0001758730-23-000125 | 10-Q | XBRL Viewer

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Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2023	Apr. 20, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		114,722,925
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)		0
Class D Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		23,082,971

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 1,232,675	$ 1,257,229
Restricted cash	1,000	1,000
Receivable from brokers and dealers and clearing organizations	14,216	11,632
Deposits with clearing organizations	34,190	23,906
Accounts receivable, net of allowance for credit losses of $152 and $129 at March 31, 2023 and December 31, 2022, respectively	171,244	142,676
Furniture, equipment, purchased software and leasehold improvements, net of accumulated depreciation and amortization	36,885	37,413
Lease right-of-use assets	22,603	24,933
Software development costs, net of accumulated amortization	138,478	141,833
Goodwill	2,780,259	2,780,259
Intangible assets, net of accumulated amortization	1,046,018	1,072,818
Receivable and due from affiliates	3,863	2,728
Deferred tax asset	679,458	689,442
Other assets	79,177	74,262
Total assets	6,240,066	6,260,131
Liabilities
Payable to brokers and dealers and clearing organizations	14,215	11,264
Accrued compensation	65,035	150,884
Deferred revenue	30,577	22,827
Accounts payable, accrued expenses and other liabilities	53,361	46,690
Lease liabilities	25,806	27,943
Payable and due to affiliates	9,933	7,232
Deferred tax liability	20,204	21,251
Tax receivable agreement liability	420,070	425,724
Total liabilities	639,201	713,815
Commitments and Contingencies
Equity
Preferred stock, $0.00001 par value; 250,000,000 shares authorized; none issued or outstanding	0	0
Additional paid-in capital	4,577,609	4,577,270
Accumulated other comprehensive income (loss)	(7,765)	(10,113)
Retained earnings	433,049	386,632
Total stockholders’ equity attributable to Tradeweb Markets Inc.	5,002,895	4,953,791
Non-controlling interests	597,970	592,525
Total equity	5,600,865	5,546,316
Total liabilities and equity	6,240,066	6,260,131
Class A Common Stock
Equity
Common stock	1	1
Class B Common Stock
Equity
Common stock	1	1
Class C Common Stock
Equity
Common stock	0	0
Class D Common Stock
Equity
Common stock	$ 0	$ 0

Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accounts receivable, allowance for credit losses	$ 152	$ 129
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)	111,428,118	110,746,606
Common stock, shares outstanding (in shares)	111,428,118	110,746,606
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)	3,251,177	3,251,177
Common stock, shares outstanding (in shares)	3,251,177	3,251,177
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)	23,083,971	23,092,704
Common stock, shares outstanding (in shares)	23,083,971	23,092,704

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues
Total revenue	$ 329,249	$ 311,486
Expenses
Employee compensation and benefits	114,493	117,991
Depreciation and amortization	45,404	44,450
Technology and communications	17,567	15,776
General and administrative	13,920	10,313
Professional fees	11,176	7,857
Occupancy	4,123	3,497
Total expenses	206,683	199,884
Operating income	122,566	111,602
Net interest income (expense)	12,491	(447)
Other income (loss), net	341	0
Income before taxes	135,398	111,155
Provision for income taxes	(33,205)	(13,710)
Net income	102,193	97,445
Less: Net income attributable to non-controlling interests	14,337	14,480
Net income attributable to Tradeweb Markets Inc.	$ 87,856	$ 82,965
Earnings per share attributable to Tradeweb Markets Inc. Class A and B common stockholders:
Basic (in dollars per share)	$ 0.42	$ 0.41
Diluted (in dollars per share)	$ 0.42	$ 0.40
Weighted average shares outstanding:
Basic (in shares)	208,105,437	204,061,347
Diluted (in shares)	210,143,734	207,497,102
Transaction fees and commissions
Revenues
Total revenue	$ 266,598	$ 251,805
Subscription fees
Revenues
Total revenue	44,374	41,455
Refinitiv market data fees
Revenues
Total revenue	15,594	15,558
Other
Revenues
Total revenue	$ 2,683	$ 2,668

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 102,193	$ 97,445
Foreign currency translation adjustments, with no tax benefit for each of the three months ended March 31, 2023 and 2022	2,649	(4,098)
Other comprehensive income (loss), net of tax	2,649	(4,098)
Comprehensive income	104,842	93,347
Less: Net income attributable to non-controlling interests	14,337	14,480
Less: Foreign currency translation adjustments attributable to non-controlling interests	297	(530)
Comprehensive income attributable to Tradeweb Markets Inc.	$ 90,208	$ 79,397

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, tax benefit	$ 0	$ 0

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Equity Settled Performance Based Restricted Stock Units	RSUs	PSUs	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	Additional Paid-In Capital Equity Settled Performance Based Restricted Stock Units	Additional Paid-In Capital RSUs	Additional Paid-In Capital PSUs	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Non- Controlling Interests
Beginning balance at Dec. 31, 2021	$ 5,308,943				$ 1	$ 1	$ 0	$ 0	$ 4,401,366				$ 1,604	$ 242,623	$ 663,348
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from equity incentive plans	692								692
Share repurchases pursuant to share repurchase programs	(47,323)													(47,323)
Tax receivable agreement liability and deferred taxes arising from LLC Interest ownership exchanges and the issuance of common stock from equity incentive plans	38,676								38,676
Adjustments to non-controlling interests	0								30,005						(30,005)
Distributions to non-controlling interests	(2,178)														(2,178)
Dividends	(16,350)													(16,350)
Stock-based compensation expense under the plan		$ 6,351	$ 6,102							$ 6,351	$ 6,102
Stock-based compensation expense under the Option Plan	1,229								1,229
Payroll taxes paid for stock-based compensation	(95,758)
Net income	97,445													82,965	14,480
Foreign currency translation adjustments	(4,098)												(3,568)		(530)
Ending balance at Mar. 31, 2022	5,293,731				1	1	0	0	4,388,663				(1,964)	261,915	645,115
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 under the plan		$ 4,273	$ 6,810	$ 410						$ 4,273	$ 6,810	$ 410
Stock-based compensation expense under the Option Plan	412								412
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

Condensed Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Limited Liability Company (LLC) Members' Equity [Abstract]
Dividends (in dollars per share)	$ 0.09	$ 0.08

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net income	$ 102,193	$ 97,445
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	45,404	44,450
Stock-based compensation expense	11,610	13,712
Deferred taxes	24,223	11,640
Other (income) loss, net	(341)	0
(Increase) decrease in operating assets:
Receivable from/payable to brokers and dealers and clearing organizations, net	367	(20,573)
Deposits with clearing organizations	(10,240)	(14,996)
Accounts receivable	(27,311)	(36,437)
Receivable and due from affiliates/payable and due to affiliates, net	1,787	692
Other assets	(2,894)	(1,079)
Increase (decrease) in operating liabilities:
Securities sold under agreements to repurchase	0	20,511
Accrued compensation	(88,883)	(81,025)
Deferred revenue	7,729	2,766
Accounts payable, accrued expenses and other liabilities	7,196	8,137
Net cash provided by operating activities	70,840	45,243
Cash flows from investing activities
Purchases of furniture, equipment, software and leasehold improvements	(6,879)	(9,061)
Capitalized software development costs	(9,835)	(8,979)
Net cash used in investing activities	(16,714)	(18,040)
Cash flows from financing activities
Share repurchases pursuant to share repurchase programs	(20,811)	(47,323)
Proceeds from stock-based compensation exercises	4,392	692
Dividends	(18,733)	(16,350)
Distributions to non-controlling interests	(2,283)	(2,178)
Payroll taxes paid for stock-based compensation	(37,297)	(93,927)
Payments on tax receivable agreement liability	(5,724)	(8,995)
Net cash used in financing activities	(80,456)	(168,081)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	1,776	(3,109)
Net increase (decrease) in cash, cash equivalents and restricted cash	(24,554)	(143,987)
Supplemental disclosure of cash flow information
Income taxes paid, net of (refunds)	4,300	2,764
Cash, cash equivalents and restricted cash
Beginning of period	1,258,229	973,048
End of period	1,233,675	829,061
Non-cash investing and financing activities
Furniture, equipment, software and leasehold improvement additions included in accounts payable	1,215	0
Unsettled stock-based compensation exercises included in other assets	1,928	0
Unsettled share repurchases included in other liabilities	1,895	0
Withholding taxes payable relating to stock-based compensation settlements included in accrued compensation	2,581	1,831
Reconciliation of cash, cash equivalents and restricted cash as shown on the statements of financial condition:
Cash and cash equivalents	1,232,675
Restricted cash	1,000
Cash, cash equivalents and restricted cash shown in the statement of cash flows	1,233,675	829,061
Adjusted For Refinitiv Transaction
Non-cash investing and financing activities
Establishment of liabilities under tax receivable agreement	71	5,659
Deferred tax asset	$ 15,153	$ 44,335

Organization	3 Months Ended
Organization	Mar. 31, 2023
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 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 March 31, 2023, Tradeweb Markets Inc. owned 88.8% of TWM LLC and the non-controlling interest holders own the remaining 11.2% of TWM LLC. As of December 31, 2022, Tradeweb Markets Inc. owned 88.7% of TWM LLC and the non-controlling interest holders owned the remaining 11.3% 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 and 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 maintains a branch in France. •Tradeweb Execution Services Limited (“TESL”), an Investment Firm (“BIPRU Firm”) regulated by the FCA in the UK. •Tradeweb Commercial Information Consulting (Shanghai) Co., Ltd. a wholly-owned foreign enterprise (WOFE) for the purpose of providing consulting and marketing activities in China. The offshore electronic trading platform is recognized by the People’s Bank of China for the provision of Bond Connect and CIBM Direct. •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. 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 order limit 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 6 – 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 March 31, 2023: •The public investors collectively owned 111,428,118 shares of Class A common stock, representing 8.5% of the combined voting power of Tradeweb Markets Inc.’s issued and outstanding common stock and indirectly, through Tradeweb Markets Inc., owned 47.5% of the economic interest in TWM LLC; •Refinitiv collectively owned 96,933,192 shares of Class B common stock and 22,988,329 shares of Class D common stock, representing 91.2% of the combined voting power of Tradeweb Markets Inc.’s issued and outstanding common stock and directly and indirectly, through Tradeweb Markets Inc., owned 51.1% of the economic interest in TWM LLC; and •Other stockholders that continued to own LLC Interests also collectively owned 3,251,177 shares of Class C common stock and 95,642 shares of Class D common stock, representing 0.3% of the combined voting power of Tradeweb Markets Inc.’s issued and outstanding common stock. Collectively, these stockholders directly owned 1.4% of the economic interest in TWM LLC. In addition, for the three months ended March 31, 2023, the Company’s basic and diluted earnings per share calculation is impacted by 291,772 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, and for the three months ended March 31, 2023 the Company’s diluted earnings per share calculation also includes 2,038,297 of weighted average shares resulting from the dilutive effect of its equity incentive plans. See Note 13 – Earnings Per Share for additional details.

Significant Accounting Policies	3 Months Ended
Significant Accounting Policies	Mar. 31, 2023
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, 2022. The consolidated financial information as of December 31, 2022 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. Reclassifications Certain reclassifications have been made to the December 31, 2022 consolidated statement of financial condition, and related financial information, to conform to the current period presentation. These primarily include reclassifying approximately $2.7 million of related party balances from other assets to receivable and due from affiliates and $5.8 million of related party balances from accounts payable, accrued expenses and other liabilities to payable and due to affiliates. These reclassifications had no impact on total assets, total liabilities or total equity on the consolidated statement of financial condition, nor did they have any impact on the consolidated statements of income, comprehensive income, changes in equity or cash flows. 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 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 (such as short-term money market instruments) 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. See Note 11 – Credit Risk for additional information. Receivable from and Payable to Brokers and Dealers and Clearing Organizations Receivable from and payable to brokers and dealers and clearing organizations consists of proceeds from transactions executed on the Company’s wholesale platform which failed to settle due to the inability of a transaction party to deliver or receive the transacted security. These securities transactions are generally collateralized by those securities. Until the failed transaction settles, a receivable from (and a matching payable to) brokers and dealers and clearing organizations is recognized for the proceeds from the unsettled transaction. Deposits with Clearing Organizations Deposits with clearing organizations are comprised of cash deposits. Furniture, Equipment, Purchased Software and Leasehold Improvements Furniture, equipment, purchased software and leasehold improvements are carried at cost less accumulated depreciation. Depreciation for furniture, equipment and purchased software is computed on a straight-line basis over the estimated useful lives of the related assets, ranging from three to seven years. Leasehold improvements are amortized over the lesser of the estimated useful lives of the leasehold improvements or the remaining term of the lease for office space. Furniture, equipment, purchased software and leasehold improvements are tested for impairment whenever events or changes in circumstances suggest that an asset’s carrying value may not be fully recoverable. As of March 31, 2023 and December 31, 2022, accumulated depreciation related to furniture, equipment, purchased software and leasehold improvements totaled $79.3 million and $73.8 million, respectively. Depreciation expense for furniture, equipment, purchased software and leasehold improvements was $5.1 million and $4.7 million for the three months ended March 31, 2023 and 2022, respectively. Software Development Costs The Company capitalizes costs associated with the development of internal use software at the point at which the conceptual formulation, design and testing of possible software project alternatives have been completed. The Company capitalizes employee compensation and related benefits and third party consulting costs incurred during the application development stage which directly contribute to such development. Such costs are amortized on a straight-line basis over three years. Software development costs acquired as part of the NFI Acquisition were 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 March 31, 2023 and December 31, 2022, accumulated amortization related to software development costs totaled $180.1 million and $166.6 million, respectively. Amortization expense for software development costs was $13.5 million and $12.9 million for the three months ended March 31, 2023 and 2022, 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 NFI Acquisition. Goodwill is not amortized, but is tested for impairment annually on October 1st and between annual tests, whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. Goodwill is tested at the reporting unit level, which is defined as an operating segment or one level below the operating segment. The Company 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, 2022 and no impairment of goodwill was identified. Intangible Assets Intangible assets with a finite life are amortized over the estimated lives, ranging from seven to thirteen years. These intangible assets subject to amortization are tested for impairment whenever events or changes in circumstances suggest that an asset’s or asset group’s carrying value may not be fully recoverable. Intangible assets with an indefinite useful life are tested for impairment at least annually. An impairment loss is recognized if the sum of the estimated discounted cash flows relating to the asset or asset group is less than the corresponding book value. As of March 31, 2023 and December 31, 2022, accumulated amortization related to intangible assets totaled $461.0 million and $434.2 million, respectively. Amortization expense for definite-lived intangible assets was $26.8 million for both the three months ended March 31, 2023 and 2022. 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 purchase 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 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 capital. These 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 either of the three months ended March 31, 2023 and 2022. 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 4 – Revenue for additional details regarding revenue types and the Company’s policies regarding revenue recognition. Translation of Foreign Currency and Foreign Currency Forward Contracts Revenues, 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 $0.4 million and $0.3 million during the three months ended March 31, 2023 and 2022, 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. The Company’s foreign currency forward contracts are not designated as hedges for accounting purposes and changes in the fair value of these contracts during the period are recognized in the condensed consolidated statements of income within general and administrative expenses. The Company does not use derivative instruments for trading or speculative purposes. Realized and unrealized gains/losses on foreign currency forward contracts totaled a $1.2 million loss and a $0.7 million gain during the three months ended March 31, 2023 and 2022, respectively. See Note 10 – Fair Value of Financial Instruments for additional details on the Company’s derivative instruments. Income Tax The Corporation is subject to U.S. federal, state and local income taxes with respect to its taxable income, including its allocable share of any taxable income of TWM LLC, and is taxed at prevailing corporate tax rates. TWM LLC is a multiple member limited liability company taxed as a partnership and accordingly any taxable income generated by TWM LLC is passed through to and included in the taxable income of its members, including the Corporation. Income taxes also include unincorporated business taxes on income earned or losses incurred for conducting business in certain state and local jurisdictions, income taxes on income earned or losses incurred in foreign jurisdictions on certain operations and federal and state income taxes on income earned or losses incurred, both current and deferred, on subsidiaries that are taxed as corporations for U.S. tax purposes. The Company records deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities. The Company measures deferred taxes using the enacted tax rates and laws that will be in effect when such temporary differences are expected to reverse. The Company evaluates the need for valuation allowances based on the weight of positive and negative evidence. The Company records valuation allowances wherever management believes it is more likely than not that the Company will not be able to realize its deferred tax assets in the foreseeable future. The Company records uncertain tax positions on the basis of a two-step process whereby (i) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to income taxes within the provision for income taxes in the 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 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 minimum tax 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 Company has evaluated the impact of the IRA and concluded it did not have a material impact to our financial condition, results of operations and cash flows as of and for the three months ended March 31, 2023. The Company will continue to evaluate the impact of the IRA on subsequent periods. 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 by January 1, 2024. The Company is currently evaluating whether it will be subject to the provisions of the Two Pillar Plan, and related tax impacts per local country adoption, as it is a consolidating subsidiary of LSEG, and is evaluating its impact. 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 June 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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. ASU 2022-03 is effective for the Company beginning on January 1, 2024 and early adoption is permitted for both interim and annual financial statements that have not yet been issued. The ASU is to be applied prospectively, with any adjustments from the adoption recognized in earnings on the date of adoption. As of March 31, 2023, the Company has not yet adopted ASU 2022-03 and does not expect that the adoption of this ASU will have a material impact on the Company’s consolidated financial statements.

Restricted Cash	3 Months Ended
Restricted Cash	Mar. 31, 2023
Restricted Cash Equivalents [Abstract]
Restricted Cash	Restricted CashCash has been segregated in a special reserve bank account for the benefit of brokers and dealers under SEC Rule 15c3-3. The Company computes the proprietary accounts of broker-dealers (“PAB”) reserve, which requires the Company to maintain minimum segregated cash in the amount of excess total credits per the reserve computation. As of both March 31, 2023 and December 31, 2022, 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.

Revenue

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

Revenue Recognition

The Company enters into contracts with its clients to provide a stand-ready connection to its electronic marketplaces, which facilitates the execution of trades by its clients. The access to the Company’s electronic marketplaces includes market data, continuous pricing data refreshes and the processing of trades thereon. The stand-ready connection to the electronic marketplaces is considered a single performance obligation satisfied over time as the client simultaneously receives and consumes the benefit from the Company’s performance as access is provided (that is, the performance obligation constitutes a series of services that are substantially the same in nature and are provided over time using the same measure of progress). For its services, the Company earns subscription fees for granting access to its electronic marketplaces. Subscription fees, which are generally fixed fees, are recognized 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 Refinitiv relating to the sale of market data to Refinitiv, which redistributes that data. Included in these fees, which are billed quarterly, are real-time market data fees which are recognized monthly on a straight-line basis, as Refinitiv receives and consumes the benefit evenly over the contract period, as the data is provided. Also included in these fees are fees for historical data sets which are recognized when the historical data set is provided to Refinitiv. Significant judgments used in accounting for this contract include the following determinations:

•The provision of real-time market data feeds and annual historical data sets are distinct performance obligations.

•The performance obligations under this contract are recognized over time from the initial delivery of the data feeds or each historical data set until the end of the contract term.

•The transaction price for the performance obligations is determined by using a market assessment analysis. Inputs in this analysis include a consultant study which determined the overall value of the Company’s market data and pricing information for historical data sets provided by other companies.

Some revenues earned by the Company have fixed fee components, such as monthly minimums or fixed monthly fees, and variable components, such as transaction-based fees. The breakdown of revenues between fixed and variable revenues for the three months ended March 31, 2023 and 2022 is as follows:


	Three Months Ended				Three Months Ended
	March 31, 2023				March 31, 2022
	(in thousands)				(in thousands)
	Variable		Fixed		Variable		Fixed
Revenues
Transaction fees and commissions	$	230,181	$	36,417	$	213,736	$	38,069
Subscription fees	460		43,914		475		40,980
Refinitiv market data fees	—		15,594		—		15,558
Other	202		2,481		251		2,417
Total revenue	$	230,843	$	98,406	$	214,462	$	97,024

Deferred Revenue

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


	Amount

	(in thousands)
Deferred revenue balance - December 31, 2022	$	22,827
New billings	38,091
Revenue recognized	(30,360)
Effect of foreign currency exchange rate changes	19
Deferred revenue balance - March 31, 2023	$	30,577

During the three months ended March 31, 2023, the Company recognized $13.5 million in total revenue that was deferred as of December 31, 2022. During the three months ended March 31, 2022, the Company recognized $14.1 million in total revenue that was deferred as of December 31, 2021.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2023
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 is expected to continue to increase over time as Continuing LLC Owners redeem or exchange their LLC Interests for shares of Class A common stock or Class B common stock, as applicable, or the Corporation purchases LLC Interests from Continuing LLC Owners. The Company’s consolidated effective tax rate will also vary from period to period depending on changes in the mix of earnings, tax legislation and tax rates in various jurisdictions. 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 March 31, 2023 and 2022 was approximately 24.5% and 12.3%, respectively. The effective tax rate for the three months ended March 31, 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 effective tax rate for the three months ended March 31, 2022 differed from the U.S. federal statutory rate of 21.0% primarily due to the tax impact of the exercise of equity compensation, return-to-provision adjustments and the effect of non-controlling interests, partially offset by state, local and foreign taxes. The Company expects to obtain an increase in its share of the tax basis of the assets of TWM LLC when LLC Interests are redeemed or exchanged by Continuing LLC Owners and in connection with certain other qualifying transactions. This increase in tax basis may have the effect of reducing the amounts that the Corporation would otherwise pay in the future to various tax authorities. Pursuant to the Tax Receivable Agreement, the Corporation is required to make cash payments to the Continuing LLC Owners equal to 50% of the amount of U.S. federal, state and local income or franchise tax savings, if any, that the Corporation actually realizes (or in some circumstances are deemed to realize) as a result of certain future tax benefits to which 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 6 – Tax Receivable Agreement for further details. The tax benefit has been recognized in deferred tax assets on the condensed consolidated statement 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. The contributed entity is under audit by the State of New Jersey for the tax years 2012 - 2015 and is appealing a tax assessment from an audit by the State of New Jersey for the tax years 2008 - 2011. As of March 31, 2023 and December 31, 2022, the tax liability related to the Refinitiv Contribution was $3.0 million and $2.7 million, respectively, included within accounts payable, accrued expenses and other liabilities on the condensed consolidated statements of financial condition. The Company is indemnified by Refinitiv for these tax liabilities that were assumed by the Company as a result of the Refinitiv Contribution. As of March 31, 2023 and December 31, 2022, $3.0 million and $2.7 million, respectively, is included in receivable and due from affiliates on the condensed consolidated statements of financial condition related to this related party indemnification.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Tax Receivable Agreement	3 Months Ended
Tax Receivable Agreement	Mar. 31, 2023
Tax Receivable Agreement
Tax Receivable Agreement	Tax Receivable Agreement In connection with the Reorganization Transactions, the Corporation entered into a tax receivable agreement (the “Tax Receivable Agreement”) with TWM LLC and the Continuing LLC Owners, which provides for the payment by the Corporation to a Continuing LLC Owner of 50% of the amount of U.S. federal, state and local income or franchise tax savings, if any, that the Corporation actually realizes (or in some circumstances is deemed to realize) as a result of (i) increases in the tax basis of TWM LLC’s assets resulting from (a) the purchase of LLC Interests from such Continuing LLC Owner, including with the net proceeds from the IPO and any subsequent offerings or (b) redemptions or exchanges by such Continuing LLC Owner of LLC Interests for shares of Class A common stock or Class B common stock or for cash, as applicable, and (ii) certain other tax benefits related to the Corporation making payments under the Tax Receivable Agreement. Payments under the Tax Receivable Agreement are made within 150 days after the filing of the tax return based on the actual tax savings realized by the Corporation. The first payment of the Tax Receivable Agreement was made in January 2021. Substantially all payments due under the Tax Receivable Agreement are payable over 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. The impact of any changes in the total projected obligations recorded under the Tax Receivable Agreement as a result of actual changes in the mix of the Company’s earnings, tax legislation and tax rates in various jurisdictions, or other factors that may impact the Corporation’s actual tax savings realized, are reflected in income before taxes on the condensed consolidated statements of income in the period in which the change occurs. As of March 31, 2023 and December 31, 2022, the tax receivable agreement liability on the condensed consolidated statements of financial condition totaled $420.1 million and $425.7 million, respectively. During each of the three months ended March 31, 2023 and 2022, no tax receivable agreement liability adjustment was recognized in the condensed consolidated statements of income.

Non-Controlling Interests

3 Months Ended

Mar. 31, 2023

Noncontrolling Interest [Abstract]

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:


	March 31, 2023			March 31, 2022
	LLC Interests	Ownership %		LLC Interests	Ownership %
Number of LLC Interests held by Tradeweb Markets Inc.	208,361,310	88.8	%	204,281,271	87.2	%
Number of LLC Interests held by non-controlling interests	26,335,148	11.2	%	29,975,358	12.8	%
Total LLC Interests outstanding	234,696,458	100.0	%	234,256,629	100.0	%

LLC Interests held by the Continuing LLC Owners are redeemable in accordance with the TWM LLC Agreement at the election of the members for shares of Class A common stock or Class B common stock, 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
	March 31,
	2023		2022

	(in thousands)
Net income attributable to Tradeweb Markets Inc.	$	87,856	$	82,965
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	6,910		30,005
Net transfers (to) from non-controlling interests	6,910		30,005
Change from net income attributable to Tradeweb Markets Inc. and transfers (to) from non-controlling interests	$	94,766	$	112,970

Stockholders' Equity and Stock-Based Compensation Plans

3 Months Ended

Mar. 31, 2023

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, 2022 and there have been no changes to those rights and privileges during the three months ended March 31, 2023.

Common Stock

The following table details the movement in the Company’s outstanding shares of common stock during the period:


	Three Months Ended March 31, 2023
	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


	Three Months Ended March 31, 2022
	Class A	Class B	Class C	Class D	Total

Balance at December 31, 2021	106,286,821	96,933,192	1,654,825	28,873,139	233,747,977
Activities related to exchanges of LLC Interests	552,606	—	—	(552,606)	—
Issuance of common stock from equity incentive plans	1,068,080	—	—	—	1,068,080
Share repurchases pursuant to share repurchase programs	(559,428)	—	—	—	(559,428)
Balance at March 31, 2022	107,348,079	96,933,192	1,654,825	28,320,533	234,256,629

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 performance-based restricted stock units, stock options, restricted stock units (“RSUs”) and dividend equivalent rights. The awards may have performance-based and/or time-based vesting conditions. RSUs and performance-based restricted stock units 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.

On February 16, 2022, the Company announced that Mr. Olesky would retire as Chief Executive Officer (“CEO”) of the Company, effective December 31, 2022, resulting in an acceleration of the total unamortized stock-based compensation associated with equity awards granted to him. The unamortized expense was accelerated over a revised estimated service period that ended on August 11, 2022, representing Mr. Olesky’s required six month notice period under the Company’s 2019 Omnibus Equity Incentive Plan. In addition, in December 2022, $5.5 million in stock-based compensation awards, relating to 2022 performance, were granted to Mr. Olesky and immediately recognized into expense upon grant.

During the year ended December 31, 2022, the Company recorded a total of $15.0 million in accelerated stock-based compensation expenses (“CEO Retirement Accelerated Stock-Based Compensation Expense”) and related payroll that would not have been recognized if Mr. Olesky had not announced his retirement, including $1.7 million recognized during the three months ended March 31, 2022.

In addition to the performance-based restricted stock units previously awarded pursuant to the 2019 Omnibus Equity Incentive Plan, which vest based on the financial performance of the Company (“PRSUs”), on March 15, 2023, the Company granted to certain executives, an aggregate of 251,113 performance-based restricted stock units that vest based on market conditions (“PSUs”). PSUs are promises to issue actual shares of Class A common stock which cliff vest on January 1 of the third calendar year from the calendar year of the date of grant. The 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 can vary between 0% (minimum) and 250% (maximum) of the target (100%) award amount. The PSUs granted on March 15, 2023 had a grant date fair value of $98.33 per share, or $24.7 million in total, which will be expensed on a straight-line basis through December 31, 2025, the end of the three-year performance period. The grant date fair value of the March 2023 PSUs was estimated using the Monte Carlo simulation model and the significant valuation assumptions used in the valuation were a maturity of 2.8 years annualized volatility of 28.81% and a risk-free interest rate of 3.77%.

During the three months ended March 31, 2023, the Company also granted 554,917 RSUs and 326,050 PRSUs at a weighted-average grant-date fair value of $69.52 and $69.56, 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 in the grant year. The performance modifier can vary between 0% (minimum) and 200% (maximum) of the target (100%) award amount for awards granted during 2022 and prior years. PRSUs granted during 2023 have a 250% maximum performance modifier.

A summary of the Company’s total stock-based compensation expense, including the CEO Retirement Accelerated Stock-Based Compensation Expense, is presented below:


	Three Months Ended
	March 31,
	2023		2022

	(in thousands)
Total stock-based compensation expense	$	11,610	$	13,712

The stock-based compensation expense above excludes $0.3 million of stock-based compensation expense capitalized to software development costs during the three months ended March 31, 2023.

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. During the three months ended March 31, 2023, the Company acquired a total of 313,311 shares of Class A common stock, at an average price of $72.47, for purchases totaling $22.7 million. During the three months ended March 31, 2022, the Company acquired a total of 559,428 shares of Class A common stock, at an average price of $84.59, for purchases totaling $47.3 million.

Each share of Class A common stock repurchased pursuant to the 2021 and 2022 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 March 31, 2023, a total of $252.3 million remained available for repurchase pursuant to the 2022 Share Repurchase Program.

For shares repurchased pursuant to the 2021 and 2022 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 March 31, 2023 and 2022, the Company withheld 574,824 and 985,959 shares, respectively, of common stock from employee stock option, PRSU and RSU awards, at an average price per share of $69.34 and $97.13, respectively, and an aggregate value of $39.9 million and $95.8 million, respectively, based on the price of the Class A common stock on the date the relevant withholding occurred.

These shares are withheld in order for the Company to cover the payroll tax withholding obligations upon the exercise of stock options and settlement of RSUs and PRSUs and such shares were not withheld in connection with the share repurchase programs discussed above.

Related Party Transactions

3 Months Ended

Mar. 31, 2023

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 March 31, 2023 and December 31, 2022, the following balances with such affiliates were included in the condensed consolidated statements of financial condition in the following line items:


	March 31,		December 31,
	2023		2022

	(in thousands)
Accounts receivable	$	97	$	70
Receivable and due from affiliates	3,863		2,728
Other assets	174		261
Accounts payable, accrued expenses and other liabilities	673		335
Deferred revenue	5,145		5,076
Payable and due to affiliates	9,933		7,232

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


	Three Months Ended
	March 31,
	2023		2022

	(in thousands)
Revenue:
Subscription fees	$	833	$	200
Refinitiv market data fees (1)	15,594		15,558
Other fees	114		117
Expenses: (2)

Employee compensation and benefits	—		613
Technology and communications	1,164		1,116
General and administrative	46		143
Professional fees	1		12

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

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

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Financial Instruments Measured at Fair Value

The Company’s financial instruments measured at fair value on the condensed consolidated statements of financial condition as of March 31, 2023 and December 31, 2022 have been categorized based upon the fair value hierarchy as follows:


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

	(in thousands)
As of March 31, 2023
Assets
Cash equivalents – Money market funds	$	1,113,709	$	—	$	—	$	1,113,709

Total assets measured at fair value	$	1,113,709	$	—	$	—	$	1,113,709

Liabilities
Payable and due to affiliates – Foreign currency forward contracts	$	—	$	3,716	$	—	$	3,716
Total liabilities measured at fair value	$	—	$	3,716	$	—	$	3,716

As of December 31, 2022
Assets
Cash equivalents – Money market funds	$	1,106,916	$	—	$	—	$	1,106,916

Total assets measured at fair value	$	1,106,916	$	—	$	—	$	1,106,916

Liabilities
Payable and due to affiliates – Foreign currency forward contracts	$	—	$	1,002	$	—	$	1,002
Total liabilities measured at fair value	$	—	$	1,002	$	—	$	1,002

The Company’s money market funds are classified within level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets.

The valuation for the Company’s foreign currency forward contracts is primarily based on the difference between the exchange rate associated with the forward contract and the exchange rate at the current period end. Foreign currency forward contracts are categorized as Level 2 in the fair value hierarchy. The Company enters into foreign currency forward contracts to mitigate its U.S. dollar and British pound sterling versus euro exposure, generally with a duration of less than 12 months. As of March 31, 2023 and December 31, 2022, the counterparty on each of the foreign currency forward contracts was an affiliate of Refinitiv and therefore the corresponding liabilities on such contracts were included in payable and due to affiliates 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 currency forward contracts not designated as hedges for accounting purposes:


	March 31,		December 31,
	2023		2022

	(in thousands)
Foreign currency forward contracts – Gross notional amount	$	179,156	$	162,845

The Company’s foreign currency forward contracts are not designated as hedges for accounting purposes and changes in the fair value of these contracts during the period are recognized in the condensed consolidated statements of income within general and administrative expenses.

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


	Three Months Ended
	March 31,
	2023		2022

	(in thousands)
Foreign currency forward contracts not designated in accounting hedge relationship	$	(1,160)	$	682

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 March 31, 2023 and December 31, 2022 have been categorized based upon the fair value hierarchy as follows:


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

As of March 31, 2023	(in thousands)
Assets
Cash and restricted cash	$	119,966	$	119,966	$	—	$	—	$	119,966
Receivable from brokers and dealers and clearing organizations	14,216		—		14,216		—		14,216
Deposits with clearing organizations	34,190		34,190		—		—		34,190
Accounts receivable	171,244		—		171,244		—		171,244
Other assets – Memberships in clearing organizations	2,417		—		—		2,417		2,417
Total	$	342,033	$	154,156	$	185,460	$	2,417	$	342,033

Liabilities

Payable to brokers and dealers and clearing organizations	$	14,215	$	—	$	14,215	$	—	$	14,215
Total	$	14,215	$	—	$	14,215	$	—	$	14,215

As of December 31, 2022
Assets
Cash and restricted cash	$	151,313	$	151,313	$	—	$	—	$	151,313
Receivable from brokers and dealers and clearing organizations	11,632		—		11,632		—		11,632
Deposits with clearing organizations	23,906		23,906		—		—		23,906
Accounts receivable	142,676		—		142,676		—		142,676
Other assets – Memberships in clearing organizations	2,406		—		—		2,406		2,406
Total	$	331,933	$	175,219	$	154,308	$	2,406	$	331,933

Liabilities

Payable to brokers and dealers and clearing organizations	$	11,264	$	—	$	11,264	$	—	$	11,264
Total	$	11,264	$	—	$	11,264	$	—	$	11,264

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.

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 $20.0 million as of both March 31, 2023 and December 31, 2022.

- Definition

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

+ References + Details

Credit Risk	3 Months Ended
Credit Risk	Mar. 31, 2023
Risks and Uncertainties [Abstract]
Credit Risk	Credit Risk Cash and cash equivalents includes cash and money market instruments 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. We seek 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. 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 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 March 31, 2023 and December 31, 2022, the Company maintained an allowance for credit losses with regard to these receivables of $0.2 million and $0.1 million, respectively. Credit loss expense was $26,000 for the three months ended March 31, 2023. For the three months ended March 31, 2022, recoveries resulted in a reversal of credit loss expense of $74,000.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and ContingenciesFrom 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. The parties have requested oral argument on the appeal, which request is currently pending, and no date for oral argument has yet been set. The Company intends to vigorously defend the District Court’s decision on appeal and assert its meritorious defenses to the allegations.

Additionally, the Company was dismissed from a class action relating to an interest rate swaps matter in 2017, but that matter continues against the remaining defendant financial institutions.

The Company records its best estimate of a loss, including estimated defense costs, when the loss is considered probable and the amount of such loss can be reasonably estimated. Based on its experience, the Company believes that the amount of damages claimed in a legal proceeding is not a meaningful indicator of the potential liability. At this time, the Company cannot reasonably predict the timing or outcomes of, or estimate the amount of loss, or range of loss, if any, related to its pending legal proceedings, including the matters described above, and therefore does not have any contingency reserves established for any of these matters.

Revolving Credit Facility

On April 8, 2019, the Company entered into a five year, $500.0 million senior secured revolving credit facility (“Credit Facility”) with a syndicate of banks. The Credit Facility was subsequently amended on November 7, 2019 and March 31, 2023. The Credit Facility provides additional borrowing capacity to be used to fund ongoing working capital needs, letters of credit and for general corporate purposes, including potential future acquisitions and expansions.

Under the terms of the credit agreement that governs the Credit Facility, borrowings under the Credit Facility bear interest at a rate equal to, at the Company’s option, either (a) a base rate equal to the greatest of (i) the administrative agent’s prime rate, (ii) the federal funds effective rate plus ½ of 1.00% and (iii) one month Term SOFR plus 1.00% plus a credit adjustment spread of 0.10%, in each case plus 0.75%, (b) Term SOFR plus 1.75% plus a credit adjustment spread of 0.10%, subject to a 0.00% floor, (c) SONIA plus 1.75%, subject to a 0.00% floor or (d) EURIBOR plus 1.75%, subject to a 0.00% floor. The credit agreement also includes a commitment fee of 0.25% for available but unborrowed amounts and other administrative fees that are payable quarterly. The Credit Facility is available until April 2024, provided the Company is in compliance with all covenants. Financial covenant requirements include maintaining minimum ratios related to interest coverage and leverage.

As of March 31, 2023 and December 31, 2022, there were $0.5 million in letters of credit issued under the 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 to ten years. The following table presents the future minimum lease payments and the maturity of lease liabilities as of March 31, 2023:


	Amount
	(in thousands)
Remainder of 2023	$	9,413
2024	8,293
2025	3,515
2026	2,833
2027	2,841
Thereafter	152
Total future lease payments	27,047
Less imputed interest	(1,241)
Lease liability	$	25,806

Earnings Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

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
	March 31,
	2023		2022

	(in thousands, except share and per share amounts)
Numerator:
Net income attributable to Tradeweb Markets Inc.	$	87,856	$	82,965
Less: Distributed and undistributed earnings allocated to unvested RSUs and unsettled vested PRSUs (1)	(123)		(22)
Net income attributable to outstanding shares of Class A and Class B common stock - Basic and Diluted	$	87,733	$	82,943

Denominator:
Weighted average shares of Class A and Class B common stock outstanding - Basic	208,105,437		204,061,347
Dilutive effect of PRSUs	286,563		770,765
Dilutive effect of options	1,469,219		2,322,027
Dilutive effect of RSUs	282,515		342,963
Dilutive effect of PSUs	—		—
Weighted average shares of Class A and Class B common stock outstanding - Diluted	210,143,734		207,497,102

Earnings per share - Basic	$	0.42	$	0.41
Earnings per share - Diluted	$	0.42	$	0.40

(1)During the three months ended March 31, 2023 and 2022, there was a total of 291,772 and 53,756, 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
	March 31,
	2023	2022


Anti-dilutive Shares:
PRSUs	—	—
Options	—	—
RSUs	360,193	61,260
PSUs	—	—
LLC Interests	26,340,754	30,296,879

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

3 Months Ended

Mar. 31, 2023

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

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 and TWEU and TESBV are subject to certain finance resource requirements with the AFM in the Netherlands.

At March 31, 2023 and December 31, 2022, the regulatory capital requirements and regulatory capital for TWL, DW, TWD, TEL, TWJ, TWEU, TESL and TESBV are as follows:


As of March 31, 2023	TWL		DW		TWD		TEL		TWJ		TWEU		TESL		TESBV

	(in thousands)
Regulatory Capital	$	41,506	$	138,703	$	43,802	$	61,355	$	7,841	$	8,959	$	1,646	$	1,636
Regulatory Capital Requirement	4,300		2,022		1,014		33,378		1,797		4,601		926		816
Excess Regulatory Capital	$	37,206	$	136,681	$	42,788	$	27,977	$	6,044	$	4,358	$	720	$	820


As of December 31, 2022	TWL		DW		TWD		TEL		TWJ		TWEU		TESL		TESBV

	(in thousands)
Regulatory Capital	$	41,933	$	131,026	$	44,094	$	59,904	$	7,320	$	8,794	$	1,607	$	1,677
Regulatory Capital Requirement	3,669		3,574		775		32,589		1,695		4,517		904		801
Excess Regulatory Capital	$	38,264	$	127,452	$	43,319	$	27,315	$	5,625	$	4,277	$	703	$	876

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 March 31, 2023 and December 31, 2022 are as follows:


	As of March 31, 2023				As of December 31, 2022
	TW SEF		DW SEF		TW SEF		DW SEF

	(in thousands)
Financial Resources	$	38,093	$	13,887	$	30,837	$	14,714
Required Financial Resources	12,500		8,790		12,500		8,080
Excess Financial Resources	$	25,593	$	5,097	$	18,337	$	6,634

Liquid Financial Assets	$	16,867	$	9,445	$	15,566	$	9,493
Required Liquid Financial Assets	3,125		2,198		3,125		2,020
Excess Liquid Financial Assets	$	13,742	$	7,247	$	12,441	$	7,473

Business Segment and Geographic Information

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Business Segment and Geographic Information

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

Information regarding revenue by client sector is as follows:


	Three Months Ended
	March 31,
	2023		2022

	(in thousands)
Revenues
Institutional	$	198,852	$	197,210
Wholesale	76,100		72,938
Retail	31,863		19,972
Market Data	22,434		21,366
Total revenue	329,249		311,486
Operating expenses	206,683		199,884
Operating income	$	122,566	$	111,602

The Company operates in the U.S. and internationally, primarily in the Europe and Asia regions. Revenues are attributed to geographic area based on the jurisdiction where the underlying transactions take place. The results by geographic region are not meaningful in understanding the Company’s business. Long-lived assets are attributed to the geographic area based on the location of the particular subsidiary.

The following table provides revenue by geographic area:


	Three Months Ended
	March 31,
	2023		2022

	(in thousands)
Revenues
U.S.	$	208,702	$	190,293
International	120,547		121,193
Total revenue	$	329,249	$	311,486

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


	March 31,		December 31,
	2023		2022

	(in thousands)
Long-lived assets
U.S.	$	4,011,330	$	4,044,230
International	12,913		13,026
Total	$	4,024,243	$	4,057,256

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 31
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 27, 2023, the board of directors of Tradeweb Markets Inc. declared a cash dividend of $0.09 per share of Class A common stock and Class B common stock for the second quarter of 2023. This dividend will be payable on June 15, 2023 to stockholders of record as of June 1, 2023. On April 27, 2023, 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 $29.3 million, as adjusted by required state and local tax withholdings that will be determined prior to the record date of June 1, 2023, payable on June 13, 2023. On April 3, 2023, the stockholder that owned 3,251,177 LLC Interests and 3,251,177 shares of Class C common stock, redeemed its LLC Interests for 3,251,177 shares of Class A common stock and the shares of Class C common stock previously held by the stockholder were cancelled.

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2023
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, 2022. The consolidated financial information as of December 31, 2022 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.
Reclassifications	Reclassifications Certain reclassifications have been made to the December 31, 2022 consolidated statement of financial condition, and related financial information, to conform to the current period presentation. These primarily include reclassifying approximately $2.7 million of related party balances from other assets to receivable and due from affiliates and $5.8 million of related party balances from accounts payable, accrued expenses and other liabilities to payable and due to affiliates. These reclassifications had no impact on total assets, total liabilities or total equity on the consolidated statement of financial condition, nor did they have any impact on the consolidated statements of income, comprehensive income, changes in equity or cash flows.
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 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 EquivalentsCash and cash equivalents consists of cash and highly liquid investments (such as short-term money market instruments) with remaining maturities at the time of purchase of three months or less.
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. 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.
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 OrganizationsDeposits with clearing organizations are comprised of cash deposits.
Furniture, Equipment, Purchased Software and Leasehold Improvements	Furniture, Equipment, Purchased Software and Leasehold Improvements Furniture, equipment, purchased software and leasehold improvements are carried at cost less accumulated depreciation. Depreciation for furniture, equipment and purchased software is computed on a straight-line basis over the estimated useful lives of the related assets, ranging from three to seven years. Leasehold improvements are amortized over the lesser of the estimated useful lives of the leasehold improvements or the remaining term of the lease for office space. Furniture, equipment, purchased software and leasehold improvements are tested for impairment whenever events or changes in circumstances suggest that an asset’s carrying value may not be fully recoverable.
Software Development Costs	Software Development Costs The Company capitalizes costs associated with the development of internal use software at the point at which the conceptual formulation, design and testing of possible software project alternatives have been completed. The Company capitalizes employee compensation and related benefits and third party consulting costs incurred during the application development stage which directly contribute to such development. Such costs are amortized on a straight-line basis over three years. Software development costs acquired as part of the NFI Acquisition were amortized over one year. Costs capitalized as part of the Refinitiv Transaction pushdown accounting allocation are amortized over nine years. The Company reviews the amounts capitalized for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable, or that their useful lives are shorter than originally expected. Non-capitalized software costs and routine maintenance costs are expensed as incurred.
Goodwill	Goodwill Goodwill includes the excess of the fair value of the Company above the fair value accounting basis of the net assets and liabilities of the Company as previously applied under pushdown accounting in connection with the Refinitiv Transaction. Goodwill also includes the cost of acquired companies in excess of the fair value of identifiable net assets at the acquisition date, including the NFI Acquisition. Goodwill is not amortized, but is tested for impairment annually on October 1st and between annual tests, whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. Goodwill is tested at the reporting unit level, which is defined as an operating segment or one level below the operating segment. The Company 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 seven to thirteen years. These intangible assets subject to amortization are tested for impairment whenever events or changes in circumstances suggest that an asset’s or asset group’s carrying value may not be fully recoverable. Intangible assets with an indefinite useful life are tested for impairment at least annually. An impairment loss is recognized if the sum of the estimated discounted cash flows relating to the asset or asset group is less than the corresponding book value.
Equity Investments Without Readily Determinable Fair Values	Equity Investments Without Readily Determinable Fair 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 purchase 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 consolidated statements of income.
Deferred Offering Costs	Deferred Offering CostsDeferred offering costs consist of legal, accounting and other costs directly related to the Company’s efforts to raise capital. These costs are recognized as a reduction in additional paid-in capital within the condensed consolidated statements of financial condition when the offering is effective.
Revenue Recognition	Revenue RecognitionThe Company’s classification of revenues in the condensed consolidated statements of income represents revenues from contracts with customers disaggregated by type of revenue.
Translation of Foreign Currency and Foreign Currency Forward Contracts	Translation of Foreign Currency and Foreign Currency Forward Contracts Revenues, 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 $0.4 million and $0.3 million during the three months ended March 31, 2023 and 2022, 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. The Company’s foreign currency forward contracts are not designated as hedges for accounting purposes and changes in the fair value of these contracts during the period are recognized in the condensed consolidated statements of income within general and administrative expenses. The Company does not use derivative instruments for trading or speculative purposes.
Income Tax	Income Tax The Corporation is subject to U.S. federal, state and local income taxes with respect to its taxable income, including its allocable share of any taxable income of TWM LLC, and is taxed at prevailing corporate tax rates. TWM LLC is a multiple member limited liability company taxed as a partnership and accordingly any taxable income generated by TWM LLC is passed through to and included in the taxable income of its members, including the Corporation. Income taxes also include unincorporated business taxes on income earned or losses incurred for conducting business in certain state and local jurisdictions, income taxes on income earned or losses incurred in foreign jurisdictions on certain operations and federal and state income taxes on income earned or losses incurred, both current and deferred, on subsidiaries that are taxed as corporations for U.S. tax purposes. The Company records deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities. The Company measures deferred taxes using the enacted tax rates and laws that will be in effect when such temporary differences are expected to reverse. The Company evaluates the need for valuation allowances based on the weight of positive and negative evidence. The Company records valuation allowances wherever management believes it is more likely than not that the Company will not be able to realize its deferred tax assets in the foreseeable future. The Company records uncertain tax positions on the basis of a two-step process whereby (i) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to income taxes within the provision for income taxes in the 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 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 minimum tax 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 Company has evaluated the impact of the IRA and concluded it did not have a material impact to our financial condition, results of operations and cash flows as of and for the three months ended March 31, 2023. The Company will continue to evaluate the impact of the IRA on subsequent periods. 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 by January 1, 2024. The Company is currently evaluating whether it will be subject to the provisions of the Two Pillar Plan, and related tax impacts per local country adoption, as it is a consolidating subsidiary of LSEG, and is evaluating its impact.
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	Recent Accounting PronouncementsIn June 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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. ASU 2022-03 is effective for the Company beginning on January 1, 2024 and early adoption is permitted for both interim and annual financial statements that have not yet been issued. The ASU is to be applied prospectively, with any adjustments from the adoption recognized in earnings on the date of adoption. As of March 31, 2023, the Company has not yet adopted ASU 2022-03 and does not expect that the adoption of this ASU will have a material impact on the Company’s consolidated financial statements.

Revenue (Tables)

3 Months Ended

Mar. 31, 2023

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 months ended March 31, 2023 and 2022 is as follows:


	Three Months Ended				Three Months Ended
	March 31, 2023				March 31, 2022
	(in thousands)				(in thousands)
	Variable		Fixed		Variable		Fixed
Revenues
Transaction fees and commissions	$	230,181	$	36,417	$	213,736	$	38,069
Subscription fees	460		43,914		475		40,980
Refinitiv market data fees	—		15,594		—		15,558
Other	202		2,481		251		2,417
Total revenue	$	230,843	$	98,406	$	214,462	$	97,024

Schedule of Recognized Revenue and Remaining Deferred Revenue Balance

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


	Amount

	(in thousands)
Deferred revenue balance - December 31, 2022	$	22,827
New billings	38,091
Revenue recognized	(30,360)
Effect of foreign currency exchange rate changes	19
Deferred revenue balance - March 31, 2023	$	30,577

Non-Controlling Interests (Tables)

3 Months Ended

Mar. 31, 2023

Noncontrolling Interest [Abstract]

Schedule of the Ownership Interest in Noncontrolling Interest

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


	March 31, 2023			March 31, 2022
	LLC Interests	Ownership %		LLC Interests	Ownership %
Number of LLC Interests held by Tradeweb Markets Inc.	208,361,310	88.8	%	204,281,271	87.2	%
Number of LLC Interests held by non-controlling interests	26,335,148	11.2	%	29,975,358	12.8	%
Total LLC Interests outstanding	234,696,458	100.0	%	234,256,629	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
	March 31,
	2023		2022

	(in thousands)
Net income attributable to Tradeweb Markets Inc.	$	87,856	$	82,965
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	6,910		30,005
Net transfers (to) from non-controlling interests	6,910		30,005
Change from net income attributable to Tradeweb Markets Inc. and transfers (to) from non-controlling interests	$	94,766	$	112,970

Stockholders' Equity and Stock-Based Compensation Plans (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Total Stock-based Compensation Expense

A summary of the Company’s total stock-based compensation expense, including the CEO Retirement Accelerated Stock-Based Compensation Expense, is presented below:


	Three Months Ended
	March 31,
	2023		2022

	(in thousands)
Total stock-based compensation expense	$	11,610	$	13,712

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:


	Three Months Ended March 31, 2023
	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


	Three Months Ended March 31, 2022
	Class A	Class B	Class C	Class D	Total

Balance at December 31, 2021	106,286,821	96,933,192	1,654,825	28,873,139	233,747,977
Activities related to exchanges of LLC Interests	552,606	—	—	(552,606)	—
Issuance of common stock from equity incentive plans	1,068,080	—	—	—	1,068,080
Share repurchases pursuant to share repurchase programs	(559,428)	—	—	—	(559,428)
Balance at March 31, 2022	107,348,079	96,933,192	1,654,825	28,320,533	234,256,629

Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2023

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

As of March 31, 2023 and December 31, 2022, the following balances with such affiliates were included in the condensed consolidated statements of financial condition in the following line items:


	March 31,		December 31,
	2023		2022

	(in thousands)
Accounts receivable	$	97	$	70
Receivable and due from affiliates	3,863		2,728
Other assets	174		261
Accounts payable, accrued expenses and other liabilities	673		335
Deferred revenue	5,145		5,076
Payable and due to affiliates	9,933		7,232

Schedule of Affiliates were Included in the Consolidated Statements of Income

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


	Three Months Ended
	March 31,
	2023		2022

	(in thousands)
Revenue:
Subscription fees	$	833	$	200
Refinitiv market data fees (1)	15,594		15,558
Other fees	114		117
Expenses: (2)

Employee compensation and benefits	—		613
Technology and communications	1,164		1,116
General and administrative	46		143
Professional fees	1		12

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

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurement


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

	(in thousands)
As of March 31, 2023
Assets
Cash equivalents – Money market funds	$	1,113,709	$	—	$	—	$	1,113,709

Total assets measured at fair value	$	1,113,709	$	—	$	—	$	1,113,709

Liabilities
Payable and due to affiliates – Foreign currency forward contracts	$	—	$	3,716	$	—	$	3,716
Total liabilities measured at fair value	$	—	$	3,716	$	—	$	3,716

As of December 31, 2022
Assets
Cash equivalents – Money market funds	$	1,106,916	$	—	$	—	$	1,106,916

Total assets measured at fair value	$	1,106,916	$	—	$	—	$	1,106,916

Liabilities
Payable and due to affiliates – Foreign currency forward contracts	$	—	$	1,002	$	—	$	1,002
Total liabilities measured at fair value	$	—	$	1,002	$	—	$	1,002

Schedule of Derivative Values

The following table summarizes the aggregate U.S. dollar equivalent notional amount of the Company’s foreign currency forward contracts not designated as hedges for accounting purposes:


	March 31,		December 31,
	2023		2022

	(in thousands)
Foreign currency forward contracts – Gross notional amount	$	179,156	$	162,845


	Three Months Ended
	March 31,
	2023		2022

	(in thousands)
Foreign currency forward contracts not designated in accounting hedge relationship	$	(1,160)	$	682

Schedule of Financial Instruments Not Measured at Fair Value


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

As of March 31, 2023	(in thousands)
Assets
Cash and restricted cash	$	119,966	$	119,966	$	—	$	—	$	119,966
Receivable from brokers and dealers and clearing organizations	14,216		—		14,216		—		14,216
Deposits with clearing organizations	34,190		34,190		—		—		34,190
Accounts receivable	171,244		—		171,244		—		171,244
Other assets – Memberships in clearing organizations	2,417		—		—		2,417		2,417
Total	$	342,033	$	154,156	$	185,460	$	2,417	$	342,033

Liabilities

Payable to brokers and dealers and clearing organizations	$	14,215	$	—	$	14,215	$	—	$	14,215
Total	$	14,215	$	—	$	14,215	$	—	$	14,215

As of December 31, 2022
Assets
Cash and restricted cash	$	151,313	$	151,313	$	—	$	—	$	151,313
Receivable from brokers and dealers and clearing organizations	11,632		—		11,632		—		11,632
Deposits with clearing organizations	23,906		23,906		—		—		23,906
Accounts receivable	142,676		—		142,676		—		142,676
Other assets – Memberships in clearing organizations	2,406		—		—		2,406		2,406
Total	$	331,933	$	175,219	$	154,308	$	2,406	$	331,933

Liabilities

Payable to brokers and dealers and clearing organizations	$	11,264	$	—	$	11,264	$	—	$	11,264
Total	$	11,264	$	—	$	11,264	$	—	$	11,264

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31, 2023:


	Amount
	(in thousands)
Remainder of 2023	$	9,413
2024	8,293
2025	3,515
2026	2,833
2027	2,841
Thereafter	152
Total future lease payments	27,047
Less imputed interest	(1,241)
Lease liability	$	25,806

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2023

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
	March 31,
	2023		2022

	(in thousands, except share and per share amounts)
Numerator:
Net income attributable to Tradeweb Markets Inc.	$	87,856	$	82,965
Less: Distributed and undistributed earnings allocated to unvested RSUs and unsettled vested PRSUs (1)	(123)		(22)
Net income attributable to outstanding shares of Class A and Class B common stock - Basic and Diluted	$	87,733	$	82,943

Denominator:
Weighted average shares of Class A and Class B common stock outstanding - Basic	208,105,437		204,061,347
Dilutive effect of PRSUs	286,563		770,765
Dilutive effect of options	1,469,219		2,322,027
Dilutive effect of RSUs	282,515		342,963
Dilutive effect of PSUs	—		—
Weighted average shares of Class A and Class B common stock outstanding - Diluted	210,143,734		207,497,102

Earnings per share - Basic	$	0.42	$	0.41
Earnings per share - Diluted	$	0.42	$	0.40

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	Three Months Ended
	March 31,
	2023	2022


Anti-dilutive Shares:
PRSUs	—	—
Options	—	—
RSUs	360,193	61,260
PSUs	—	—
LLC Interests	26,340,754	30,296,879

Regulatory Capital Requirements (Tables)

3 Months Ended

Mar. 31, 2023

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

Schedule of Regulatory Capital Requirements

At March 31, 2023 and December 31, 2022, the regulatory capital requirements and regulatory capital for TWL, DW, TWD, TEL, TWJ, TWEU, TESL and TESBV are as follows:


As of March 31, 2023	TWL		DW		TWD		TEL		TWJ		TWEU		TESL		TESBV

	(in thousands)
Regulatory Capital	$	41,506	$	138,703	$	43,802	$	61,355	$	7,841	$	8,959	$	1,646	$	1,636
Regulatory Capital Requirement	4,300		2,022		1,014		33,378		1,797		4,601		926		816
Excess Regulatory Capital	$	37,206	$	136,681	$	42,788	$	27,977	$	6,044	$	4,358	$	720	$	820


As of December 31, 2022	TWL		DW		TWD		TEL		TWJ		TWEU		TESL		TESBV

	(in thousands)
Regulatory Capital	$	41,933	$	131,026	$	44,094	$	59,904	$	7,320	$	8,794	$	1,607	$	1,677
Regulatory Capital Requirement	3,669		3,574		775		32,589		1,695		4,517		904		801
Excess Regulatory Capital	$	38,264	$	127,452	$	43,319	$	27,315	$	5,625	$	4,277	$	703	$	876

Schedule of Financial Resources and Liquid Financial Resources

The required and maintained financial resources and liquid financial assets at March 31, 2023 and December 31, 2022 are as follows:


	As of March 31, 2023				As of December 31, 2022
	TW SEF		DW SEF		TW SEF		DW SEF

	(in thousands)
Financial Resources	$	38,093	$	13,887	$	30,837	$	14,714
Required Financial Resources	12,500		8,790		12,500		8,080
Excess Financial Resources	$	25,593	$	5,097	$	18,337	$	6,634

Liquid Financial Assets	$	16,867	$	9,445	$	15,566	$	9,493
Required Liquid Financial Assets	3,125		2,198		3,125		2,020
Excess Liquid Financial Assets	$	13,742	$	7,247	$	12,441	$	7,473

Business Segment and Geographic Information (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Schedule of Information Regarding Revenue by Client Sector

Information regarding revenue by client sector is as follows:


	Three Months Ended
	March 31,
	2023		2022

	(in thousands)
Revenues
Institutional	$	198,852	$	197,210
Wholesale	76,100		72,938
Retail	31,863		19,972
Market Data	22,434		21,366
Total revenue	329,249		311,486
Operating expenses	206,683		199,884
Operating income	$	122,566	$	111,602

Schedule of Revenue and Long-Lived Assets by Geographic Location

The following table provides revenue by geographic area:


	Three Months Ended
	March 31,
	2023		2022

	(in thousands)
Revenues
U.S.	$	208,702	$	190,293
International	120,547		121,193
Total revenue	$	329,249	$	311,486

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


	March 31,		December 31,
	2023		2022

	(in thousands)
Long-lived assets
U.S.	$	4,011,330	$	4,044,230
International	12,913		13,026
Total	$	4,024,243	$	4,057,256

Organization (Details) $ / shares in Units, $ in Millions	3 Months Ended
Organization (Details) $ / shares in Units, $ in Millions	Mar. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2022 USD ($) shares	Dec. 31, 2022 $ / shares
Stock split ratio, common stock	1
Weighted average unvested RSUs and unsettled vested PRSUs that were considered participating securities (in shares)	291,772	53,756
Dilutive securities (in shares)	2,038,297
Amortization expense \| $	$ 26.8	$ 26.8
Class A Common Stock
Common stock, par value (in dollars per share) \| $ / shares	$ 0.00001		$ 0.00001
Class B Common Stock
Common stock, par value (in dollars per share) \| $ / shares	0.00001		0.00001
Class C Common Stock
Common stock, par value (in dollars per share) \| $ / shares	0.00001		0.00001
Class D Common Stock
Common stock, par value (in dollars per share) \| $ / shares	$ 0.00001		$ 0.00001
Tradeweb Markets LLC
Ownership interest	88.80%	87.20%	88.70%
Ownership percentage, continuing LLC Owners	11.20%	12.80%	11.30%
Tradeweb Markets LLC \| Refinitiv
Ownership interest	51.10%
Tradeweb Markets LLC \| Public Investors
Ownership percentage, continuing LLC Owners	47.50%
Tradeweb Markets Inc \| Refinitiv
Ownership interest	91.20%
Tradeweb Markets Inc \| Public Investors
Voting power percentage	8.50%
Tradeweb Markets Inc \| Class A Common Stock \| Public Investors
Number of share owned (in shares)	111,428,118
Tradeweb Markets Inc \| Class B Common Stock \| Refinitiv
Number of share owned (in shares)	96,933,192
Tradeweb Markets Inc \| Class C Common Stock \| Bank Stockholders
Number of share owned (in shares)	3,251,177
Tradeweb Markets Inc \| Class D Common Stock \| Refinitiv
Number of share owned (in shares)	22,988,329
Tradeweb Markets Inc \| Class D Common Stock \| Other Stockholders
Number of share owned (in shares)	95,642
Voting power percentage	0.30%
Tradeweb Markets Inc \| Class C and Class D Common Stock \| Bank Stockholders
Ownership percentage, continuing LLC Owners	1.40%

Significant Accounting Policies - Reclassifications (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Reclassification [Line Items]
Receivable and due from affiliates	$ 3,863	$ 2,728
Payable and due to affiliates	$ 9,933	7,232
Revision of Prior Period, Reclassification, Adjustment
Reclassification [Line Items]
Receivable and due from affiliates		2,700
Payable and due to affiliates		$ 5,800

Significant Accounting Policies - Furniture, Equipment, Purchased Software, Leasehold Improvements and Software Development Cost (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Software Development Costs
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life	3 years
Accumulated depreciation and amortization	$ 180.1		$ 166.6
Amortization of pushdown accounting allocation	9 years
Amortization expense	$ 13.5	$ 12.9
Software Development Costs \| NFI Acquisition
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life of intangible assets	1 year
Minimum
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life of intangible assets	7 years
Maximum
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life of intangible assets	13 years
Furniture, Equipment, Purchased Software and Leasehold Improvements
Furniture, Equipment, Purchased Software and Leasehold Improvements
Accumulated depreciation and amortization	$ 79.3		$ 73.8
Depreciation expense	$ 5.1	$ 4.7
Furniture, Equipment, Purchased Software and Leasehold Improvements \| Minimum
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life	3 years
Furniture, Equipment, Purchased Software and Leasehold Improvements \| Maximum
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life	7 years

Significant Accounting Policies - Goodwill (Details)		3 Months Ended
Significant Accounting Policies - Goodwill (Details)	Oct. 01, 2022 USD ($)	Mar. 31, 2023 reporting_unit
Accounting Policies [Abstract]
Number of reporting units \| reporting_unit		1
Impairment of goodwill \| $	$ 0

Significant Accounting Policies - Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Intangible Assets
Accumulated amortization	$ 461.0		$ 434.2
Amortization expense	$ 26.8	$ 26.8
Minimum
Intangible Assets
Useful life of intangible assets	7 years
Maximum
Intangible Assets
Useful life of intangible assets	13 years

Significant Accounting Policies - Deferred Offering Costs (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accounting Policies [Abstract]
Offering costs incurred	$ 0	$ 0

Significant Accounting Policies - Translation of Foreign Currency and Foreign Currency Forward Contracts (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative [Line Items]
Foreign currency transaction loss, before tax	$ 400	$ 300
Foreign currency forward contracts – Gross notional amount \| Selling, General and Administrative Expenses
Derivative [Line Items]
Realized and unrealized gains (losses) on derivative contracts	$ (1,160)	$ 682

Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Restricted Cash Equivalents [Abstract]
Restricted cash	$ 1,000	$ 1,000

Revenue - Breakdown of Revenues Between Fixed and Variable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues
Total revenue	$ 329,249	$ 311,486
Transaction fees and commissions
Revenues
Total revenue	266,598	251,805
Refinitiv market data fees
Revenues
Total revenue	15,594	15,558
Other
Revenues
Total revenue	2,683	2,668
Variable
Revenues
Total revenue	230,843	214,462
Variable \| Transaction fees and commissions
Revenues
Total revenue	230,181	213,736
Variable \| Subscription fees
Revenues
Total revenue	460	475
Variable \| Refinitiv market data fees
Revenues
Total revenue	0	0
Variable \| Other
Revenues
Total revenue	202	251
Fixed
Revenues
Total revenue	98,406	97,024
Fixed \| Transaction fees and commissions
Revenues
Total revenue	36,417	38,069
Fixed \| Subscription fees
Revenues
Total revenue	43,914	40,980
Fixed \| Refinitiv market data fees
Revenues
Total revenue	15,594	15,558
Fixed \| Other
Revenues
Total revenue	$ 2,481	$ 2,417

- Definition

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

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+ Details

Revenue - Recognized Revenue and Remaining Balances (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Change in Contract with Customer
Deferred revenue balance - beginning of period	$ 22,827
New billings	38,091
Revenue recognized	(30,360)
Effect of foreign currency exchange rate changes	19
Deferred revenue balance - ending of period	$ 30,577

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue recognized that was previously deferred	$ 13.5	$ 14.1

Income Taxes (Details) - USD ($) $ in Thousands		3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Apr. 08, 2019	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Income Tax Disclosure [Line Items]
Effective tax rate		24.50%	12.30%
Remaining percentage of tax benefits		50.00%
Other assets		$ 79,177		$ 74,262
Refinitiv
Income Tax Disclosure [Line Items]
Other assets		3,000		2,700
Accounts Payable and Accrued Liabilities
Income Tax Disclosure [Line Items]
Tax liability		$ 3,000		$ 2,700
Class B Common Stock
Income Tax Disclosure [Line Items]
Common stock, shares issued (in shares)		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 (Details) - USD ($)	3 Months Ended
Tax Receivable Agreement (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Tax Receivable Agreement
Percentage of amount of U.S. federal, state and local income or franchise tax savings	50.00%
Tax receivable agreement, payment term	15 years
Tax receivable agreement liability	$ 420,070,000		$ 425,724,000
Tax receivable agreement liability adjustment	$ 0	$ 0

Non-Controlling Interests -Schedule of the Ownership Interest in Noncontrolling Interest (Details)	3 Months Ended
	Mar. 31, 2023 shares	Mar. 31, 2022 shares	Dec. 31, 2022
Class A Common Stock
Non-Controlling Interests
Conversion ratio	1
Class B Common Stock
Non-Controlling Interests
Conversion ratio	1
Tradeweb Markets LLC
Non-Controlling Interests
Number of LLC Interests held by Tradeweb Markets Inc. (in shares)	208,361,310	204,281,271
Number of LLC Interests held by non-controlling interests (in shares)	26,335,148	29,975,358
Total LLC Interests outstanding (in shares)	234,696,458	234,256,629
Number of LLC Interests held by Tradeweb Markets Inc.	88.80%	87.20%	88.70%
Number of LLC Interests held by non-controlling interests	11.20%	12.80%	11.30%
Total LLC Interests outstanding	100.00%	100.00%

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
	Mar. 31, 2023	Mar. 31, 2022
Noncontrolling Interest [Abstract]
Net income attributable to Tradeweb Markets Inc.	$ 87,856	$ 82,965
Increase/(decrease) in Tradeweb Markets Inc.’s additional paid-in capital as a result of ownership changes in TWM LLC	6,910	30,005
Net transfers (to) from non-controlling interests	6,910	30,005
Change from net income attributable to Tradeweb Markets Inc. and transfers (to) from non-controlling interests	$ 94,766	$ 112,970

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Stockholders' Equity and Stock-Based Compensation Plans - Schedule of Outstanding Shares of Common Stock (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock beginning balance (in shares)	234,023,679	233,747,977
Activities related to exchanges of LLC Interests (in shares)	0	0
Issuance of common stock from equity incentive plans (in shares)	986,090	1,068,080
Share repurchases pursuant to the Share Repurchase Program (in shares)	(313,311)	(559,428)
Common stock ending balance (in shares)	234,696,458	234,256,629
Class A Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock beginning balance (in shares)	110,746,606
Common stock ending balance (in shares)	111,428,118
Class A Common Stock \| Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock beginning balance (in shares)	110,746,606	106,286,821
Activities related to exchanges of LLC Interests (in shares)	8,733	552,606
Issuance of common stock from equity incentive plans (in shares)	986,090	1,068,080
Share repurchases pursuant to the Share Repurchase Program (in shares)	(313,311)	(559,428)
Common stock ending balance (in shares)	111,428,118	107,348,079
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
Common stock ending balance (in shares)	96,933,192	96,933,192
Class C Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock beginning balance (in shares)	3,251,177
Common stock ending balance (in shares)	3,251,177
Class C Common Stock \| Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock beginning balance (in shares)	3,251,177	1,654,825
Common stock ending balance (in shares)	3,251,177	1,654,825
Class D Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock beginning balance (in shares)	23,092,704
Common stock ending balance (in shares)	23,083,971
Class D Common Stock \| Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock beginning balance (in shares)	23,092,704	28,873,139
Activities related to exchanges of LLC Interests (in shares)	(8,733)	(552,606)
Common stock ending balance (in shares)	23,083,971	28,320,533

Stockholders' Equity and Stock-Based Compensation Plans - Narrative (Details)			3 Months Ended		12 Months Ended
	Mar. 15, 2023 USD ($) $ / shares shares	Feb. 16, 2022	Mar. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2022 USD ($)	Dec. 05, 2022 USD ($)	Feb. 28, 2021 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense capitalized			$ 300,000
Average price per share (in dollars per share) \| $ / shares			$ 69.34	$ 97.13
Stock repurchase program, remaining authorized repurchase amount			$ 252,300,000
Number of shares withheld (in shares) \| shares			574,824	985,959
Share-based payment arrangement, decrease for tax withholding obligation			$ 39,878,000	$ 95,758,000
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) \| shares			313,311	559,428
Average price per share (in dollars per share) \| $ / shares			$ 72.47	$ 84.59
Aggregate value of share repurchase			$ 22,700,000	$ 47,300,000
Common stock, conversion ratio			1
Class B Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, conversion ratio			1
CEO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Retirement notice, term		6 months
Unrecognized compensation expense					$ 5,500,000
Share-based payment arrangement, accelerated cost				$ 1,700,000	$ 15,000,000
2019 Omnibus Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares) \| shares			8,841,864
Maximum contractual term			10 years
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares	251,113
Performance period	3 years
Minimum performance modifier, percent	0.00%
Maximum performance modifier, percent	250.00%
Target performance modifier, percent	100.00%
Weighted-average grant-date fair value (in dollars per share) \| $ / shares	$ 98.33
Granted in period, fair value	$ 24,700,000
Expected term (in years)	2 years 9 months 18 days
Weighted average volatility rate (as a percent)	28.81%
Risk free interest rate (as a percent)	3.77%
Equity Settled Performance Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares			326,050
Weighted-average grant-date fair value (in dollars per share) \| $ / shares			$ 69.56
Equity Settled Performance Based Restricted Stock Units \| Awarded during 2022 and prior
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum performance modifier, percent			0.00%
Maximum performance modifier, percent			200.00%
Target performance modifier, percent			100.00%
Equity Settled Performance Based Restricted Stock Units \| Awarded during 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum performance modifier, percent			250.00%
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum contractual term			3 years
Granted (in shares) \| shares			554,917
Weighted-average grant-date fair value (in dollars per share) \| $ / shares			$ 69.52
RSUs \| Non-employee director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum contractual term			1 year

Stockholders' Equity and Stock-Based Compensation Plans - Schedule of Outstanding Shares of Common Stock (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]
Total stock-based compensation expense	$ 11,610	$ 13,712

Related Party Transactions - Balances - Schedule of Balances From Transactions with Affiliates Included in the Consolidated Statements (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Related Party Transactions
Receivable and due from affiliates	$ 3,863	$ 2,728
Payable and due to affiliates	9,933	7,232
Affiliated Entity
Related Party Transactions
Accounts receivable	97	70
Receivable and due from affiliates	3,863	2,728
Other assets	174	261
Accounts payable, accrued expenses and other liabilities	673	335
Deferred revenue	5,145	5,076
Payable and due to affiliates	$ 9,933	$ 7,232

Related Party Transactions - Schedule of Affiliates were Included in the Consolidated Statements of Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue:
Total revenue	$ 329,249	$ 311,486
Expenses
Employee compensation and benefits	114,493	117,991
Technology and communications	17,567	15,776
General and administrative	13,920	10,313
Professional fees	11,176	7,857
Affiliated Entity
Expenses
Employee compensation and benefits	0	613
Technology and communications	1,164	1,116
General and administrative	46	143
Professional fees	1	12
Subscription fees
Revenue:
Total revenue	44,374	41,455
Subscription fees \| Affiliated Entity
Revenue:
Total revenue	833	200
Refinitiv market data fees
Revenue:
Total revenue	15,594	15,558
Refinitiv market data fees \| Affiliated Entity
Revenue:
Total revenue	15,594	15,558
Other fees
Revenue:
Total revenue	2,683	2,668
Other fees \| Affiliated Entity
Revenue:
Total revenue	$ 114	$ 117

Fair Value of Financial Instruments - Schedule of Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value of Financial Instruments
Total assets measured at fair value	$ 1,113,709	$ 1,106,916
Payable and due to affiliates – Foreign currency forward contracts	9,933	7,232
Total liabilities measured at fair value	3,716	1,002
Foreign currency forward contracts
Fair Value of Financial Instruments
Payable and due to affiliates – Foreign currency forward contracts	3,716	1,002
Cash equivalents – Money market funds
Fair Value of Financial Instruments
Cash equivalents – Money market funds	1,113,709	1,106,916
Quoted Prices in active Markets for Identical Assets (Level 1)
Fair Value of Financial Instruments
Total assets measured at fair value	1,113,709	1,106,916
Total liabilities measured at fair value	0	0
Quoted Prices in active Markets for Identical Assets (Level 1) \| Foreign currency forward contracts
Fair Value of Financial Instruments
Payable and due to affiliates – Foreign currency forward contracts	0	0
Quoted Prices in active Markets for Identical Assets (Level 1) \| Cash equivalents – Money market funds
Fair Value of Financial Instruments
Cash equivalents – Money market funds	1,113,709	1,106,916
Significant Observable Inputs (Level 2)
Fair Value of Financial Instruments
Total assets measured at fair value	0	0
Total liabilities measured at fair value	3,716	1,002
Significant Observable Inputs (Level 2) \| Foreign currency forward contracts
Fair Value of Financial Instruments
Payable and due to affiliates – Foreign currency forward contracts	3,716	1,002
Significant Observable Inputs (Level 2) \| Cash equivalents – Money market funds
Fair Value of Financial Instruments
Cash equivalents – Money market funds	0	0
Significant Unobservable Inputs (Level 3)
Fair Value of Financial Instruments
Total assets measured at fair value	0	0
Total liabilities measured at fair value	0	0
Significant Unobservable Inputs (Level 3) \| Foreign currency forward contracts
Fair Value of Financial Instruments
Payable and due to affiliates – Foreign currency forward contracts	0	0
Significant Unobservable Inputs (Level 3) \| Cash equivalents – Money market funds
Fair Value of Financial Instruments
Cash equivalents – Money market funds	$ 0	$ 0

Fair Value of Financial Instruments - Schedule of Foreign Currency Forward Contracts (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Foreign currency forward contracts – Gross notional amount \| Not Designated as Hedging Instrument
Derivative [Line Items]
Gross notional amount	$ 179,156	$ 162,845

Fair Value of Financial Instruments - Schedule of Unrealized Gains(Losses) on Foreign Currency Forwards (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Foreign currency forward contracts – Gross notional amount \| Selling, General and Administrative Expenses
Derivative [Line Items]
Realized and unrealized gains (losses) on derivative contracts	$ (1,160)	$ 682

Fair Value of Financial Instruments - Schedule of Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value of Financial Instruments
Receivable from brokers and dealers and clearing organizations	$ 14,216	$ 11,632
Deposits with clearing organizations	34,190	23,906
Accounts receivable	171,244	142,676
Total assets measured at fair value	1,113,709	1,106,916
Payable to brokers and dealers and clearing organizations	14,215	11,264
Equity investment without readily determinable fair values	20,000	20,000
Fair Value, Nonrecurring
Fair Value of Financial Instruments
Cash and restricted cash	119,966	151,313
Receivable from brokers and dealers and clearing organizations	14,216	11,632
Deposits with clearing organizations	34,190	23,906
Accounts receivable	171,244	142,676
Other assets – Memberships in clearing organizations	2,417	2,406
Total assets measured at fair value	342,033	331,933
Payable to brokers and dealers and clearing organizations	14,215	11,264
Total	14,215	11,264
Quoted Prices in active Markets for Identical Assets (Level 1)
Fair Value of Financial Instruments
Total assets measured at fair value	1,113,709	1,106,916
Quoted Prices in active Markets for Identical Assets (Level 1) \| Fair Value, Nonrecurring
Fair Value of Financial Instruments
Cash and restricted cash	119,966	151,313
Receivable from brokers and dealers and clearing organizations	0	0
Deposits with clearing organizations	34,190	23,906
Accounts receivable	0	0
Other assets – Memberships in clearing organizations	0	0
Total assets measured at fair value	154,156	175,219
Payable to brokers and dealers and clearing organizations	0	0
Total	0	0
Significant Observable Inputs (Level 2)
Fair Value of Financial Instruments
Total assets measured at fair value	0	0
Significant Observable Inputs (Level 2) \| Fair Value, Nonrecurring
Fair Value of Financial Instruments
Cash and restricted cash	0	0
Receivable from brokers and dealers and clearing organizations	14,216	11,632
Deposits with clearing organizations	0	0
Accounts receivable	171,244	142,676
Other assets – Memberships in clearing organizations	0	0
Total assets measured at fair value	185,460	154,308
Payable to brokers and dealers and clearing organizations	14,215	11,264
Total	14,215	11,264
Significant Unobservable Inputs (Level 3)
Fair Value of Financial Instruments
Total assets measured at fair value	0	0
Significant Unobservable Inputs (Level 3) \| Fair Value, Nonrecurring
Fair Value of Financial Instruments
Cash and restricted cash	0	0
Receivable from brokers and dealers and clearing organizations	0	0
Deposits with clearing organizations	0	0
Accounts receivable	0	0
Other assets – Memberships in clearing organizations	2,417	2,406
Total assets measured at fair value	2,417	2,406
Payable to brokers and dealers and clearing organizations	0	0
Total	0	0
Total Fair Value \| Fair Value, Nonrecurring
Fair Value of Financial Instruments
Cash and restricted cash	119,966	151,313
Receivable from brokers and dealers and clearing organizations	14,216	11,632
Deposits with clearing organizations	34,190	23,906
Accounts receivable	171,244	142,676
Other assets – Memberships in clearing organizations	2,417	2,406
Total assets measured at fair value	342,033	331,933
Payable to brokers and dealers and clearing organizations	14,215	11,264
Total	$ 14,215	$ 11,264

Credit Risk (Details) - USD ($) $ in Thousands	3 Months Ended
Credit Risk (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Risks and Uncertainties [Abstract]
Allowance for doubtful accounts	$ 152		$ 129
Credit loss expense (reversal)	$ 26	$ (74)

Commitments and Contingencies - Narrative (Details)		1 Months Ended
Commitments and Contingencies - Narrative (Details)	Apr. 08, 2019 USD ($)	Mar. 31, 2021 class_action_case	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Commitments and Contingencies
Number of claims dismissed \| class_action_case		2
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
Commitment fee, percentage	0.25%
Letter of credit issued			$ 500,000	$ 500,000
Letters of credit outstanding			$ 0	$ 0
Revolving credit facility \| Fed Funds Effective Rate
Commitments and Contingencies
Basis variable spread rate	0.50%
Revolving credit facility \| One Month Secured Overnight Financing Rate
Commitments and Contingencies
Basis variable spread rate	1.00%
Credit adjustment spread	0.10%
Additional adjustment	0.75%
Revolving credit facility \| Secured Overnight Financing Rate
Commitments and Contingencies
Basis variable spread rate	1.75%
Credit adjustment spread	0.10%
Debt instrument floor rate	0.00%
Revolving credit facility \| SONIA
Commitments and Contingencies
Basis variable spread rate	1.75%
Debt instrument floor rate	0.00%
Revolving credit facility \| EURIBOR
Commitments and Contingencies
Basis variable spread rate	1.75%
Debt instrument floor rate	0.00%

Commitments and Contingencies -Schedule of Maturity of Lease Liabilities and Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Apr. 08, 2019	Mar. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2023		$ 9,413
2024		8,293
2025		3,515
2026		2,833
2027		2,841
Thereafter		152
Total future lease payments		27,047
Less imputed interest		(1,241)
Lease liabilities		$ 25,806	$ 27,943
Revolving credit facility \| Fed Funds Effective Rate
Commitments and Contingencies
Debt Instrument, Basis Spread on Variable Rate	0.50%

Earnings Per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net income attributable to Tradeweb Markets Inc.	$ 87,856	$ 82,965
Less: Distributed and undistributed earnings allocated to unvested RSUs and unsettled vested PRSUs	(123)	(22)
Net income attributable to outstanding shares of Class A and Class B common stock - Basic	87,733	82,943
Net income attributable to outstanding shares of Class A and Class B common stock - Diluted	$ 87,733	$ 82,943
Denominator:
Weighted average shares of Class A and Class B common stock outstanding - Basic (in shares)	208,105,437	204,061,347
Dilutive effect (in shares)	2,038,297
Weighted average shares of Class A and Class B common stock outstanding - Diluted (in shares)	210,143,734	207,497,102
Earnings per share - Basic (in dollars per share)	$ 0.42	$ 0.41
Earnings per share - Diluted (in dollars per share)	$ 0.42	$ 0.40
Weighted average unvested RSUs and unsettled vested PRSUs that were considered participating securities (in shares)	291,772	53,756
Equity Settled Performance Based Restricted Stock Units
Denominator:
Dilutive effect (in shares)	286,563	770,765
Options
Denominator:
Dilutive effect (in shares)	1,469,219	2,322,027
RSUs
Denominator:
Dilutive effect (in shares)	282,515	342,963
PSUs
Denominator:
Dilutive effect (in shares)	0	0

Earnings Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Equity Settled Performance Based Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	0	0
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	0	0
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	360,193	61,260
PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	0	0
LLC Interests
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	26,340,754	30,296,879

Regulatory Capital Requirements -Schedule of Regulatory Capital Requirements and Schedule of Regulatory Capital Requirements (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
TWL
Regulatory Capital Requirements
Regulatory Capital	$ 41,506	$ 41,933
Regulatory Capital Requirement	4,300	3,669
Excess Regulatory Capital	37,206	38,264
DW
Regulatory Capital Requirements
Regulatory Capital	138,703	131,026
Regulatory Capital Requirement	2,022	3,574
Excess Regulatory Capital	136,681	127,452
TWD
Regulatory Capital Requirements
Regulatory Capital	43,802	44,094
Regulatory Capital Requirement	1,014	775
Excess Regulatory Capital	42,788	43,319
TEL
Regulatory Capital Requirements
Regulatory Capital	61,355	59,904
Regulatory Capital Requirement	33,378	32,589
Excess Regulatory Capital	27,977	27,315
TWJ
Regulatory Capital Requirements
Regulatory Capital	7,841	7,320
Regulatory Capital Requirement	1,797	1,695
Excess Regulatory Capital	6,044	5,625
TWEU
Regulatory Capital Requirements
Regulatory Capital	8,959	8,794
Regulatory Capital Requirement	4,601	4,517
Excess Regulatory Capital	4,358	4,277
TESL
Regulatory Capital Requirements
Regulatory Capital	1,646	1,607
Regulatory Capital Requirement	926	904
Excess Regulatory Capital	720	703
TESBV
Regulatory Capital Requirements
Regulatory Capital	1,636	1,677
Regulatory Capital Requirement	816	801
Excess Regulatory Capital	820	876
TW SEF
Regulatory Capital Requirements
Financial Resources	38,093	30,837
Required Financial Resources	12,500	12,500
Excess Financial Resources	25,593	18,337
Liquid Financial Assets	16,867	15,566
Required Liquid Financial Assets	3,125	3,125
Excess Liquid Financial Assets	13,742	12,441
DW SEF
Regulatory Capital Requirements
Financial Resources	13,887	14,714
Required Financial Resources	8,790	8,080
Excess Financial Resources	5,097	6,634
Liquid Financial Assets	9,445	9,493
Required Liquid Financial Assets	2,198	2,020
Excess Liquid Financial Assets	$ 7,247	$ 7,473

Business Segment and Geographic Information - Schedule of Information Regarding Revenue by Client Sector (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Business Segment and Geographic Information
Total revenue	$ 329,249	$ 311,486
Operating expenses	206,683	199,884
Operating income	122,566	111,602
Institutional
Business Segment and Geographic Information
Total revenue	198,852	197,210
Wholesale
Business Segment and Geographic Information
Total revenue	76,100	72,938
Retail
Business Segment and Geographic Information
Total revenue	31,863	19,972
Market Data
Business Segment and Geographic Information
Total revenue	$ 22,434	$ 21,366

- Definition

+ References

+ Details

Business Segment and Geographic Information - Schedule of Revenue and Long-Lived Assets by Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Business Segment and Geographic Information
Revenues	$ 329,249	$ 311,486
Long-lived assets	4,024,243		$ 4,057,256
U.S.
Business Segment and Geographic Information
Revenues	208,702	190,293
Long-lived assets	4,011,330		4,044,230
International
Business Segment and Geographic Information
Revenues	120,547	$ 121,193
Long-lived assets	$ 12,913		$ 13,026

- Definition

+ References

+ Details

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended
	Apr. 27, 2023	Apr. 03, 2023	Mar. 31, 2023	Mar. 31, 2022
Subsequent Event [Line Items]
Dividends (in dollars per share)			$ 0.09	$ 0.08
Subsequent Event \| TWM LLC
Subsequent Event [Line Items]
Dividends payable	$ 29.3
Class A Common Stock \| Subsequent Event
Subsequent Event [Line Items]
Dividends (in dollars per share)	$ 0.09
Class A Common Stock \| Subsequent Event \| Tradeweb Markets Inc \| Bank Stockholders
Subsequent Event [Line Items]
Shares redeemed (in shares)		3,251,177
Class B Common Stock \| Subsequent Event
Subsequent Event [Line Items]
Dividends (in dollars per share)	$ 0.09
Class C Common Stock \| Tradeweb Markets Inc \| Bank Stockholders
Subsequent Event [Line Items]
Number of share owned (in shares)			3,251,177
Class C Common Stock \| Subsequent Event \| Tradeweb Markets Inc \| Bank Stockholders
Subsequent Event [Line Items]
Number of share owned (in shares)		3,251,177