
Foreign Exchange Option \| General and Administrative Expenses
Derivative [Line Items]
Realized and unrealized gains (losses) on derivative contracts			600		600
Foreign Exchange Option \| Other Income (Loss)
Derivative [Line Items]
Realized and unrealized gains (losses) on derivative contracts		$ 0	$ 618	$ 0	$ 618

Fair Value of Financial Instr_7

Fair Value of Financial Instruments - Schedule of Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets
Receivable from brokers and dealers and clearing organizations	$ 432,037	$ 381,178
Deposits with clearing organizations	62,694	36,806
Accounts receivable	233,084	168,407
Total assets measured at fair value	1,575,543	1,543,644
Liabilities
Securities sold under agreements to repurchase	0	21,612
Payable to brokers and dealers and clearing organizations	424,751	351,864
Securities sold under agreements to repurchase	0	21,612
Fair Value, Nonrecurring
Assets
Cash and restricted cash	156,415	163,824
Receivable from brokers and dealers and clearing organizations	432,037	381,178
Deposits with clearing organizations	62,694	36,806
Accounts receivable	233,084	168,407
Other assets – Memberships in clearing organizations	2,907	2,426
Total assets measured at fair value	887,137	752,641
Liabilities
Securities sold under agreements to repurchase	0	21,612
Payable to brokers and dealers and clearing organizations	424,751	351,864
Total	424,751	373,476
Securities sold under agreements to repurchase	0	21,612
Total Fair Value \| Fair Value, Nonrecurring
Assets
Cash and restricted cash	156,415	163,824
Receivable from brokers and dealers and clearing organizations	432,037	381,178
Deposits with clearing organizations	62,694	36,806
Accounts receivable	233,084	168,407
Other assets – Memberships in clearing organizations	2,907	2,426
Total assets measured at fair value	887,137	752,641
Liabilities
Securities sold under agreements to repurchase	0	21,612
Payable to brokers and dealers and clearing organizations	424,751	351,864
Total	424,751	373,476
Securities sold under agreements to repurchase	0	21,612
Quoted Prices in active Markets for Identical Assets (Level 1)
Assets
Total assets measured at fair value	1,562,815	1,543,644
Quoted Prices in active Markets for Identical Assets (Level 1) \| Fair Value, Nonrecurring
Assets
Cash and restricted cash	156,415	163,824
Receivable from brokers and dealers and clearing organizations	0	0
Deposits with clearing organizations	62,694	36,806
Accounts receivable	0	0
Other assets – Memberships in clearing organizations	0	0
Total assets measured at fair value	219,109	200,630
Liabilities
Securities sold under agreements to repurchase	0	0
Payable to brokers and dealers and clearing organizations	0	0
Total	0	0
Securities sold under agreements to repurchase	0	0
Significant Observable Inputs (Level 2)
Assets
Total assets measured at fair value	2,626	0
Significant Observable Inputs (Level 2) \| Fair Value, Nonrecurring
Assets
Cash and restricted cash	0	0
Receivable from brokers and dealers and clearing organizations	432,037	381,178
Deposits with clearing organizations	0	0
Accounts receivable	233,084	168,407
Other assets – Memberships in clearing organizations	0	0
Total assets measured at fair value	665,121	549,585
Liabilities
Securities sold under agreements to repurchase	0	21,612
Payable to brokers and dealers and clearing organizations	424,751	351,864
Total	424,751	373,476
Securities sold under agreements to repurchase	0	21,612
Significant Unobservable Inputs (Level 3)
Assets
Total assets measured at fair value	10,102	0
Significant Unobservable Inputs (Level 3) \| Fair Value, Nonrecurring
Assets
Cash and restricted cash	0	0
Receivable from brokers and dealers and clearing organizations	0	0
Deposits with clearing organizations	0	0
Accounts receivable	0	0
Other assets – Memberships in clearing organizations	2,907	2,426
Total assets measured at fair value	2,907	2,426
Liabilities
Securities sold under agreements to repurchase	0	0
Payable to brokers and dealers and clearing organizations	0	0
Total	0	0
Securities sold under agreements to repurchase	$ 0	$ 0

Credit Risk (Details)

Credit Risk (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Credit Risk (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Risks and Uncertainties [Abstract]
Receivable from brokers and dealers and clearing organizations	$ 432,037		$ 432,037		$ 381,178
Payable to brokers and dealers and clearing organizations	424,751		424,751		351,864
Broker-dealer, self-funded remaining difference between the fail to deliver and fail to receive	7,300		7,300
Allowance for doubtful accounts	158		158		$ 284
Credit loss expense (reversal)	$ (79)	$ 21	$ (71)	$ 47

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)		1 Months Ended
Commitments and Contingencies - Narrative (Details)	Nov. 21, 2023 USD ($)	Mar. 31, 2021 class_action_case	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Apr. 08, 2019 USD ($)
Commitments and Contingencies
Number of claims dismissed \| class_action_case		2
Initial term of lease			16 years
Minimum
Commitments and Contingencies
Initial term of lease			1 year
Maximum
Commitments and Contingencies
Initial term of lease			10 years
Revolving credit facility
Commitments and Contingencies
Revolving credit facility, term	5 years
Maximum borrowing capacity	$ 500,000,000				$ 500,000,000
Letter of credit issued	0		$ 0	$ 0
Penalties due	0
Termination penalties	0
Accordion feature	$ 250,000,000
Letters of credit outstanding			$ 500,000	$ 500,000
Commitment fee, percentage	0.25%
Revolving credit facility \| Fed Funds Effective Rate
Commitments and Contingencies
Spread	0.50%
Revolving credit facility \| One Month SOFR
Commitments and Contingencies
Spread	1%
Credit adjustment spread	0.10%
Revolving credit facility \| One Month SOFR \| Minimum
Commitments and Contingencies
Additional adjustment	0.25%
Revolving credit facility \| One Month SOFR \| Maximum
Commitments and Contingencies
Additional adjustment	0.75%
Revolving credit facility \| Secured Overnight Financing Rate (SOFR)
Commitments and Contingencies
Credit adjustment spread	0.10%
Debt instrument floor rate	0%
Revolving credit facility \| EURIBOR
Commitments and Contingencies
Debt instrument floor rate	0%
Revolving credit facility \| EURIBOR \| Minimum
Commitments and Contingencies
Additional adjustment	1.25%
Revolving credit facility \| EURIBOR \| Maximum
Commitments and Contingencies
Additional adjustment	1.75%
Revolving credit facility \| Letter of Credit
Commitments and Contingencies
Maximum borrowing capacity	$ 5,000,000
Letters of credit outstanding	500,000
Revolving credit facility \| Bridge Loan
Commitments and Contingencies
Maximum borrowing capacity	$ 50,000,000

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Maturity of Lease Liabilities and Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2024	$ 7,114
2025	7,628
2026	6,574
2027	6,133
2028	1,694
Thereafter	1,539
Total future lease payments	30,682
Less imputed interest	(2,577)
Lease liability	28,105	$ 27,463
Future minimum lease payments for lease not yet commenced	$ 159,200
Term lease	16 years

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net income attributable to Tradeweb Markets Inc.	$ 119,239	$ 89,082	$ 245,381	$ 176,938
Less: Distributed and undistributed earnings allocated to unvested RSUs and unsettled vested PRSUs	(70)	(102)	(164)	(225)
Net income attributable to outstanding shares of Class A and Class B common stock - Basic	119,169	88,980	245,217	176,713
Net income attributable to outstanding shares of Class A and Class B common stock - Diluted	$ 119,169	$ 88,980	$ 245,217	$ 176,713
Denominator:
Weighted average shares of Class A and Class B common stock outstanding - Basic (in shares)	213,162,158	211,569,728	212,936,015	209,847,153
Dilutive effect (in shares)	1,733,789		1,842,327
Weighted average shares of Class A and Class B common stock outstanding - Diluted (in shares)	214,895,947	213,156,753	214,778,342	211,659,814
Earnings per share - Basic (in dollars per share)	$ 0.56	$ 0.42	$ 1.15	$ 0.84
Earnings per share - Diluted (in dollars per share)	$ 0.55	$ 0.42	$ 1.14	$ 0.83
Weighted average unvested RSUs and unsettled vested PRSUs that were considered participating securities (in shares)	125,012	241,963	142,484	266,790
PRSUs
Denominator:
Dilutive effect (in shares)	568,304	350,713	534,583	318,638
Options
Denominator:
Dilutive effect (in shares)	449,252	1,143,376	524,413	1,306,297
RSUs
Denominator:
Dilutive effect (in shares)	252,498	92,936	348,282	187,726
PSUs
Denominator:
Dilutive effect (in shares)	463,735	0	435,049	0

Earnings Per Share - Schedule_2

Earnings Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
PRSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	0	0	0	0
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	0	0	0	0
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	964	113,873	964	113,873
PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	0	0	0	0
LLC Interests
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	23,077,698	23,153,250	23,077,836	24,738,197

Regulatory Capital Requiremen_3

Regulatory Capital Requirements - Schedule of Regulatory Capital Requirements and Schedule of Regulatory Capital Requirements (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
TWL
Regulatory Capital Requirements
Regulatory Capital	$ 72,913	$ 50,243
Regulatory Capital Requirement	2,348	2,856
Excess Regulatory Capital	70,565	47,387
DW
Regulatory Capital Requirements
Regulatory Capital	181,397	156,318
Regulatory Capital Requirement	2,814	3,579
Excess Regulatory Capital	178,583	152,739
TWD
Regulatory Capital Requirements
Regulatory Capital	54,267	46,976
Regulatory Capital Requirement	752	850
Excess Regulatory Capital	53,515	46,126
TEL
Regulatory Capital Requirements
Regulatory Capital	84,326	78,127
Regulatory Capital Requirement	39,195	37,907
Excess Regulatory Capital	45,131	40,220
TWJ
Regulatory Capital Requirements
Regulatory Capital	5,478	6,963
Regulatory Capital Requirement	2,440	2,029
Excess Regulatory Capital	3,038	4,934
TWEU
Regulatory Capital Requirements
Regulatory Capital	14,731	11,912
Regulatory Capital Requirement	6,532	5,447
Excess Regulatory Capital	8,199	6,465
TESL
Regulatory Capital Requirements
Regulatory Capital	5,792	1,813
Regulatory Capital Requirement	948	955
Excess Regulatory Capital	4,844	858
TESBV
Regulatory Capital Requirements
Regulatory Capital	1,636	1,683
Regulatory Capital Requirement	818	843
Excess Regulatory Capital	818	840
YB
Regulatory Capital Requirements
Regulatory Capital	6,382	5,261
Regulatory Capital Requirement	0	1,070
Excess Regulatory Capital	6,382	4,191
TDIFC
Regulatory Capital Requirements
Regulatory Capital	182	250
Regulatory Capital Requirement	30	39
Excess Regulatory Capital	152	211
TW SEF
Regulatory Capital Requirements
Financial Resources	67,467	43,286
Required Financial Resources	13,500	12,500
Excess Financial Resources	53,967	30,786
Liquid Financial Assets	42,556	22,068
Required Liquid Financial Assets	3,375	3,125
Excess Liquid Financial Assets	39,181	18,943
DW SEF
Regulatory Capital Requirements
Financial Resources	14,432	13,309
Required Financial Resources	8,827	8,669
Excess Financial Resources	5,605	4,640
Liquid Financial Assets	8,213	7,935
Required Liquid Financial Assets	2,207	2,167
Excess Liquid Financial Assets	$ 6,006	$ 5,768

Business Segment and Geograph_3

Business Segment and Geographic Information - Schedule of Information Regarding Revenue by Client Sector (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Business Segment and Geographic Information
Total revenue	$ 404,951	$ 310,613	$ 813,690	$ 639,862
Operating expenses	242,457	194,278	483,518	400,961
Operating income	162,494	116,335	330,172	238,901
Institutional
Business Segment and Geographic Information
Total revenue	245,581	183,828	492,918	382,680
Wholesale
Business Segment and Geographic Information
Total revenue	94,272	73,329	191,483	149,429
Retail
Business Segment and Geographic Information
Total revenue	35,871	30,680	71,040	62,543
Market Data
Business Segment and Geographic Information
Total revenue	$ 29,227	$ 22,776	$ 58,249	$ 45,210

Business Segment and Geograph_4

Business Segment and Geographic Information - Schedule of Revenue and Long-Lived Assets by Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Business Segment and Geographic Information
Revenues	$ 404,951	$ 310,613	$ 813,690	$ 639,862
Long-lived assets	4,071,365		4,071,365		$ 4,010,418
U.S.
Business Segment and Geographic Information
Revenues	252,144	200,919	506,242	409,621
Long-lived assets	4,043,795		4,043,795		3,990,070
International
Business Segment and Geographic Information
Revenues	152,807	$ 109,694	307,448	$ 230,241
Long-lived assets	$ 27,570		$ 27,570		$ 20,348

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Jul. 25, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
Subsequent Event [Line Items]
Dividends (in dollars per share)		$ 0.10	$ 0.10	$ 0.09	$ 0.09
Subsequent Event \| TWM LLC
Subsequent Event [Line Items]
Dividends payable	$ 89.8
Subsequent Event \| Class A Common Stock
Subsequent Event [Line Items]
Dividends (in dollars per share)	$ 0.10
Subsequent Event \| Class B Common Stock
Subsequent Event [Line Items]
Dividends (in dollars per share)	$ 0.10