0001758730-24-000025 | 10-K | XBRL Viewer

Print Document View Excel Document

Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Cash Equivalents [Abstract]
Restricted cash	$ 1,000	$ 1,000	$ 1,000

Revenue - Breakdown of Revenues Between Fixed and Variable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues
Total revenue	$ 1,338,219	$ 1,188,781	$ 1,076,447
Transaction fees and commissions
Revenues
Total revenue	1,078,344	950,269	846,354
LSEG market data fees
Revenues
Total revenue	64,336	62,721	61,161
Other
Revenues
Total revenue	11,567	9,869	10,484
Variable
Revenues
Total revenue	933,214	806,200	693,225
Variable \| Transaction fees and commissions
Revenues
Total revenue	930,247	803,465	690,592
Variable \| Subscription fees
Revenues
Total revenue	1,855	1,873	1,812
Variable \| LSEG market data fees
Revenues
Total revenue	0	0	0
Variable \| Other
Revenues
Total revenue	1,112	862	821
Fixed
Revenues
Total revenue	405,005	382,581	383,222
Fixed \| Transaction fees and commissions
Revenues
Total revenue	148,097	146,804	155,762
Fixed \| Subscription fees
Revenues
Total revenue	182,117	164,049	156,636
Fixed \| LSEG market data fees
Revenues
Total revenue	64,336	62,721	61,161
Fixed \| Other
Revenues
Total revenue	$ 10,455	$ 9,007	$ 9,663

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Business Segment and Geographic Information - Revenue and Long-lived Assets by Geographic Region (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Segment and Geographic Information
Total revenue	$ 1,338,219	$ 1,188,781	$ 1,076,447
Long-lived assets	4,010,418	4,057,256
U.S.
Business Segment and Geographic Information
Total revenue	850,338	760,642	673,223
Long-lived assets	3,990,070	4,044,230
International
Business Segment and Geographic Information
Total revenue	487,881	428,139	$ 403,224
Long-lived assets	$ 20,348	$ 13,026

- Definition

+ References

+ Details

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 108.3	$ 107.2	$ 103.3

Software Development Costs (Tables)

12 Months Ended

Dec. 31, 2023

Research and Development [Abstract]

Schedule of Components of Software Development Costs

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


	December 31, 2023						December 31, 2022
	Cost		Accumulated Amortization		Net Carrying Amount		Cost		Accumulated Amortization		Net Carrying Amount

	(in thousands)
Software development costs – Refinitiv Transaction	$	168,500	$	(98,292)	$	70,208	$	168,500	$	(79,569)	$	88,931
Software development costs – Other	185,290		(124,166)		61,124		139,982		(87,080)		52,902
Total software development costs	$	353,790	$	(222,458)	$	131,332	$	308,482	$	(166,649)	$	141,833

Schedule of Non-capitalized Software Costs and Routine Maintenance Costs

Capitalized software development costs and amortization expense are as follows:


	Year Ended
	December 31,
	2023		2022		2021

	(in thousands)
Software development costs capitalized (1)	$	44,720	$	37,810	$	34,470
Amortization expense related to capitalized software development costs	$	55,810	$	52,180	$	47,116

(1)Software development costs capitalized does not include the $0.6 million and $0.8 million in acquired software development costs acquired in connection with the Yieldbroker and NFI acquisitions during the years ended December 31, 2023 and 2021, respectively. See Note 4 – Acquisitions.

Schedule of Estimated Annual Future Amortization for Existing Intangible Assets

The estimated annual future amortization for software development costs as of December 31, 2023 through December 31, 2028 is as follows:


	Amount

	(in thousands)
2024	$	51,970
2025	$	39,560
2026	$	25,708
2027	$	14,071
2028	$	23

The estimated annual future amortization for definite-lived intangible assets as of December 31, 2023 through December 31, 2028 is as follows:


	Amount

	(in thousands)
2024	$	110,379
2025	$	104,864
2026	$	88,321
2027	$	88,280
2028	$	88,199

Fair Value of Financial Instruments - Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value of Financial Instruments
Receivable from brokers and dealers and clearing organizations	$ 381,178	$ 11,632
Deposits with clearing organizations	36,806	23,906
Accounts receivable	168,407	142,676
Total assets measured at fair value	1,543,644	1,106,916
Securities sold under agreements to repurchase	21,612	0
Payable to brokers and dealers and clearing organizations	351,864	11,264
Equity investment without readily determinable fair value	8,900	20,000
Equity investment impairment	$ 11,100
Other income (loss), net		(1,000)
Measurement Input, Discount Rate
Fair Value of Financial Instruments
Fair value, measurement input	20.00%
Measurement Input, Perpetual Growth Rate
Fair Value of Financial Instruments
Fair value, measurement input	3.00%
Fair Value, Nonrecurring
Fair Value of Financial Instruments
Cash and restricted cash	$ 163,824	151,313
Receivable from brokers and dealers and clearing organizations	381,178	11,632
Deposits with clearing organizations	36,806	23,906
Accounts receivable	168,407	142,676
Other assets – Memberships in clearing organizations	2,426	2,406
Total assets measured at fair value	752,641	331,933
Securities sold under agreements to repurchase	21,612	0
Payable to brokers and dealers and clearing organizations	351,864	11,264
Total	373,476	11,264
Quoted Prices in active Markets for Identical Assets (Level 1)
Fair Value of Financial Instruments
Total assets measured at fair value	1,543,644	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	163,824	151,313
Receivable from brokers and dealers and clearing organizations	0	0
Deposits with clearing organizations	36,806	23,906
Accounts receivable	0	0
Other assets – Memberships in clearing organizations	0	0
Total assets measured at fair value	200,630	175,219
Securities sold under agreements to repurchase	0	0
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	381,178	11,632
Deposits with clearing organizations	0	0
Accounts receivable	168,407	142,676
Other assets – Memberships in clearing organizations	0	0
Total assets measured at fair value	549,585	154,308
Securities sold under agreements to repurchase	21,612	0
Payable to brokers and dealers and clearing organizations	351,864	11,264
Total	373,476	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	2,426	2,406
Total assets measured at fair value	2,426	2,406
Securities sold under agreements to repurchase	0	0
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	163,824	151,313
Receivable from brokers and dealers and clearing organizations	381,178	11,632
Deposits with clearing organizations	36,806	23,906
Accounts receivable	168,407	142,676
Other assets – Memberships in clearing organizations	2,426	2,406
Total assets measured at fair value	752,641	331,933
Securities sold under agreements to repurchase	21,612	0
Payable to brokers and dealers and clearing organizations	351,864	11,264
Total	$ 373,476	$ 11,264

Stockholders' Equity - Share Repurchase (Details)	12 Months Ended
Stockholders' Equity - Share Repurchase (Details)	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 05, 2022 USD ($)	Feb. 04, 2021 USD ($)
Class of Stock [Line Items]
Average price per share (in dollars per share) \| $ / shares	$ 72.02	$ 94.64	$ 72.25
Stock repurchase program, remaining authorized repurchase amount	$ 239,800,000
Number of shares withheld (in shares) \| shares	715,101	1,074,467	983,072
Share-based payment arrangement, decrease for tax withholding obligation	$ 51,519,000	$ 101,675,000	$ 71,024,000
Class A common stock
Class of Stock [Line Items]
Conversion ratio	1
Class A common stock \| 2021 Share Repurchase Program
Class of Stock [Line Items]
Share repurchase program, amount authorized					$ 150,000,000
Common stock repurchased (in shares) \| shares		959,869	901,968
Average price per share (in dollars per share) \| $ / shares		$ 77.43	$ 83.90
Aggregate value of share repurchase		$ 74,300,000	$ 75,700,000
Number of remaining shares available to repurchase (in shares) \| shares		0
Class A common stock \| 2022 Share Repurchase Program
Class of Stock [Line Items]
Share repurchase program, amount authorized				$ 300,000,000
Common stock repurchased (in shares) \| shares	485,730	387,198
Average price per share (in dollars per share) \| $ / shares	$ 72.48	$ 64.57
Aggregate value of share repurchase	$ 35,200,000	$ 25,000,000
Class B common stock
Class of Stock [Line Items]
Conversion ratio	1

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

The Company has operating leases for corporate offices and data centers with initial lease terms ranging from one to 10 years. The following is a summary of lease right-of-use assets and lease liabilities related to operating leases as of December 31, 2023 and 2022:


	December 31,
	2023		2022

	(in thousands)
Operating lease right-of-use assets	$	25,206	$	24,933
Operating lease liabilities	$	27,463	$	27,943

Activity related to the Company’s leases for the years ended December 31, 2023, 2022 and 2021 is as follows:


	Year Ended
	December 31,
	2023		2022		2021

	(in thousands)
Operating lease expense included as a component of occupancy expense on the accompanying consolidated statements of income	$	11,768	$	10,842	$	10,624
Cash paid for amounts included in the measurement of operating lease liability	$	12,548	$	11,940	$	11,736

At December 31, 2023 and 2022, the weighted average borrowing rate and weighted average remaining lease term are as follows:


	December 31,
	2023		2022

Weighted average borrowing rate	4.6	%	2.9	%
Weighted average remaining lease term (years)	3.7		3.3

The following table presents the future minimum lease payments and the maturity of lease liabilities as of December 31, 2023:


	Amount
	(in thousands)
2024	$	12,322
2025	5,389
2026	4,590
2027	4,588
2028	1,531
Thereafter	1,521
Total future lease payments	29,941
Less imputed interest	(2,478)
Lease liability	$	27,463

As of December 31, 2023 and 2022, one U.S. lease was secured by a $0.5 million letter of credit issued under the Company’s 2023 and 2019 Revolving Credit Facility (as defined in Note 17 – Commitments and Contingencies), respectively.

Significant Accounting Policies - Translation of Foreign Currency and Foreign Currency Forward Contracts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Foreign currency transaction loss, before tax	$ 1,600	$ 2,300	$ 4,000
Foreign currency forward contracts – Gross notional amount \| Selling, General and Administrative Expenses
Derivative [Line Items]
Foreign currency forward contracts not designated in accounting hedge relationship – General and administrative (expenses)/income	792	4,871	9,008
Foreign currency call option \| Other Operating Income (Expense)
Derivative [Line Items]
Foreign currency forward contracts not designated in accounting hedge relationship – General and administrative (expenses)/income	$ (1,289)	$ 0	$ 0

Goodwill and Intangible Assets - Finite Lived Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Intangible assets that are subject to amortization
Cost	$ 1,224,123	$ 1,183,885
Accumulated Amortization	(542,426)	(434,167)
Net Carrying Amount	$ 681,697	$ 749,718
Refinitiv
Intangible assets that are subject to amortization
Amortization Period		7 years
Customer relationships
Intangible assets that are subject to amortization
Amortization Period	13 years	13 years
Cost	$ 141,031	$ 101,285
Accumulated Amortization	(20,497)	(11,687)
Net Carrying Amount	$ 120,534	$ 89,598
Customer relationships \| Refinitiv
Intangible assets that are subject to amortization
Amortization Period	12 years	12 years
Cost	$ 928,200	$ 928,200
Accumulated Amortization	(406,088)	(328,737)
Net Carrying Amount	$ 522,112	599,463
Content and data – Refinitiv Transaction
Intangible assets that are subject to amortization
Amortization Period	7 years
Content and data – Refinitiv Transaction \| Refinitiv
Intangible assets that are subject to amortization
Cost	$ 154,400	154,400
Accumulated Amortization	(115,800)	(93,743)
Net Carrying Amount	$ 38,600	$ 60,657
Tradename
Intangible assets that are subject to amortization
Amortization Period	4 years	4 years
Cost	$ 492	$ 0
Accumulated Amortization	(41)	0
Net Carrying Amount	$ 451	$ 0

Revenue (Tables)

12 Months Ended

Dec. 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 years ended December 31, 2023, 2022 and 2021 is as follows:


	Year Ended				Year Ended				Year Ended
	December 31, 2023				December 31, 2022				December 31, 2021

	(in thousands)
	Variable		Fixed		Variable		Fixed		Variable		Fixed
Revenues
Transaction fees and commissions	$	930,247	$	148,097	$	803,465	$	146,804	$	690,592	$	155,762
Subscription fees	1,855		182,117		1,873		164,049		1,812		156,636
LSEG market data fees	—		64,336		—		62,721		—		61,161
Other	1,112		10,455		862		9,007		821		9,663
Total revenue	$	933,214	$	405,005	$	806,200	$	382,581	$	693,225	$	383,222

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	129,193
Revenue recognized	(126,407)
Deferred revenue acquired in connection with the Yieldbroker Acquisition	72
Effect of foreign currency exchange rate changes	61
Deferred revenue balance - December 31, 2023	$	25,746

Revenue

12 Months Ended

Dec. 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 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.

Effective November 1, 2023, the Company amended and restated its market data agreement with an affiliate of LSEG (formerly referred to as Refinitiv), pursuant to which the Company will continue to earn fees relating to the sale of market data to LSEG, which distributes that data. Included in these fees, which are billed quarterly, are real-time market data fees which are recognized monthly on a straight-line basis, as LSEG receives and consumes the benefit evenly over the contract period, as the data is provided. Also included in these fees are fees for historical data sets, which are recognized when the historical data set is provided to LSEG.

Significant judgments used in accounting for the Company’s market data agreement with LSEG include the following determinations:

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

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

•The transaction prices for the performance obligations were determined by using an adjusted market assessment analysis. Inputs in this analysis included publicly available price lists for data sets provided by other companies, planned internal pricing strategies and other market data points and adjustments obtained through consultations with market data industry experts regarding estimating a standalone selling price for each performance obligation.

Some revenues earned by the Company have fixed fee components, such as monthly minimums or fixed monthly fees, and variable components, such as transaction-based fees. The breakdown of revenues between fixed and variable revenues for the years ended December 31, 2023, 2022 and 2021 is as follows:


	Year Ended				Year Ended				Year Ended
	December 31, 2023				December 31, 2022				December 31, 2021

	(in thousands)
	Variable		Fixed		Variable		Fixed		Variable		Fixed
Revenues
Transaction fees and commissions	$	930,247	$	148,097	$	803,465	$	146,804	$	690,592	$	155,762
Subscription fees	1,855		182,117		1,873		164,049		1,812		156,636
LSEG market data fees	—		64,336		—		62,721		—		61,161
Other	1,112		10,455		862		9,007		821		9,663
Total revenue	$	933,214	$	405,005	$	806,200	$	382,581	$	693,225	$	383,222

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	129,193
Revenue recognized	(126,407)
Deferred revenue acquired in connection with the Yieldbroker Acquisition	72
Effect of foreign currency exchange rate changes	61
Deferred revenue balance - December 31, 2023	$	25,746

During the year ended December 31, 2023, the Company recognized into revenue all of the $22.8 million in deferred revenue that was deferred as of December 31, 2022. During the year ended December 31, 2022, the Company recognized into revenue $23.5 million in deferred 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Fair Value of Financial Instruments

12 Months Ended

Dec. 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 consolidated statements of financial condition as of December 31, 2023 and 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

As of December 31, 2023	(in thousands)
Assets
Cash equivalents – Money market funds and other highly liquid investments	$	1,543,644	$	—	$	—	$	1,543,644

Total assets measured at fair value	$	1,543,644	$	—	$	—	$	1,543,644

Liabilities
Payable and due to affiliates – Foreign exchange derivative contracts	$	—	$	775	$	—	$	775
Total liabilities measured at fair value	$	—	$	775	$	—	$	775

As of December 31, 2022
Assets
Cash equivalents – Money market funds and other highly liquid investments	$	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 exchange derivative contracts	$	—	$	1,002	$	—	$	1,002
Total liabilities measured at fair value	$	—	$	1,002	$	—	$	1,002

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

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 valuations for the Company’s foreign currency forward contracts are primarily based on the difference between the exchange rate associated with the contract and the exchange rate at the current period end for the tenor of the contract. Foreign currency forward contracts are categorized as Level 2 in the fair value hierarchy. As of December 31, 2023 and 2022, the counterparty on each of these foreign exchange derivative contracts was an affiliate of LSEG and therefore the corresponding assets or liabilities on such contracts were included in receivable and due from affiliates or payable and due to affiliates, respectively, on the accompanying consolidated statements of financial condition.

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


	December 31,
	2023		2022

	(in thousands)
Foreign currency forward contracts – Gross notional amount	$	192,877	$	162,845

The Company’s foreign exchange derivative contracts are not designated as hedges for accounting purposes and changes in the fair value of these contracts during the period are recognized in the consolidated statements of income. The total realized and unrealized gains (losses) on foreign exchange derivative contracts recorded within the consolidated statements of income are as follows:


	Year Ended
	December 31,
	2023		2022		2021

	(in thousands)
Foreign currency forward contracts not designated in accounting hedge relationship – General and administrative (expenses)/income	$	792	$	4,871	$	9,008
Foreign currency call option contract not designated in accounting hedge relationship – Other income/(loss) (1)	$	(1,289)	$	—	$	—

(1) On June 1, 2023, the Company entered into a foreign currency call option on Australian dollars, in order to partially mitigate the Company’s U.S. dollar versus Australian dollar foreign exchange exposure on the then anticipated payment of the Australian dollar denominated purchase price for the Yieldbroker Acquisition. On August 25, 2023, the Company unwound the out-of-the-money foreign currency call option and received $1.1 million. See Note 4 – Acquisitions for additional details.

Financial Instruments Not Measured at Fair Value

The Company’s financial instruments not measured at fair value on the consolidated statements of financial condition as of December 31, 2023 and 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 December 31, 2023	(in thousands)
Assets
Cash and restricted cash	$	163,824	$	163,824	$	—	$	—	$	163,824
Receivable from brokers and dealers and clearing organizations	381,178		—		381,178		—		381,178
Deposits with clearing organizations	36,806		36,806		—		—		36,806
Accounts receivable	168,407		—		168,407		—		168,407
Other assets – Memberships in clearing organizations	2,426		—		—		2,426		2,426
Total	$	752,641	$	200,630	$	549,585	$	2,426	$	752,641

Liabilities
Securities sold under agreements to repurchase(1)	$	21,612	$	—	$	21,612	$	—	$	21,612
Payable to brokers and dealers and clearing organizations	351,864		—		351,864		—		351,864
Total	$	373,476	$	—	$	373,476	$	—	$	373,476

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
Securities sold under agreements to repurchase	$	—	$	—	$	—	$	—	$	—
Payable to brokers and dealers and clearing organizations	11,264		—		11,264		—		11,264
Total	$	11,264	$	—	$	11,264	$	—	$	11,264

(1) As of December 31, 2023, Treasury securities with a fair value of $21.6 million collateralized the securities sold under agreements to repurchase liability. The liability amount presented represents the gross liability and is not offset on the consolidated statement of financial condition. The securities sold under agreements to repurchase liability were subsequently settled on January 2, 2024.

The carrying value of financial instruments not measured at fair value classified within level 1 or level 2 of the fair value hierarchy approximates fair value because of the relatively short term nature of the underlying assets or liabilities. The memberships in clearing organizations, which are included in other assets on the consolidated statements of financial condition, are classified within level 3 of the fair value hierarchy because the valuation requires assumptions that are both significant and unobservable.

Non-recurring Fair Value Measurements

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

Financial Instruments Without Readily Determinable Fair Values

Included in other assets on the consolidated statements of financial condition are equity investments without readily determinable fair values of $8.9 million and $20.0 million as of December 31, 2023 and 2022, respectively. During the year ended December 31, 2023, and as of December 31, 2023, the Company recorded an impairment on its equity investment totaling $11.1 million, as the investment’s carrying amount exceeded its fair value. The investment impairment is included in other income (loss) in the consolidated statements of income. The investment’s fair value was determined using a discounted cash flow model, using primarily Level 3 inputs. Significant unobservable inputs included a discount rate of 20% and a perpetual growth rate of 3.0%.

During the year ended December 31, 2022, the Company recognized losses totaling $1.0 million included in other income (loss) in the consolidated statements of income, related to the write-off of an investment that was determined to be uncollectible.

- 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

Earnings Per Share (Tables)

12 Months Ended

Dec. 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:


	Year Ended
	December 31,
	2023		2022		2021

	(in thousands, except share and per share amounts)
Numerator:
Net income attributable to Tradeweb Markets Inc.	$	364,866	$	309,338	$	226,828
Less: Distributed and undistributed earnings allocated to unvested RSUs and unsettled vested PRSUs (1)	(467)		(244)		—
Net income attributable to outstanding shares of Class A and Class B common stock - Basic and Diluted	364,399		309,094		226,828

Denominator:
Weighted average shares of Class A and Class B common stock outstanding - Basic	210,796,802		205,576,637		201,419,081
Dilutive effect of PRSUs	458,343		770,726		2,067,558
Dilutive effect of options	1,150,159		1,810,956		3,473,549
Dilutive effect of RSUs	257,076		241,721		294,652
Dilutive effect of PSUs	6,428		—		—
Weighted average shares of Class A and Class B common stock outstanding - Diluted	212,668,808		208,400,040		207,254,840

Earnings per share - Basic	$	1.73	$	1.50	$	1.13
Earnings per share - Diluted	$	1.71	$	1.48	$	1.09

(1)During the years ended December 31, 2023 and 2022, there was a total of 270,249 and 193,441, 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. There were none during the year ended December 31, 2021.

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

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:


	Year Ended
	December 31,
	2023	2022	2021

Anti-dilutive Shares:
PRSUs	—	—	—
Options	—	—	—
RSUs	—	19,551	—
PSUs	—	—	—
LLC Interests	23,902,379	28,830,686	30,699,577

Stock-Based Compensation Plans - Outstanding Options (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Options
Options outstanding at beginning of period (in shares)	2,365,813
Grants (in shares)	0	0	0
Exercises (in shares)	(1,353,637)
Forfeitures and adjustments (in shares)	0
Expired (in shares)	0
Options outstanding at end of period (in shares)	1,012,176	2,365,813
Vested options outstanding (in shares)	887,174
Weighted Average Grant-Date Fair Value
Options outstanding at beginning of period (in dollars per share)	$ 2.95
Grants (in dollars per share)	0
Exercises (in dollars per share)	2.76
Forfeitures and adjustments (in dollars per share)	0
Expired (in dollars per share)	0
Options outstanding at end of period (in dollars per share)	3.21	$ 2.95
Vested options outstanding (in dollars per share)	2.19
Weighted Average Exercise Price
Options outstanding at beginning of period (in dollars per share)	23.62
Grants (in dollars per share)	0
Exercises (in dollars per share)	23.06
Forfeitures and adjustments (in dollars per share)	0
Expired (in dollars per share)	0
Options outstanding at end of period (in dollars per share)	24.37	$ 23.62
Vested options outstanding (in dollars per share)	$ 21.38

Stockholders' Equity - Schedule of Company’s Outstanding Shares of Common Stock (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance ( in shares)	234,023,679	233,747,977	229,019,859
Activities related to exchanges of LLC Interests (in shares)	0	0	0
Issuance of common stock from equity incentive plans (in shares)	1,564,003	1,622,769	5,630,086
Share repurchases pursuant to the share repurchase program (in shares)	(485,730)	(1,347,067)	(901,968)
Ending balance (in shares)	235,101,952	234,023,679	233,747,977
Class A common stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance ( in shares)	110,746,606
Ending balance (in shares)	115,090,787	110,746,606
Class A common stock \| Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance ( in shares)	110,746,606	106,286,821	98,075,465
Activities related to exchanges of LLC Interests (in shares)	3,265,908	4,184,083	3,483,238
Issuance of common stock from equity incentive plans (in shares)	1,564,003	1,622,769	5,630,086
Share repurchases pursuant to the share repurchase program (in shares)	(485,730)	(1,347,067)	(901,968)
Ending balance (in shares)	115,090,787	110,746,606	106,286,821
Class B common stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance ( in shares)	96,933,192
Ending balance (in shares)	96,933,192	96,933,192
Class B common stock \| Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance ( in shares)	96,933,192	96,933,192	96,933,192
Ending balance (in shares)	96,933,192	96,933,192	96,933,192
Class C common stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance ( in shares)	3,251,177
Ending balance (in shares)	18,000,000	3,251,177
Class C common stock \| Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance ( in shares)	3,251,177	1,654,825	3,139,821
Activities related to exchanges of LLC Interests (in shares)	14,748,823	1,596,352	(1,484,996)
Ending balance (in shares)	18,000,000	3,251,177	1,654,825
Class D common stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance ( in shares)	23,092,704
Ending balance (in shares)	5,077,973	23,092,704
Class D common stock \| Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance ( in shares)	23,092,704	28,873,139	30,871,381
Activities related to exchanges of LLC Interests (in shares)	(18,014,731)	(5,780,435)	(1,998,242)
Ending balance (in shares)	5,077,973	23,092,704	28,873,139

Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net income attributable to Tradeweb Markets Inc.	$ 364,866	$ 309,338	$ 226,828
Less: Distributed and undistributed earnings allocated to unvested RSUs and unsettled vested PRSUs	(467)	(244)	0
Net income attributable to outstanding shares of Class A and Class B common stock - Basic	364,399	309,094	226,828
Net income attributable to outstanding shares of Class A and Class B common stock - Diluted	$ 364,399	$ 309,094	$ 226,828
Denominator:
Weighted average shares of Class A and Class B common stock outstanding - Basic (in shares)	210,796,802	205,576,637	201,419,081
Dilutive effect (in shares)	1,872,006
Weighted average shares of Class A and Class B common stock outstanding - Diluted (in shares)	212,668,808	208,400,040	207,254,840
Earnings per share - Basic (in dollars per share)	$ 1.73	$ 1.50	$ 1.13
Earnings per share - Diluted (in dollars per share)	$ 1.71	$ 1.48	$ 1.09
Weighted average unvested RSUs and unsettled vested PRSUs that were considered participating securities (in shares)	270,249	193,441	0
PRSUs
Denominator:
Dilutive effect (in shares)	458,343	770,726	2,067,558
Options
Denominator:
Dilutive effect (in shares)	1,150,159	1,810,956	3,473,549
RSUs
Denominator:
Dilutive effect (in shares)	257,076	241,721	294,652
PSUs
Denominator:
Dilutive effect (in shares)	6,428	0	0

Leases - Maturity of Lease Liabilities and Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 12,322
2025	5,389
2026	4,590
2027	4,588
2028	1,531
Thereafter	1,521
Total future lease payments	29,941
Less imputed interest	(2,478)
Lease liability	$ 27,463	$ 27,943

Fair Value of Financial Instruments - Unrealized Gains (Losses) on Foreign Currency Forwards (Details) - USD ($) $ in Thousands		12 Months Ended
	Aug. 25, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Foreign currency forward contracts – Gross notional amount \| Selling, General and Administrative Expenses
Derivative [Line Items]
Foreign currency forward contracts not designated in accounting hedge relationship – General and administrative (expenses)/income		$ 792	$ 4,871	$ 9,008
Foreign currency call option
Derivative [Line Items]
Proceeds from unwinding of out-of-the-money derivative	$ 1,100
Foreign currency call option \| Other Operating Income (Expense)
Derivative [Line Items]
Foreign currency forward contracts not designated in accounting hedge relationship – General and administrative (expenses)/income		$ (1,289)	$ 0	$ 0

Non-Controlling Interests (Tables)

12 Months Ended

Dec. 31, 2023

Noncontrolling Interest [Abstract]

Schedule of the Ownership Interest in Noncontrolling Interest

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


	December 31, 2023			December 31, 2022
	LLC Interests	Ownership %		LLC Interests	Ownership %
Number of LLC Interests held by Tradeweb Markets Inc.	212,023,979	90.2	%	207,679,798	88.7	%
Number of LLC Interests held by non-controlling interests	23,077,973	9.8	%	26,343,881	11.3	%
Total LLC Interests outstanding	235,101,952	100.0	%	234,023,679	100.0	%

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

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


Net Income Attributable to Tradeweb Markets Inc. and Transfers (to) from the Non-Controlling Interests	Year Ended
	December 31,
	2023		2022		2021

	(in thousands)
Net income attributable to Tradeweb Markets Inc.	$	364,866	$	309,338	$	226,828
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	77,767		108,679		87,006
Net transfers (to) from non-controlling interests	77,767		108,679		87,006
Change from net income attributable to Tradeweb Markets Inc. and transfers (to) from non-controlling interests	$	442,633	$	418,017	$	313,834

Income Taxes - Deferred Tax Asset (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Investment in partnership	$ 602,936	$ 566,524
Net operating losses	3,806	57,247
Tax Receivable Agreement - Interest	16,799	14,918
Employee compensation	52,029	43,861
Tax credits	5,099	9,985
Other	6,722	5,569
Deferred tax assets, gross	687,391	698,104
Valuation Allowance	0	0
Total deferred tax assets, net	687,391	698,104
Deferred tax liabilities
Goodwill and Intangibles	(23,908)	(29,913)
Total deferred tax liabilities	(23,908)	(29,913)
Total net deferred tax asset (liability)	$ 663,483	$ 668,191

Goodwill and Intangible Assets - Future Amortization (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Estimated annual future amortization for existing intangibles assets
2024	$ 110,379
2025	104,864
2026	88,321
2027	88,280
2028	$ 88,199

Business Segment and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of Information Regarding Revenue by Client Sector

Information regarding revenue by client sector is as follows:


	Year Ended
	December 31,
	2023		2022		2021

	(in thousands)
Revenues
Institutional	$	797,038	$	719,211	$	668,812
Wholesale	312,586		273,189		254,927
Retail	134,521		110,468		70,566
Market Data	94,074		85,913		82,142
Total revenue	1,338,219		1,188,781		1,076,447
Operating expenses	832,950		776,208		717,619
Operating income	$	505,269	$	412,573	$	358,828

Schedule of Revenue and Long-Lived Assets by Geographic Location

The following table provides revenue by geographic area:


	Year Ended
	December 31,
	2023		2022		2021

	(in thousands)
Revenues
U.S.	$	850,338	$	760,642	$	673,223
International	487,881		428,139		403,224
Total revenue	$	1,338,219	$	1,188,781	$	1,076,447

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


	December 31,
	2023		2022

	(in thousands)
Long-lived assets
U.S.	$	3,990,070	$	4,044,230
International	20,348		13,026
Total	$	4,010,418	$	4,057,256

Stock-Based Compensation Plans - Narrative (Details) - USD ($)		12 Months Ended
	Feb. 16, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants (in shares)		0	0	0
Intrinsic value of options exercised during the year		$ 77,400,000	$ 59,300,000	$ 333,800,000
Options outstanding intrinsic value		$ 67,300,000
Award, options, outstanding, weighted average remaining contractual term		5 years
Intrinsic value of vested options outstanding and exercisable		$ 61,700,000
Award, options, exercisable, weighted average remaining contractual term		4 years 10 months 24 days
Stock-based compensation expense capitalized to software development costs		$ 1,474,000	928,000	$ 0
Chief Executive Officer
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		$ 0	$ 15,000,000
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of performance modifier			0.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of performance modifier		250.00%	200.00%
2019 Omnibus Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)		8,841,864
Maximum contractual term		10 years
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense		$ 36,569,000
Percentage of performance modifier			100.00%
Weighted-average grant-date fair value (in dollars per share)		$ 69.56	$ 83.74	$ 74.29
Fair value of vested		$ 46,200,000	$ 152,800,000	$ 67,400,000
Grants (in shares)		326,050
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense		$ 17,651,000
Percentage of performance modifier		100.00%
Weighted-average grant-date fair value (in dollars per share)		$ 98.33
Performance period		3 years
Grants (in shares)		251,113	0	0
PSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of performance modifier		0.00%
PSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of performance modifier		250.00%
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum contractual term		4 years
Unrecognized compensation expense			$ 133,000
Options \| Passage of time
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		50.00%
Options \| Achievement of certain performance targets
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		50.00%
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		33.00%
Unrecognized compensation expense				$ 39,095,000
Weighted-average grant-date fair value (in dollars per share)		$ 69.70	$ 80.27	$ 75.09
Fair value of vested		$ 30,700,000	$ 25,600,000	$ 12,500,000
Grants (in shares)		573,975
RSUs \| Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum contractual term		3 years
RSUs \| Non-employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum contractual term		1 year

Stock-Based Compensation Plans - Option Award Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options compensation expense	$ 65,128	$ 66,644	$ 51,943
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options compensation expense	1,264	2,097	5,327
Income tax benefit	$ (18,073)	$ (12,894)	$ (69,868)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax benefit	$ 0	$ 0	$ 0

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements


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

As of December 31, 2023	(in thousands)
Assets
Cash equivalents – Money market funds and other highly liquid investments	$	1,543,644	$	—	$	—	$	1,543,644

Total assets measured at fair value	$	1,543,644	$	—	$	—	$	1,543,644

Liabilities
Payable and due to affiliates – Foreign exchange derivative contracts	$	—	$	775	$	—	$	775
Total liabilities measured at fair value	$	—	$	775	$	—	$	775

As of December 31, 2022
Assets
Cash equivalents – Money market funds and other highly liquid investments	$	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 exchange derivative 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 exchange derivative contracts not designated as hedges for accounting purposes:


	December 31,
	2023		2022

	(in thousands)
Foreign currency forward contracts – Gross notional amount	$	192,877	$	162,845

The total realized and unrealized gains (losses) on foreign exchange derivative contracts recorded within the consolidated statements of income are as follows:


	Year Ended
	December 31,
	2023		2022		2021

	(in thousands)
Foreign currency forward contracts not designated in accounting hedge relationship – General and administrative (expenses)/income	$	792	$	4,871	$	9,008
Foreign currency call option contract not designated in accounting hedge relationship – Other income/(loss) (1)	$	(1,289)	$	—	$	—

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 December 31, 2023	(in thousands)
Assets
Cash and restricted cash	$	163,824	$	163,824	$	—	$	—	$	163,824
Receivable from brokers and dealers and clearing organizations	381,178		—		381,178		—		381,178
Deposits with clearing organizations	36,806		36,806		—		—		36,806
Accounts receivable	168,407		—		168,407		—		168,407
Other assets – Memberships in clearing organizations	2,426		—		—		2,426		2,426
Total	$	752,641	$	200,630	$	549,585	$	2,426	$	752,641

Liabilities
Securities sold under agreements to repurchase(1)	$	21,612	$	—	$	21,612	$	—	$	21,612
Payable to brokers and dealers and clearing organizations	351,864		—		351,864		—		351,864
Total	$	373,476	$	—	$	373,476	$	—	$	373,476

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
Securities sold under agreements to repurchase	$	—	$	—	$	—	$	—	$	—
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 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 + Details

Software Development Costs

12 Months Ended

Dec. 31, 2023

Research and Development [Abstract]

Software Development Costs

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


	December 31, 2023						December 31, 2022
	Cost		Accumulated Amortization		Net Carrying Amount		Cost		Accumulated Amortization		Net Carrying Amount

	(in thousands)
Software development costs – Refinitiv Transaction	$	168,500	$	(98,292)	$	70,208	$	168,500	$	(79,569)	$	88,931
Software development costs – Other	185,290		(124,166)		61,124		139,982		(87,080)		52,902
Total software development costs	$	353,790	$	(222,458)	$	131,332	$	308,482	$	(166,649)	$	141,833

Capitalized software development costs and amortization expense are as follows:


	Year Ended
	December 31,
	2023		2022		2021

	(in thousands)
Software development costs capitalized (1)	$	44,720	$	37,810	$	34,470
Amortization expense related to capitalized software development costs	$	55,810	$	52,180	$	47,116

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

The estimated annual future amortization for software development costs as of December 31, 2023 through December 31, 2028 is as follows:


	Amount

	(in thousands)
2024	$	51,970
2025	$	39,560
2026	$	25,708
2027	$	14,071
2028	$	23

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

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

$ 457,523

$ 425,724

Tax receivable agreement liability adjustment

^[1]

$ (9,517)

$ 13,653

$ 12,745

[1]	See Note 10 – Tax Receivable Agreement.

Stock-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Equity-Settled PRSUs Issued

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


	PRSUs	Weighted Average Grant-Date Fair Value
PRSUs outstanding at December 31, 2022	1,422,421	$	58.78
Grants	326,050	$	69.56
Vests	(706,407)	$	38.87
Performance adjustment	260,008	$	69.56
Forfeitures and adjustments	(30,159)	$	78.32
PRSUs outstanding at December 31, 2023	1,271,913	$	74.34

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


	PSUs	Weighted Average Grant-Date Fair Value
PSUs outstanding at December 31, 2022	—	$	—
Grants	251,113	$	98.33
Vests	—	$	—
Performance adjustment	—	$	—
Forfeitures and adjustments	—	$	—
PSUs outstanding at December 31, 2023	251,113

Schedule of Unrecognized Compensation Expense

The following table summarizes information about PRSU awards:


	Year Ended
	December 31,
	2023		2022		2021

	(in thousands)
PRSU compensation expense	$	26,506	$	30,645	$	30,633
Income tax benefit	$	(10,767)	$	(34,711)	$	(16,374)

The following table summarizes information about PSU awards:


	Year Ended
	December 31,
	2023		2022		2021

	(in thousands)
PSU compensation expense	$	7,043	$	—	$	—
Income tax benefit	$	(1,714)	$	—	$	—

The following table summarizes information about options awards:


	Year Ended
	December 31,
	2023		2022		2021

	(in thousands)
Options compensation expense	$	1,264	$	2,097	$	5,327
Income tax benefit	$	(18,073)	$	(12,894)	$	(69,868)

As of December 31, 2023, total unrecognized compensation expense related to unvested stock-based compensation arrangements and the expected recognition period are as follows:


	PRSUs		PSUs		Options		RSUs

	(dollars in thousands)
Total unrecognized compensation cost	$	36,569	$	17,651	$	133	$	39,095
Weighted-average recognition period (in years)	1.8		2.0		0.2		1.9

Schedule of Significant Assumptions Used To Estimate The Fair Value of PSUs

The significant assumptions used to estimate the fair value of PSUs estimated using the Monte Carlo simulation model were as follows:


	March 15, 2023 PSU Grant
Maturity (years)	2.8
Annualized Volatility	28.81	%
Risk-Free Interest Rate	3.77	%

Schedule of Options Issued

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


	Options	Weighted Average Grant-Date Fair Value		Weighted Average Exercise Price
Options outstanding at December 31, 2022	2,365,813	$	2.95	$	23.62
Grants	—	$	—	$	—
Exercises	(1,353,637)	$	2.76	$	23.06
Forfeitures and adjustments	—	$	—	$	—
Expired	—	$	—	$	—
Options outstanding at December 31, 2023	1,012,176	$	3.21	$	24.37
Vested options outstanding at December 31, 2023 - all exercisable	887,174	$	2.19	$	21.38

Schedule of Outstanding RSUs

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


	RSUs	Weighted Average Grant-Date Fair Value
RSUs outstanding at December 31, 2022	864,663	$	71.47
Grants	573,975	$	69.70
Vests	(411,391)	$	64.38
Forfeitures	(3,863)	$	67.72
RSUs outstanding at December 31, 2023	1,023,384	$	73.35

Schedule of RSU Activity

The following table summarizes information about RSU awards:


	Year Ended
	December 31,
	2023		2022		2021

	(in thousands)
RSU compensation expense	$	30,315	$	33,902	$	15,983
Income tax benefit	$	(7,952)	$	(10,096)	$	(5,416)

Schedule of Total Stock-based Compensation Expense

A summary of the Company’s total stock-based compensation expense relating to its equity-settled PRSUs, options and RSUs, including the CEO Retirement Accelerated Stock-Based Compensation Expense, is presented below:


	Year Ended
	December 31,
	2023		2022		2021

	(in thousands)
Total stock-based compensation expense	$	65,128	$	66,644	$	51,943

Income Taxes - Components of Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ 15,168	$ 7,260	$ 2,025
State and Local	20,748	16,243	8,334
Foreign	2,665	1,154	1,107
Total current tax expense	38,581	24,657	11,466
Deferred:
Federal	79,264	66,591	49,266
State and local	9,707	(11,384)	40,363
Foreign	925	(2,344)	(4,220)
Total deferred tax expense	89,896	52,863	85,409
Total provision for income taxes	$ 128,477	$ 77,520	$ 96,875

Non-Controlling Interests - Schedule of Equity Changes Due to Changes in Corporation Ownership (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Noncontrolling Interest [Abstract]
Net income attributable to Tradeweb Markets Inc.	$ 364,866	$ 309,338	$ 226,828
Increase/(decrease) in Tradeweb Markets Inc.’s additional paid-in capital as a result of ownership changes in TWM LLC	77,767	108,679	87,006
Net transfers (to) from non-controlling interests	77,767	108,679	87,006
Change from net income attributable to Tradeweb Markets Inc. and transfers (to) from non-controlling interests	$ 442,633	$ 418,017	$ 313,834

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Related Party Transactions

12 Months Ended

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


	December 31,
	2023		2022

	(in thousands)
Accounts receivable	$	688	$	70
Receivable and due from affiliates	192		2,728
Other assets	17		261
Accounts payable, accrued expenses and other liabilities	1,044		335
Deferred revenue	6,508		5,076
Payable and due to affiliates	1,327		7,232

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


	Year Ended
	December 31,
	2023		2022		2021

	(in thousands)
Revenue:
Subscription fees	$	2,380	$	1,308	$	923
LSEG market data fees (1)	64,336		62,721		61,161
Other fees	601		464		522
Expenses: (2)
Employee compensation and benefits	17		613		856
Technology and communications	5,747		4,713		3,951
General and administrative	7		291		194
Professional fees	30		46		39
Occupancy	67		—		—

(1)The Company maintains a market data license agreement with an affiliate of LSEG (formerly referred to as Refinitiv). Under the agreement, the Company delivers to LSEG certain market data feeds which LSEG distributes to its customers. The Company earns license fees and royalties for these feeds.

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

During the years ended December 31, 2023, 2022 and 2021, none, $3.1 million and $1.6 million, respectively of previously accrued expenses payable to affiliates of LSEG were waived and the liabilities were reversed through an increase to additional paid-in capital.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Stock-Based Compensation Plans - PRSUs and PSUs (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
PRSUs
PRSUs
Balance outstanding at beginning of period (in shares)	1,422,421
Grants (in shares)	326,050
Vests (in shares)	(706,407)
Performance adjustment (in shares)	260,008
Forfeitures and adjustments (in shares)	(30,159)
Balance options outstanding at end of period (in shares)	1,271,913	1,422,421
Weighted Average Grant-Date Fair Value
Balance outstanding at end of period (in dollars per share)	$ 74.34	$ 58.78
Grants (in dollars per share)	69.56	$ 83.74	$ 74.29
Vests (in dollars per share)	38.87
Performance adjustment (in dollars per share)	69.56
Forfeitures and adjustments (in dollars per share)	78.32
Balance outstanding at beginning of period (in dollars per share)	$ 58.78
PSUs
PRSUs
Balance outstanding at beginning of period (in shares)	0
Grants (in shares)	251,113	0	0
Vests (in shares)	0
Performance adjustment (in shares)	0
Forfeitures and adjustments (in shares)	0
Balance options outstanding at end of period (in shares)	251,113	0
Weighted Average Grant-Date Fair Value
Balance outstanding at end of period (in dollars per share)		$ 0
Grants (in dollars per share)	$ 98.33
Vests (in dollars per share)	0
Performance adjustment (in dollars per share)	0
Forfeitures and adjustments (in dollars per share)	0
Balance outstanding at beginning of period (in dollars per share)	$ 0

Regulatory Capital Requirements (Tables)

12 Months Ended

Dec. 31, 2023

Broker-Dealer [Abstract]

Schedule of Regulatory Capital Requirements

At December 31, 2023 and 2022, the regulatory capital requirements and regulatory capital for these entities are as follows:


	December 31, 2023						December 31, 2022
	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital		Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital

	(in thousands)
TWL	$	50,243	$	2,856	$	47,387	$	41,933	$	3,669	$	38,264
DW	156,318		3,579		152,739		131,026		3,574		127,452
TWD	46,976		850		46,126		44,094		775		43,319
TEL	78,127		37,907		40,220		59,904		32,589		27,315
TWJ	6,963		2,029		4,934		7,320		1,695		5,625
TWEU	11,912		5,447		6,465		8,794		4,517		4,277
TESL	1,813		955		858		1,607		904		703
TESBV	1,683		843		840		1,677		801		876
YB	5,261		1,070		4,191		—		—		—
TDIFC	250		39		211		—		—		—

Schedule of Financial Resources and Liquid Financial Resources

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


	December 31, 2023						December 31, 2022
	Financial Resources		Required Financial Resources		Excess Financial Resources		Financial Resources		Required Financial Resources		Excess Financial Resources

	(in thousands)
TW SEF	$	43,286	$	12,500	$	30,786	$	30,837	$	12,500	$	18,337
DW SEF	13,309		8,669		4,640		14,714		8,080		$	6,634


	December 31, 2023						December 31, 2022
	Liquid Financial Assets		Required Liquid Financial Assets		Excess Liquid Financial Assets		Liquid Financial Assets		Required Liquid Financial Assets		Excess Liquid Financial Assets

	(in thousands)
TW SEF	$	22,068	$	3,125	$	18,943	$	15,566	$	3,125	$	12,441
DW SEF	7,935		2,167		5,768		9,493		2,020		7,473

Restricted Cash	12 Months Ended
Restricted Cash	Dec. 31, 2023
Restricted Cash Equivalents [Abstract]
Restricted Cash	Restricted Cash Cash has been segregated in a special reserve bank account for the benefit of brokers and dealers under SEC Rule 15c3-3. The Company computes the proprietary accounts of broker-dealers (“PAB”) reserve, which requires the Company to maintain minimum segregated cash in the amount of excess total credits per the reserve computation. As of both December 31, 2023 and 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.

Related Party Transactions - Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Related Party Transactions
Accounts receivable	$ 168,407	$ 142,676
Receivable and due from affiliates	192	2,728
Payable and due to affiliates	1,327	7,232
Affiliated Entity
Related Party Transactions
Accounts receivable	688	70
Receivable and due from affiliates	192	2,728
Other assets	17	261
Accounts payable, accrued expenses and other liabilities	1,044	335
Deferred revenue	6,508	5,076
Payable and due to affiliates	$ 1,327	$ 7,232

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

Goodwill includes the following activity during the years ended December 31, 2023 and 2022:


	December 31,
	2023		2022

	(in thousands)
Balance at beginning of period	$	2,780,259	$	2,780,259
Goodwill recognized in connection with the Yieldbroker Acquisition	35,265		—
Balance at end of period	$	2,815,524	$	2,780,259

The components of goodwill are as follows:


	December 31,
	2023		2022

	(in thousands)
Goodwill – Refinitiv Transaction	$	2,694,797	$	2,694,797
Goodwill – Acquisitions and other	120,727		85,462
Total	$	2,815,524	$	2,780,259

Intangible Assets

Intangible assets with an indefinite useful life consisted of the following:


	December 31,
	2023		2022

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

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


		December 31, 2023						December 31, 2022
	Amortization Period	Cost		Accumulated Amortization		Net Carrying Amount		Cost		Accumulated Amortization		Net Carrying Amount

		(in thousands)
Customer relationships – Refinitiv Transaction	12 years	$	928,200	$	(406,088)	$	522,112	$	928,200	$	(328,737)	$	599,463
Customer relationships – Acquisitions	13 years	141,031		(20,497)		120,534		101,285		(11,687)		89,598
Content and data – Refinitiv Transaction	7 years	154,400		(115,800)		38,600		154,400		(93,743)		60,657
Tradename – Acquisitions	4 years	492		(41)		451		—		—		—
		$	1,224,123	$	(542,426)	$	681,697	$	1,183,885	$	(434,167)	$	749,718

Amortization expense for definite-lived intangible assets during the years ended December 31, 2023, 2022 and 2021 was $108.3 million, $107.2 million and $103.3 million, respectively.

The estimated annual future amortization for definite-lived intangible assets as of December 31, 2023 through December 31, 2028 is as follows:


	Amount

	(in thousands)
2024	$	110,379
2025	$	104,864
2026	$	88,321
2027	$	88,280
2028	$	88,199

Stock-Based Compensation Plans - Unrecognized Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost	$ 36,569
Weighted-average recognition period (in years)	1 year 9 months 18 days
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost	$ 17,651
Weighted-average recognition period (in years)	2 years
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost		$ 133
Weighted-average recognition period (in years)		2 months 12 days
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost			$ 39,095
Weighted-average recognition period (in years)			1 year 10 months 24 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Provisions for Income Taxes

The provision for income taxes consists of the following:


	Year Ended
	December 31,
	2023		2022		2021

	(in thousands)
Current:
Federal	$	15,168	$	7,260	$	2,025
State and Local	20,748		16,243		8,334
Foreign	2,665		1,154		1,107
Total current tax expense	38,581		24,657		11,466
Deferred:
Federal	79,264		66,591		49,266
State and local	9,707		(11,384)		40,363
Foreign	925		(2,344)		(4,220)
Total deferred tax expense	89,896		52,863		85,409
Total provision for income taxes	$	128,477	$	77,520	$	96,875

Schedule of Reconciliation of the Statutory Tax Rate

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


	Year Ended
	December 31,
	2023		2022		2021

Statutory U.S. federal income tax rate	21.0	%	21.0	%	21.0	%
State and local income taxes, net of federal income tax benefit	6.3		5.3		3.7
Foreign tax rate differential	—		—		(0.2)

Non-controlling interest	(1.9)		(2.1)		(2.3)
Tax Receivable Agreement adjustment	0.4		(0.7)		(0.7)
Rate change	(1.6)		(4.1)		6.7
Equity Compensation	(0.5)		(2.1)		(2.5)
Other	(0.3)		0.4		0.5
Effective income tax rate	23.4	%	17.7	%	26.2	%

Schedule of Components of Deferred Tax Assets (Liabilities)

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


	December 31,
	2023		2022

	(in thousands)
Deferred tax assets:
Investment in partnership	$	602,936	$	566,524
Net operating losses	3,806		57,247
Tax Receivable Agreement - Interest	16,799		14,918
Employee compensation	52,029		43,861
Tax credits	5,099		9,985
Other	6,722		5,569
Deferred tax assets, gross	687,391		698,104
Valuation Allowance	—		—
Total deferred tax assets, net	687,391		698,104

Deferred tax liabilities
Goodwill and Intangibles	(23,908)		(29,913)
Total deferred tax liabilities	(23,908)		(29,913)

Total net deferred tax asset (liability)	$	663,483	$	668,191

Schedule of Components of Uncertain Tax Positions

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


	Amount
	(in thousands)
Gross unrecognized tax benefits as of January 1, 2023	$	8,048
Increase in current year tax positions	4,256
Increase in prior year tax positions	—
Decrease in prior year tax positions	—
Acquired tax positions	—
Settlements	(1,789)
Gross unrecognized tax benefits as of December 31, 2023	$	10,515

Fair Value of Financial Instruments - Foreign Currency Forward Contracts (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Foreign currency forward contracts – Gross notional amount \| Not Designated as Hedging Instrument
Derivative [Line Items]
Gross notional amount	$ 192,877	$ 162,845

Stock-Based Compensation Plans - Schedule of Significant Assumptions Used to Estimate the Fair Value of PSUs (Details) - PSUs	Mar. 15, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maturity (years)	2 years 9 months 18 days
Annualized Volatility	28.81%
Risk-Free Interest Rate	3.77%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements have been presented in conformity with accounting principles generally accepted in the United States of America (“GAAP” or “U.S. GAAP”). The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. As discussed in Note 1 – Organization, as a result of the Reorganization Transactions, Tradeweb Markets Inc. consolidates TWM LLC and its subsidiaries and TWM LLC is considered to be the predecessor to Tradeweb Markets Inc. for financial reporting purposes. Tradeweb Markets Inc. had no business transactions or activities and no substantial assets or liabilities prior to the Reorganization Transactions. The consolidated financial statements represent the financial condition and results of operations of the Company and report a non-controlling interest related to the LLC Interests held by Continuing LLC Owners.
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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the difference may be material to the consolidated financial statements.
Reclassifications	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 or general and administrative expenses in the consolidated statements of income.
Pushdown Accounting	Pushdown Accounting In connection with the Refinitiv Transaction, a majority interest of Refinitiv was acquired by BCP on October 1, 2018 from TR. The Refinitiv Transaction was accounted for by Refinitiv in accordance with the acquisition method of accounting pursuant to ASC 805, and pushdown accounting was applied to Refinitiv to record the fair value of the assets and liabilities of Refinitiv as of October 1, 2018, the date of the Refinitiv Transaction. The Company, as a consolidating subsidiary of Refinitiv, also accounted for the Refinitiv Transaction using pushdown accounting which resulted in a new fair value basis of accounting for certain of the Company’s assets and liabilities beginning on October 1, 2018. Under the pushdown accounting applied, the excess of the fair value of the Company above the fair value accounting basis of the net assets and liabilities of the Company as of October 1, 2018 was recorded as goodwill. The fair value of assets acquired and liabilities assumed was determined based on assumptions that reasonable market participants would use in the principal (or most advantageous) market for the asset or liability. The adjusted valuations primarily affected the values of the Company’s long-lived and indefinite-lived intangible assets, including software development costs.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consists of cash and highly liquid investments with remaining maturities at the time of purchase of three months or less.
Allowance for Credit Losses	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 consolidated statements of income. Aged balances that are determined to be uncollectible are written off against the allowance for credit losses.
Receivable from and Payable to Brokers and Dealers and Clearing Organizations	Receivable from and Payable to Brokers and Dealers and Clearing Organizations Receivable from and payable to brokers and dealers and clearing organizations consists of proceeds from transactions executed on the Company’s wholesale platform which failed to settle due to the inability of a transaction party to deliver or receive the transacted security. These securities transactions are generally collateralized by those securities. Until the failed transaction settles, a receivable from (and a matching payable to) brokers and dealers and clearing organizations is recognized for the proceeds from the unsettled transaction.
Deposits with Clearing Organizations	Deposits with Clearing Organizations Deposits 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 Yieldbroker Acquisition and the NFI Acquisition were both amortized over one year. Costs capitalized as part of the Refinitiv Transaction pushdown accounting allocation are amortized over nine years. The Company reviews the amounts capitalized for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable, or that their useful lives are shorter than originally expected. Non-capitalized software costs and routine maintenance costs are expensed as incurred.
Goodwill	Goodwill Goodwill includes the excess of the fair value of the Company above the fair value accounting basis of the net assets and liabilities of the Company as previously applied under pushdown accounting in connection with the Refinitiv Transaction. Goodwill also includes the cost of acquired companies in excess of the fair value of identifiable net assets at the acquisition date, including the Yieldbroker Acquisition and 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 four 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 consolidated statements of financial condition.
Securities Sold Under Agreements to Repurchase	Securities Sold Under Agreements to Repurchase From time to time, the Company sells securities under agreements to repurchase in order to facilitate the clearance of securities. Securities sold under agreements to repurchase are treated as collateralized financings and are presented in the consolidated statements of financial condition at the amounts of cash received. Receivables and payables arising from these agreements are not offset in the consolidated statements of financial condition.
Leases	Leases At lease commencement, a right-of-use asset and a lease liability are recognized for all leases with an initial term in excess of 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 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 consolidated statements of financial condition when the offering is effective.
Revenue Recognition	Revenue Recognition The Company’s classification of revenues in the consolidated statements of income represents revenues from contracts with customers disaggregated by type of revenue.
Translation of Foreign Currency and Foreign Currency Forward Contracts	Translation of Foreign Currency and Foreign Exchange Derivative Contracts Revenues, expenses, assets and liabilities denominated in non-functional currencies are recorded in the appropriate functional currency for the legal entity at the rate of exchange prevailing at the transaction date. Monetary assets and liabilities that are denominated in non-functional currencies are then remeasured at the end of each reporting period at the exchange rate prevailing at the end of the reporting period. Foreign currency remeasurement gains or losses on monetary assets and liabilities in nonfunctional currencies are recognized in the consolidated statements of income within general and administrative expenses. The realized and unrealized gains/losses totaled a loss of $1.6 million, $2.3 million and $4.0 million for the years ended December 31, 2023, 2022 and 2021, respectively. Since the consolidated financial statements are presented in U.S. dollars, the Company also translates all non-U.S. dollar functional currency revenues, expenses, assets and liabilities into U.S. dollars. All non-U.S. dollar functional currency revenue and expense amounts are translated into U.S. dollars monthly at the average exchange rate for the month. All non-U.S. dollar functional currency assets and liabilities are translated at the rate prevailing at the end of the reporting period. Gains or losses on translation in the financial statements, when the functional currency is other than the U.S. dollar, are included as a component of other comprehensive income. The Company enters into foreign currency forward contracts to mitigate its U.S. dollar and British pound sterling versus euro exposure, generally with a duration of less than 12 months. In June 2023, the Company also entered into a foreign currency call option on Australian dollars, see Note 4 – Acquisitions for additional details. The Company’s foreign exchange derivative contracts are not designated as hedges for accounting purposes. Changes in the fair value during the period of foreign currency forward contracts, which were entered into for foreign exchange risk management purposes relating to operating activities, are recognized in the consolidated statements of income within general and administrative expenses and related cash flows are included in cash flows from operating activities, and changes in the fair value during the period of the foreign currency call option on Australian dollars, which was entered into for foreign exchange risk management purposes relating to investing activities, are recognized in the consolidated statements of income within other income/loss and related cash flows are included in cash flows from investing activities. The Company does not use derivative instruments for trading or speculative purposes.
Income Tax	Income Tax The Corporation is subject to U.S. federal, state and local income taxes with respect to its taxable income, including its allocable share of any taxable income of TWM LLC, and is taxed at prevailing corporate tax rates. TWM LLC is a multiple member limited liability company taxed as a partnership and accordingly any taxable income generated by TWM LLC is passed through to and included in the taxable income of its members, including the Corporation. Income taxes also include unincorporated business taxes on income earned or losses incurred for conducting business in certain state and local jurisdictions, income taxes on income earned or losses incurred in foreign jurisdictions on certain operations and federal and state income taxes on income earned or losses incurred, both current and deferred, on subsidiaries that are taxed as corporations for U.S. tax purposes. The Company records deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities. The Company measures deferred taxes using the enacted tax rates and laws that will be in effect when such temporary differences are expected to reverse. The Company evaluates the need for valuation allowances based on the weight of positive and negative evidence. The Company records valuation allowances wherever management believes it is more likely than not that the Company will not be able to realize its deferred tax assets in the foreseeable future. The Company records uncertain tax positions on the basis of a two-step process whereby (i) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to income taxes within the provision for income taxes in the consolidated statements of income. Accrued interest and penalties are included within accounts payable, accrued expenses and other liabilities in the consolidated statements of financial condition. The Company has elected to treat taxes due on future U.S. inclusions in taxable income under the global intangible low-taxed income (“GILTI”) provision of the Tax Cuts and Jobs Act of 2017 as a current period expense when incurred. On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 (“IRA”) into law. The IRA establishes a 15% corporate alternative minimum tax (“CAMT”) effective for taxable years beginning after December 31, 2022, and imposes a 1% excise tax on the repurchase after December 31, 2022 of stock by publicly traded U.S. corporations. The 1% excise tax did not have an impact to our financial condition, results of operations and cash flows as of and for the year ended December 31, 2023. The Company will be subject to the 15% CAMT, which is expected to change the estimated period in which the tax receivable agreement liability payments will be made. However, it is not expected to have a material impact on the Company’s effective tax rate. On October 8, 2021, the Organization for Economic Cooperation and Development announced an accord endorsing and providing an implementation plan focused on global profit allocation, and implementing a global minimum tax rate of at least 15% for large multinational corporations on a jurisdiction-by-jurisdiction basis, known as the “Two Pillar Plan.” On December 15, 2022, the European Council formally adopted a European Union directive on the implementation of the plan by January 1, 2024. The Company may 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. The Company does not expect to have material impact of the Two Pillar Plan, but will continue to monitor legislative development.
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 Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Improvements to Income Tax Disclosures. The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation and income taxes paid. The ASU is effective for the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The guidance may be applied on a prospective or retrospective basis and early adoption is permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements. In November 2023, FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly reviewed by the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items and interim disclosures of a reportable segment’s profit or loss and assets. The ASU also allows, in addition to the measure that is most consistent with U.S. GAAP, the disclosure of additional measures of segment profit or loss that are used by the CODM in assessing segment performance and deciding how to allocate resources. The ASU also requires the disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to to allocate resources. All disclosure requirements under ASU 2023-07 and existing segment disclosures in ASC 280, Segment Reporting are also required for public entities with a single reportable segment. The ASU is effective for the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and subsequent interim periods, with early adoption permitted. The ASU is to be applied retrospectively to all periods presented in the financial statements. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements. In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”), which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value and that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. ASU 2022-03 also requires the disclosure of the fair value, as reflected in the statement of financial condition, of equity securities subject to contractual sale restrictions and the nature and the disclosure of the remaining duration of those restrictions. 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 December 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.

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

The Corporation is subject to U.S. federal, state and local income taxes with respect to its taxable income, including its allocable share of any taxable income of TWM LLC, and is taxed at prevailing corporate tax rates. The Company’s actual effective tax rate will be impacted by the Corporation’s ownership share of TWM LLC, which will continue to increase as Continuing LLC Owners that continue to hold LLC Interests redeem or exchange their LLC Interests for shares of Class A common stock or Class B common stock, as applicable, or the Corporation purchases LLC Interests from such Continuing LLC Owners. The Company’s consolidated effective tax rate will also vary from period to period depending on changes in the mix of earnings, tax legislation and tax rates in various jurisdictions. The Company’s provision for income taxes includes U.S., federal, state, local and foreign taxes.

For the year ended December 31, 2023, total income before the provision for income taxes amounted to $548.0 million, consisting of $533.7 million in the United States and $14.3 million in foreign locations.

The provision for income taxes consists of the following:


	Year Ended
	December 31,
	2023		2022		2021

	(in thousands)
Current:
Federal	$	15,168	$	7,260	$	2,025
State and Local	20,748		16,243		8,334
Foreign	2,665		1,154		1,107
Total current tax expense	38,581		24,657		11,466
Deferred:
Federal	79,264		66,591		49,266
State and local	9,707		(11,384)		40,363
Foreign	925		(2,344)		(4,220)
Total deferred tax expense	89,896		52,863		85,409
Total provision for income taxes	$	128,477	$	77,520	$	96,875

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


	Year Ended
	December 31,
	2023		2022		2021

Statutory U.S. federal income tax rate	21.0	%	21.0	%	21.0	%
State and local income taxes, net of federal income tax benefit	6.3		5.3		3.7
Foreign tax rate differential	—		—		(0.2)

Non-controlling interest	(1.9)		(2.1)		(2.3)
Tax Receivable Agreement adjustment	0.4		(0.7)		(0.7)
Rate change	(1.6)		(4.1)		6.7
Equity Compensation	(0.5)		(2.1)		(2.5)
Other	(0.3)		0.4		0.5
Effective income tax rate	23.4	%	17.7	%	26.2	%

The effective tax rate for the year ended December 31, 2023 was approximately 23.4%, compared with 17.7% for the year ended December 31, 2022 and 26.2% for the year ended December 31, 2021. The effective tax rate for the year ended December 31, 2023 differed from the U.S. federal statutory rate of 21.0% primarily due to state and local taxes net of the benefit related to the effect of non-controlling interest. The effective tax rates for the years ended December 31, 2022 and 2021 differed from the U.S. federal statutory rate of 21.0% primarily due to state and local taxes including the tax impact of state apportionment rates changes on total tax expense as a result of the remeasurement of the Company’s net tax deferred asset, the effect of non-controlling interests and the tax impact of the exercise of equity compensation.

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


	December 31,
	2023		2022

	(in thousands)
Deferred tax assets:
Investment in partnership	$	602,936	$	566,524
Net operating losses	3,806		57,247
Tax Receivable Agreement - Interest	16,799		14,918
Employee compensation	52,029		43,861
Tax credits	5,099		9,985
Other	6,722		5,569
Deferred tax assets, gross	687,391		698,104
Valuation Allowance	—		—
Total deferred tax assets, net	687,391		698,104

Deferred tax liabilities
Goodwill and Intangibles	(23,908)		(29,913)
Total deferred tax liabilities	(23,908)		(29,913)

Total net deferred tax asset (liability)	$	663,483	$	668,191

The Company has obtained, and expects to obtain an increase in its share of the tax basis of the assets of TWM LLC when LLC Interests are redeemed or exchanged by Continuing LLC Owners and in connection with certain other qualifying transactions. This increase in tax basis has had, and may in the future have, the effect of reducing the amounts that the Corporation would otherwise pay in the future to various tax authorities. Pursuant to the Tax Receivable Agreement, the Corporation is required to make cash payments to the Continuing LLC Owners equal to 50% of the amount of U.S. federal, state and local income or franchise tax savings, if any, that the Corporation actually realizes (or in some circumstances are deemed to realize) as a result of certain future tax benefits to which the Corporation may become entitled. The Corporation expects to benefit from the remaining 50% of tax benefits, if any, that the Corporation may actually realize. See Note 10 – Tax Receivable Agreement for further details. The tax benefit has been recognized in deferred tax assets on the consolidated statement of financial condition.

As of December 31, 2023, the Company had no tax effected U.S. federal net operating loss carryforwards for income tax purposes, state and local net operating loss carryforwards of $1.7 million, and foreign net operating loss carryforwards of $2.1 million. If not utilized, the state and local net operating loss carryforwards will begin to expire in 2035. The foreign net operating loss carryforwards can be carried forward indefinitely.

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


	Amount
	(in thousands)
Gross unrecognized tax benefits as of January 1, 2023	$	8,048
Increase in current year tax positions	4,256
Increase in prior year tax positions	—
Decrease in prior year tax positions	—
Acquired tax positions	—
Settlements	(1,789)
Gross unrecognized tax benefits as of December 31, 2023	$	10,515

The Company recognizes interest and penalties related to income taxes within the provision for income taxes in the consolidated statements of income. Accrued interest and penalties are included within accounts payable, accrued expenses and other liabilities in the consolidated statements of financial condition. The total amount of interest and penalties payable as of December 31, 2023 was $1.2 million and $0.1 million, respectively.

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. During the year ended December 31, 2023, the contributed entity reached an audit settlement with the State of New Jersey for the tax years 2008 - 2015. As of December 31, 2023 and 2022, none and $2.7 million, respectively, is included in accounts payable, accrued expenses and other liabilities on the consolidated statements of financial condition relating to these tax liabilities. 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 December 31, 2023 and 2022, none and $2.7 million, respectively, is included in receivable and due from affiliates on the consolidated statements of financial condition associated with this related party indemnification.

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

- 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends (in dollars per share)	$ 0.36	$ 0.32	$ 0.32

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease right-of-use assets	$ 25,206	$ 24,933
Operating lease liabilities	27,463	27,943
Operating lease expense included as a component of occupancy expense on the accompanying consolidated statements of income	11,768	10,842	$ 10,624
Cash paid for amounts included in the measurement of operating lease liability	$ 12,548	$ 11,940	$ 11,736
Weighted average borrowing rate	4.60%	2.90%
Weighted average remaining lease term (years)	3 years 8 months 12 days	3 years 3 months 18 days

Regulatory Capital Requirements (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
TWL
Regulatory Capital Requirements
Regulatory Capital	$ 50,243	$ 41,933
Regulatory Capital Requirement	2,856	3,669
Excess Regulatory Capital	47,387	38,264
DW
Regulatory Capital Requirements
Regulatory Capital	156,318	131,026
Regulatory Capital Requirement	3,579	3,574
Excess Regulatory Capital	152,739	127,452
TWD
Regulatory Capital Requirements
Regulatory Capital	46,976	44,094
Regulatory Capital Requirement	850	775
Excess Regulatory Capital	46,126	43,319
TEL
Regulatory Capital Requirements
Regulatory Capital	78,127	59,904
Regulatory Capital Requirement	37,907	32,589
Excess Regulatory Capital	40,220	27,315
TWJ
Regulatory Capital Requirements
Regulatory Capital	6,963	7,320
Regulatory Capital Requirement	2,029	1,695
Excess Regulatory Capital	4,934	5,625
TWEU
Regulatory Capital Requirements
Regulatory Capital	11,912	8,794
Regulatory Capital Requirement	5,447	4,517
Excess Regulatory Capital	6,465	4,277
TESL
Regulatory Capital Requirements
Regulatory Capital	1,813	1,607
Regulatory Capital Requirement	955	904
Excess Regulatory Capital	858	703
TESBV
Regulatory Capital Requirements
Regulatory Capital	1,683	1,677
Regulatory Capital Requirement	843	801
Excess Regulatory Capital	840	876
YB
Regulatory Capital Requirements
Regulatory Capital	5,261	0
Regulatory Capital Requirement	1,070	0
Excess Regulatory Capital	4,191	0
TDIFC
Regulatory Capital Requirements
Regulatory Capital	250	0
Regulatory Capital Requirement	39	0
Excess Regulatory Capital	211	0
TW SEF
Regulatory Capital Requirements
Financial Resources	43,286	30,837
Required Financial Resources	12,500	12,500
Excess Financial Resources	30,786	18,337
Liquid Financial Assets	22,068	15,566
Required Liquid Financial Assets	3,125	3,125
Excess Liquid Financial Assets	18,943	12,441
DW SEF
Regulatory Capital Requirements
Financial Resources	13,309	14,714
Required Financial Resources	8,669	8,080
Excess Financial Resources	4,640	6,634
Liquid Financial Assets	7,935	9,493
Required Liquid Financial Assets	2,167	2,020
Excess Liquid Financial Assets	$ 5,768	$ 7,473

Goodwill and Intangible Assets - Indefinite Lived Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Intangible assets with indefinite useful lives
Indefinite-lived intangible assets	$ 323,100	$ 323,100
Refinitiv \| Licenses – Refinitiv Transaction
Intangible assets with indefinite useful lives
Indefinite-lived intangible assets	168,800	168,800
Refinitiv \| Tradename – Refinitiv Transaction
Intangible assets with indefinite useful lives
Indefinite-lived intangible assets	$ 154,300	$ 154,300

Stock-Based Compensation Plans

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

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. 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. There was no CEO Retirement Accelerated Stock-Based Compensation Expense recorded during the year ended December 31, 2023.

PRSU

Performance-based restricted stock units that are promises to issue actual shares of Class A common stock based on the financial performance of the Company are referred to as “PRSUs”. PRSUs generally cliff vest on January 1 of the third calendar year from the calendar year of the date of grant. The fair value of PRSUs is calculated on the grant date using the stock price of the Class A common stock. The number of shares a participant will receive upon vesting is determined by a performance modifier, which is adjusted as a result of the financial performance of the Company in the grant year. The performance modifier can vary between 0% (minimum) and 200% (maximum) of the target (100%) award amount for awards granted during 2022 and prior years. PRSUs granted during 2023 had a 250% maximum performance modifier. Compensation expense for PRSUs that cliff vest is recognized on a straight-line basis over the vesting period for the entire award. The number of shares included in expense each period is based on management’s estimate of the probable final performance modifier for those grants, with such estimate updated each period until the performance modifier is finalized.

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


	PRSUs	Weighted Average Grant-Date Fair Value
PRSUs outstanding at December 31, 2022	1,422,421	$	58.78
Grants	326,050	$	69.56
Vests	(706,407)	$	38.87
Performance adjustment	260,008	$	69.56
Forfeitures and adjustments	(30,159)	$	78.32
PRSUs outstanding at December 31, 2023	1,271,913	$	74.34

The following table summarizes information about PRSU awards:


	Year Ended
	December 31,
	2023		2022		2021

	(in thousands)
PRSU compensation expense	$	26,506	$	30,645	$	30,633
Income tax benefit	$	(10,767)	$	(34,711)	$	(16,374)

The weighted-average grant-date fair value of equity-settled PRSUs granted during the years ended December 31, 2022 and 2021 was $83.74 and $74.29, respectively.

The total fair value of PRSUs vested during the years ended December 31, 2023, 2022 and 2021 was $46.2 million, $152.8 million and $67.4 million, respectively.

PSU

Performance-based restricted stock units that are promises to issue actual shares of Class A common stock based on market conditions are referred to as “PSUs”. PSUs 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 grant date fair value of the PSUs, determined using the Monte Carlo simulation model, is recognized as compensation expense on a straight-line basis over the vesting period for the entire award, regardless of the number of shares received by the participant at vesting.

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


	PSUs	Weighted Average Grant-Date Fair Value
PSUs outstanding at December 31, 2022	—	$	—
Grants	251,113	$	98.33
Vests	—	$	—
Performance adjustment	—	$	—
Forfeitures and adjustments	—	$	—
PSUs outstanding at December 31, 2023	251,113

The following table summarizes information about PSU awards:


	Year Ended
	December 31,
	2023		2022		2021

	(in thousands)
PSU compensation expense	$	7,043	$	—	$	—
Income tax benefit	$	(1,714)	$	—	$	—

There were no PSUs granted during the years ended December 31, 2022 and 2021.

The significant assumptions used to estimate the fair value of PSUs estimated using the Monte Carlo simulation model were as follows:


	March 15, 2023 PSU Grant
Maturity (years)	2.8
Annualized Volatility	28.81	%
Risk-Free Interest Rate	3.77	%

Options

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

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

For the portion of all awards that require both future service and the achievement of Company performance-based conditions, the grant-date fair value for each tranche is separately amortized into expense over the requisite service period for the requisite performance-based condition. If in a reporting period it is determined that the achievement of a performance target for a performance-based tranche is not probable, then no expense is recognized for that tranche and any expenses already recognized relating to that tranche in prior reporting periods are reversed in the current reporting period.

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

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


	Options	Weighted Average Grant-Date Fair Value		Weighted Average Exercise Price
Options outstanding at December 31, 2022	2,365,813	$	2.95	$	23.62
Grants	—	$	—	$	—
Exercises	(1,353,637)	$	2.76	$	23.06
Forfeitures and adjustments	—	$	—	$	—
Expired	—	$	—	$	—
Options outstanding at December 31, 2023	1,012,176	$	3.21	$	24.37
Vested options outstanding at December 31, 2023 - all exercisable	887,174	$	2.19	$	21.38

The following table summarizes information about options awards:


	Year Ended
	December 31,
	2023		2022		2021

	(in thousands)
Options compensation expense	$	1,264	$	2,097	$	5,327
Income tax benefit	$	(18,073)	$	(12,894)	$	(69,868)

There were no options granted during the years ended December 31, 2022 and 2021.

The total intrinsic value of options exercised during the years ended December 31, 2023, 2022 and 2021 was $77.4 million, $59.3 million and $333.8 million, respectively.

The total intrinsic value of all options outstanding as of December 31, 2023 was $67.3 million. The weighted average remaining contractual life of all options outstanding as of December 31, 2023 was 5.0 years.

The total intrinsic value of all vested options outstanding as of December 31, 2023 was $61.7 million, all of which are currently exercisable. The weighted average remaining contractual life of all vested options outstanding as of December 31, 2023 was 4.9 years.

RSUs

RSUs are promises to issue shares of Class A common stock at the end of a vesting period. RSUs granted to employees generally vest one-third each year over a three-year period. RSUs granted to non-employee directors generally vest after one year. The fair value of RSUs is calculated on the grant date using the stock price of the Class A common stock. The grant-date fair value of RSUs are amortized into expense on a straight-line basis over the requisite service period for the entire award.

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


	RSUs	Weighted Average Grant-Date Fair Value
RSUs outstanding at December 31, 2022	864,663	$	71.47
Grants	573,975	$	69.70
Vests	(411,391)	$	64.38
Forfeitures	(3,863)	$	67.72
RSUs outstanding at December 31, 2023	1,023,384	$	73.35

The following table summarizes information about RSU awards:


	Year Ended
	December 31,
	2023		2022		2021

	(in thousands)
RSU compensation expense	$	30,315	$	33,902	$	15,983
Income tax benefit	$	(7,952)	$	(10,096)	$	(5,416)

The weighted-average grant-date fair value of RSUs granted during the years ended December 31, 2022 and 2021 was $80.27 and $75.09, respectively.

The total fair value of RSUs vested during the years ended December 31, 2023, 2022 and 2021 was $30.7 million, $25.6 million, and $12.5 million, respectively.

Compensation Expense

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


	Year Ended
	December 31,
	2023		2022		2021

	(in thousands)
Total stock-based compensation expense	$	65,128	$	66,644	$	51,943

The stock-based compensation expense above excludes $1.5 million and $0.9 million of stock-based compensation expense capitalized to software development costs during the years ended December 31, 2023 and 2022, respectively.

As of December 31, 2023, total unrecognized compensation expense related to unvested stock-based compensation arrangements and the expected recognition period are as follows:


	PRSUs		PSUs		Options		RSUs

	(dollars in thousands)
Total unrecognized compensation cost	$	36,569	$	17,651	$	133	$	39,095
Weighted-average recognition period (in years)	1.8		2.0		0.2		1.9

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Cash flows from operating activities

Net income

$ 419,503

$ 359,613

$ 273,108

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

Depreciation and amortization

185,350

178,879

171,308

Stock-based compensation expense

65,128

66,644

51,943

Deferred taxes

89,896

52,863

85,409

Tax receivable agreement liability adjustment

^[1]

9,517

(13,653)

(12,745)

Other (income) loss, net

13,122

1,000

(Increase) decrease in operating assets:

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

(28,946)

(368)

116

Deposits with clearing organizations

(12,799)

(3,597)

9,273

Accounts receivable

(21,081)

(17,228)

(22,369)

Receivable and due from affiliates/payable and due to affiliates, net

(4,241)

3,135

(4,590)

Other assets

(3,919)

(2,120)

6,016

Increase (decrease) in operating liabilities:

Securities sold under agreements to repurchase

21,612

Accrued compensation

7,964

(552)

24,789

Deferred revenue

2,796

(1,989)

1,143

Accounts payable, accrued expenses and other liabilities

2,187

10,195

(3,480)

Employee equity compensation payable

(1,900)

Net cash provided by operating activities

746,089

632,822

578,021

Cash flows from investing activities

Cash paid for acquisitions, net of cash acquired

(69,712)

(207,762)

Cash paid for foreign currency call option, net of sale proceeds

(1,289)

Purchases of furniture, equipment, software and leasehold improvements

(18,529)

(23,214)

(16,878)

Capitalized software development costs

(43,235)

(36,882)

(34,470)

Net cash used in investing activities

(132,765)

(60,096)

(259,110)

Cash flows from financing activities

Share repurchases pursuant to share repurchase programs

(35,205)

(99,323)

(75,676)

Proceeds from stock-based compensation exercises

15,238

10,190

93,104

Deferred financing costs

(2,794)

Dividends

(75,909)

(66,006)

(64,570)

Distributions to non-controlling interests

(12,439)

(10,894)

(11,129)

Payroll taxes paid for stock-based compensation

(51,341)

(101,675)

(71,024)

Payments on tax receivable agreement liability

(5,724)

(8,995)

(6,805)

Net cash used in financing activities

(168,174)

(276,703)

(136,100)

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

4,089

(10,842)

(2,043)

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

449,239

285,181

180,768

Cash, cash equivalents and restricted cash

Beginning of period

1,258,229

973,048

792,280

End of period

1,707,468

1,258,229

973,048

Supplemental disclosure of cash flow information:

Income taxes paid, net of (refunds)

28,641

13,198

3,880

Non-cash investing and financing activities:

Furniture, equipment, software and leasehold improvement additions included in accounts payable

1,834

3,632

Withholding taxes payable relating to stock-based compensation settlements included in accrued compensation

178

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

10,395

9,122

(575)

Stock-based compensation expense capitalized to software development costs

1,474

928

Other - See Note 14

3,100

1,573

Reconciliation of cash, cash equivalents and restricted cash as shown on the statements of financial condition:

Cash and cash equivalents

1,706,468

1,257,229

972,048

Restricted cash

1,000

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

1,707,468

1,258,229

973,048

Adjusted For Refinitiv Transaction

Non-cash investing and financing activities:

Establishment of liabilities under Tax Receivable Agreement

28,006

35,923

27,666

Deferred tax asset

$ 81,401

$ 124,154

$ 123,336

[1]	See Note 10 – Tax Receivable Agreement.

Non-Controlling Interests

12 Months Ended

Dec. 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 consolidated financial statements. The non-controlling interests balance reported on the consolidated statements of financial condition represents the economic interests of TWM LLC held by the holders of LLC Interests other than Tradeweb Markets Inc. Income or loss is attributed to the non-controlling interests based on the relative ownership percentages of LLC Interests held during the period by Tradeweb Markets Inc. and the other holders of LLC Interests.

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


	December 31, 2023			December 31, 2022
	LLC Interests	Ownership %		LLC Interests	Ownership %
Number of LLC Interests held by Tradeweb Markets Inc.	212,023,979	90.2	%	207,679,798	88.7	%
Number of LLC Interests held by non-controlling interests	23,077,973	9.8	%	26,343,881	11.3	%
Total LLC Interests outstanding	235,101,952	100.0	%	234,023,679	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	Year Ended
	December 31,
	2023		2022		2021

	(in thousands)
Net income attributable to Tradeweb Markets Inc.	$	364,866	$	309,338	$	226,828
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	77,767		108,679		87,006
Net transfers (to) from non-controlling interests	77,767		108,679		87,006
Change from net income attributable to Tradeweb Markets Inc. and transfers (to) from non-controlling interests	$	442,633	$	418,017	$	313,834

Stockholders' Equity - Narrative (Details)		12 Months Ended
Stockholders' Equity - Narrative (Details)	Apr. 03, 2019 vote	Dec. 31, 2023 vote shares
Tradeweb Markets LLC
Class of Stock [Line Items]
Threshold percentage of economic interest for conversion		10.00%
Cancellation ratio		1
Class A common stock
Class of Stock [Line Items]
Number of votes per common stock		1
Conversion ratio		1
Conversion of common stock (in shares) \| shares		1
Class C common stock
Class of Stock [Line Items]
Number of votes per common stock		1
Conversion ratio		1
Conversion of common stock (in shares) \| shares		1
Class D common stock
Class of Stock [Line Items]
Number of votes per common stock	10	10
Conversion ratio		1
Class D common stock \| Tradeweb Markets Inc \| Bank Stockholders
Class of Stock [Line Items]
Number of share owned (in shares) \| shares		89,644
Class B common stock
Class of Stock [Line Items]
Number of votes per common stock	10	10
Conversion ratio		1

Stockholders' Equity - Schedule of Class of Common Stock Par Value, Votes and Economic Rights (Details)		12 Months Ended
	Apr. 03, 2019 vote	Dec. 31, 2023 vote $ / shares	Dec. 31, 2022 $ / shares
Class A common stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share) \| $ / shares		$ 0.00001	$ 0.00001
Number of votes per common stock \| vote		1
Class B common stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share) \| $ / shares		$ 0.00001	0.00001
Number of votes per common stock \| vote	10	10
Class C common stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share) \| $ / shares		$ 0.00001	0.00001
Number of votes per common stock \| vote		1
Class D common stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share) \| $ / shares		$ 0.00001	$ 0.00001
Number of votes per common stock \| vote	10	10

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482987/272-10-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

+ Details

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On February 2, 2024, the board of directors of Tradeweb Markets Inc. declared a cash dividend of $0.10 per share of Class A common stock and Class B common stock for the first quarter of 2024. This dividend will be payable on March 15, 2024 to stockholders of record as of March 1, 2024. On February 2, 2024, Tradeweb Markets Inc., as the sole manager, approved a distribution by TWM LLC to its equityholders, including Tradeweb Markets Inc., in an aggregate amount of $62.1 million, as adjusted by required state and local tax withholdings that will be determined prior to the record date of March 1, 2024, payable on March 13, 2024.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies From time to time, the Company is subject to various claims, lawsuits and other legal proceedings, including reviews, investigations and proceedings by governmental and self-regulatory agencies regarding its business. While the ultimate resolution of these matters cannot presently be determined, the Company does not believe that, taking into account any applicable insurance coverage, any of the pending legal proceedings, including the matters set forth below, could reasonably be expected to have a material adverse effect on its business, financial condition or results of operations. In the normal course of business, the Company enters into agreements with its customers which provide the customers with indemnification rights, including in the event that the electronic marketplaces of the Company infringe upon the intellectual property or other proprietary right of a third party. The Company’s exposure under these agreements is unknown as this would involve estimating future claims against the Company which have not yet occurred. However, based on its experience, the Company expects the risk of a material loss to be remote. The Company has been named as a defendant, along with other financial institutions, in two consolidated antitrust class actions relating to trading practices in United States Treasury securities auctions. The cases were dismissed in March 2021, with the Court granting the Plaintiffs leave to further amend the complaint by no later than May 14, 2021. The plaintiffs filed an amended complaint on or about May 14, 2021, and the Company moved to dismiss the amended complaint on June 14, 2021. By order dated March 31, 2022, the Court granted the Company’s motion and dismissed all of the claims against it in the amended complaint. The Court also denied the plaintiffs’ request for leave to file a further amended complaint. On April 28, 2022, the Plaintiffs filed a Notice of Appeal of the decision and filed their opening brief on the appeal in the United States Court of Appeals for the Second Circuit on August 18, 2022. The Company filed its brief in response on November 17, 2022. Plaintiffs filed their brief in reply in further support of their appeal on December 14, 2022. Oral argument in the appeal was held on October 3, 2023, and by order and opinion issued on February 1, 2024, the Second Circuit affirmed the District Court’s order dismissing all claims against all defendants, including the claims against the Company. 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 November 21, 2023, the Company entered into a five year, $500.0 million unsecured revolving credit facility (the “2023 Revolving Credit Facility”) with a syndicate of banks, which replaced its $500.0 million secured credit facility entered into on April 8, 2019 and as amended on March 31, 2023 (the “2019 Revolving Credit Facility”). The 2019 Revolving Credit Facility had a scheduled maturity date of April 2024, but was terminated on November 21, 2023 in conjunction with entering into the 2023 Revolving Credit Facility. There were no outstanding borrowings under the 2019 Revolving Credit Facility at the time of termination and no penalties were due or owing and no penalties were required to be paid as a result of the termination. The 2023 Revolving Credit Facility provides borrowing capacity to be used to fund ongoing working capital needs, letters of credit and for general corporate purposes, including potential future acquisitions and expansions. Subject to the satisfaction of certain conditions, the Company is able to increase the 2023 Revolving Credit Facility by $250.0 million with the consent of the lenders participating in the increase. Borrowings under the 2023 Revolving Credit Facility may be, at the option of the Company, in US Dollars, Euros or Sterling. The 2023 Revolving Credit Facility also provides for the issuance of up to $5.0 million of letters of credit as well as borrowings on same-day notice, referred to as swingline loans, in an amount of up to $50.0 million. On November 21, 2023, the closing date, the $0.5 million letters of credit outstanding under the 2019 Revolving Credit Facility were rolled over under the 2023 Revolving Credit Facility. The 2023 Revolving Credit Facility will mature on November 21, 2028. Borrowings under the 2023 Revolving Credit Facility bear interest at a rate equal to, at the Company’s option, either (a) a base rate equal to the greatest of (i) the administrative agent’s prime rate, (ii) the federal funds effective rate plus ½ of 1.00% and (iii) one month Term SOFR plus 1.00% plus a credit adjustment spread of 0.10%, in each case plus a margin based on the Company’s consolidated net leverage ratio ranging from 0.25% to 0.75%, or (b) a rate equal to (i) in the case of borrowings in US Dollars, Term SOFR plus a credit adjustment spread of 0.10%, subject to a 0.00% floor, (ii) in the case of borrowings in Sterling, SONIA subject to a 0.00% floor, and (iii) in the case of borrowings in Euros, EURIBOR, subject to a 0.00% floor, in each case plus a margin based on the Company’s consolidated net leverage ratio ranging from 1.25% to 1.75%. The agreement also includes a commitment fee of 0.25% for available but unborrowed amounts and other administrative fees that are payable quarterly. Financial covenant requirements include maintaining minimum ratios related to interest coverage and leverage. As of both December 31, 2023 and 2022, there were $0.5 million in letters of credit issued under the 2023 and 2019 Revolving Credit Facility, respectively and no borrowings outstanding. Other Commitments On March 31, 2023, the Company entered into a joint venture agreement (the “JV Agreement”) with subsidiaries of Bloomberg Inc. and MarketAxess Holdings Inc. to jointly establish and fund an independent company (the “CTP JV”) for the purpose of participating in the public procurement procedure to become the fixed income consolidated tape (“CTP”) provider in the European Union. The CTP JV was to be incorporated prior to the European Securities and Markets Authority (“ESMA”) tender process and in accordance with project planning. The operation of the CTP JV was contingent upon selection through the ESMA tender process and regulatory approvals. In December 2023, the joint venture agreement was terminated.

Earnings Per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
PRSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	0	0	0
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	0	0	0
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	0	19,551	0
PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	0	0	0
LLC Interests
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	23,902,379	28,830,686	30,699,577

Credit Risk	12 Months Ended
Credit Risk	Dec. 31, 2023
Risks and Uncertainties [Abstract]
Credit Risk	Credit Risk Cash and cash equivalents includes cash and highly liquid investments held by a limited number of global financial institutions, including cash amounts in excess of federally insured limits. To mitigate this concentration of credit risk, the Company invests through high-credit-quality financial institutions, monitors the concentration of credit exposure of investments with any single obligor and diversifies as determined appropriate. In the normal course of business the Company, as agent, executes transactions with, and on behalf of, other brokers and dealers. If the agency transactions do not settle because of failure to perform by either counterparty, the Company will recognize a receivable from (and a matching payable to) brokers and dealers and clearing organizations for the proceeds from the unsettled transaction, until the failed transaction settles. The Company may be obligated to discharge the obligation of the non-performing party and, as a result, may incur a loss if the market value of the security is different from the contract amount of the transaction. However, from time to time, the Company enters into repurchase and/or reverse repurchase agreements to facilitate the clearance of securities relating to fails to deliver or receive. The Company seeks to manage credit exposure related to these agreements to repurchase (or reverse repurchase), including the risk related to a decline in market value of collateral (pledged or received), by entering into agreements to repurchase with overnight or short-term maturity dates and only entering into repurchase transactions with netting members of the Fixed Income Clearing Corporation (“FICC”). The FICC operates a continuous net settlement system, whereby as trades are submitted and compared, the FICC becomes the counterparty. 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: •Geographic location •Transaction fee type (billing type) •Legal entity Write-Offs Once determined uncollectible, aged balances are written off against the allowance for credit losses. This determination is based on careful analysis of individual receivables and aging schedules, which are disaggregated based on the risk characteristics described above. Based on current policy, this generally occurs when the receivable is 360 days past due. As of December 31, 2023 and 2022, the Company maintained an allowance for credit losses with regard to these receivables of $0.3 million and $0.1 million, respectively. For the years ended December 31, 2023 and 2021 credit loss expense was $208,000 and $13,000, respectively. For the year ended December 31, 2022, recoveries resulted in a reversal of credit loss expense of $14,000.

Significant Accounting Policies - Intangible Assets (Details)	Dec. 31, 2023
Minimum
Intangible Assets
Useful life of intangible assets	4 years
Maximum
Intangible Assets
Useful life of intangible assets	13 years

Significant Accounting Policies - Reclassifications (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Reclassification [Line Items]
Receivable and due from affiliates – Foreign exchange derivative contracts	$ 192	$ 2,728
Payable and due to affiliates – Foreign exchange derivative contracts	1,327	7,232
Affiliated Entity
Reclassification [Line Items]
Receivable and due from affiliates – Foreign exchange derivative contracts	192	2,728
Payable and due to affiliates – Foreign exchange derivative contracts	$ 1,327	7,232
Revision of Prior Period, Reclassification, Adjustment \| Affiliated Entity
Reclassification [Line Items]
Receivable and due from affiliates – Foreign exchange derivative contracts		2,700
Payable and due to affiliates – Foreign exchange derivative contracts		$ 5,800

Organization	12 Months Ended
Organization	Dec. 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 (currently referred to by LSEG as LSEG Data & Analytics) 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 consolidated financial statements. As of December 31, 2023, Tradeweb Markets Inc. owns 90.2% of TWM LLC and the non-controlling interest holders own the remaining 9.8% 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 that maintains branches in Asia. •TW SEF LLC (“TW SEF”), a Swap Execution Facility (“SEF”) regulated by the CFTC and certain other global regulators. •DW SEF LLC (“DW SEF”), a SEF regulated by the CFTC and certain other global regulators. •Tradeweb Japan K.K. (“TWJ”), a security house regulated by the Japanese Financial Services Agency (“JFSA”) and the Japan Securities Dealers Association (“JSDA”). •Tradeweb EU B.V. (“TWEU”), a MiFID Investment Firm regulated by the Netherlands Authority for the Financial Markets (“AFM”), the De Nederlandsche Bank (“DNB”) and certain other global regulators and that maintains a branch in France. •Tradeweb Execution Services Limited (“TESL”), an Investment Firm (“BIPRU Firm”) regulated by the FCA in the UK. •Tradeweb Information Technology Services (Shanghai) Co., Ltd is a wholly-owned foreign enterprise (WOFE) in China. Its business scope includes information, data and technology related services including development, sales, import and export and consulting. The Tradeweb offshore electronic trading platform is recognized by the People’s Bank of China (“PBOC”) for the provision of Bond Connect, CIBM Direct RFQ and Swap Connect. •Tradeweb Execution Services B.V. (“TESBV”), a MiFID Investment Firm authorized and regulated by the AFM, with permission to trade on a matched principal basis. •Tradeweb Australia Pty Ltd (formerly Yieldbroker Pty Limited) (“YB” or “Yieldbroker”), acquired in August 2023, a Tier 1 Australian Markets Licensee in Australia, regulated by the Australian Securities & Investments Commission (“ASIC”), that maintains a branch in Singapore that is regulated by the Monetary Authority of Singapore (“MAS”) as a Regulated Market Operator. Tradeweb Australia Pty Ltd changed its name from Yieldbroker Pty Limited in January 2024. •Tradeweb (DIFC) Limited (“TDIFC”) is an Authorized Firm regulated by the Dubai Financial Services Authority (“DFSA”) with a license for “arranging deals in investments” for users to access the Company’s various trading venues that are also separately recognized by the DFSA. In May 2023, the Company announced that it had entered into a definitive agreement to acquire all of the outstanding equity interests of Yieldbroker. Yieldbroker is a leading Australian trading platform for Australian and New Zealand government bonds and interest rate derivatives covering the institutional and wholesale client sectors. This acquisition combines Australia and New Zealand’s growing fixed income markets with Tradeweb’s international reach and scale. The A$123.6 million, all-cash transaction closed on August 31, 2023 (the “Yieldbroker Acquisition”), following the satisfaction of closing conditions and regulatory reviews. See Note 4 – Acquisitions for additional details on this acquisition. In June 2021, the Company acquired Nasdaq’s U.S. fixed income electronic trading platform, formerly known as eSpeed (the “NFI Acquisition”), which is a fully executable central limit order book (CLOB) for electronic trading in on-the-run (OTR) U.S. government bonds. The NFI Acquisition included the acquisition of Execution Access, LLC, (“EA”), a registered broker-dealer under the Exchange Act and a member of FINRA. In November 2022, EA merged with and into DW with DW being the surviving entity. A majority interest of Refinitiv (formerly the Thomson Reuters Financial & Risk Business) was acquired by BCP on October 1, 2018 (the “Refinitiv Transaction”) from TR. The Refinitiv Transaction resulted in a new basis of accounting for certain of the Company’s assets and liabilities beginning on October 1, 2018. See Note 2 – Significant Accounting Policies for a description of pushdown accounting applied as a result of the Refinitiv Transaction. In connection with the Reorganization Transactions, TWM LLC’s limited liability company agreement (the “TWM LLC Agreement”) was amended and restated to, among other things, (i) provide for a new single class of common membership interests in TWM LLC (the “LLC Interests”), (ii) exchange all of the then existing membership interests in TWM LLC for LLC Interests and (iii) appoint the Corporation as the sole manager of TWM LLC. LLC Interests, other than those held by the Corporation, are redeemable or exchangeable in accordance with the TWM LLC Agreement for shares of Class A common stock, par value $0.00001 per share, of the Corporation (the “Class A common stock”) or Class B common stock, par value $0.00001 per share, of the Corporation (the “Class B common stock”), as the case may be, on a one-for-one basis. As used herein, references to “Continuing LLC Owners” refer collectively to (i) those owners of TWM LLC prior to the Reorganization Transactions (the “Original LLC Owners”), including an indirect subsidiary of Refinitiv, certain investment and commercial banks (collectively, the “Bank Stockholders”), and members of management, that continued to own LLC Interests after the completion of the IPO and Reorganization Transactions and that received shares of Class C common stock, par value $0.00001 per share, of the Corporation (the “Class C common stock”), shares of Class D common stock, par value $0.00001 per share, of the Corporation (the “Class D common stock”) or a combination of both, as the case may be, in connection with the completion of the Reorganization Transactions, (ii) any subsequent transferee of any Original LLC Owner that has executed a joinder agreement to the TWM LLC Agreement and (iii) solely with respect to the Tax Receivable Agreement (as defined in Note 10 – 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 December 31, 2023: •The public investors collectively owned 115,090,787 shares of Class A common stock, representing 10.0% of the combined voting power of Tradeweb Markets Inc.’s issued and outstanding common stock and indirectly, through Tradeweb Markets Inc., owned 49.0% of the economic interest in TWM LLC; •Refinitiv collectively owned 96,933,192 shares of Class B common stock, 18,000,000 shares of Class C common stock and 4,988,329 shares of Class D common stock, representing 89.9% of the combined voting power of Tradeweb Markets Inc.’s issued and outstanding common stock and directly and indirectly, through Tradeweb Markets Inc., owned 51.0% of the economic interest in TWM LLC; and •Other stockholders that continued to own LLC Interests also collectively owned 89,644 shares of Class D common stock, representing 0.1% of the combined voting power of Tradeweb Markets Inc.’s issued and outstanding common stock. Collectively, these stockholders directly owned less than 0.1% of the economic interest in TWM LLC. In addition, for the year ended December 31, 2023, the Company’s basic and diluted earnings per share calculations were impacted by 270,249 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. For the year ended December 31, 2023 the Company’s diluted earnings per share calculation also includes 1,872,006 of weighted average shares resulting from the dilutive effect of its equity incentive plans. See Note 18 – Earnings Per Share for additional details.

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2023	Feb. 02, 2024	Jun. 30, 2023
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 16.1
Documents Incorporated by Reference	Part III of this Annual Report on Form 10-K incorporates by reference portions of the Registrant’s Proxy Statement for its 2024 Annual Meeting of Stockholders. The Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended December 31, 2023.
Entity Central Index Key	0001758730
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Class A Common Stock, par value $0.00001 per share
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		115,738,944
Class B Common Stock, par value $0.00001 per share
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		96,933,192
Class C Common Stock, par value $0.00001 per share
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		18,000,000
Class D Common Stock, par value $0.00001 per share
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		5,077,973

Software Development Costs - Schedule of Components of Software Development Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Intangible assets that are subject to amortization
Cost	$ 353,790	$ 308,482
Accumulated Amortization	(222,458)	(166,649)
Net Carrying Amount	131,332	141,833
Software development costs
Intangible assets that are subject to amortization
Cost	185,290	139,982
Accumulated Amortization	(124,166)	(87,080)
Net Carrying Amount	61,124	52,902
Refinitiv \| Software development costs
Intangible assets that are subject to amortization
Cost	168,500	168,500
Accumulated Amortization	(98,292)	(79,569)
Net Carrying Amount	$ 70,208	$ 88,931

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 419,503	$ 359,613	$ 273,108
Foreign currency translation adjustments, with no tax benefit for each of the years ended December 31, 2023, 2022 and 2021	5,419	(13,242)	(3,219)
Other comprehensive income (loss), net of tax	5,419	(13,242)	(3,219)
Comprehensive income	424,922	346,371	269,889
Less: Net income attributable to non-controlling interests	54,637	50,275	46,280
Less: Foreign currency translation adjustments attributable to non-controlling interests	569	(1,833)	(423)
Comprehensive income attributable to Tradeweb Markets Inc.	$ 369,716	$ 297,929	$ 224,032

- 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.

+ References + Details

- Definition

Amount of Net Income (Loss) attributable to noncontrolling interest.

+ References + Details

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481674/830-30-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-17

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-4

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-20

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-SubTopic 10
-Topic 220
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482739/220-10-55-15

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-11

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480767/946-205-45-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(16))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 19
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-19

Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 29: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 33: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 4J
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481175/810-10-55-4J

Reference 34: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 4K
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481175/810-10-55-4K

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-2

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A

+ Details

Related Party Transactions - Consolidated Statements of Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue:
Total revenue	$ 1,338,219	$ 1,188,781	$ 1,076,447
Expenses
Employee compensation and benefits	460,305	432,421	407,260
Technology and communications	77,506	65,857	56,189
General and administrative	51,495	46,561	32,153
Professional fees	42,364	37,764	36,181
Occupancy	15,930	14,726	14,528
Affiliated Entity
Expenses
Employee compensation and benefits	17	613	856
Technology and communications	5,747	4,713	3,951
General and administrative	7	291	194
Professional fees	30	46	39
Occupancy	67	0	0
Subscription fees
Revenue:
Total revenue	183,972	165,922	158,448
Subscription fees \| Affiliated Entity
Revenue:
Total revenue	2,380	1,308	923
LSEG market data fees
Revenue:
Total revenue	64,336	62,721	61,161
LSEG market data fees \| Affiliated Entity
Revenue:
Total revenue	64,336	62,721	61,161
Other fees
Revenue:
Total revenue	11,567	9,869	10,484
Other fees \| Affiliated Entity
Revenue:
Total revenue	$ 601	$ 464	$ 522

Fair Value of Financial Instruments - Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value of Financial Instruments
Cash equivalents – Money market funds and other highly liquid investments	$ 1,543,644	$ 1,106,916
Total assets measured at fair value	1,543,644	1,106,916
Liabilities	$ 775	1,002
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Payable and due to affiliates – Foreign exchange derivative contracts
Quoted Prices in active Markets for Identical Assets (Level 1)
Fair Value of Financial Instruments
Cash equivalents – Money market funds and other highly liquid investments	$ 1,543,644	1,106,916
Total assets measured at fair value	1,543,644	1,106,916
Liabilities	0	0
Significant Observable Inputs (Level 2)
Fair Value of Financial Instruments
Cash equivalents – Money market funds and other highly liquid investments	0	0
Total assets measured at fair value	0	0
Liabilities	775	1,002
Significant Unobservable Inputs (Level 3)
Fair Value of Financial Instruments
Cash equivalents – Money market funds and other highly liquid investments	0	0
Total assets measured at fair value	0	0
Liabilities	$ 0	$ 0

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(9)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5C
-Subparagraph (SX 210.12-13C(Column H)(Footnote 7))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5C

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(9)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(9)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SX 210.12-13(Column G)(Footnote 8))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5C
-Subparagraph (SX 210.12-13C(Column H))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SX 210.12-13(Column G))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5A
-Subparagraph (SX 210.12-13A(Column E))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5A

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5B
-Subparagraph (SX 210.12-13B(Column E))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5B

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5B
-Subparagraph (SX 210.12-13B(Column E)(Footnote 4))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5B

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483466/210-20-50-3

Reference 22: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483444/210-20-55-22

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483444/210-20-55-10

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-10

+ Details

Income Taxes - Reconciliation of the Statutory Rate (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of the statutory tax rate
Statutory U.S. federal income tax rate	21.00%	21.00%	21.00%
State and local income taxes, net of federal income tax benefit	6.30%	5.30%	3.70%
Foreign tax rate differential	0.00%	0.00%	(0.20%)
Non-controlling interest	(1.90%)	(2.10%)	(2.30%)
Tax Receivable Agreement adjustment	0.40%	(0.70%)	(0.70%)
Rate change	(1.60%)	(4.10%)	6.70%
Equity Compensation	(0.50%)	(2.10%)	(2.50%)
Other	(0.30%)	0.40%	0.50%
Effective income tax rate	23.40%	17.70%	26.20%

Income Taxes - Uncertain Tax Position (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Gross unrecognized tax benefits as of January 1, 2023	$ 8,048
Increase in current year tax positions	4,256
Increase in prior year tax positions	0
Decrease in prior year tax positions	0
Acquired tax positions	0
Settlements	(1,789)
Gross unrecognized tax benefits as of December 31, 2023	$ 10,515

Significant Accounting Policies	12 Months Ended
Significant Accounting Policies	Dec. 31, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies The following is a summary of significant accounting policies: Basis of Presentation The consolidated financial statements have been presented in conformity with accounting principles generally accepted in the United States of America (“GAAP” or “U.S. GAAP”). The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. As discussed in Note 1 – Organization, as a result of the Reorganization Transactions, Tradeweb Markets Inc. consolidates TWM LLC and its subsidiaries and TWM LLC is considered to be the predecessor to Tradeweb Markets Inc. for financial reporting purposes. Tradeweb Markets Inc. had no business transactions or activities and no substantial assets or liabilities prior to the Reorganization Transactions. The consolidated financial statements represent the financial condition and results of operations of the Company and report a non-controlling interest related to the LLC Interests held by Continuing LLC Owners. 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the difference may be material to the consolidated financial statements. Reclassifications Certain reclassifications have been made to 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 or general and administrative expenses in the consolidated statements of income. Pushdown Accounting In connection with the Refinitiv Transaction, a majority interest of Refinitiv was acquired by BCP on October 1, 2018 from TR. The Refinitiv Transaction was accounted for by Refinitiv in accordance with the acquisition method of accounting pursuant to ASC 805, and pushdown accounting was applied to Refinitiv to record the fair value of the assets and liabilities of Refinitiv as of October 1, 2018, the date of the Refinitiv Transaction. The Company, as a consolidating subsidiary of Refinitiv, also accounted for the Refinitiv Transaction using pushdown accounting which resulted in a new fair value basis of accounting for certain of the Company’s assets and liabilities beginning on October 1, 2018. Under the pushdown accounting applied, the excess of the fair value of the Company above the fair value accounting basis of the net assets and liabilities of the Company as of October 1, 2018 was recorded as goodwill. The fair value of assets acquired and liabilities assumed was determined based on assumptions that reasonable market participants would use in the principal (or most advantageous) market for the asset or liability. The adjusted valuations primarily affected the values of the Company’s long-lived and indefinite-lived intangible assets, including software development costs. Cash and Cash Equivalents Cash and cash equivalents consists of cash and highly liquid investments with remaining maturities at the time of purchase of three months or less. Allowance for Credit Losses The Company continually monitors collections and payments from its clients and maintains an allowance for credit losses. The allowance for credit losses is based on an estimate of the amount of potential credit losses in existing accounts receivable, as determined from a review of aging schedules, past due balances, historical collection experience and other specific account data. Careful analysis of the financial condition of the Company’s counterparties is also performed. Additions to the allowance for credit losses are charged to credit loss expense, which is included in general and administrative expenses in the consolidated statements of income. Aged balances that are determined to be uncollectible are written off against the allowance for credit losses. See Note 16 – Credit Risk for additional information. Receivable from and Payable to Brokers and Dealers and Clearing Organizations Receivable from and payable to brokers and dealers and clearing organizations consists of proceeds from transactions executed on the Company’s wholesale platform which failed to settle due to the inability of a transaction party to deliver or receive the transacted security. These securities transactions are generally collateralized by those securities. Until the failed transaction settles, a receivable from (and a matching payable to) brokers and dealers and clearing organizations is recognized for the proceeds from the unsettled transaction. Deposits with Clearing Organizations Deposits with clearing organizations are comprised of cash deposits. Furniture, Equipment, Purchased Software and Leasehold Improvements Furniture, equipment, purchased software and leasehold improvements are carried at cost less accumulated depreciation. Depreciation for furniture, equipment and purchased software is computed on a straight-line basis over the estimated useful lives of the related assets, ranging from three to seven years. Leasehold improvements are amortized over the lesser of the estimated useful lives of the leasehold improvements or the remaining term of the lease for office space. Furniture, equipment, purchased software and leasehold improvements are tested for impairment whenever events or changes in circumstances suggest that an asset’s carrying value may not be fully recoverable. As of December 31, 2023 and 2022, accumulated depreciation related to furniture, equipment, purchased software and leasehold improvements totaled $95.8 million and $73.8 million, respectively. Depreciation expense for furniture, equipment, purchased software and leasehold improvements for the years ended December 31, 2023, 2022 and 2021 was $21.3 million, $19.5 million and $20.9 million, respectively. Software Development Costs The Company capitalizes costs associated with the development of internal use software at the point at which the conceptual formulation, design and testing of possible software project alternatives have been completed. The Company capitalizes employee compensation and related benefits and third party consulting costs incurred during the application development stage which directly contribute to such development. Such costs are amortized on a straight-line basis over three years. Software development costs acquired as part of the Yieldbroker Acquisition and the NFI Acquisition were both amortized over one year. Costs capitalized as part of the Refinitiv Transaction pushdown accounting allocation are amortized over nine years. The Company reviews the amounts capitalized for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable, or that their useful lives are shorter than originally expected. Non-capitalized software costs and routine maintenance costs are expensed as incurred. Goodwill Goodwill 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 Yieldbroker Acquisition and 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, 2023 and no impairment of goodwill was identified. Intangible Assets Intangible assets with a finite life are amortized over the estimated lives, ranging from four 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 a readily determinable fair value are measured at cost, less impairment, plus or minus observable price changes (in orderly transactions) of an identical or similar investment of the same issuer. If the Company determines that the equity investment is impaired on the basis of a qualitative assessment, the Company will recognize an impairment loss equal to the amount by which the investment’s carrying amount exceeds its fair value. Equity investments are included as a component of other assets on the consolidated statements of financial condition. Securities Sold Under Agreements to Repurchase From time to time, the Company sells securities under agreements to repurchase in order to facilitate the clearance of securities. Securities sold under agreements to repurchase are treated as collateralized financings and are presented in the consolidated statements of financial condition at the amounts of cash received. Receivables and payables arising from these agreements are not offset in the consolidated statements of financial condition. Leases At lease commencement, a right-of-use asset and a lease liability are recognized for all leases with an initial term in excess of 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 consolidated statements of financial condition when the offering is effective. No offering costs were incurred during the years ended December 31, 2023, 2022 and 2021. Revenue Recognition The Company’s classification of revenues in the consolidated statements of income represents revenues from contracts with customers disaggregated by type of revenue. See Note 8 – Revenue for additional details regarding revenue types and the Company’s policies regarding revenue recognition. Translation of Foreign Currency and Foreign Exchange Derivative Contracts Revenues, expenses, assets and liabilities denominated in non-functional currencies are recorded in the appropriate functional currency for the legal entity at the rate of exchange prevailing at the transaction date. Monetary assets and liabilities that are denominated in non-functional currencies are then remeasured at the end of each reporting period at the exchange rate prevailing at the end of the reporting period. Foreign currency remeasurement gains or losses on monetary assets and liabilities in nonfunctional currencies are recognized in the consolidated statements of income within general and administrative expenses. The realized and unrealized gains/losses totaled a loss of $1.6 million, $2.3 million and $4.0 million for the years ended December 31, 2023, 2022 and 2021, respectively. Since the consolidated financial statements are presented in U.S. dollars, the Company also translates all non-U.S. dollar functional currency revenues, expenses, assets and liabilities into U.S. dollars. All non-U.S. dollar functional currency revenue and expense amounts are translated into U.S. dollars monthly at the average exchange rate for the month. All non-U.S. dollar functional currency assets and liabilities are translated at the rate prevailing at the end of the reporting period. Gains or losses on translation in the financial statements, when the functional currency is other than the U.S. dollar, are included as a component of other comprehensive income. The Company enters into foreign currency forward contracts to mitigate its U.S. dollar and British pound sterling versus euro exposure, generally with a duration of less than 12 months. In June 2023, the Company also entered into a foreign currency call option on Australian dollars, see Note 4 – Acquisitions for additional details. The Company’s foreign exchange derivative contracts are not designated as hedges for accounting purposes. Changes in the fair value during the period of foreign currency forward contracts, which were entered into for foreign exchange risk management purposes relating to operating activities, are recognized in the consolidated statements of income within general and administrative expenses and related cash flows are included in cash flows from operating activities, and changes in the fair value during the period of the foreign currency call option on Australian dollars, which was entered into for foreign exchange risk management purposes relating to investing activities, are recognized in the consolidated statements of income within other income/loss and related cash flows are included in cash flows from investing activities. The Company does not use derivative instruments for trading or speculative purposes. Realized and unrealized gains/losses on foreign currency forward contracts totaled a gain of $0.8 million, $4.9 million and $9.0 million for the years ended December 31, 2023, 2022 and 2021, respectively. Realized losses on the foreign currency call option on the Australian dollar call option during the year ended December 31, 2023 totaled $1.3 million. As of December 31, 2023 and 2022, the counterparty on each of the foreign exchange derivative contracts was an affiliate of LSEG and therefore the corresponding assets or liabilities on such contracts were included in receivable and due from affiliates or payable and due to affiliates, respectively, on the accompanying consolidated statements of financial condition. See Note 15 – Fair Value of Financial Instruments for additional details on the Company’s derivative instruments. Income Tax The Corporation is subject to U.S. federal, state and local income taxes with respect to its taxable income, including its allocable share of any taxable income of TWM LLC, and is taxed at prevailing corporate tax rates. TWM LLC is a multiple member limited liability company taxed as a partnership and accordingly any taxable income generated by TWM LLC is passed through to and included in the taxable income of its members, including the Corporation. Income taxes also include unincorporated business taxes on income earned or losses incurred for conducting business in certain state and local jurisdictions, income taxes on income earned or losses incurred in foreign jurisdictions on certain operations and federal and state income taxes on income earned or losses incurred, both current and deferred, on subsidiaries that are taxed as corporations for U.S. tax purposes. The Company records deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities. The Company measures deferred taxes using the enacted tax rates and laws that will be in effect when such temporary differences are expected to reverse. The Company evaluates the need for valuation allowances based on the weight of positive and negative evidence. The Company records valuation allowances wherever management believes it is more likely than not that the Company will not be able to realize its deferred tax assets in the foreseeable future. The Company records uncertain tax positions on the basis of a two-step process whereby (i) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to income taxes within the provision for income taxes in the consolidated statements of income. Accrued interest and penalties are included within accounts payable, accrued expenses and other liabilities in the consolidated statements of financial condition. The Company has elected to treat taxes due on future U.S. inclusions in taxable income under the global intangible low-taxed income (“GILTI”) provision of the Tax Cuts and Jobs Act of 2017 as a current period expense when incurred. On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 (“IRA”) into law. The IRA establishes a 15% corporate alternative minimum tax (“CAMT”) effective for taxable years beginning after December 31, 2022, and imposes a 1% excise tax on the repurchase after December 31, 2022 of stock by publicly traded U.S. corporations. The 1% excise tax did not have an impact to our financial condition, results of operations and cash flows as of and for the year ended December 31, 2023. The Company will be subject to the 15% CAMT, which is expected to change the estimated period in which the tax receivable agreement liability payments will be made. However, it is not expected to have a material impact on the Company’s effective tax rate. On October 8, 2021, the Organization for Economic Cooperation and Development announced an accord endorsing and providing an implementation plan focused on global profit allocation, and implementing a global minimum tax rate of at least 15% for large multinational corporations on a jurisdiction-by-jurisdiction basis, known as the “Two Pillar Plan.” On December 15, 2022, the European Council formally adopted a European Union directive on the implementation of the plan by January 1, 2024. The Company may 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. The Company does not expect to have material impact of the Two Pillar Plan, but will continue to monitor legislative development. Stock-Based Compensation The stock-based payments received by the employees of the Company are accounted for as equity awards. The Company measures and recognizes the cost of employee services received in exchange for awards of equity instruments based on their estimated fair values measured as of the grant date. These costs are recognized as an expense over the requisite service period, with an offsetting increase to additional paid-in capital. The grant-date fair value of stock-based awards that do not require future service (i.e., vested awards) are expensed immediately. Forfeitures of stock-based compensation awards are recognized as they occur. For grants made during the post-IPO period, the fair value of the equity instruments is determined based on the price of the Class A common stock on the grant date. Prior to the IPO, the Company awarded options to management and other employees (collectively, the “Special Option Award”) under the Amended and Restated Tradeweb Markets Inc. Option Plan (the “Option Plan”). The significant assumptions used to estimate the fair value as of grant date of the options awarded prior to the IPO did not reflect changes that would have occurred to these assumptions as a result of the IPO. The non-cash stock-based compensation expense associated with the Special Option Award began being expensed in the second quarter of 2019. The Company uses the Black-Scholes pricing model to value some of its option awards. Determining the appropriate fair value model and calculating the fair value of the option awards requires the input of highly subjective assumptions, including the expected life of the option awards and the stock price volatility. For performance-based restricted stock units that vest based on market conditions, the Company recognizes stock-based compensation based on the estimated grant date fair value of the awards computed with the assistance of a valuation specialist using a Monte Carlo simulation on a binomial model. The significant assumptions used to estimate the fair value of the performance-based restricted stock units that vest based on market conditions are years of maturity, annualized volatility and the risk-free interest rate. The maturity period represents the period of time that the award granted was modeled into the future, the risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of measurement corresponding with the maturity period of the award and the expected volatility is based upon historical volatility of the Company’s Class A common stock. Earnings Per Share Basic and diluted earnings per share are computed in accordance with the two-class method as unvested restricted stock units and unsettled vested performance-based restricted stock units issued to certain retired executives are entitled to non-forfeitable dividend equivalent rights and are considered participating securities prior to being issued and outstanding shares of common stock. The two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that otherwise would have been available to common shareholders. Basic earnings per share is computed by dividing the net income attributable to the Company’s outstanding shares of Class A and Class B common stock by the weighted-average number of the Company’s shares outstanding during the period. For purposes of computing diluted earnings per share, the weighted-average number of the Company’s shares reflects the dilutive effect that could occur if all potentially dilutive securities were converted into or exchanged or exercised for the Company’s Class A or Class B common stock. The dilutive effect of stock options and other stock-based payment awards is calculated using the treasury stock method, which assumes the proceeds from the exercise of these instruments are used to purchase common shares at the average market price for the period. The dilutive effect of LLC Interests is evaluated under the if-converted method, where the securities are assumed to be converted at the beginning of the period, and the resulting common shares are included in the denominator of the diluted earnings per share calculation for the entire period presented. Performance-based awards are considered contingently issuable shares and their dilutive effect is included in the denominator of the diluted earnings per share calculation for the entire period, if those shares would be issuable as of the end of the reporting period, assuming the end of the reporting period was also the end of the contingency period. Shares of Class C and Class D common stock do not have economic rights in Tradeweb Markets Inc. and, therefore, are not included in the calculation of basic earnings per share. Fair Value Measurement The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). Instruments that the Company owns (long positions) are marked to bid prices, and instruments that the Company has sold, but not yet purchased (short positions) are marked to offer prices. Fair value measurements do not include transaction costs. The fair value hierarchy under ASC 820, Fair Value Measurement (“ASC 820”), prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described below. Basis of Fair Value Measurement A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. •Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; •Level 2: Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly; •Level 3: Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Improvements to Income Tax Disclosures. The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation and income taxes paid. The ASU is effective for the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The guidance may be applied on a prospective or retrospective basis and early adoption is permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements. In November 2023, FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly reviewed by the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items and interim disclosures of a reportable segment’s profit or loss and assets. The ASU also allows, in addition to the measure that is most consistent with U.S. GAAP, the disclosure of additional measures of segment profit or loss that are used by the CODM in assessing segment performance and deciding how to allocate resources. The ASU also requires the disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to to allocate resources. All disclosure requirements under ASU 2023-07 and existing segment disclosures in ASC 280, Segment Reporting are also required for public entities with a single reportable segment. The ASU is effective for the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and subsequent interim periods, with early adoption permitted. The ASU is to be applied retrospectively to all periods presented in the financial statements. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements. In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”), which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value and that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. ASU 2022-03 also requires the disclosure of the fair value, as reflected in the statement of financial condition, of equity securities subject to contractual sale restrictions and the nature and the disclosure of the remaining duration of those restrictions. 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 December 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.

Goodwill and Intangible Assets - Components of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Intangible assets that are subject to amortization
Goodwill	$ 2,815,524	$ 2,780,259	$ 2,780,259
Goodwill – Acquisitions and other	120,727	85,462
Refinitiv
Intangible assets that are subject to amortization
Goodwill	$ 2,694,797	$ 2,694,797

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Non-Controlling Interests - Schedule of Ownership Interest (Details)	12 Months Ended
	Dec. 31, 2023 shares	Dec. 31, 2022 shares
Class A common stock
Non-Controlling Interests
Conversion ratio	1
Class B common stock
Non-Controlling Interests
Conversion ratio	1
Tradeweb Markets LLC
Non-Controlling Interests
Number of LLC Interests held by Tradeweb Markets Inc. (in shares)	212,023,979	207,679,798
Number of LLC Interests held by non-controlling interests (in shares)	23,077,973	26,343,881
Total LLC Interests outstanding (in shares)	235,101,952	234,023,679
Number of LLC Interests held by Tradeweb Markets Inc.	90.20%	88.70%
Number of LLC Interests held by non-controlling interests	9.80%	11.30%
Total LLC Interests outstanding	100.00%	100.00%

Software Development Costs - Estimated Annual Future Amortization (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Estimated annual future amortization for existing intangibles assets
2024	$ 110,379
2025	104,864
2026	88,321
2027	88,280
2028	88,199
Software development costs
Estimated annual future amortization for existing intangibles assets
2024	51,970
2025	39,560
2026	25,708
2027	14,071
2028	$ 23

Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Balance at beginning of period	$ 2,780,259	$ 2,780,259
Goodwill recognized in connection with the Yieldbroker Acquisition	120,727	85,462
Balance at end of period	2,815,524	2,780,259
Yieldbroker
Goodwill [Roll Forward]
Goodwill recognized in connection with the Yieldbroker Acquisition	35,265	$ 0
Balance at end of period	$ 35,265

- Definition

+ References + Details

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounts receivable, allowance for credit losses	$ 284	$ 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)	115,090,787	110,746,606
Common stock, shares outstanding (in shares)	115,090,787	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)	18,000,000	3,251,177
Common stock, shares outstanding (in shares)	18,000,000	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)	5,077,973	23,092,704
Common stock, shares outstanding (in shares)	5,077,973	23,092,704

Acquisitions - Schedule of Preliminary Purchase Price (Details) $ in Thousands, $ in Millions		3 Months Ended	4 Months Ended
	Aug. 31, 2023 AUD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Goodwill		$ 2,815,524	$ 2,815,524	$ 2,780,259	$ 2,780,259
Yieldbroker
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Cash and cash equivalents		12,753	12,753
Accounts receivable		1,900	1,900
Equipment		384	384
Lease right-of-use assets		1,453	1,453
Goodwill		35,265	35,265
Deferred tax asset		3,361	3,361
Other assets		693	693
Accrued compensation		(3,577)	(3,577)
Deferred revenue		(72)	(72)
Accounts payable, accrued expenses and other liabilities		(9,025)	(9,025)
Lease liabilities		(1,496)	(1,496)
Total cash paid		82,465	82,465
Less: Cash acquired		(12,753)	(12,753)
Less: Working capital and other closing adjustments		100	10,368
Purchase price, net of cash acquired and excluding working capital and other closing adjustments	$ 123.6		80,080
Yieldbroker \| Software development costs
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets		588	588
Yieldbroker \| Customer relationships
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets		39,746	39,746
Yieldbroker \| Tradename
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible Assets		$ 492	$ 492

Stock-Based Compensation Plans - Summary of PSRU and PSU Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PRSU compensation expense	$ 65,128	$ 66,644	$ 51,943
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PRSU compensation expense	26,506	30,645	30,633
Income tax benefit	(10,767)	(34,711)	(16,374)
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PRSU compensation expense	7,043	0	0
Income tax benefit	$ (1,714)	$ 0	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stock-Based Compensation Plans - Schedule of RSU Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PRSU compensation expense	$ 65,128	$ 66,644	$ 51,943
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PRSU compensation expense	30,315	33,902	15,983
Income tax benefit	$ (7,952)	$ (10,096)	$ (5,416)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Feb. 02, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Subsequent Event [Line Items]
Cash dividend declared (in dollars per share)		$ 0.36	$ 0.32	$ 0.32
Subsequent Event \| TWM LLC
Subsequent Event [Line Items]
Dividends payable	$ 62.1
Class A common stock \| Subsequent Event
Subsequent Event [Line Items]
Cash dividend declared (in dollars per share)	$ 0.10
Class B common stock \| Subsequent Event
Subsequent Event [Line Items]
Cash dividend declared (in dollars per share)	$ 0.10

Stockholders' Equity

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Common Stock

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


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

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

Holders of Class B common stock may from time to time exchange all or a portion of their shares of Class B common stock for newly issued shares of Class A common stock on a one-for-one basis (in which case their shares of Class B common stock will be cancelled on a one-for-one basis upon any such issuance). Continuing LLC Owners that hold shares of Class D common stock may from time to time exchange all or a portion of their shares of Class D common stock for newly issued shares of Class C common stock on a one-for-one basis (in which case their shares of Class D common stock will be cancelled on a one-for-one basis upon such issuance).

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

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

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


	Class A	Class B	Class C	Class D	Total

Balance at December 31, 2020	98,075,465	96,933,192	3,139,821	30,871,381	229,019,859
Activities related to exchanges of LLC Interests	3,483,238	—	(1,484,996)	(1,998,242)	—
Issuance of common stock from equity incentive plans	5,630,086	—	—	—	5,630,086
Share repurchases pursuant to share repurchase programs	(901,968)	—	—	—	(901,968)
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	4,184,083	—	1,596,352	(5,780,435)	—
Issuance of common stock from equity incentive plans	1,622,769	—	—	—	1,622,769
Share repurchases pursuant to share repurchase programs	(1,347,067)	—	—	—	(1,347,067)
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	3,265,908	—	14,748,823	(18,014,731)	—
Issuance of common stock from equity incentive plans	1,564,003	—	—	—	1,564,003
Share repurchases pursuant to share repurchase programs	(485,730)	—	—	—	(485,730)
Balance at December 31, 2023	115,090,787	96,933,192	18,000,000	5,077,973	235,101,952

LLC Interests

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

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

Redemptions and Exchanges of LLC Interests

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

Share Repurchase Programs

On February 4, 2021, the Company announced that its board of directors authorized a share repurchase program (the “2021 Share Repurchase Program”), primarily to offset annual dilution from stock-based compensation plans. The 2021 Share Repurchase Program authorized the purchase of up to $150.0 million of the Company’s Class A common stock at the Company’s discretion through the end of fiscal year 2023. The 2021 Share Repurchase Program was effected through regular open-market purchases (which included repurchase plans designed to comply with Rule 10b5-1). The amounts and timing of the repurchases were subject to general market conditions and the prevailing price and trading volumes of the Company’s Class A common stock. The 2021 Share Repurchase Program did not require the Company to acquire a specific number of shares and was able to be suspended, amended or discontinued at any time.

The Company began buying back shares pursuant to the 2021 Share Repurchase Program during the second quarter of 2021. During the years ended December 31, 2022 and 2021, the Company acquired a total of 959,869 and 901,968 shares of Class A common stock, respectively, at an average price of $77.43 and $83.90, respectively, for purchases totaling $74.3 million and $75.7 million, respectively, pursuant to the 2021 Share Repurchase Program. As of December 31, 2022, no shares remained available for repurchase pursuant to the 2021 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”), to continue to offset annual dilution from stock-based compensation plans, as well as to opportunistically repurchase the Company’s 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 years ended December 31, 2023 and 2022, the Company acquired a total of 485,730 and 387,198 shares of Class A common stock, at an average price of $72.48 and $64.57, respectively, for purchases totaling $35.2 million and $25.0 million, respectively, pursuant to the 2022 Share Repurchase Program.

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 December 31, 2023, a total of $239.8 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 will be recorded as a reduction to retained earnings.

Other Share Repurchases

During the years ended December 31, 2023, 2022 and 2021, the Company withheld 715,101, 1,074,467 and 983,072 shares, respectively, of Class A common stock from employee stock option, PRSU and RSU awards, at an average price per share of $72.02, $94.64 and $72.25, respectively, and an aggregate value of $51.5 million, $101.7 million and $71.0 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.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Goodwill includes the following activity during the years ended December 31, 2023 and 2022:


	December 31,
	2023		2022

	(in thousands)
Balance at beginning of period	$	2,780,259	$	2,780,259
Goodwill recognized in connection with the Yieldbroker Acquisition	35,265		—
Balance at end of period	$	2,815,524	$	2,780,259

The components of goodwill are as follows:


	December 31,
	2023		2022

	(in thousands)
Goodwill – Refinitiv Transaction	$	2,694,797	$	2,694,797
Goodwill – Acquisitions and other	120,727		85,462
Total	$	2,815,524	$	2,780,259

Schedule of Intangible Assets Which Have an Indefinite Useful Life

Intangible assets with an indefinite useful life consisted of the following:


	December 31,
	2023		2022

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

Schedule of Intangible Assets That are Subject to Amortization

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


		December 31, 2023						December 31, 2022
	Amortization Period	Cost		Accumulated Amortization		Net Carrying Amount		Cost		Accumulated Amortization		Net Carrying Amount

		(in thousands)
Customer relationships – Refinitiv Transaction	12 years	$	928,200	$	(406,088)	$	522,112	$	928,200	$	(328,737)	$	599,463
Customer relationships – Acquisitions	13 years	141,031		(20,497)		120,534		101,285		(11,687)		89,598
Content and data – Refinitiv Transaction	7 years	154,400		(115,800)		38,600		154,400		(93,743)		60,657
Tradename – Acquisitions	4 years	492		(41)		451		—		—		—
		$	1,224,123	$	(542,426)	$	681,697	$	1,183,885	$	(434,167)	$	749,718

Schedule of Estimated Annual Future Amortization for Existing Intangible Assets

The estimated annual future amortization for software development costs as of December 31, 2023 through December 31, 2028 is as follows:


	Amount

	(in thousands)
2024	$	51,970
2025	$	39,560
2026	$	25,708
2027	$	14,071
2028	$	23

The estimated annual future amortization for definite-lived intangible assets as of December 31, 2023 through December 31, 2028 is as follows:


	Amount

	(in thousands)
2024	$	110,379
2025	$	104,864
2026	$	88,321
2027	$	88,280
2028	$	88,199

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Revenue - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue recognized that was previously deferred	$ 22.8	$ 23.5

Regulatory Capital Requirements

12 Months Ended

Dec. 31, 2023

Broker-Dealer [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, TWEU and TESBV are subject to certain finance resource requirements with the AFM in the Netherlands, YB is subject to certain financial resource requirements with ASIC in Australia and TDIFC is subject to certain financial resource requirements with DFSA in the Dubai International Financial Centre. At December 31, 2023 and 2022, the regulatory capital requirements and regulatory capital for these entities are as follows:


	December 31, 2023						December 31, 2022
	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital		Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital

	(in thousands)
TWL	$	50,243	$	2,856	$	47,387	$	41,933	$	3,669	$	38,264
DW	156,318		3,579		152,739		131,026		3,574		127,452
TWD	46,976		850		46,126		44,094		775		43,319
TEL	78,127		37,907		40,220		59,904		32,589		27,315
TWJ	6,963		2,029		4,934		7,320		1,695		5,625
TWEU	11,912		5,447		6,465		8,794		4,517		4,277
TESL	1,813		955		858		1,607		904		703
TESBV	1,683		843		840		1,677		801		876
YB	5,261		1,070		4,191		—		—		—
TDIFC	250		39		211		—		—		—

As SEFs, TW SEF and DW SEF are required to maintain adequate financial resources and liquid financial assets in accordance with CFTC regulations. The required and maintained financial resources and liquid financial assets at December 31, 2023 and 2022 are as follows:


	December 31, 2023						December 31, 2022
	Financial Resources		Required Financial Resources		Excess Financial Resources		Financial Resources		Required Financial Resources		Excess Financial Resources

	(in thousands)
TW SEF	$	43,286	$	12,500	$	30,786	$	30,837	$	12,500	$	18,337
DW SEF	13,309		8,669		4,640		14,714		8,080		$	6,634


	December 31, 2023						December 31, 2022
	Liquid Financial Assets		Required Liquid Financial Assets		Excess Liquid Financial Assets		Liquid Financial Assets		Required Liquid Financial Assets		Excess Liquid Financial Assets

	(in thousands)
TW SEF	$	22,068	$	3,125	$	18,943	$	15,566	$	3,125	$	12,441
DW SEF	7,935		2,167		5,768		9,493		2,020		7,473

Related Party Transactions - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transactions
Increase to additional paid-in capital		$ 3,100,000	$ 1,573,000
Additional Paid-In Capital
Related Party Transactions
Increase to additional paid-in capital	$ 0	$ 3,100,000	$ 1,573,000

Organization (Details) $ / shares in Units, $ in Thousands, $ in Millions		4 Months Ended	12 Months Ended
	Aug. 31, 2023 AUD ($)	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2023 $ / shares shares	Dec. 31, 2022 $ / shares shares	Dec. 31, 2021 shares
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Stock split ratio, common stock			1
Weighted average unvested RSUs and unsettled vested PRSUs that were considered participating securities (in shares)			270,249	193,441	0
Additional dilutive shares (in shares)			1,872,006
Class A common stock
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Common stock, par value (in dollars per share) \| $ / shares		$ 0.00001	$ 0.00001	$ 0.00001
Class B common stock
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Common stock, par value (in dollars per share) \| $ / shares		0.00001	0.00001	0.00001
Class C common stock
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Common stock, par value (in dollars per share) \| $ / shares		0.00001	0.00001	0.00001
Class D common stock
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Common stock, par value (in dollars per share) \| $ / shares		$ 0.00001	$ 0.00001	$ 0.00001
Yieldbroker
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Purchase price, net of cash acquired and excluding working capital and other closing adjustments	$ 123.6	$ 80,080
Tradeweb Markets LLC
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership interest		90.20%	90.20%	88.70%
Ownership percentage, continuing LLC Owners		9.80%	9.80%	11.30%
Tradeweb Markets LLC \| Refinitiv
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership interest		51.00%	51.00%
Tradeweb Markets LLC \| Public Investors
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage, continuing LLC Owners		49.00%	49.00%
Tradeweb Markets Inc \| Refinitiv
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership interest		89.90%	89.90%
Tradeweb Markets Inc \| Public Investors
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Voting power percentage		10.00%	10.00%
Tradeweb Markets Inc \| Class A common stock \| Public Investors
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of share owned (in shares)		115,090,787	115,090,787
Tradeweb Markets Inc \| Class B common stock \| Refinitiv
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of share owned (in shares)		96,933,192	96,933,192
Tradeweb Markets Inc \| Class C common stock \| Refinitiv
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of share owned (in shares)		18,000,000	18,000,000
Tradeweb Markets Inc \| Class D common stock \| Refinitiv
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of share owned (in shares)		4,988,329	4,988,329
Tradeweb Markets Inc \| Class D common stock \| Bank Stockholders
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of share owned (in shares)		89,644	89,644
Tradeweb Markets Inc \| Class C and Class D Common Stock \| Bank Stockholders
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Voting power percentage		0.10%	0.10%
Tradeweb Markets LLC \| Class D common stock \| Other Stockholders
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage, continuing LLC Owners		0.10%	0.10%

Stock-Based Compensation Plans - Schedule of Outstanding RSUs (Details) - RSUs - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
RSUs
Balance outstanding at beginning of period (in shares)	864,663
Grants (in shares)	573,975
Vests (in shares)	(411,391)
Forfeitures (in shares)	(3,863)
Balance options outstanding at end of period (in shares)	1,023,384	864,663
Weighted Average Grant-Date Fair Value
Balance outstanding at beginning of period (in dollars per share)	$ 71.47
Grants (in dollars per share)	69.70	$ 80.27	$ 75.09
Vests (in dollars per share)	64.38
Forfeitures (in dollars per share)	67.72
Balance outstanding at end of period (in dollars per share)	$ 73.35	$ 71.47

Software Development Costs - Schedule of Non-capitalized Software Costs and Routine Maintenance Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Intangible assets that are subject to amortization
Software development costs capitalized	$ 44,720	$ 37,810	$ 34,470
Amortization expense related to capitalized software development costs	55,810	$ 52,180	47,116
Yieldbroker \| Software development costs
Intangible assets that are subject to amortization
Intangible assets	$ 588
NFI Acquisition \| Software development costs
Intangible assets that are subject to amortization
Intangible assets			$ 800

Commitments and Contingencies (Details)		1 Months Ended
Commitments and Contingencies (Details)	Nov. 21, 2023 USD ($)	Mar. 31, 2021 class_action_case	Dec. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Commitments and Contingencies
Number of claims dismissed \| class_action_case		2
Revolving Credit Facility
Commitments and Contingencies
Revolving credit facility, term	5 years
Maximum borrowing capacity	$ 500,000,000			$ 500,000,000
Letter of credit issued	0		$ 0		$ 0
Penalties due	0
Penalties to be paid	0
Accordion feature	$ 250,000,000
Letters of credit outstanding			$ 500,000		$ 500,000
Commitment fee, percentage	0.25%
Revolving Credit Facility \| Letter of Credit
Commitments and Contingencies
Maximum borrowing capacity	$ 5,000,000
Letters of credit outstanding	500,000
Revolving Credit Facility \| Bridge Loan
Commitments and Contingencies
Maximum borrowing capacity	$ 50,000,000
Revolving Credit Facility \| One Month Secured Overnight Financing Rate
Commitments and Contingencies
Spread	1.00%
Credit adjustment spread	0.10%
Revolving Credit Facility \| One Month Secured Overnight Financing Rate \| Minimum
Commitments and Contingencies
Additional adjustment	0.25%
Revolving Credit Facility \| One Month Secured Overnight Financing Rate \| Maximum
Commitments and Contingencies
Additional adjustment	0.75%
Revolving Credit Facility \| Secured Overnight Financing Rate
Commitments and Contingencies
Credit adjustment spread	0.10%
Floor	0.00%
Revolving Credit Facility \| EURIBOR
Commitments and Contingencies
Floor	0.00%
Revolving Credit Facility \| EURIBOR \| Minimum
Commitments and Contingencies
Additional adjustment	1.25%
Revolving Credit Facility \| EURIBOR \| Maximum
Commitments and Contingencies
Additional adjustment	1.75%
Revolving Credit Facility \| Fed Funds Effective Rate
Commitments and Contingencies
Spread	0.50%

Consolidated Statements of Income - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Revenues

Total revenue

$ 1,338,219

$ 1,188,781

$ 1,076,447

Expenses

Employee compensation and benefits

460,305

432,421

407,260

Depreciation and amortization

185,350

178,879

171,308

Technology and communications

77,506

65,857

56,189

General and administrative

51,495

46,561

32,153

Professional fees

42,364

37,764

36,181

Occupancy

15,930

14,726

14,528

Total expenses

832,950

776,208

717,619

Operating income

505,269

412,573

358,828

Tax receivable agreement liability adjustment

^[1]

(9,517)

13,653

12,745

Net interest income (expense)

65,350

11,907

(1,590)

Other income (loss), net

(13,122)

(1,000)

Income before taxes

547,980

437,133

369,983

Provision for income taxes

(128,477)

(77,520)

(96,875)

Net income

419,503

359,613

273,108

Less: Net income attributable to non-controlling interests

54,637

50,275

46,280

Net income attributable to Tradeweb Markets Inc.

$ 364,866

$ 309,338

$ 226,828

Earnings per share attributable to Tradeweb Markets Inc. Class A and B common stockholders:

Basic (in dollars per share)

$ 1.73

$ 1.50

$ 1.13

Diluted (in dollars per share)

$ 1.71

$ 1.48

$ 1.09

Weighted average shares outstanding:

Basic (in shares)

210,796,802

205,576,637

201,419,081

Diluted (in shares)

212,668,808

208,400,040

207,254,840

Transaction fees and commissions

Revenues

Total revenue

$ 1,078,344

$ 950,269

$ 846,354

Subscription fees

Revenues

Total revenue

183,972

165,922

158,448

LSEG market data fees

Revenues

Total revenue

64,336

62,721

61,161

Other

Revenues

Total revenue

$ 11,567

$ 9,869

$ 10,484

[1]	See Note 10 – Tax Receivable Agreement.

Significant Accounting Policies - Goodwill (Details)		12 Months Ended
Significant Accounting Policies - Goodwill (Details)	Oct. 01, 2023 USD ($)	Dec. 31, 2023 reporting_unit
Accounting Policies [Abstract]
Number of reporting units \| reporting_unit		1
Impairment of goodwill \| $	$ 0

Significant Accounting Policies - Deferred IPO Cost Follow-On Offering Costs (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Offering costs incurred	$ 0	$ 0	$ 0

Earnings Per Share

12 Months Ended

Dec. 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:


	Year Ended
	December 31,
	2023		2022		2021

	(in thousands, except share and per share amounts)
Numerator:
Net income attributable to Tradeweb Markets Inc.	$	364,866	$	309,338	$	226,828
Less: Distributed and undistributed earnings allocated to unvested RSUs and unsettled vested PRSUs (1)	(467)		(244)		—
Net income attributable to outstanding shares of Class A and Class B common stock - Basic and Diluted	364,399		309,094		226,828

Denominator:
Weighted average shares of Class A and Class B common stock outstanding - Basic	210,796,802		205,576,637		201,419,081
Dilutive effect of PRSUs	458,343		770,726		2,067,558
Dilutive effect of options	1,150,159		1,810,956		3,473,549
Dilutive effect of RSUs	257,076		241,721		294,652
Dilutive effect of PSUs	6,428		—		—
Weighted average shares of Class A and Class B common stock outstanding - Diluted	212,668,808		208,400,040		207,254,840

Earnings per share - Basic	$	1.73	$	1.50	$	1.13
Earnings per share - Diluted	$	1.71	$	1.48	$	1.09

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.


	Year Ended
	December 31,
	2023	2022	2021

Anti-dilutive Shares:
PRSUs	—	—	—
Options	—	—	—
RSUs	—	19,551	—
PSUs	—	—	—
LLC Interests	23,902,379	28,830,686	30,699,577

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.

Acquisitions - Narrative (Details) $ in Thousands, $ in Millions						3 Months Ended	4 Months Ended	12 Months Ended
	Jan. 19, 2024 shares	Nov. 16, 2023 USD ($)	Aug. 31, 2023 USD ($)	Aug. 31, 2023 AUD ($)	Aug. 25, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) acquisition	Dec. 31, 2021 USD ($)	Jun. 01, 2023 AUD ($)
Business Acquisition [Line Items]
All-cash acquisition								$ 69,712	$ 0	$ 207,762
Number of businesses acquired \| acquisition									0
Foreign currency call option
Business Acquisition [Line Items]
Gross notional amount											$ 120.7
Proceeds from unwinding of out-of-the-money derivative					$ 1,100
Other Operating Income (Expense) \| Foreign currency call option
Business Acquisition [Line Items]
Foreign currency forward contracts not designated in accounting hedge relationship – General and administrative (expenses)/income								(1,289)	$ 0	0
Yieldbroker
Business Acquisition [Line Items]
All-cash acquisition			$ 80,100	$ 123.6
Increase in total assets						$ 500
Decrease in total liabilities						400
Increase in cash paid						$ 100	$ 10,368
Purchase price, net of cash acquired and excluding working capital and other closing adjustments				$ 123.6			$ 80,080
Yieldbroker \| Professional Fees
Business Acquisition [Line Items]
Transaction costs								2,300
Yieldbroker \| General and Administrative Expense
Business Acquisition [Line Items]
Transaction costs								$ 900
NFI Acquisition \| Professional Fees
Business Acquisition [Line Items]
Transaction costs										$ 5,100
R8FIN
Business Acquisition [Line Items]
Purchase price, net of cash acquired and excluding working capital and other closing adjustments		$ 125,000
All-cash acquisition		90,000
Equity interests issued and issuable		$ 35,000
R8FIN \| Subsequent Event
Business Acquisition [Line Items]
Common stock shares issued by corporation (in shares) \| shares	374,601
Software development costs \| Yieldbroker
Business Acquisition [Line Items]
Useful life of intangible assets			1 year	1 year
Software development costs \| NFI Acquisition
Business Acquisition [Line Items]
Useful life of intangible assets						1 year	1 year	1 year
Tradename
Business Acquisition [Line Items]
Useful life of intangible assets						4 years	4 years	4 years	4 years
Tradename \| Yieldbroker
Business Acquisition [Line Items]
Useful life of intangible assets			4 years	4 years
Customer relationships
Business Acquisition [Line Items]
Useful life of intangible assets						13 years	13 years	13 years	13 years
Customer relationships \| Yieldbroker
Business Acquisition [Line Items]
Useful life of intangible assets			13 years	13 years

Business Segment and Geographic Information

12 Months Ended

Dec. 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:


	Year Ended
	December 31,
	2023		2022		2021

	(in thousands)
Revenues
Institutional	$	797,038	$	719,211	$	668,812
Wholesale	312,586		273,189		254,927
Retail	134,521		110,468		70,566
Market Data	94,074		85,913		82,142
Total revenue	1,338,219		1,188,781		1,076,447
Operating expenses	832,950		776,208		717,619
Operating income	$	505,269	$	412,573	$	358,828

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

The following table provides revenue by geographic area:


	Year Ended
	December 31,
	2023		2022		2021

	(in thousands)
Revenues
U.S.	$	850,338	$	760,642	$	673,223
International	487,881		428,139		403,224
Total revenue	$	1,338,219	$	1,188,781	$	1,076,447

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


	December 31,
	2023		2022

	(in thousands)
Long-lived assets
U.S.	$	3,990,070	$	4,044,230
International	20,348		13,026
Total	$	4,010,418	$	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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Preliminary Purchase Price Allocated

The final purchase price was allocated as follows:


	Purchase Price Allocation

	(in thousands)
Cash and cash equivalents	$	12,753

Accounts receivable	1,900
Equipment	384
Lease right-of-use assets	1,453
Software development costs	588
Goodwill	35,265
Intangible assets – Customer relationships	39,746
Intangible assets – Tradename	492
Deferred tax asset	3,361
Other assets	693
Accrued compensation	(3,577)
Deferred revenue	(72)
Accounts payable, accrued expenses and other liabilities	(9,025)
Lease liabilities	(1,496)
Total cash paid	82,465
Less: Cash acquired	(12,753)
Less: Working capital and other closing adjustments	10,368
Purchase price, net of cash acquired and excluding working capital and other closing adjustments	$	80,080

Insider Trading Arrangements

3 Months Ended

12 Months Ended

Dec. 31, 2023

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

The following table describes trading plans intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act, as defined in Item 408 of Regulation S-K (“Rule 10b5-1 trading arrangements”), adopted, modified or terminated by our executive officers and directors during the three months ended December 31, 2023.

Name and Title

Action

Date

Aggregate Number of Securities to be Purchased or Sold

Scheduled Expiration Date (1)

Douglas Friedman General Counsel and Secretary

Adoption

November 24, 2023

Sale of an amount equal to up to: (A) 26,232 shares of Class A common stock to be issued upon the exercise of options in accordance with the terms of the Rule 10b5-1 trading arrangement and (B) (i) 5,955 shares of Class A common stock to be issued upon the vesting on March 15, 2024 of previously awarded restricted stock units, plus (ii) the number of shares issued upon vesting on March 15, 2024 in settlement of dividend equivalent rights in respect of the 5,955 shares subject to the restricted stock units that accrued during the award’s vesting period of March 15, 2021 - March 15, 2024, as applicable, pursuant to the terms of the award agreement and determined on the vesting date, less (iii) the number of shares withheld for taxes, to be determined on the vesting date, less (iii) the number of shares withheld for taxes, to be determined on the vesting date.

May 24, 2024

Justin Peterson

Chief Technology Officer

Adoption

November 30, 2023

Sale of an amount equal to up to: (A) 10,000 shares of Class A common stock to be issued upon the exercise of options in accordance with the terms of the Rule 10b5-1 trading arrangement, (B) (i) 14,832 shares of Class A common stock to be issued upon the vesting on January 1, 2024 of previously awarded performance-based restricted stock units, plus (ii) the number of shares issued upon vesting on January 1, 2024 in settlement of dividend equivalent rights in respect of the 14,832 shares subject to the performance-based restricted stock units that accrued during the award’s vesting period of March 15, 2021 – January 1, 2024, pursuant to the terms of the award agreement and determined on the vesting date, less (iii) the number of shares withheld for taxes, to be determined on the vesting date, and (C) (i) 11,152 shares of Class A common stock to be issued upon the vesting on March 15, 2024 of previously awarded restricted stock units, plus (ii) the number of shares issued upon vesting on March 15, 2024 in settlement of dividend equivalent rights in respect of the 11,152 shares subject to the restricted stock units that accrued during the award’s vesting period of March 15, 2021 – March 15, 2024, as applicable, pursuant to the terms of the award agreement and determined on the vesting date, less (iii) the number of shares withheld for taxes, to be determined on the vesting date.

September 25, 2024

(1) The Rule 10b5-1 trading arrangement may also expire on such earlier date as all such transactions under the trading arrangement are completed or at such time as such trading arrangement is otherwise terminated in accordance with its terms.

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Douglas Friedman [Member]

Trading Arrangements, by Individual

Name

Douglas Friedman

Title

General Counsel and Secretary

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

November 24, 2023

Arrangement Duration

182 days

Justin Peterson [Member]

Trading Arrangements, by Individual

Name

Justin Peterson

Title

Chief Technology Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

November 30, 2023

Arrangement Duration

300 days

Douglas Friedman Rule Trading Arrangement, Stock Options [Member] | Douglas Friedman [Member]

Trading Arrangements, by Individual

Aggregate Available

26,232

Douglas Friedman Rule Trading Arrangement, Vesting Of Restricted Stock Units Previously Awarded [Member] | Douglas Friedman [Member]

Trading Arrangements, by Individual

Aggregate Available

5,955

Douglas Friedman Rule Trading Arrangement, Restricted Stock Units Accrued During Vesting Period Of March 15, 2021 Through March 15, 2024 [Member] | Douglas Friedman [Member]

Trading Arrangements, by Individual

Aggregate Available

5,955

Justin Peterson Rule Trading Arrangement, Stock Options [Member] | Justin Peterson [Member]

Trading Arrangements, by Individual

Aggregate Available

10,000

Justin Peterson Rule Trading Arrangement, Vesting Of Previously Awarded Performance-Based Restricted Stock Units [Member] | Justin Peterson [Member]

Trading Arrangements, by Individual

Aggregate Available

14,832

Justin Peterson Rule Trading Arrangement, Performance-Based Restricted Stock Units Accrued During Vesting Period Of March 15, 2021 Through January 1, 2024 [Member] | Justin Peterson [Member]

Trading Arrangements, by Individual

Aggregate Available

14,832

Justin Peterson Rule Trading Arrangement, Restricted Stock Units [Member] | Justin Peterson [Member]

Trading Arrangements, by Individual

Aggregate Available

11,152

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

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

These attributes are summarized in the following table:


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

Schedule of Company’s Outstanding Shares of Common Stock

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


	Class A	Class B	Class C	Class D	Total

Balance at December 31, 2020	98,075,465	96,933,192	3,139,821	30,871,381	229,019,859
Activities related to exchanges of LLC Interests	3,483,238	—	(1,484,996)	(1,998,242)	—
Issuance of common stock from equity incentive plans	5,630,086	—	—	—	5,630,086
Share repurchases pursuant to share repurchase programs	(901,968)	—	—	—	(901,968)
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	4,184,083	—	1,596,352	(5,780,435)	—
Issuance of common stock from equity incentive plans	1,622,769	—	—	—	1,622,769
Share repurchases pursuant to share repurchase programs	(1,347,067)	—	—	—	(1,347,067)
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	3,265,908	—	14,748,823	(18,014,731)	—
Issuance of common stock from equity incentive plans	1,564,003	—	—	—	1,564,003
Share repurchases pursuant to share repurchase programs	(485,730)	—	—	—	(485,730)
Balance at December 31, 2023	115,090,787	96,933,192	18,000,000	5,077,973	235,101,952

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-3

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-4

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-5

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481142/505-10-45-2

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-10

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 480
-SubTopic 10
-Section S99
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480244/480-10-S99-1

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-6

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-7

+ Details

Tax Receivable Agreement	12 Months Ended
Tax Receivable Agreement	Dec. 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 consolidated statements of income in the period in which the change occurs. As of December 31, 2023 and 2022, the tax receivable agreement liability on the consolidated statements of financial condition totaled $457.5 million and $425.7 million, respectively. During the years ended December 31, 2023, 2022 and 2021, the Company recognized a tax receivable agreement liability adjustment of $9.5 million of expense and $13.7 million and $12.7 million of income, respectively, in the consolidated statements of income.

Income Taxes - Narrative (Details) - USD ($)		12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Apr. 08, 2019	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Line Items]
Income before taxes		$ 547,980,000	$ 437,133,000	$ 369,983,000
Effective tax rate		23.40%	17.70%	26.20%
Remaining percentage of tax benefits		50.00%
Interest payable		$ 1,200,000
Penalties payable		100,000
Other assets		70,819,000	$ 74,262,000
Accounts Payable and Accrued Liabilities
Income Tax Disclosure [Line Items]
Tax liability		0	2,700,000
Receivable And Due From Affiliates \| Affiliated Entity
Income Tax Disclosure [Line Items]
Other assets		$ 0	$ 2,700,000
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
United States
Income Tax Disclosure [Line Items]
Income before taxes		$ 533,700,000
Net operating loss carryforwards		0
State and local
Income Tax Disclosure [Line Items]
Net operating loss carryforwards		1,700,000
Foreign
Income Tax Disclosure [Line Items]
Income before taxes		14,300,000
Net operating loss carryforwards		$ 2,100,000

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 1,706,468	$ 1,257,229
Restricted cash	1,000	1,000
Receivable from brokers and dealers and clearing organizations	381,178	11,632
Deposits with clearing organizations	36,806	23,906
Accounts receivable, net of allowance for credit losses of $284 and $129 at December 31, 2023 and 2022, respectively	168,407	142,676
Furniture, equipment, purchased software and leasehold improvements, net of accumulated depreciation and amortization	33,559	37,413
Lease right-of-use assets	25,206	24,933
Software development costs, net of accumulated amortization	131,332	141,833
Goodwill	2,815,524	2,780,259
Intangible assets, net of accumulated amortization	1,004,797	1,072,818
Receivable and due from affiliates	192	2,728
Deferred tax asset	684,250	689,442
Other assets	70,819	74,262
Total assets	7,059,538	6,260,131
Liabilities
Securities sold under agreements to repurchase	21,612	0
Payable to brokers and dealers and clearing organizations	351,864	11,264
Accrued compensation	164,329	150,884
Deferred revenue	25,746	22,827
Accounts payable, accrued expenses and other liabilities	57,501	46,690
Lease liabilities	27,463	27,943
Payable and due to affiliates	1,327	7,232
Deferred tax liability	20,767	21,251
Tax receivable agreement liability	457,523	425,724
Total liabilities	1,128,132	713,815
Commitments and contingencies (Note 17)
Equity
Preferred stock, $0.00001 par value; 250,000,000 shares authorized; none issued or outstanding	0	0
Additional paid-in capital	4,738,758	4,577,270
Accumulated other comprehensive income (loss)	(5,389)	(10,113)
Retained earnings	640,384	386,632
Total stockholders’ equity attributable to Tradeweb Markets Inc.	5,373,755	4,953,791
Non-controlling interests	557,651	592,525
Total equity	5,931,406	5,546,316
Total liabilities and equity	7,059,538	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

Credit Risk (Details) - USD ($) $ in Thousands	12 Months Ended
Credit Risk (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Risks and Uncertainties [Abstract]
Allowance for doubtful accounts	$ 284	$ 129
Credit loss expense (reversal)	$ 208	$ (14)	$ 13

Revenue - Recognized Revenue and Remaining Balances (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Change in Contract with Customer
Deferred revenue balance - beginning of period	$ 22,827
New billings	129,193
Revenue recognized	(126,407)
Deferred revenue acquired in connection with the Yieldbroker Acquisition	72
Effect of foreign currency exchange rate changes	61
Deferred revenue balance - end of period	$ 25,746

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2023

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

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


	December 31,
	2023		2022

	(in thousands)
Accounts receivable	$	688	$	70
Receivable and due from affiliates	192		2,728
Other assets	17		261
Accounts payable, accrued expenses and other liabilities	1,044		335
Deferred revenue	6,508		5,076
Payable and due to affiliates	1,327		7,232

Schedule of Affiliates were Included in the Consolidated Statements of Income

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


	Year Ended
	December 31,
	2023		2022		2021

	(in thousands)
Revenue:
Subscription fees	$	2,380	$	1,308	$	923
LSEG market data fees (1)	64,336		62,721		61,161
Other fees	601		464		522
Expenses: (2)
Employee compensation and benefits	17		613		856
Technology and communications	5,747		4,713		3,951
General and administrative	7		291		194
Professional fees	30		46		39
Occupancy	67		—		—

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

Stock-Based Compensation Plans - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Total stock-based compensation expense	$ 65,128	$ 66,644	$ 51,943

Consolidated Statements of Changes in Equity - USD ($)	Total	Common Stock Class A common stock	Common Stock Class B common stock	Common Stock Class C common stock	Common Stock Class D common stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Non- Controlling Interests
Beginning balance at Dec. 31, 2020	$ 5,019,163,000	$ 1,000	$ 1,000	$ 0	$ 0	$ 4,143,094,000	$ 4,314,000	$ 156,041,000	$ 715,712,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from equity incentive plans	93,104,000					93,104,000
Share repurchases pursuant to share repurchase programs	(75,676,000)							(75,676,000)
Tax receivable agreement liability and deferred taxes arising from LLC Interest ownership exchanges and the issuance of common stock from equity incentive plans	95,670,000					95,670,000
Adjustments to non-controlling interests	0					87,006,000	86,000		(87,092,000)
Distributions to non-controlling interests	(11,129,000)								(11,129,000)
Dividends	(64,570,000)							(64,570,000)
Stock-based compensation expense	51,943,000					51,943,000
Payroll taxes paid for stock-based compensation	(71,024,000)					(71,024,000)
Net income	273,108,000							226,828,000	46,280,000
Foreign currency translation adjustments	(3,219,000)						(2,796,000)		(423,000)
Other - See Note 14	1,573,000					1,573,000
Ending balance at Dec. 31, 2021	5,308,943,000	1,000	1,000	0	0	4,401,366,000	1,604,000	242,623,000	663,348,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from equity incentive plans	10,190,000					10,190,000
Share repurchases pursuant to share repurchase programs	(99,323,000)							(99,323,000)
Tax receivable agreement liability and deferred taxes arising from LLC Interest ownership exchanges and the issuance of common stock from equity incentive plans	88,230,000					88,230,000
Adjustments to non-controlling interests	0					108,679,000	(308,000)		(108,371,000)
Distributions to non-controlling interests	(10,894,000)								(10,894,000)
Dividends	(66,006,000)							(66,006,000)
Stock-based compensation expense	67,380,000					67,380,000
Payroll taxes paid for stock-based compensation	(101,675,000)					(101,675,000)
Net income	359,613,000							309,338,000	50,275,000
Foreign currency translation adjustments	(13,242,000)						(11,409,000)		(1,833,000)
Other - See Note 14	3,100,000					3,100,000
Ending balance at Dec. 31, 2022	5,546,316,000	1,000	1,000	0	0	4,577,270,000	(10,113,000)	386,632,000	592,525,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from equity incentive plans	15,238,000					15,238,000
Share repurchases pursuant to share repurchase programs	(35,205,000)							(35,205,000)
Tax receivable agreement liability and deferred taxes arising from LLC Interest ownership exchanges and the issuance of common stock from equity incentive plans	53,395,000					53,395,000
Adjustments to non-controlling interests	0					77,767,000	(126,000)		(77,641,000)
Distributions to non-controlling interests	(12,439,000)								(12,439,000)
Dividends	(75,909,000)							(75,909,000)
Stock-based compensation expense	66,607,000					66,607,000
Payroll taxes paid for stock-based compensation	(51,519,000)					(51,519,000)
Net income	419,503,000							364,866,000	54,637,000
Foreign currency translation adjustments	5,419,000						4,850,000		569,000
Other - See Note 14						0
Ending balance at Dec. 31, 2023	$ 5,931,406,000	$ 1,000	$ 1,000	$ 0	$ 0	$ 4,738,758,000	$ (5,389,000)	$ 640,384,000	$ 557,651,000

Business Segment and Geographic Information - Revenue by Client Sector (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Segment and Geographic Information
Total revenue	$ 1,338,219	$ 1,188,781	$ 1,076,447
Operating expenses	832,950	776,208	717,619
Operating income	505,269	412,573	358,828
Institutional
Business Segment and Geographic Information
Total revenue	797,038	719,211	668,812
Wholesale
Business Segment and Geographic Information
Total revenue	312,586	273,189	254,927
Retail
Business Segment and Geographic Information
Total revenue	134,521	110,468	70,566
Market Data
Business Segment and Geographic Information
Total revenue	$ 94,074	$ 85,913	$ 82,142

- Definition

+ References

+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Activity Related to the Company's Leases

The following is a summary of lease right-of-use assets and lease liabilities related to operating leases as of December 31, 2023 and 2022:


	December 31,
	2023		2022

	(in thousands)
Operating lease right-of-use assets	$	25,206	$	24,933
Operating lease liabilities	$	27,463	$	27,943

Activity related to the Company’s leases for the years ended December 31, 2023, 2022 and 2021 is as follows:


	Year Ended
	December 31,
	2023		2022		2021

	(in thousands)
Operating lease expense included as a component of occupancy expense on the accompanying consolidated statements of income	$	11,768	$	10,842	$	10,624
Cash paid for amounts included in the measurement of operating lease liability	$	12,548	$	11,940	$	11,736

At December 31, 2023 and 2022, the weighted average borrowing rate and weighted average remaining lease term are as follows:


	December 31,
	2023		2022

Weighted average borrowing rate	4.6	%	2.9	%
Weighted average remaining lease term (years)	3.7		3.3

Schedule of Maturity of Lease Liabilities and Future Minimum Lease Payments

The following table presents the future minimum lease payments and the maturity of lease liabilities as of December 31, 2023:


	Amount
	(in thousands)
2024	$	12,322
2025	5,389
2026	4,590
2027	4,588
2028	1,531
Thereafter	1,521
Total future lease payments	29,941
Less imputed interest	(2,478)
Lease liability	$	27,463

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	New York, New York

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income attributable to Tradeweb Markets Inc.	$ 364,866	$ 309,338	$ 226,828

- Definition

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

+ References

+ Details

Acquisitions

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisitions

Yieldbroker

On August 31, 2023, the Company completed its acquisition of all of the outstanding equity interests of Tradeweb Australia Pty Ltd (Tradeweb Australia Pty Ltd changed its name from Yieldbroker Pty Limited in January 2024). The all-cash purchase price of A$123.6 million ($80.1 million U.S. dollars as translated as of August 31, 2023) was net of cash acquired and prior to working capital and other closing adjustments. During the fourth quarter of 2023, the Company recorded final working capital and purchase price adjustments which resulted in a $0.5 million increase in total assets, a $0.4 million decrease in total liabilities and a $0.1 million increase in total cash paid.

Tradeweb Australia Pty Ltd is a corporation registered under the Corporations Act 2001 in Australia and a Tier 1 Australian Markets Licensee in Australia, regulated by the ASIC, that maintains a branch in Singapore which is regulated by the MAS as a Regulated Market Operator. Yieldbroker operates a leading Australian trading platform for Australian and New Zealand government bonds and interest rate derivatives, covering the institutional and wholesale client sectors.

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

The final purchase price was allocated as follows:


	Purchase Price Allocation

	(in thousands)
Cash and cash equivalents	$	12,753

Accounts receivable	1,900
Equipment	384
Lease right-of-use assets	1,453
Software development costs	588
Goodwill	35,265
Intangible assets – Customer relationships	39,746
Intangible assets – Tradename	492
Deferred tax asset	3,361
Other assets	693
Accrued compensation	(3,577)
Deferred revenue	(72)
Accounts payable, accrued expenses and other liabilities	(9,025)
Lease liabilities	(1,496)
Total cash paid	82,465
Less: Cash acquired	(12,753)
Less: Working capital and other closing adjustments	10,368
Purchase price, net of cash acquired and excluding working capital and other closing adjustments	$	80,080

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

During the year ended December 31, 2023, the Company recognized $2.3 million in transaction costs incurred to effect the Yieldbroker Acquisition, which are included as a component of professional fees in the accompanying consolidated statements of income. During the year ended December 31, 2023, the Company also recognized $0.9 million in transaction costs incurred to effect the Yieldbroker Acquisition, which are included as a component of general and administrative expenses in the accompanying consolidated statements of income. There were no acquisitions completed during the year ended December 31, 2022. During the year ended December 31, 2021, the Company recognized $5.1 million in transaction costs incurred to effect the NFI Acquisition, which are included as a component of professional fees in the accompanying consolidated statements of income.

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

On June 1, 2023, the Company entered into a foreign currency call option on Australian dollars, giving the Company an option to buy A$120.7 million, in order to partially mitigate the Company’s U.S. dollar versus Australian dollar foreign exchange exposure on the then-anticipated payment of the Australian dollar denominated purchase price for the Yieldbroker Acquisition. The counterparty on the foreign currency call option contract was an affiliate of LSEG. On August 25, 2023, the Company unwound the out-of-the-money foreign currency call option and received $1.1 million from an affiliate of LSEG. Realized losses on the Australian dollar call option during the year ended December 31, 2023 totaled $1.3 million, which is included within other income/loss in the accompanying consolidated statements of income. See Note 15 – Fair Value of Financial Instruments for additional details.

r8fin

On November 16, 2023, TWM LLC and the Corporation entered into a definitive agreement for TWM LLC to acquire all of the outstanding equity interests of R8FIN Holdings LP (together with its subsidiaries, “r8fin”) in exchange for total consideration of $125 million, consisting of $90 million in cash and $35 million in shares of Class A common stock of the Corporation, subject to working capital and other adjustments. r8fin provides a suite of algorithmic-based tools as well as a thin-client execution management system (EMS) trading application to facilitate futures and cash trades. The solutions complement Tradeweb’s existing Dealerweb Active Streams, Dealerweb Central Limit Order Book (CLOB), Tradeweb Request-for-Quote (RFQ) and Tradeweb AiEX (Automated Intelligent Execution) offerings. The acquisition closed on January 19, 2024, following the satisfaction of closing conditions and regulatory reviews. On the closing date, the Corporation issued a total of 374,601 shares of Class A common stock as partial consideration for the acquisition.

Leases - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Revolving Credit Facility
Lessee, Lease, Description [Line Items]
Letters of credit outstanding	$ 0.5	$ 0.5
Minimum
Lessee, Lease, Description [Line Items]
Initial term of lease	1 year
Maximum
Lessee, Lease, Description [Line Items]
Initial term of lease	10 years

Significant Accounting Policies - Furniture, Equipment, Purchased Software, Leasehold Improvements and Software Development Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Software development costs
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life	3 years
Amortization of pushdown accounting allocation	9 years
Software development costs \| NFI Acquisition
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life of intangible assets	1 year
Software development costs \| Yieldbroker 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	4 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	$ 95.8	$ 73.8
Depreciation expense	$ 21.3	$ 19.5	$ 20.9
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