View Filing Data

Print Document View Excel Document

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2019	May 15, 2019
Entity Registrant Name	Tradeweb Markets Inc.
Entity Central Index Key	0001758730
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Class A common stock
Entity Common Stock, Shares Outstanding		46,000,000
Class B common stock
Entity Common Stock, Shares Outstanding		96,933,192
Class C common stock
Entity Common Stock, Shares Outstanding		10,006,269
Class D common stock
Entity Common Stock, Shares Outstanding		69,282,736

Statements of Financial Condition - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Assets
Cash	$ 100	$ 100
Total assets	100	100
Stockholders' Equity
Common Stock, par value $.1 per share, 1,000 shares authorized, 100 issued and outstanding	1	1
Additional paid-in capital (see note 4)	99	99
Total stockholder's equity	$ 100	$ 100

Statements of Financial Condition (Parenthetical)	Mar. 31, 2019 $ / shares shares
Statements of Financial Condition
Common Stock, par value per share \| $ / shares	$ 0.01
Common Stock, shares authorized	1,000
Common Stock, shares issued	100
Common Stock, shares outstanding	100

Organization	3 Months Ended
Organization	Mar. 31, 2019
Organization
Organization	1.Organization Tradeweb Markets Inc. (the "Corporation") was formed as a Delaware corporation on November 7, 2018. The Corporation was formed for the purpose of completing certain reorganization transactions in order to carry on the business of Tradeweb Markets LLC (“TWM LLC”) and conducting an initial public offering (“IPO”). On April 8, 2019, the Corporation closed an IPO of 46,000,000 shares of Class A common stock at a public offering price of $27.00, which includes 6,000,000 shares of Class A common stock issued pursuant to the underwriters’ option to purchase additional shares of Class A common stock. The Corporation received $1,161,270,000 in net proceeds, after deducting underwriting discounts and commissions but before deducting offering expenses, which were used to purchase membership interests of TWM LLC from certain existing equityholders of TWM LLC (and cancelled the corresponding shares of common stock as described below), at a purchase price per interest equal to the public offering price of $27.00, less the underwriting discounts and commissions payable thereon. Subsequent to the Reorganization Transactions (as defined in note 4) that occurred after March 31, 2019, the Corporation is the sole manager 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 will consolidate the financial results of TWM LLC and report a non-controlling interest in the Corporation’s consolidated financial statements.

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2019
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2.Summary of Significant Accounting Policies Basis of Accounting The statements of financial condition are presented in accordance with accounting principles generally accepted in the United States of America. Separate statements of operations, comprehensive income, changes in stockholder’s equity and cash flows have not been presented in the financial statements because, as of March 31, 2019, there have been no activities in this entity other than the initial capitalization.

Stockholder's Equity	3 Months Ended
Stockholder's Equity	Mar. 31, 2019
Stockholder's Equity
Stockholder's Equity	3.Stockholder's Equity As of March 31, 2019, the Corporation was authorized to issue 1,000 shares of Common Stock, par value $0.01 per share. The Chief Executive Officer of TWM LLC was the sole shareholder of the Corporation and contributed $100 to the Corporation on November 7, 2018 to purchase 100 shares of common stock. Holders of common stock were entitled to one vote for each share of common stock held on all matters submitted to shareholders for vote, consent or approval.

Subsequent Events

3 Months Ended

Mar. 31, 2019

Subsequent Events

Subsequent Events

4.Subsequent Events

As noted above, on April 8, 2019, the Corporation closed an IPO of 46,000,000 shares of Class A common stock at a public offering price of $27.00, which includes 6,000,000 shares of Class A common stock issued pursuant to the underwriters’ option to purchase additional shares of Class A common stock. The Corporation received $1,161,270,000 in net proceeds, after deducting underwriting discounts and commissions but before deducting offering expenses, which were used to purchase membership interests of TWM LLC from certain of the Bank Stockholders (as defined below) (and cancel the corresponding shares of common stock), at a purchase price per interest equal to the public offering price of $27.00, less the underwriting discounts and commissions payable thereon.

Prior to the closing of the IPO, a series of reorganization transactions (the “Reorganization Transactions”) was completed among the Corporation, TWM LLC and the following parties:

The Owners of TWM LLC prior to the Reorganization Transactions, including an indirect subsidiary (the “Refinitiv LLC Owner”) of Refinitiv Holdings Limited (“Refinitiv”), certain investment and commercial banks (collectively, the “Bank Stockholders”) and members of management, that continued to own LLC Interests (as defined below) immediately prior to the closing of the IPO and who received shares of the Corporation’s Class C common stock, shares of the Corporation’s Class D common stock or a combination of both, as the case may be (collectively, the “Continuing LLC Owners”); and

An indirect subsidiary (the “Refinitiv Direct Owner” and, together with the Refinitiv LLC Owner, the “Refinitiv Owners”) of Refinitiv that owned interests in an entity that held membership interests of TWM LLC prior to the Reorganization Transactions and contributed such entity to the Corporation (the “Refinitiv Contribution”).

The following Reorganization Transactions occurred:

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 (“LLC Interests”), (ii) exchange all of the existing membership interests of TWM LLC’s existing equityholders for LLC Interests and (iii) appoint the Corporation as the sole manager of TWM LLC.

The TWM LLC Agreement also 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;

The Corporation’s certificate of incorporation was amended and restated to, among other things, provide for Class A common stock, Class B common stock, Class C common stock and Class D 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.

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 the Refinitiv Owners and their affiliates together no longer beneficially own 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).

The Corporation assumed sponsorship of an option plan and PRSU plan formerly sponsored by TWM LLC. Accordingly, all options and PRSUs granted under such plans were converted into economically equivalent awards of the Corporation with respect to shares of the Corporation’s Class A common stock;

The Corporation’s board of directors adopted a new omnibus equity incentive plan, under which equity awards may be made in respect of shares of the Corporation’s Class A common stock;

The Corporation issued 20,000,000 shares of Class C common stock and 105,289,005 shares of Class D common stock to the Continuing LLC Owners, on a one-to-one basis with the number of LLC Interests they owned immediately following the amendment and restatement of the TWM LLC Agreement for nominal consideration (the Corporation canceled 9,993,731 shares of such Class C common stock and 36,006,269 shares of such Class D common stock in connection with the Corporation’s purchase of LLC Interests from certain of the Bank Stockholders using the net proceeds of the IPO).

LLC Interests are redeemable, 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). The Corporation’s board of directors, which includes directors who hold LLC Interests or are affiliated with holders of LLC Interests and may include such directors in the future, may, at its option, instead of the foregoing redemptions 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 (subject to customary adjustments, including for stock splits, stock dividends and reclassifications) in accordance with the terms of the TWM LLC Agreement. Holders of Class D common stock may also 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). In addition, with respect to each Bank Stockholder that holds shares of Class D common stock, immediately prior to the occurrence of any event that would cause the combined voting power held by such Bank Stockholder to exceed 4.9%, the minimum number of shares of Class D common stock of such Bank Stockholder that would need to convert into shares of Class C common stock such that the combined voting power held by such Bank Stockholder would not exceed 4.9% will automatically convert into shares of Class C common stock;

As a result of the Refinitiv Contribution, the Corporation received 96,933,192 LLC Interests and the Refinitiv Direct Owner received 96,933,192 shares of Class B common stock. The Refinitiv Direct Owner and other future holders of Class B common stock may from time to time exchange all or a portion of their shares of the Corporation’s 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); and

The Corporation entered into a Tax Receivable Agreement with TWM LLC and the Continuing LLC Owners that 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 using the net proceeds of the IPO or any future offering 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.

Following the completion of the Reorganization Transactions, including the IPO and the application of the proceeds therefrom as described above, the Corporation owns 64.3% of TWM LLC. The Continuing LLC Owners that continue to own LLC Interests own the remaining 35.7% of TWM LLC.

On May 8, 2019, the Corporation's board of directors declared a cash dividend of $0.08 per share of Class A common stock and Class B common stock for the second quarter of 2019. This dividend will be payable on June 15, 2019 to stockholders of record as of June 1, 2019.

There were no other subsequent events requiring adjustment to the financial statements or disclosure.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2019
Summary of Significant Accounting Policies
Basis of Accounting	Basis of Accounting The statements of financial condition are presented in accordance with accounting principles generally accepted in the United States of America. Separate statements of operations, comprehensive income, changes in stockholder’s equity and cash flows have not been presented in the financial statements because, as of March 31, 2019, there have been no activities in this entity other than the initial capitalization.

Organization (Details) - USD ($)	Apr. 08, 2019	Nov. 07, 2018
Shares issued		100
Subsequent Event
Price per interest of TWM LLC acquired	$ 27.00
Subsequent Event \| IPO
Shares issued	46,000,000
Public offering price	$ 27.00
Proceeds, net of underwriting discounts and commissions	$ 1,161,270,000
Subsequent Event \| Underwriters' over-allotment option
Shares issued	6,000,000

Stockholder's Equity (Details)		3 Months Ended
Stockholder's Equity (Details)	Nov. 07, 2018 USD ($) shares	Mar. 31, 2019 Vote / shares $ / shares shares
Stockholder's Equity
Common Stock, shares authorized		1,000
Common Stock, par value per share \| $ / shares		$ 0.01
Stock issued to Chief Executive Officer \| $	$ 100
Amount contributed to purchase shares	100
Number of votes per share to which holders are entitled \| Vote / shares		1

Subsequent Events - Initial Public Offering (Details) - USD ($)	Apr. 08, 2019	Nov. 07, 2018
Subsequent Events
Shares issued		100
Subsequent Event
Subsequent Events
Price per interest of TWM LLC acquired	$ 27.00
Subsequent Event \| IPO
Subsequent Events
Shares issued	46,000,000
Public offering price	$ 27.00
Proceeds, net of underwriting discounts and commissions	$ 1,161,270,000
Subsequent Event \| Underwriters' over-allotment option
Subsequent Events
Shares issued	6,000,000

Subsequent Events - Class of Stock (Details)		3 Months Ended
Subsequent Events - Class of Stock (Details)	Apr. 08, 2019 Vote / shares USD ($) $ / shares shares	Mar. 31, 2019 Vote / shares $ / shares
Subsequent Events
Par Value \| $ / shares		$ 0.01
Number of votes per share to which holders are entitled \| Vote / shares		1
Subsequent Event
Subsequent Events
Shares contributed by Refinitiv Owner	96,933,192
Subsequent Event \| Class A common stock
Subsequent Events
Par Value \| $ / shares	$ 0.00001
Number of votes per share to which holders are entitled \| Vote / shares	1
Subsequent Event \| Class B common stock
Subsequent Events
Par Value \| $ / shares	$ 0.00001
Number of votes per share to which holders are entitled \| Vote / shares	10
Shares contributed by Refinitiv Owner	96,933,192
Acquisition conversion ratio	1
Number of Class A shares to be issued upon conversion	1
Subsequent Event \| Class C and/or D common stock
Subsequent Events
Acquisition conversion ratio	1
Subsequent Event \| Class C common stock
Subsequent Events
Par Value \| $ / shares	$ 0.00001
Number of votes per share to which holders are entitled \| Vote / shares	1
Economic interest in the Corporation \| $	0
Shares issued to acquire TWM LLC	20,000,000
Number of shares canceled	9,993,731
Subsequent Event \| Class D common stock
Subsequent Events
Par Value \| $ / shares	$ 0.00001
Number of votes per share to which holders are entitled \| Vote / shares	10
Economic interest in the Corporation \| $	0
Shares issued to acquire TWM LLC	105,289,005
Number of Class C shares to be issued upon conversion	1
Number of shares canceled	36,006,269
Voting power threshold percentage to require conversion of shares	4.90%

Subsequent Events - Tax Receivable Agreement (Details) - Subsequent Event - $ / shares	May 08, 2019	Apr. 08, 2019
Subsequent Events
Percentage of tax savings due to TWM LLC and its continuing owners		50.00%
Corporation ownership percentage		64.30%
Class A common stock
Subsequent Events
Cash dividend declared	$ 0.08
Class B common stock
Subsequent Events
Cash dividend declared	$ 0.08
Continuing LLC Owners \| Tradeweb Markets LLC
Subsequent Events
Ownership percentage, Continuing LLC Owners		35.70%

Consolidated Statements of Financial Condition (Tradeweb Markets LLC and Subsidiaries) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Assets
Total assets	$ 100	$ 100
Tradeweb Markets LLC
Liabilities
Deferred revenue including deferred revenue from related parties of $8,556 and $9,151 at March 31, 2019 and December 31, 2018, respectively	28,487,000	27,883,000
Lease liability	37,310,000
Successor \| Tradeweb Markets LLC
Assets
Cash and cash equivalents, including cash deposited with related parties of $246,416 and $283,790 at March 31, 2019 and December 31, 2018 respectively	361,608,000	410,104,000
Restricted cash	1,200,000	1,200,000
Receivable from brokers and dealers and clearing organizations including receivables from related parties of $199 and $3,332 at March 31, 2019 and December 31, 2018, respectively	88,422,000	174,591,000
Deposits with clearing organizations including deposits from related parties of $500 at both March 31, 2019 and December 31, 2018	8,872,000	11,427,000
Accounts receivable, net of allowance including receivables from related parties of $46,947 and $40,730 at March 31, 2019 and December 31, 2018, respectively	94,284,000	87,192,000
Furniture, equipment, purchased software and leasehold improvements, net of accumulated depreciation and amortization	36,790,000	38,128,000
Right-of-use assets	32,647,000
Software development costs, net of accumulated amortization	171,705,000	170,582,000
Intangible assets, net of accumulated amortization	1,355,996,000	1,380,848,000
Goodwill	2,694,797,000	2,694,797,000
Receivable from affiliates	3,026,000	3,243,000
Other assets including other assets from related parties of $0 and $9 at March 31, 2019 and December 31, 2018, respectively	32,238,000	25,027,000
Total assets	4,881,585,000	4,997,139,000
Liabilities
Payable to brokers and dealers and clearing organizations including payables to related parties of $0 and $2,404 at March 31, 2019 and December 31, 2018, respectively	81,214,000	171,214,000
Accrued compensation	54,087,000	120,158,000
Deferred revenue including deferred revenue from related parties of $8,556 and $9,151 at March 31, 2019 and December 31, 2018, respectively	28,487,000	27,883,000
Accounts payable, accrued expenses and other liabilities including payables to related parties of $387 and $0 at march 31, 2019 and December 31, 2018, respectively	33,295,000	42,548,000
Employee equity compensation payable	299,000	24,187,000
Lease liability	37,310,000
Payable to affiliates	6,050,000	5,009,000
Deferred tax liability	19,589,000	19,627,000
Total liabilities	260,331,000	410,626,000
Commitments and contingencies (note 13)
Mezzanine Capital
Class C Shares and Class P(C) Shares	23,275,000	14,179,000
Members' capital
Members' capital	4,597,857,000	4,573,200,000
Accumulated other comprehensive income	122,000	(866,000)
Total members' capital	4,597,979,000	4,572,334,000
Total liabilities and equity	$ 4,881,585,000	$ 4,997,139,000

Consolidated Statements of Financial Condition (Parenthetical) (Tradeweb Markets LLC and Subsidiaries) - Successor - Tradeweb Markets LLC - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Cash deposited with related parties	$ 246,416	$ 283,790
Receivables from related parties	199	3,332
Deposits from related parties	500	500
Accounts receivable, net of allowance from related parties	46,947	40,730
Other assets from related parties	0	9
Payables to related parties, brokers, dealers and clearing organizations	0	2,404
Deferred revenues from related parties	8,556	9,151
Payables to related parties	$ 387	$ 0

Consolidated Statements of Income (Tradeweb Markets LLC and Subsidiaries) - Tradeweb Markets LLC - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Successor
Revenues
Gross revenue	$ 186,792,000
Net revenue	186,792,000
Expenses
Employee compensation and benefits	77,273,000
Depreciation and amortization	33,503,000
Technology and communications including from related parties of $740 in both the three months ended March 31, 2019 and 2018	10,040,000
General and administrative including from related parties of $180 in both the three months ended March 31, 2019 and 2018	9,089,000
Professional fees	6,971,000
Occupancy including from related parties of $155 in both the three months ended March 31, 2019 and 2018	3,639,000
Total expenses	140,515,000
Operating income	46,277,000
Interest income including from related parties of $208 and $21 in the three months ended March 31, 2019 and 2018, respectively	858,000
Income before taxes	47,135,000
Provision for income taxes	(4,783,000)
Net income	$ 42,352,000
Net income per share
Basic	$ 0.19
Diluted	$ 0.19
Weighted average number of shares outstanding (note 14)
Basic	222,222,197
Diluted	223,320,457
Successor \| Transaction Fee Revenue
Revenues
Gross revenue	$ 102,640,000
Successor \| Subscription Fee Revenue
Revenues
Gross revenue	34,445,000
Successor \| Commissions Revenue
Revenues
Gross revenue	34,197,000
Successor \| Refinitiv Market Data Fees
Revenues
Gross revenue	13,616,000
Successor \| Other
Revenues
Gross revenue	$ 1,894,000
Predecessor
Revenues
Gross revenue		$ 169,503,000
Contingent consideration to related parties		(10,070,000)
Net revenue		159,433,000
Expenses
Employee compensation and benefits		71,570,000
Depreciation and amortization		16,268,000
Technology and communications including from related parties of $740 in both the three months ended March 31, 2019 and 2018		8,463,000
General and administrative including from related parties of $180 in both the three months ended March 31, 2019 and 2018		6,517,000
Professional fees		5,538,000
Occupancy including from related parties of $155 in both the three months ended March 31, 2019 and 2018		3,722,000
Total expenses		112,078,000
Operating income		47,355,000
Interest income including from related parties of $208 and $21 in the three months ended March 31, 2019 and 2018, respectively		471,000
Income before taxes		47,826,000
Provision for income taxes		(2,518,000)
Net income		$ 45,308,000
Net income per share
Basic		$ 0.21
Diluted		$ 0.21
Weighted average number of shares outstanding (note 14)
Basic		213,435,321
Diluted		213,435,321
Predecessor \| Transaction Fee Revenue
Revenues
Gross revenue		$ 90,139,000
Predecessor \| Subscription Fee Revenue
Revenues
Gross revenue		36,326,000
Predecessor \| Commissions Revenue
Revenues
Gross revenue		27,883,000
Predecessor \| Refinitiv Market Data Fees
Revenues
Gross revenue		12,237,000
Predecessor \| Other
Revenues
Gross revenue		$ 2,918,000

Consolidated Statements of Income (Parenthetical) (Tradeweb Markets LLC and Subsidiaries) - Tradeweb Markets LLC - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Successor
Revenues
Technology and communications from related parties	$ 740
General and administrative from related parties	180
Occupancy from related parties	155
Interest income from related parties	208
Successor \| Transaction Fee Revenue
Revenues
Revenue from related parties	59,643
Successor \| Subscription Fee Revenue
Revenues
Revenue from related parties	5,670
Successor \| Commissions Revenue
Revenues
Revenue from related parties	$ 16,186
Predecessor
Revenues
Technology and communications from related parties		$ 740
General and administrative from related parties		180
Occupancy from related parties		155
Interest income from related parties		21
Predecessor \| Transaction Fee Revenue
Revenues
Revenue from related parties		52,918
Predecessor \| Subscription Fee Revenue
Revenues
Revenue from related parties		5,220
Predecessor \| Commissions Revenue
Revenues
Revenue from related parties		$ 11,631

Consolidated Statements of Comprehensive Income (Tradeweb Markets LLC and Subsidiaries) - Tradeweb Markets LLC - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Successor
Net income	$ 42,352
Foreign currency translation adjustments	988
Comprehensive income	$ 43,340
Predecessor
Net income		$ 45,308
Foreign currency translation adjustments		1,928
Comprehensive income		$ 47,236

- Definition

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

+ References + Details

Consolidated Statements of Changes in Members' Capital and Accumulated Other Comprehensive Income - Tradeweb Markets LLC - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Predecessor
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Members' capital beginning of period		$ 986,468
Comprehensive income:
Net income		45,308
Foreign currency translation adjustments		1,928
Capital distributions		(25,000)
Members' capital end of period		1,008,704
Predecessor \| Members' Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Members' capital beginning of period		999,735
Comprehensive income:
Net income		45,308
Capital distributions		(25,000)
Members' capital end of period		1,020,043
Predecessor \| Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Members' capital beginning of period		(13,267)
Comprehensive income:
Foreign currency translation adjustments		1,928
Members' capital end of period		$ (11,339)
Successor
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Members' capital beginning of period	$ 4,572,334
Comprehensive income:
Net income	42,352
Foreign currency translation adjustments	988
Adjustment to Class C Shares and Class P(C) Shares in mezzanine capital	(2,369)
Share-based compensation	4,674
Capital distributions	(20,000)
Members' capital end of period	4,597,979
Successor \| Members' Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Members' capital beginning of period	4,573,200
Comprehensive income:
Net income	42,352
Adjustment to Class C Shares and Class P(C) Shares in mezzanine capital	(2,369)
Share-based compensation	4,674
Capital distributions	(20,000)
Members' capital end of period	4,597,857
Successor \| Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Members' capital beginning of period	(866)
Comprehensive income:
Foreign currency translation adjustments	988
Members' capital end of period	$ 122

Consolidated Statements of Cash Flows (Tradeweb Markets LLC and Subsidiaries) - Tradeweb Markets LLC - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Successor
Cash flows from operating activities
Net income	$ 42,352
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	33,503
Share-based compensation expense	4,674
Deferred taxes	(39)
(Increase) decrease in operating assets:
Receivable from brokers and dealers and clearing organizations	86,169
Deposits with clearing organizations	2,570
Accounts receivable	(6,406)
Receivable from affiliates	217
Other assets	(7,152)
Increase (decrease) in operating liabilities:
Payable to brokers and dealers and clearing organizations	(90,000)
Accrued compensation	(66,447)
Deferred revenue	602
Accounts payable, accrued expenses and other liabilities	(4,911)
Employee equity compensation payable	(17,161)
Payable to affiliates	950
Net cash used in operating activities	(21,079)
Cash flows from investing activities
Purchase of furniture, equipment, software and leasehold improvements	(1,516)
Capitalized software development costs	(6,767)
Net cash used in investing activities	(8,283)
Cash flows from financing activities
Capital distributions	(20,000)
Net cash used in financing activities	(20,000)
Effect of exchange rate changes on cash and cash equivalents	866
Net decrease in cash and cash equivalents	(48,496)
Cash and cash equivalents and restricted cash
Beginning of period	411,304
End of period	362,808
Supplemental disclosure of cash flow information
Income taxes paid	$ 7,301
Predecessor
Cash flows from operating activities
Net income		$ 45,308
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization		16,268
Contingent consideration		10,070
Deferred taxes		452
(Increase) decrease in operating assets:
Receivable from brokers and dealers and clearing organizations		4,324
Deposits with clearing organizations		(950)
Accounts receivable		(29,762)
Receivable from affiliates		(119)
Other assets		903
Increase (decrease) in operating liabilities:
Payable to brokers and dealers and clearing organizations		(4,322)
Accrued compensation		(59,693)
Deferred revenue		1,479
Accounts payable, accrued expenses and other liabilities		4,201
Employee equity compensation payable		(11,797)
Payable to affiliates		9,412
Net cash used in operating activities		(14,226)
Cash flows from investing activities
Purchase of furniture, equipment, software and leasehold improvements		(1,244)
Capitalized software development costs		(6,198)
Net cash used in investing activities		(7,442)
Cash flows from financing activities
Capital distributions		(25,000)
Net cash used in financing activities		(25,000)
Effect of exchange rate changes on cash and cash equivalents		1,813
Net decrease in cash and cash equivalents		(44,855)
Cash and cash equivalents and restricted cash
Beginning of period		353,798
End of period		308,943
Supplemental disclosure of cash flow information
Income taxes paid		$ 1,784

Consolidated Statements of Cash Flows (Parenthetical) (Tradeweb Markets LLC and Subsidiaries) - Tradeweb Markets LLC - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Successor
Cash	$ 361,608		$ 410,104
Restricted cash	1,200
Cash and cash equivalents and restricted cash	$ 362,808		$ 411,304
Predecessor
Cash		$ 307,743
Restricted cash		1,200
Cash and cash equivalents and restricted cash		$ 308,943		$ 353,798

Organization (Tradeweb Markets LLC and Subsidiaries)

3 Months Ended

Mar. 31, 2019

Organization

Organization

1.Organization

Tradeweb Markets Inc. (the "Corporation") was formed as a Delaware corporation on November 7, 2018. The Corporation was formed for the purpose of completing certain reorganization transactions in order to carry on the business of Tradeweb Markets LLC (“TWM LLC”) and conducting an initial public offering (“IPO”).

On April 8, 2019, the Corporation closed an IPO of 46,000,000 shares of Class A common stock at a public offering price of $27.00, which includes 6,000,000 shares of Class A common stock issued pursuant to the underwriters’ option to purchase additional shares of Class A common stock. The Corporation received $1,161,270,000 in net proceeds, after deducting underwriting discounts and commissions but before deducting offering expenses, which were used to purchase membership interests of TWM LLC from certain existing equityholders of TWM LLC (and cancelled the corresponding shares of common stock as described below), at a purchase price per interest equal to the public offering price of $27.00, less the underwriting discounts and commissions payable thereon. Subsequent to the Reorganization Transactions (as defined in note 4) that occurred after March 31, 2019, the Corporation is the sole manager 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 will consolidate the financial results of TWM LLC and report a non-controlling interest in the Corporation’s consolidated financial statements.

Tradeweb Markets LLC

Organization

Organization

1. Organization

Tradeweb Markets LLC (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, a Delaware limited liability company, is a consolidating subsidiary of BCP York Holdings (“BCP”), a company owned by certain investment funds affiliated with The Blackstone Group L.P., through BCP’s majority ownership interest in Refinitiv Holdings Limited (“Refinitiv” or the “Parent”). As of March 31, 2019, Refinitiv owned a majority ownership interest in the Company and a minority ownership interest of the Company was owned by a group of investment and commercial banks (the “Banks”).

A majority interest of Refinitiv (formerly the Thomson Reuters Financial & Risk Business) was acquired by BCP on October 1, 2018 (the “Refinitiv Transaction”) from Thomson Reuters Corporation (“TR”). The accompanying consolidated financial statements are presented for two periods: predecessor and successor, which relate to the periods preceding and succeeding the Refinitiv Transaction, respectively. The Refinitiv Transaction results in a new basis of accounting beginning on October 1, 2018 and the financial reporting periods are presented as follows:

The successor period of the Company, reflecting the Refinitiv Transaction, as of March 31, 2019 and December 31, 2018 and for the three months ended March 31, 2019.

The predecessor period of the Company for the three months ended March 31, 2018.

The Company, through its subsidiary Tradeweb Global LLC (“TWG”), owns:

Tradeweb LLC (“TWL”), a registered broker-dealer under the Securities Exchange Act of 1934, a member of the Financial Industry Regulatory Authority ("FINRA"), a registered independent introducing broker with the Commodities Future Trading Commission (“CFTC”) and a member of the National Futures Association (“NFA”).

Tradeweb Europe Limited (“TEL”), a Multilateral Trading Facility regulated by the Financial Conduct Authority (the “FCA”) in the UK, which maintains branches in Asia which are regulated by certain Asian securities regulators.

TW SEF LLC (“TW SEF”), a Swap Execution Facility (“SEF”) regulated by the CFTC.

DW SEF LLC (“DW SEF”), a SEF regulated by the CFTC.

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 Trading Venue and Approved Publication Arrangement regulated by the Netherlands Authority for the Financial Markets (“AFM”).

The Company, through its subsidiary Tradeweb IDB Markets Inc. (“TWIDB”) (formerly known as Hydrogen Holdings Corporation), owns Dealerweb Inc. (“DW”) (formerly known as Hilliard Farber & Co., Inc.). DW is a registered broker-dealer under the Securities Exchange Act of 1934 and a member of FINRA. DW is also registered as an introducing broker with the CFTC and NFA.

The Company, through its subsidiary BondDesk Group LLC, owns Tradeweb Direct LLC (“TWD”) (formerly known as BondDesk Trading LLC), a registered broker-dealer under the Securities Exchange Act of 1934 and a member of FINRA.

Significant Accounting Policies (Tradeweb Markets LLC and Subsidiaries)

3 Months Ended

Mar. 31, 2019

Entity Information [Line Items]

Significant Accounting Policies

2.Summary of Significant Accounting Policies

Basis of Accounting

The statements of financial condition are presented in accordance with accounting principles generally accepted in the United States of America. Separate statements of operations, comprehensive income, changes in stockholder’s equity and cash flows have not been presented in the financial statements because, as of March 31, 2019, there have been no activities in this entity other than the initial capitalization.

Tradeweb Markets LLC

Entity Information [Line Items]

Significant Accounting Policies

2. Significant Accounting Policies

The following is a summary of significant accounting policies:

Basis of Accounting

The consolidated financial statements have been presented in conformity with accounting principles generally accepted in the United States of America. All adjustments, which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented, are normal and recurring in nature.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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.

Basis of Consolidation

The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

Recapitalization

As discussed in note 18, on April 4, 2019, the Company's limited liability company agreement ("LLC Agreement") was amended and restated to, among other things, (i)provide for a new single class of common membership interests in the Company ("LLC Interests") and (ii) exchange all of the existing membership interests of the Company's existing equityholders for LLC Interests. For purposes of calculating net income per share on the consolidated statements of income, the number of outstanding shares have been adjusted retroactively for all periods to reflect the above-mentioned amendment and resulting recapitalization. Other share amounts and related disclosures in the notes to the consolidated financial statements reflect the share classes and amounts prior to the recapitalization unless otherwise indicated.

Cash and Cash Equivalents

Cash and cash equivalents consists of cash and highly liquid investments (such as short-term money market instruments) with original maturities of less than three months.

Allowance for Doubtful Accounts

The Company continually monitors collections and payments from its clients and maintains an allowance for doubtful accounts. The allowance for doubtful accounts is based upon the historical collection experience and specific collection issues that have been identified. Additions, if any, to the allowance for doubtful accounts are charged to bad debt expense, which is included in general and administrative expenses on the consolidated statements of income.

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, including the allocated fair value of assets as a result of pushdown accounting (see note 3), 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.

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, in accordance with Accounting Standards Codification (“ASC”) 350. 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. Once the product is ready for its intended use, such costs are amortized on a straight-line basis over three years. Costs capitalized as part of the pushdown accounting allocation (see note 3) 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.

Intangible Assets

Intangible assets with a finite life are amortized over the estimated lives in accordance with ASC 350. 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 in accordance with ASC 360. 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 undiscounted cash flows relating to the asset or asset group is less than the corresponding fair value. Intangible assets are amortized over their estimated useful lives of seven to sixteen years.

Goodwill

Goodwill is the excess of the fair value of the Company above the fair value accounting basis of the net assets and liabilities of the Company under pushdown accounting. Goodwill is also the cost of acquired companies in excess of the fair value of identifiable net assets at acquisition date. Goodwill is not amortized, but in accordance with ASC 350, goodwill is tested for impairment annually and between annual tests whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. In 2019, the Company changed the annual date on which goodwill is tested for impairment from July 1st to October 1st to align with the annual impairment testing date of the Company’s Parent. This change did not accelerate, delay, avoid or cause an impairment charge, nor does this change result in adjustments to the Company’s previously issued financial statements. Goodwill is tested at the reporting unit level, which is defined as an operating segment or one level below the operating segment. 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.

Deferred IPO Costs

In 2018 the Company began incurring costs in connection with the filing of a Registration Statement on Form S-1, which are deferred in other assets in accordance with ASC 505-10-25 in the consolidated statements of financial condition. Initial public offering (“IPO”) costs consist of legal, accounting, and other costs directly related to the Company’s efforts to raise capital through an IPO. These deferred costs were offset against proceeds received from the offering which closed on April 8, 2019 and will be reclassified to additional paid-in capital on the consolidated statements of financial condition. See note 18.

Translation of Foreign Currency

Revenues and expenses denominated in foreign currencies are translated at the rate of exchange prevailing at the transaction date. Assets and liabilities denominated in foreign currencies are translated at the rate prevailing at the consolidated statements of financial condition date. Foreign currency re-measurement gains or losses on transactions in nonfunctional currencies are recognized in the consolidated statements of income. Gains or losses on translation in the financial statements of a non-U.S. operation, when the functional currency is other than the U.S. dollar, are included as a component of comprehensive income.

Income Tax

The Company is a multiple member limited liability company which is taxed as a partnership. No federal income tax provision is required on the earnings of the Company as it is a partnership, and therefore the tax effects of its activities accrue directly to its partners. As a partnership, the Company and certain subsidiaries are subject to unincorporated business taxes on income earned, or losses incurred, by conducting business in certain state and local jurisdictions and income taxes in foreign jurisdictions on certain of their operations. Additionally, TWIDB and its subsidiary DW are C Corporations and therefore incur corporate federal, state and local income tax expense. Income taxes are accounted for in accordance with ASC 740. The Company recorded 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. Based on the weight of the positive and negative evidence considered, management believes that it is more likely than not that the Company will be able to realize its deferred tax assets in the future, therefore, no valuation allowance is necessary.

The Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process whereby (1) 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 (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority.

The Company recognizes interest and penalties related to income taxes within the provision for income taxes in the 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 GILTI provision as a current period expense when incurred.

Revenue Recognition

The Company earns transaction fees from transactions executed on the Company’s trading platforms through various fee plans. Transaction fees are generated both on a variable and fixed price basis and vary by geographic region, product type and trade size. For variable transaction fees, the Company charges clients fees based on the mix of products traded and the volume of transactions executed. Transaction fee revenue is recorded at a point in time when the trade occurs and is generally billed monthly.

The Company earns subscription fees from granting access to institutional investors to the Company's electronic marketplaces. Subscription fees are recognized into income in the period that access is provided on a monthly basis. Also included in subscription fees on the consolidated statements of income are viewer fees earned monthly from institutional investors accessing fixed income market data. The frequency of subscription fee billings varies from monthly until 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 has been met.

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. Securities transactions and related commission income for brokerage transactions are recorded on a trade-date basis. This income is received by the Company when the transactions settle or is billed monthly.

The Company earns fees from Refinitiv, formerly TR in the predecessor periods, relating to the sale of market data to Refinitiv, which redistributes that data. Included in these fees, which are billed quarterly, are real-time market data fees which are recognized in the period that the data is provided, generally on a monthly basis and historical data sets which are recognized when the historical data set is provided to Refinitiv.

On January 1, 2018, the Company adopted ASU 2014-09, Revenue from Contracts with Customers, using the modified retrospective approach. The adoption of ASU 2014-09 did not have a material impact on the measurement or recognition of revenue in any prior reporting periods. However, subsequent to the adoption, the Company was required to make significant judgements for the Refinitiv market data fees. Significant judgements used in accounting for this contract include:

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

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

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

Some commission and transaction fees 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, in thousands, for the three months ended March 31, 2019 and 2018 is as follows:


	Successor				Predecessor
	Three Months Ended				Three Months Ended
	March 31, 2019				March 31, 2018
	(in thousands)				(in thousands)
	Variable		Fixed		Variable		Fixed
Revenues
Transaction fees	$	78,915	$	23,725	$	69,637	$	20,502
Subscription Fees including Refinitiv market data fees		455		47,606		475		48,088
Commissions		24,310		9,887		17,780		10,103
Other		303		1,591		12		2,906
Gross revenues	$	103,983	$	82,809	$	87,904	$	81,599

Share-Based Compensation

The Company accounts for share-based compensation in accordance with ASC 718. ASC 718 focuses primarily on accounting for a transaction in which an entity obtains employee services in exchange for share-based payments. Under ASC 718, the share-based payments received by the employees of the Company are accounted for either as equity awards or as liability awards.

As an equity award, 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 members' capital.

As a liability award, the cost of employee services received in exchange for an award of equity instruments is generally measured based on the grant-date fair value of the award. The fair value of that award is remeasured subsequently at each reporting date through the settlement in accordance with ASC 505. Changes in the equity instrument's fair value during the requisite service period are recognized as compensation cost over that period.

Under ASC 718, the grant-date fair value of share-based awards that do not require future service (i.e., vested awards) are expensed immediately. The grant-date fair value of share-based employee awards that require future service, and are graded-vesting awards, are amortized over the relevant service period on a straight-line basis, with each tranche separately measured. The grant-date fair value of share-based employee awards that require both future service and the achievement of Company performance-based conditions, are amortized over the relevant service period for the 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.

Determining the appropriate fair value model and calculating the fair value of the share-based payment awards requires the input of highly subjective assumptions, including the expected life of the share-based payment awards and the stock price volatility. The Company uses the Black-Scholes pricing model to value some of its share-based awards. Application of alternative assumptions could produce significantly different estimates of the fair value of stock-based compensation and consequently, the related amounts recognized in the Company's consolidated statements of income.

Net Income Per Share

Basic net income per share is computed by dividing the net income attributable to the Company's shares by the weighted-average number of the Company's shares outstanding during the period. For purposes of computing diluted net income per share, the weighted-average number of the Company's shares reflects the dilutive effect that could occur if convertible securities were converted into or exercised for the Company's shares using the treasury stock method.

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 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

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.

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.

Recent Accounting Pronouncements

In June 2016, the FASB issued ASU 2016‑13, Financial Instruments – Credit Losses. The ASU provides new guidance for estimating credit losses on certain types of financial instruments by introducing an approach based on expected losses. This ASU is effective in the fiscal year beginning January 1, 2020. The Company is currently evaluating the impact of this ASU on the Company's consolidated financial statements.

In January 2017, the FASB issued ASU 2017‑04, Intangibles – Goodwill and Other. The ASU simplifies the quantitative goodwill impairment test by eliminating the second step of the test. Under this ASU, impairment will be measured by comparing the estimated fair value of the reporting unit with its carrying value. The ASU is applicable for the Company in the fiscal year beginning January 1, 2021. The Company does not anticipate the adoption of this ASU to have a material impact on the Company's consolidated financial statements.

Pushdown Accounting (Tradeweb Markets LLC and Subsidiaries)	3 Months Ended
	Mar. 31, 2019
Tradeweb Markets LLC
Entity Information [Line Items]
Pushdown Accounting	3. Pushdown Accounting 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 on the date of the Refinitiv Transaction. The Company, as a consolidating subsidiary of Refinitiv, also accounted for the Refinitiv Transaction using pushdown accounting. Under pushdown accounting, the excess of the fair value of the Company above the fair value accounting basis of the net assets and liabilities of the Company was recorded as goodwill. The Company has one year from the date of the Refinitiv Transaction to finalize these amounts. The adjusted valuations resulted in an increase in depreciation and amortization expense, due to the increased carrying value of the Company’s assets and the related increase in depreciation of tangible assets and amortization of intangible assets, and a decrease in occupancy expense as a result of the recognition of a leasehold interest liability.

Leases (Tradeweb Markets LLC and Subsidiaries)

3 Months Ended

Mar. 31, 2019

Tradeweb Markets LLC

Entity Information [Line Items]

Leases

4. Leases

Effective January 1, 2019, the Company adopted ASC 842. This standard requires the Company to recognize a right-of-use asset and a lease liability for all leases with an initial term in excess of twelve months. The Company accounts for an option to extend a lease when the option is reasonably certain to be exercised. The asset reflects the present value of unpaid lease payments coupled with initial direct costs, prepaid lease payments, and lease incentives. The amount of the lease liability is calculated as the present value of unpaid lease payments. The Company adopted ASC 842 using a modified retrospective approach and did not restate comparative periods. The Company elected to take the package of practical expedients allowing the Company to not reassess (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases and (iii) initial direct costs for any existing leases. The Company has elected to account for nonlease components in a contract as part of the single lease component to which they are related.

Significant assumptions and judgements in calculating the right-of-use assets and lease liability include the determination of the applicable borrowing rate for each lease.

On January 1, 2019, upon the adoption of ASC 842, the Company recorded, for office space and data center leases in the US and UK, right-of-use assets of $34,760,000, lease liabilities of $39,635,000 and eliminated deferred rent of $4,875,000. The leases have initial lease terms ranging from 3 to 11 years.

Activity related to the Company's leases for the three months ended March 31, 2019 is as follows (in thousands):


Operating lease expense	$	2,589
Cash for amounts included in the measurement of operating liability		2,834
Right-of-use assets obtained in exchange for operating liabilities		—

At March 31, 2019, the weighted average borrowing rate and weighted average lease term are as follows:


Weighted average borrowing rate	2.9	%
Weighted average remaining lease term (years)	5.9

The following table presents the maturity of lease liabilities as of March 31, 2019 (in thousands):


Remainder of 2019	$	1,715
2020		1,953
2021		6,873
2022		—
2023		1,225
Thereafter		29,013
Total future minimum lease payments		40,779
Less imputed interest		(3,469)
Lease liability	$	37,310

At March 31, 2019, the future minimum lease payments are as follows (in thousands):


Remainder of 2019	$	8,511
2020		7,725
2021		5,380
2022		4,081
2023		3,907
Thereafter		11,175
	$	40,779

One US lease is secured by a letter of credit in the amount of $1,200,000, which is guaranteed by Refinitiv.

Intangible Assets and Goodwill (Tradeweb Markets LLC and Subsidiaries)

3 Months Ended

Mar. 31, 2019

Tradeweb Markets LLC

Entity Information [Line Items]

Intangible Assets and Goodwill

5. Intangible Assets and Goodwill

Intangible assets and goodwill relate to the allocation of purchase price associated with the Refinitiv Transaction (see note 3).

The following is a summary of intangible assets which have an indefinite useful life at both March 31, 2019 and December 31, 2018 (in thousands):


Licenses	$	168,800
Tradename		154,300
Total	$	323,100

Intangible assets that are subject to amortization, including the related accumulated amortization, are comprised as follows (in thousands):


		Successor						Successor
		March 31, 2019						December 31, 2018
	Amortization			Accumulated		Net Carrying				Accumulated		Net Carrying
	Period	Cost		Amortization		Amount		Cost		Amortization		Amount
Customer relationships - Refinitiv Transaction	12 Years	$	928,200	$	(38,675)	$	889,525	$	928,200	$	(19,338)	$	908,862
Content and data	7 Years		154,400		(11,029)		143,371		154,400		(5,514)		148,886
		$	1,082,600	$	(49,704)	$	1,032,896	$	1,082,600	$	(24,852)	$	1,057,748

For the three months ended March 31, 2019 and 2018, amortization expense relating to intangible assets was $24,852,000 and $6,506,000, respectively.

The estimated annual future amortization for existing intangibles assets through December 31, 2023 is as follows (in thousands):


Remainder of 2019	$	74,556
2020		99,408
2021		99,408
2022		99,408
2023		99,408

Deferred Revenue (Tradeweb Markets LLC and Subsidiaries)

3 Months Ended

Mar. 31, 2019

Tradeweb Markets LLC

Entity Information [Line Items]

Deferred Revenue

6. Deferred Revenue

The Company records deferred revenue when cash payments are received or due in advance of services to be performed. The recognized revenue and remaining balance is shown below (in thousands):


Deferred revenue balance -December 31, 2018	$	27,883
New billings		29,165
Revenue recognized		(28,561)
Deferred revenue balance - March 31, 2019	$	28,487

Income Taxes (Tradeweb Markets LLC and Subsidiaries)

3 Months Ended

Mar. 31, 2019

Tradeweb Markets LLC

Entity Information [Line Items]

Income Taxes

7. Income Taxes

The provision for income taxes consists of the following (in thousands):


	Successor		Predecessor
	Three Months Ended		Three Months Ended
	March 31, 2019		March 31, 2018
Current:
Federal	$	—	$	—
State and Local		1,487		856
Foreign		3,335		1,210
		4,822		2,066
Deferred - Federal		704		299
Deferred - state and local		577		153
Deferred - foreign		(1,320)		—
Total deferred		(39)		452
Total	$	4,783	$	2,518

The Company and certain of its subsidiaries are taxed as partnerships for U.S federal income tax purposes. The Company's effective tax rate was 10.1% and 5.3% for the three months ended March 31, 2019 and 2018, respectively. The Company's consolidated effective tax rate can vary from period to period depending on the geographic mix of its earnings and changes in tax legislation and tax rates.

Shares (Tradeweb Markets LLC and Subsidiaries)

3 Months Ended

Mar. 31, 2019

Entity Information [Line Items]

3.Stockholder's Equity

As of March 31, 2019, the Corporation was authorized to issue 1,000 shares of Common Stock, par value $0.01 per share. The Chief Executive Officer of TWM LLC was the sole shareholder of the Corporation and contributed $100 to the Corporation on November 7, 2018 to purchase 100 shares of common stock. Holders of common stock were entitled to one vote for each share of common stock held on all matters submitted to shareholders for vote, consent or approval.

Tradeweb Markets LLC

Entity Information [Line Items]

8. Shares

The Company's issued and vested shares as of both March 31, 2019 and December 31, 2018 are as follows:


Class A Shares		146,333
Class C Shares		447
Class P(A) Shares		6,887
Class P(C) Shares		2
Class P-1(A) Shares		6,094
Class P-1(C) Shares		232

As described in note 18, on April 4, 2019, the LLC Agreement was amended and restated, pursuant to which, among other things, all of the outstanding Class A Shares, Class P(A) Shares, Class P-1(A) Shares, Class C Shares, Class P(C) Shares and Class P-1(C) Shares of the Company were exchanged for 222,222,197 LLC Interests.

Each formerly outstanding Class A Share, Class P(A) Share, Class P-1(A) Share, Class C Share, Class P(C) Share and Class P-1(C) Share equally participated in the earnings of the Company. All of these shares could not be transferred without approval by the former Board of Managers of the Company, with the exception of transfers to certain related parties. Most of the Class A and Class P(A) Shareholders had the right to appoint the members of the former Board of Managers. The Class C Shareholders, Class P(C) Shareholders and Class P-1(C) Shareholders did not have the right to appoint members of the former Board of Managers.

Share-Based Compensation Plans (Tradeweb Markets LLC and Subsidiaries)

3 Months Ended

Mar. 31, 2019

Tradeweb Markets LLC

Entity Information [Line Items]

Share-Based Compensation Plans

9. Share-Based Compensation Plans

As of March 31, 2019, the Company maintained a share-based incentive plan (the “PRSU Plan”) which provided for the grant of performance-based restricted share units (“PRSUs”) to encourage employees of the Company to participate in the long-term success of the Company.

PRSUs vest in the third plan year following the year of grant. The outstanding PRSUs vest on January 1, 2020, 2021 and 2022. The final number of the PRSUs received upon vesting is determined by a performance modifier, which is adjusted as a result of the financial performance of the Company. If an employee’s employment with the Company is terminated, subject to certain exceptions, all unvested PRSUs are forfeited.

The following table reports the activity for equity-settled PRSUs of the Company:


		Weighted
		Average
	Number of	Fair Value
Successor	PRSUs	of PRSUs
Outstanding at December 31, 2018	1,442.2	$	30,472
Granted	554.3		31,563
Outstanding at March 31, 2019	1,996.5	$	34,151

Subsequent to March 31, 2019, in connection with the reorganization transactions described in note 18, the Corporation’s board of directors adopted and assumed sponsorship of the Amended & Restated Tradeweb Markets Inc. PRSU Plan, including all awards previously granted under the predecessor plan of the Company. As a result, the equity-settled PRSUs outstanding at March 31, 2019, converted into equity-settled PRSUs of the Corporation represented by 2,770,334 shares of Class A common stock of the Corporation.

Certain PRSUs are cash-settled and are accounted for as liability awards. The Company measures the cost of employee services received in exchange for the award based on the fair value of the Company and the value of accumulated dividend rights associated with each award. The fair value of that award is remeasured subsequently at each reporting date through to settlement. Changes in the award's fair value during the requisite service period is recognized as compensation cost over that period.

The following table reports the activity for cash-settled PRSUs of the Company:


		Weighted
		Average
	Number of	Fair Value
Successor	PRSUs	of PRSUs
Outstanding at December 31, 2018	522.5	$	34,075
Exercised	(507.2)		33,694
Outstanding at March 31, 2019	15.3	$	51,334

In October 2018, the Company made a special award of options under an option plan (the “Option Plan”). Each option vests one half based solely on the passage of time and one half only if the Company achieves certain performance targets. The time vesting portion of the options has a graded vesting schedule with vesting dates of January 1, 2019, 2020, 2021 and 2022.

In accounting for the options issued under the Option Plan, the Company measures and recognizes compensation expense for all awards based on their estimated fair values measured as of the grant date. These options are exercisable only any time following the closing of an initial public offering (“IPO”) or during a 15‑day period following a change in control of the Company. Costs related to these options will be recognized as an expense in the consolidated statements of income over the requisite service period, when exercisability is considered probable. Therefore expense will be recognized only upon the completion of an IPO or a change in control, over the vesting period, with an offsetting increase to members' capital. On April 8, 2019, as a result of the options becoming exercisable because of completion of the Corporation’s IPO, the Company recognized $18,883,000 of compensation expense related to these options.

The fair value of the options was calculated at the date of grant using the Black-Scholes model. The significant assumptions used to estimate the fair value of the options as of grant date did not reflect changes that would have occurred to these assumptions as a result of the Corporation’s IPO. See note 18. The significant assumptions used to estimate the fair value of the options were as follows:


Weighted Average Expected Life (years)		5.7
Weighted Average Risk Free Interest Rate		2.94	%
Weighted Average Expected Volatility		20.0	%
Weighted Average Expected Dividend Yield		4.01	%
Share Price	$	25,692
Exercise Price	$	28,601

The following table reports the activity for options held by employees of the Company:


		Weighted
		Average		Intrinsic
	Number of	Fair Value		Value
Successor	Options	of Options		(in thousands)
Outstanding at December 31, 2018	13,025.8	$	2,569
Granted	130.4		4,132
Forfeited	(97.8)		4,159
Outstanding at March 31, 2019	13,058.4	$	2,573	$	74,421

Subsequent to March 31, 2019, in connection with the reorganization transactions described in note 18, the Corporation’s board of directors adopted and assumed sponsorship of the Amended and Restated Tradeweb Markets Inc. 2018 Share Option Plan, including all awards previously granted under the predecessor plan of the Company. As a result, the options outstanding at March 31, 2019 converted into 18,137,050 options of the Corporation with respect to shares of the Corporation’s Class A common stock.

As of March 31, 2019, total unrecognized compensation cost related to non-vested share-based compensation arrangements and the expected recognition period are as follows:


	Cash-Settled		Equity Settled
	PRSUs		PRSUs		Options
Total unrecognized compensation cost	$	390,000	$	36,199,000	$	33,460,000
Weighted average recognition period		1.54 years		2.02 years		0.6 years

Certain employees acquired or vested in Class C Shares, Class P(C) Shares and Class P‑1(C) Shares of the Company (collectively, the “Employee Shares”).

The Employee Shares outstanding at March 31, 2019 and December 31, 2018 are as follows:


Class C	Class P(C)	Class P-1(C)
Shares	Shares	Shares
447	2	232

On April 4, 2019, as a result of the amendment to the LLC Agreement described in note 18, the Employee Shares outstanding at March 31, 2019 converted into 946,569 LLC Units.

The Employee Shares were classified as mezzanine capital, as opposed to members’ capital, due to the right of employees to sell the shares back to the Company at fair value upon termination of employment. Employee Shares that have been outstanding for less than six months were included in employee equity compensation payable. At December 31, 2018, $6,727,000 of vested Class P-1(C) Shares were included in employee compensation payable with any changes in the value of the shares included in compensation cost on the consolidated statements of income. There were no vested Class P-1(C) Shares included in employee compensation payable at March 31, 2019. Changes in the fair value of the Employee Shares included in mezzanine capital were not recognized as compensation cost.

For the three months ended March 31, 2019 and 2018, $4,878,000 and $5,946,000, respectively, has been expensed relating to PRSUs, options and shares and included in employee compensation and benefits in the consolidated statements of income.

Related Party Transactions (Tradeweb Markets LLC and Subsidiaries)

3 Months Ended

Mar. 31, 2019

Tradeweb Markets LLC

Entity Information [Line Items]

Related Party Transactions

10. Related Party Transactions

The Company enters into transactions with affiliates of the Banks and Refinitiv. At March 31, 2019 and December 31, 2018, the following balances with such affiliates were included in the consolidated statements of financial condition in the following line items (in thousands):


	Successor		Successor
	March 31, 2019		December 31, 2018
Cash and cash equivalents	$	246,416	$	283,790
Receivables from brokers and dealers and clearing organizations		199	$	3,332
Deposits with clearing organizations		500		500
Accounts receivable		46,947		40,730
Receivable from affiliates		3,026		3,243
Other assets		—		9
Payable to brokers and dealers and clearing organizations		—		2,404
Deferred revenue		8,556		9,151
Accounts payable, accrued expenses and other liabilities		387		—
Payable to affiliates		6,050		5,009

The Company maintains a shared services agreement with Refinitiv (TR in the predecessor period). Under the terms of the agreement, Refinitiv provides the Company with certain real estate, payroll, benefits administration, insurance, content, financial reporting and tax support. For both the three months ended March 31, 2019 and 2018, the Company incurred shared services fees of $1,075,000 relating to this agreement. These fees are included in occupancy, technology and communications and general and administrative expenses in the consolidated statements of income.

The Company maintains a market data license agreement with Refinitiv (TR in the predecessor period). Under the agreement, the Company delivers to Refinitiv certain market data feeds which Refinitiv redistributes to its customers. The Company earns license fees or royalties for these feeds. For the three months ended March 31, 2019 and 2018, the Company earned $13,616,000 and $12,237,000, respectively, of revenue under this agreement.

The Company reimburses affiliates of Refinitv (TR in the predecessor period) for expenses paid on behalf of the Company for various services including salaries and bonuses, marketing, professional fees, communications, data costs and certain other administrative services. For the three months ended March 31, 2019 and 2018, the Company reimbursed such affiliates approximately $1,027,000 and $6,258,000, respectively, for these expenses.

For the three months ended March 31, 2019 and 2018, the Company earned approximately $81,499,000 and $69,769,000, respectively, of transaction, subscription and other fees from affiliates of the Banks.

For the three months ended March 31, 2019 and 2018, the Company earned $208,000 and $21,000, respectively, of interest income from money market funds invested with and savings accounts deposited with affiliates of the Banks. Interest rates earned on the money market and savings accounts are comparable to rates offered to third parties.

During 2014, the Company issued Class A Shares and unvested Class P-1(A) Shares to some of the Banks as a result of a $120,000,000 capital contribution. In connection with this investment, employees invested $5,266,000 in the Company and were issued Class C Shares and unvested Class P-1(C) Shares. Certain Class P-1(A) Shares and Class P-1(C) Shares vested on July 31, 2018, based on a formula determined by the Company’s new credit platforms’ revenues and any remaining unvested Class P-1(A) Shares and Class P-1(C) Shares were cancelled and as a result no contingent consideration has been recognized related to these shares subsequent to that date. The Company recognized contingent consideration for the three months ended March 31, 2018 of $10,070,000 relating to these shares, which is included in net revenue on the consolidated statements of income.

Fair Value of Financial Instruments (Tradeweb Markets LLC and Subsidiaries)

3 Months Ended

Mar. 31, 2019

Tradeweb Markets LLC

Entity Information [Line Items]

Fair Value of Financial Instruments

11. Fair Value of Financial Instruments

Certain financial instruments that are not carried at fair value on the consolidated statements of financial condition are carried at amounts that approximate fair value. These instruments include deposits with clearing organizations and accounts receivable.

Following is a description of the fair value methodologies used for the Company's instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy:

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

The Company has no instruments that are classified within level 2 or level 3 of the fair value hierarchy.

The fair value measurements are as follows (in thousands):


	Quoted Prices in
	active Markets		Significant		Significant
	for Indentical		Observable		Unobservable
	Assets		Inputs		Inputs
Successor	(Level 1)		(Level 2)		(Level 3)		Total
As of March 31, 2019
Assets
Money market funds	$	137,502	$	—	$	—	$	137,502
	$	137,502	$	—	$	—	$	137,502
As of December 31, 2018
Assets
Money market funds	$	127,927	$	—	$	—	$	127,927
	$	127,927	$	—	$	—	$	127,927

- Definition

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

+ References + Details

Credit Risk (Tradeweb Markets LLC and Subsidiaries)	3 Months Ended
Credit Risk (Tradeweb Markets LLC and Subsidiaries)	Mar. 31, 2019
Tradeweb Markets LLC
Entity Information [Line Items]
Credit Risk	12. Credit Risk The Company may be exposed to credit risk regarding its receivables, which are primarily receivables from financial institutions, including investment managers and broker/dealers. At March 31, 2019 and December 31, 2018 the Company established an allowance for doubtful accounts of $1,253,000 and $1,169,000, respectively, with regard to these receivables. 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 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. A substantial number of the Company's transactions are collateralized and executed with, and on behalf of, a limited number of brokers and 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.

Commitments and Contingencies (Tradeweb Markets LLC and Subsidiaries)	3 Months Ended
	Mar. 31, 2019
Tradeweb Markets LLC
Entity Information [Line Items]
Commitments and Contingencies	13. Commitments and Contingencies In the normal course of business, the Company enters into user agreements with its dealers which provide the dealers with indemnification from third parties 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 user 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 dozens of financial institutions, in antitrust class actions (consolidated into two actions) relating to trading practices in United States Treasury securities auctions and, separately, interest rate swaps. The Company was dismissed from the interest rate swaps matter and believes it has substantial defenses to the other plaintiff's claims and intends to defend itself vigorously. The Company is a co-defendant in a matter relating to the distribution of financial strength ratings over the Company's trading platform to one of its customers. The matter alleges that while certain business units of the client were licensed to receive the data via the Company's platform, the data was also distributed without authorization to certain end clients of the customer. The plaintiff claims to have suffered approximately $80,000,000 in damages and also seeks punitive damages, attorneys' fees and costs. The Company intends to continue to vigorously defend what the Company believes to be meritless and excessive claims. 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.

Net Income Per Share (Tradeweb Markets LLC and Subsidiaries)

3 Months Ended

Mar. 31, 2019

Tradeweb Markets LLC

Entity Information [Line Items]

Net Income Per Share

14. Net Income Per Share

On April 4, 2019, the LLC Agreement was amended and restated to, among other things, (i) provide for LLC Interests and (ii) exchange all of the existing membership interests of the Company’s existing equityholders for LLC Interests. See note 18. For purposes of calculating net income per share on the consolidated statements of income, the number of outstanding shares has been adjusted retroactively for all periods presented to reflect the above-mentioned amendment and resulting recapitalization. The following table sets forth the computation of basic and diluted net income per share:


	Successor		Predecessor
	Three Months		Three Months
	Ended		Ended
	March 31, 2019		March 31, 2018
Net Income (in thousands)	$	42,352	$	45,308

Basic Weighted Average Shares Outstanding		222,222,197		213,435,321
Dilutive Effect of equity settled PRSUs		1,098,260		—
Diluted Weighted Average Shares Outstanding		223,320,457		213,435,321

Basic Net Income Per Share	$	0.19	$	0.21

Diluted Net Income Per Share	$	0.19	$	0.21

Shares from the contingent consideration payable totaling 5,519,568 for three months ended March 31, 2018 were excluded from the computation of diluted net income per share because their effect would have been anti-dilutive.

Regulatory Capital Requirements (Tradeweb Markets LLC and Subsidiaries)

3 Months Ended

Mar. 31, 2019

Tradeweb Markets LLC

Entity Information [Line Items]

Regulatory Capital Requirements

15. Regulatory Capital Requirements

TWL, DW and TWD are subject to the Uniform Net Capital Rule 15c3‑1 under the Securities Exchange Act of 1934. TEL is subject to certain financial resource requirements with the FCA in the UK, TWJ is subject to certain financial resource requirements with the FCA in Japan and TWEU is subject to certain finance resource requirements with the AFM in the Netherlands.

At March 31, 2019 and December 31, 2018, the regulatory capital requirements and regulatory capital for TWL, DW, TWD, TEL, TWJ and TWEU were as follows (in thousands):


As of March 31, 2019	TWL		DW		TWD		TEL		TWJ		TWEU
Regulatory Capital	$	13,981	$	39,711	$	26,695	$	46,537	$	10,532	$	4,034
Regulatory Capital Requirement		1,398		1,133		311		17,515		3,804		4,034
Excess Regulatory Capital	$	12,583	$	38,578	$	26,384	$	29,022	$	6,728	$	—


As of December 31, 2018	TWL		DW		TWD		TEL		TWJ
Regulatory Capital	$	18,986	$	41,164	$	24,042	$	46,157	$	10,592
Regulatory Capital Requirement		2,698		1,803		599		17,493		3,413
Excess Regulatory Capital	$	16,288	$	39,361	$	23,443	$	28,664	$	7,179

As SEFs, TW SEF and DW SEF are required to maintain adequate financial resources and liquid financial assets in accordance with CFTC regulations. The required and maintained financial resources and liquid financial assets at March 31, 2019 and December 31, 2018 are as follows (in thousands):


	As of March 31, 2019				As of December 31, 2018
	TW SEF		DW SEF		TW SEF		DW SEF
Financial Resources	$	28,912	$	18,524	$	31,232	$	17,837
Required Financial Resources		10,500		5,440		10,500		5,169
Excess Financial Resources	$	18,412	$	13,084	$	20,732	$	12,668

Liquid Financial Assets	$	15,929	$	12,517	$	16,662	$	11,888
Required Liquid Financial Assets		5,250		2,720		5,250		2,585
Excess Liquid Financial Assets	$	10,679	$	9,797	$	11,412	$	9,303

Employee Savings Plan (Tradeweb Markets LLC and Subsidiaries)	3 Months Ended
	Mar. 31, 2019
Tradeweb Markets LLC
Entity Information [Line Items]
Employee Savings Plan	16. Employees Savings Plan The Company sponsors a 401(k) savings plan for its US employees. Employees may voluntarily contribute up to 75% of their annual compensation, including bonus. The Company matches 100% of the employee's contribution, up to 4% of their annual compensation, not to exceed the maximum tax deferred amount, which vests immediately. Company's expense for matching contributions for these plans was $2,436,000 and $2,136,000 for the three months ended March 31, 2019 and 2018, respectively. The Company has deferred compensation plans for its International employees. Employer contributions to the plans were $425,000 and $398,000 for the three months ended March 31, 2019 and 2018, respectively.

Business Segment and Geographic Information (Tradeweb Markets LLC and Subsidiaries)

3 Months Ended

Mar. 31, 2019

Tradeweb Markets LLC

Entity Information [Line Items]

Business Segment and Geographic Information

17. 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 pricing and post-trade processing 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 (in thousands):


	Successor		Predecessor
	Three Months		Three Months
	Ended		Ended
	March 31, 2019		March 31, 2018
Net revenue:
Institutional	$	109,252	$	102,320
Wholesale		39,431		32,595
Retail		21,206		19,036
Market Data		16,903		15,552
Contingent consideration		—		(10,070)
Net revenue		186,792		159,433
Operating expenses		140,515		112,078
Operating income	$	46,277	$	47,355

The Company operates in the U.S. and internationally, primarily in Europe and Asia. 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. Information regarding revenue for the three months ended March 31, 2019 and 2018 and long-lived assets as of March 31, 2019 and December 31, 2018 is as follows (in thousands):


	Successor		Predecessor
	Three Months		Three Months
	Ended		Ended
	March 31, 2019		March 31, 2018
Net Revenue:
U.S.	$	119,397	$	107,782
International		67,395		61,721
Gross revenue		186,792		169,503
Contingent consideration		—		(10,070)
Total	$	186,792	$	159,433


	March 31, 2019		December 31, 2018
Long-lived assets
U.S.	$	4,277,698	$	4,276,568
International		14,237		7,787
Total	$	4,291,935	$	4,284,355

Subsequent Events (Tradeweb Markets LLC and Subsidiaries)

3 Months Ended

Mar. 31, 2019

Entity Information [Line Items]

Subsequent Events

4.Subsequent Events

Prior to the closing of the IPO, a series of reorganization transactions (the “Reorganization Transactions”) was completed among the Corporation, TWM LLC and the following parties:

The following Reorganization Transactions occurred:


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

The Corporation’s board of directors adopted a new omnibus equity incentive plan, under which equity awards may be made in respect of shares of the Corporation’s Class A common stock;

There were no other subsequent events requiring adjustment to the financial statements or disclosure.

Tradeweb Markets LLC

Entity Information [Line Items]

Subsequent Events

18. Subsequent Events

On April 3, 2019, the Company paid a $100 million distribution to the then current owners of the Company (the “Original LLC Owners”).

Prior to the closing of the Corporation’s IPO on April 8, 2019, the Corporation, the Company and the Original LLC Owners, including those Original LLC Owners that continued to own LLC Interests immediately prior to the closing of the IPO and who received shares of the Corporation’s common stock (collectively, the “Continuing LLC Owners”), completed a series of reorganization transactions (the “Reorganization Transactions”).

On April 4, 2019, in connection with the IPO and the Reorganization Transactions, the LLC Agreement was amended and restated to, among other things, (i) provide for LLC Interests, a new single class of common membership interests in the Company; (ii) exchange all of the existing membership interests of the Company’s existing equityholders for LLC Interests; and (iii) appoint the Corporation as the sole manager of the Company. As the sole manager of the Company, the Corporation operates and controls all of the business and affairs of the Company and, through the Company and its subsidiaries, conducts the Corporation’s business. As a result of this control, and because, following the completion of the Reorganization Transactions, including the IPO and the application of the proceeds therefrom, the Corporation owns 64.3% of the LLC Interests, the Corporation will consolidate the financial results of the Company and report a non-controlling interest in the Corporation’s consolidated financial statements. The LLC Agreement also requires that the Company at all times maintain (i) a one-to one ratio between the number of shares of the 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.

In addition, the Corporation assumed sponsorship of the Option Plan and the PRSU Plan formerly sponsored by the Company. Accordingly, all options and PRSUs granted under such plans were converted into economically equivalent awards of the Corporation with respect to shares of the Corporation’s Class A common stock.

On April 8, 2019, the Company entered into a $500 million senior secured revolving credit facility with a five-year term, which includes borrowing capacity available for letters of credit and swingline loans.

On May 8, 2019, the Company declared a cash distribution of $33,378,019 for the second quarter of 2019. This distribution was paid on May 15, 2019 on a pro rata basis to the equityholders of the Company as of May 9, 2019, including the Corporation, for the purpose of funding the Corporation’s cash dividend of $0.08 per share of Class A common stock and Class B common stock payable on June 15, 2019 and to fund the tax liabilities on the equityholders’ allocable share of taxable income from the Company.

There were no other subsequent events requiring adjustment to the consolidated financial statements or disclosure.

Significant Accounting Policies (Tradeweb Markets LLC and Subsidiaries) (Policies)

3 Months Ended

Mar. 31, 2019

Entity Information [Line Items]

Basis of Accounting

Tradeweb Markets LLC

Entity Information [Line Items]

Basis of Accounting

Use of Estimates

Basis of Consolidation

The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

Recapitalization

Cash and Cash Equivalents

Cash and cash equivalents consists of cash and highly liquid investments (such as short-term money market instruments) with original maturities of less than three months.

Allowance for Doubtful Accounts

Furniture, Equipment, Purchased Software and Leasehold Improvements

Software Development Costs

Intangible Assets

Goodwill

Deferred IPO costs

Deferred IPO Costs

Translation of Foreign Currency

Income Tax

The Company has elected to treat taxes due on future U.S. inclusions in taxable income under the GILTI provision as a current period expense when incurred.

Revenue Recognition

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

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


	Successor				Predecessor
	Three Months Ended				Three Months Ended
	March 31, 2019				March 31, 2018
	(in thousands)				(in thousands)
	Variable		Fixed		Variable		Fixed
Revenues
Transaction fees	$	78,915	$	23,725	$	69,637	$	20,502
Subscription Fees including Refinitiv market data fees		455		47,606		475		48,088
Commissions		24,310		9,887		17,780		10,103
Other		303		1,591		12		2,906
Gross revenues	$	103,983	$	82,809	$	87,904	$	81,599

Share-Based Compensation

Net Income Per Share

Fair Value Measurement

Basis of 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.

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.

Recent Accounting Pronouncements

Significant Accounting Policies (Tradeweb Markets LLC and Subsidiaries) (Tables)

3 Months Ended

Mar. 31, 2019

Tradeweb Markets LLC

Entity Information [Line Items]

Breakdown of revenues between fixed and variable revenues

The breakdown of revenues between fixed and variable revenues, in thousands, for the three months ended March 31, 2019 and 2018 is as follows:


	Successor				Predecessor
	Three Months Ended				Three Months Ended
	March 31, 2019				March 31, 2018
	(in thousands)				(in thousands)
	Variable		Fixed		Variable		Fixed
Revenues
Transaction fees	$	78,915	$	23,725	$	69,637	$	20,502
Subscription Fees including Refinitiv market data fees		455		47,606		475		48,088
Commissions		24,310		9,887		17,780		10,103
Other		303		1,591		12		2,906
Gross revenues	$	103,983	$	82,809	$	87,904	$	81,599

Leases (Tradeweb Markets LLC and Subsidiaries) (Tables)

3 Months Ended

Mar. 31, 2019

Leases

Activity related to the Company's leases for the three months ended March 31, 2019 is as follows (in thousands):


Operating lease expense	$	2,589
Cash for amounts included in the measurement of operating liability		2,834
Right-of-use assets obtained in exchange for operating liabilities		—

At March 31, 2019, the weighted average borrowing rate and weighted average lease term are as follows:


Weighted average borrowing rate	2.9	%
Weighted average remaining lease term (years)	5.9

Schedule of maturity of lease liabilities and future minimum lease payments

The following table presents the maturity of lease liabilities as of March 31, 2019 (in thousands):


Remainder of 2019	$	1,715
2020		1,953
2021		6,873
2022		—
2023		1,225
Thereafter		29,013
Total future minimum lease payments		40,779
Less imputed interest		(3,469)
Lease liability	$	37,310

At March 31, 2019, the future minimum lease payments are as follows (in thousands):


Remainder of 2019	$	8,511
2020		7,725
2021		5,380
2022		4,081
2023		3,907
Thereafter		11,175
	$	40,779

Intangible Assets and Goodwill (Tradeweb Markets LLC and Subsidiaries) (Tables) - Tradeweb Markets LLC

3 Months Ended

Mar. 31, 2019

Entity Information [Line Items]

Summary of intangible assets which have an indefinite useful life

The following is a summary of intangible assets which have an indefinite useful life at both March 31, 2019 and December 31, 2018 (in thousands):


Licenses	$	168,800
Tradename		154,300
Total	$	323,100

Intangible assets that are subject to amortization

Intangible assets that are subject to amortization, including the related accumulated amortization, are comprised as follows (in thousands):


		Successor						Successor
		March 31, 2019						December 31, 2018
	Amortization			Accumulated		Net Carrying				Accumulated		Net Carrying
	Period	Cost		Amortization		Amount		Cost		Amortization		Amount
Customer relationships - Refinitiv Transaction	12 Years	$	928,200	$	(38,675)	$	889,525	$	928,200	$	(19,338)	$	908,862
Content and data	7 Years		154,400		(11,029)		143,371		154,400		(5,514)		148,886
		$	1,082,600	$	(49,704)	$	1,032,896	$	1,082,600	$	(24,852)	$	1,057,748

Estimated annual future amortization for existing intangible assets

The estimated annual future amortization for existing intangibles assets through December 31, 2023 is as follows (in thousands):


Remainder of 2019	$	74,556
2020		99,408
2021		99,408
2022		99,408
2023		99,408

Deferred Revenue (Tradeweb Markets LLC and Subsidiaries) (Tables)

3 Months Ended

Mar. 31, 2019

Tradeweb Markets LLC

Entity Information [Line Items]

Schedule of recognized revenue and remaining deferred revenue balance

The recognized revenue and remaining balance is shown below (in thousands):


Deferred revenue balance -December 31, 2018	$	27,883
New billings		29,165
Revenue recognized		(28,561)
Deferred revenue balance - March 31, 2019	$	28,487

Income Taxes (Tradeweb Markets LLC and Subsidiaries) (Tables)

3 Months Ended

Mar. 31, 2019

Tradeweb Markets LLC

Entity Information [Line Items]

Components of provision for income taxes

The provision for income taxes consists of the following (in thousands):


	Successor		Predecessor
	Three Months Ended		Three Months Ended
	March 31, 2019		March 31, 2018
Current:
Federal	$	—	$	—
State and Local		1,487		856
Foreign		3,335		1,210
		4,822		2,066
Deferred - Federal		704		299
Deferred - state and local		577		153
Deferred - foreign		(1,320)		—
Total deferred		(39)		452
Total	$	4,783	$	2,518

Shares (Tradeweb Markets LLC and Subsidiaries) (Tables)

3 Months Ended

Mar. 31, 2019

Tradeweb Markets LLC

Entity Information [Line Items]

Schedule of issued and vested shares

The Company's issued and vested shares as of both March 31, 2019 and December 31, 2018 are as follows:


Class A Shares		146,333
Class C Shares		447
Class P(A) Shares		6,887
Class P(C) Shares		2
Class P-1(A) Shares		6,094
Class P-1(C) Shares		232

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=65888546&loc=d3e21300-112643

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21553-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 480
-SubTopic 10
-Section S99
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=65877616&loc=d3e177068-122764

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21488-112644

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21484-112644

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Share-Based Compensation Plans (Tradeweb Markets LLC and Subsidiaries) (Tables) - Tradeweb Markets LLC

3 Months Ended

Mar. 31, 2019

Entity Information [Line Items]

Schedule of equity-settled PRSUs issued


		Weighted
		Average
	Number of	Fair Value
Successor	PRSUs	of PRSUs
Outstanding at December 31, 2018	1,442.2	$	30,472
Granted	554.3		31,563
Outstanding at March 31, 2019	1,996.5	$	34,151

Schedule of cash-settled PRSUs issued


		Weighted
		Average
	Number of	Fair Value
Successor	PRSUs	of PRSUs
Outstanding at December 31, 2018	522.5	$	34,075
Exercised	(507.2)		33,694
Outstanding at March 31, 2019	15.3	$	51,334

Schedule of significant assumptions used to estimate the fair value of the options


Weighted Average Expected Life (years)		5.7
Weighted Average Risk Free Interest Rate		2.94	%
Weighted Average Expected Volatility		20.0	%
Weighted Average Expected Dividend Yield		4.01	%
Share Price	$	25,692
Exercise Price	$	28,601

Schedule of activity for options issued


		Weighted
		Average		Intrinsic
	Number of	Fair Value		Value
Successor	Options	of Options		(in thousands)
Outstanding at December 31, 2018	13,025.8	$	2,569
Granted	130.4		4,132
Forfeited	(97.8)		4,159
Outstanding at March 31, 2019	13,058.4	$	2,573	$	74,421

Schedule of unrecognized compensation cost

As of March 31, 2019, total unrecognized compensation cost related to non-vested share-based compensation arrangements and the expected recognition period are as follows:


	Cash-Settled		Equity Settled
	PRSUs		PRSUs		Options
Total unrecognized compensation cost	$	390,000	$	36,199,000	$	33,460,000
Weighted average recognition period		1.54 years		2.02 years		0.6 years

Schedule of Employee Shares

The Employee Shares outstanding at March 31, 2019 and December 31, 2018 are as follows:


Class C	Class P(C)	Class P-1(C)
Shares	Shares	Shares
447	2	232

Related Party Transactions (Tradeweb Markets LLC and Subsidiaries) (Tables)

3 Months Ended

Mar. 31, 2019

Tradeweb Markets LLC

Entity Information [Line Items]

Schedule of balances from transactions with affiliates included in the consolidated statements

At March 31, 2019 and December 31, 2018, the following balances with such affiliates were included in the consolidated statements of financial condition in the following line items (in thousands):


	Successor		Successor
	March 31, 2019		December 31, 2018
Cash and cash equivalents	$	246,416	$	283,790
Receivables from brokers and dealers and clearing organizations		199	$	3,332
Deposits with clearing organizations		500		500
Accounts receivable		46,947		40,730
Receivable from affiliates		3,026		3,243
Other assets		—		9
Payable to brokers and dealers and clearing organizations		—		2,404
Deferred revenue		8,556		9,151
Accounts payable, accrued expenses and other liabilities		387		—
Payable to affiliates		6,050		5,009

Fair Value of Financial Instruments (Tradeweb Markets LLC and Subsidiaries) (Tables)

3 Months Ended

Mar. 31, 2019

Tradeweb Markets LLC

Entity Information [Line Items]

Schedule of fair value measurements

The fair value measurements are as follows (in thousands):


	Quoted Prices in
	active Markets		Significant		Significant
	for Indentical		Observable		Unobservable
	Assets		Inputs		Inputs
Successor	(Level 1)		(Level 2)		(Level 3)		Total
As of March 31, 2019
Assets
Money market funds	$	137,502	$	—	$	—	$	137,502
	$	137,502	$	—	$	—	$	137,502
As of December 31, 2018
Assets
Money market funds	$	127,927	$	—	$	—	$	127,927
	$	127,927	$	—	$	—	$	127,927

Net Income Per Share(Tradeweb Markets LLC and Subsidiaries) (Tables)

3 Months Ended

Mar. 31, 2019

Tradeweb Markets LLC

Entity Information [Line Items]

Net Income Per Share


	Successor		Predecessor
	Three Months		Three Months
	Ended		Ended
	March 31, 2019		March 31, 2018
Net Income (in thousands)	$	42,352	$	45,308

Basic Weighted Average Shares Outstanding		222,222,197		213,435,321
Dilutive Effect of equity settled PRSUs		1,098,260		—
Diluted Weighted Average Shares Outstanding		223,320,457		213,435,321

Basic Net Income Per Share	$	0.19	$	0.21

Diluted Net Income Per Share	$	0.19	$	0.21

Regulatory Capital Requirements (Tradeweb Markets LLC and Subsidiaries) (Tables) - Tradeweb Markets LLC

3 Months Ended

Mar. 31, 2019

Entity Information [Line Items]

Schedule of regulatory capital requirements

At March 31, 2019 and December 31, 2018, the regulatory capital requirements and regulatory capital for TWL, DW, TWD, TEL, TWJ and TWEU were as follows (in thousands):


As of March 31, 2019	TWL		DW		TWD		TEL		TWJ		TWEU
Regulatory Capital	$	13,981	$	39,711	$	26,695	$	46,537	$	10,532	$	4,034
Regulatory Capital Requirement		1,398		1,133		311		17,515		3,804		4,034
Excess Regulatory Capital	$	12,583	$	38,578	$	26,384	$	29,022	$	6,728	$	—


As of December 31, 2018	TWL		DW		TWD		TEL		TWJ
Regulatory Capital	$	18,986	$	41,164	$	24,042	$	46,157	$	10,592
Regulatory Capital Requirement		2,698		1,803		599		17,493		3,413
Excess Regulatory Capital	$	16,288	$	39,361	$	23,443	$	28,664	$	7,179

Schedule of financial resources and liquid financial resources

The required and maintained financial resources and liquid financial assets at March 31, 2019 and December 31, 2018 are as follows (in thousands):


	As of March 31, 2019				As of December 31, 2018
	TW SEF		DW SEF		TW SEF		DW SEF
Financial Resources	$	28,912	$	18,524	$	31,232	$	17,837
Required Financial Resources		10,500		5,440		10,500		5,169
Excess Financial Resources	$	18,412	$	13,084	$	20,732	$	12,668

Liquid Financial Assets	$	15,929	$	12,517	$	16,662	$	11,888
Required Liquid Financial Assets		5,250		2,720		5,250		2,585
Excess Liquid Financial Assets	$	10,679	$	9,797	$	11,412	$	9,303

Business Segment and Geographic Information (Tradeweb Markets LLC and Subsidiaries) (Tables) - Tradeweb Markets LLC

3 Months Ended

Mar. 31, 2019

Entity Information [Line Items]

Schedule of information regarding revenue by client sector

Information regarding revenue by client sector is as follows (in thousands):


	Successor		Predecessor
	Three Months		Three Months
	Ended		Ended
	March 31, 2019		March 31, 2018
Net revenue:
Institutional	$	109,252	$	102,320
Wholesale		39,431		32,595
Retail		21,206		19,036
Market Data		16,903		15,552
Contingent consideration		—		(10,070)
Net revenue		186,792		159,433
Operating expenses		140,515		112,078
Operating income	$	46,277	$	47,355

Schedule of revenue and long-lived assets by geographic location

Information regarding revenue for the three months ended March 31, 2019 and 2018 and long-lived assets as of March 31, 2019 and December 31, 2018 is as follows (in thousands):


	Successor		Predecessor
	Three Months		Three Months
	Ended		Ended
	March 31, 2019		March 31, 2018
Net Revenue:
U.S.	$	119,397	$	107,782
International		67,395		61,721
Gross revenue		186,792		169,503
Contingent consideration		—		(10,070)
Total	$	186,792	$	159,433


	March 31, 2019		December 31, 2018
Long-lived assets
U.S.	$	4,277,698	$	4,276,568
International		14,237		7,787
Total	$	4,291,935	$	4,284,355

Significant Accounting Policies - Useful Lives of Assets (Tradeweb Markets LLC and Subsidiaries) (Details) - Tradeweb Markets LLC	3 Months Ended
	Mar. 31, 2019
Furniture, Equipment, Purchased Software and Leasehold Improvements \| Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Furniture, Equipment, Purchased Software and Leasehold Improvements \| Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	7 years
Software Development Costs
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Amortization of pushdown accounting allocation	9 years

Significant Accounting Policies - Useful Lives of Intangible Assets (Tradeweb Markets LLC and Subsidiaries) (Details) - Tradeweb Markets LLC	3 Months Ended
	Mar. 31, 2019
Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life of intangible assets	7 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life of intangible assets	16 years

Significant Accounting Policies - Breakdown of Revenues Between Fixed and Variable (Tradeweb Markets LLC and Subsidiaries) (Details) - Tradeweb Markets LLC - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Successor
Disaggregation of Revenue [Abstract]
Gross revenues	$ 186,792
Successor \| Variable
Disaggregation of Revenue [Abstract]
Gross revenues	103,983
Successor \| Fixed
Disaggregation of Revenue [Abstract]
Gross revenues	82,809
Successor \| Transaction Fee Revenue
Disaggregation of Revenue [Abstract]
Gross revenues	102,640
Successor \| Transaction Fee Revenue \| Variable
Disaggregation of Revenue [Abstract]
Gross revenues	78,915
Successor \| Transaction Fee Revenue \| Fixed
Disaggregation of Revenue [Abstract]
Gross revenues	23,725
Successor \| Subscription Fees including Refinitiv market data \| Variable
Disaggregation of Revenue [Abstract]
Gross revenues	455
Successor \| Subscription Fees including Refinitiv market data \| Fixed
Disaggregation of Revenue [Abstract]
Gross revenues	47,606
Successor \| Commissions Revenue
Disaggregation of Revenue [Abstract]
Gross revenues	34,197
Successor \| Commissions Revenue \| Variable
Disaggregation of Revenue [Abstract]
Gross revenues	24,310
Successor \| Commissions Revenue \| Fixed
Disaggregation of Revenue [Abstract]
Gross revenues	9,887
Successor \| Other
Disaggregation of Revenue [Abstract]
Gross revenues	1,894
Successor \| Other \| Variable
Disaggregation of Revenue [Abstract]
Gross revenues	303
Successor \| Other \| Fixed
Disaggregation of Revenue [Abstract]
Gross revenues	$ 1,591
Predecessor
Disaggregation of Revenue [Abstract]
Gross revenues		$ 169,503
Predecessor \| Variable
Disaggregation of Revenue [Abstract]
Gross revenues		87,904
Predecessor \| Fixed
Disaggregation of Revenue [Abstract]
Gross revenues		81,599
Predecessor \| Transaction Fee Revenue
Disaggregation of Revenue [Abstract]
Gross revenues		90,139
Predecessor \| Transaction Fee Revenue \| Variable
Disaggregation of Revenue [Abstract]
Gross revenues		69,637
Predecessor \| Transaction Fee Revenue \| Fixed
Disaggregation of Revenue [Abstract]
Gross revenues		20,502
Predecessor \| Subscription Fees including Refinitiv market data \| Variable
Disaggregation of Revenue [Abstract]
Gross revenues		475
Predecessor \| Subscription Fees including Refinitiv market data \| Fixed
Disaggregation of Revenue [Abstract]
Gross revenues		48,088
Predecessor \| Commissions Revenue
Disaggregation of Revenue [Abstract]
Gross revenues		27,883
Predecessor \| Commissions Revenue \| Variable
Disaggregation of Revenue [Abstract]
Gross revenues		17,780
Predecessor \| Commissions Revenue \| Fixed
Disaggregation of Revenue [Abstract]
Gross revenues		10,103
Predecessor \| Other
Disaggregation of Revenue [Abstract]
Gross revenues		2,918
Predecessor \| Other \| Variable
Disaggregation of Revenue [Abstract]
Gross revenues		12
Predecessor \| Other \| Fixed
Disaggregation of Revenue [Abstract]
Gross revenues		$ 2,906

Leases (Tradeweb Markets LLC and Subsidiaries) (Details) - Tradeweb Markets LLC - USD ($) $ in Thousands		3 Months Ended
	Jan. 01, 2019	Mar. 31, 2019
Lessee, Lease, Description [Line Items]
Package of practical expedients	true
Lease liability		$ 37,310
Activity related to the Company's leases
Operating lease expense		2,589
Cash for amounts included in the measurement of operating liability		2,834
Right of use assets obtained in exchange for operating liabilities		$ 0
Weighted average borrowing rate		2.90%
Weighted average remaining lease term (years)		5 years 10 months 24 days
Minimum
Lessee, Lease, Description [Line Items]
Initial term of lease		3 years
Maximum
Lessee, Lease, Description [Line Items]
Initial term of lease		11 years
ASC 842 \| Adjustment recorded upon adoption
Lessee, Lease, Description [Line Items]
Right-to-use assets	$ 34,760,000
Lease liability	39,635,000
Deferred rent	$ 4,875,000

Leases (Tradeweb Markets LLC and Subsidiaries) - Maturity of Lease Liabilities and Future Minimum Lease Payments (Details) - Tradeweb Markets LLC $ in Thousands	Mar. 31, 2019 USD ($)
Maturity of lease liabilities
Remainder of 2019	$ 1,715
2020	1,953
2021	6,873
2023	1,225
Thereafter	29,013
Total future minimum lease payments	40,779
Less imputed interest	(3,469)
Lease liability	37,310
future minimum lease payments
Remainder of 2019	8,511
2020	7,725
2021	5,380
2022	4,081
2023	3,907
Thereafter	11,175
Total future minimum lease payments	$ 40,779

Leases (Tradeweb Markets LLC and Subsidiaries) - Guaranteed (Details) " $ in Thousands	Mar. 31, 2019 USD ($)
Refinitiv \| US lease secured by letter of credit
Guarantor Obligations [Line Items]
Letter of credit guaranteed by Refinitiv	$ 1,200,000

Intangible Assets and Goodwill - Indefinite Lived Intangible Assets (Tradeweb Markets LLC and Subsidiaries) (Details) - Tradeweb Markets LLC $ in Thousands	Mar. 31, 2019 USD ($)
Indefinite-lived Intangible Assets [Line Items]
Intangible assets which have an indefinite useful life	$ 323,100
Licenses
Indefinite-lived Intangible Assets [Line Items]
Intangible assets which have an indefinite useful life	168,800
Tradename
Indefinite-lived Intangible Assets [Line Items]
Intangible assets which have an indefinite useful life	$ 154,300

Intangible Assets and Goodwill - Finite Lived Intangible Assets (Tradeweb Markets LLC and Subsidiaries) (Details) - Tradeweb Markets LLC - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Successor
Finite-Lived Intangible Assets [Line Items]
Cost	$ 1,082,600,000		$ 1,082,600,000
Accumulated Amortization	(49,704,000)		(24,852,000)
Net Carrying Amount	1,032,896,000		1,057,748,000
Amortization expense	24,852,000
Successor \| Customer relationships
Finite-Lived Intangible Assets [Line Items]
Cost	928,200,000		928,200,000
Accumulated Amortization	(38,675,000)		(19,338,000)
Net Carrying Amount	$ 889,525,000		$ 908,862,000
Amortization Period	12 years		12 years
Successor \| Content and data
Finite-Lived Intangible Assets [Line Items]
Cost	$ 154,400,000		$ 154,400,000
Accumulated Amortization	(11,029,000)		(5,514,000)
Net Carrying Amount	$ 143,371,000		$ 148,886,000
Amortization Period	7 years		7 years
Predecessor
Finite-Lived Intangible Assets [Line Items]
Amortization expense		$ 6,506,000

Intangible Assets and Goodwill - Future Amortization (Tradeweb Markets LLC and Subsidiaries) (Details) - Tradeweb Markets LLC $ in Thousands	Mar. 31, 2019 USD ($)
Finite-Lived Intangible Assets [Line Items]
Remainder of 2019	$ 74,556
2020	99,408
2021	99,408
2022	99,408
2023	$ 99,408

Deferred Revenue (Tradeweb Markets LLC and Subsidiaries) (Details) - Tradeweb Markets LLC $ in Thousands	3 Months Ended
	Mar. 31, 2019 USD ($)
Movement in Deferred Revenue [Roll Forward]
Deferred revenue balance - beginning of period	$ 27,883
New billings	29,165
Revenue recognized	(28,561)
Deferred revenue balance - end of period	$ 28,487

Income Taxes - Components of Provision (Tradeweb Markets LLC and Subsidiaries) (Details) - Tradeweb Markets LLC - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Successor
Current:
State and Local	$ 1,487
Foreign	3,335
Total current	4,822
Deferred - Federal	704
Deferred - state and local	577
Deferred - foreign	(1,320)
Total deferred	(39)
Total	$ 4,783
Effective tax rate	10.10%
Predecessor
Current:
State and Local		$ 856
Foreign		1,210
Total current		2,066
Deferred - Federal		299
Deferred - state and local		153
Total deferred		452
Total		$ 2,518
Effective tax rate		5.30%

Shares (Tradeweb Markets LLC and Subsidiaries) (Details) - Tradeweb Markets LLC - shares	Apr. 04, 2019	Mar. 31, 2019
Class A common stock
Class of Stock [Line Items]
Employee shares outstanding		146,333
Class C common stock
Class of Stock [Line Items]
Employee shares outstanding		447
Class P(A) Shares
Class of Stock [Line Items]
Employee shares outstanding		6,887
Class P(C) Shares
Class of Stock [Line Items]
Employee shares outstanding		2
Class P-1(A) Shares
Class of Stock [Line Items]
Employee shares outstanding		6,094
Class P-1(C) Shares
Class of Stock [Line Items]
Employee shares outstanding		232
Members' Capital \| Subsequent Event
Class of Stock [Line Items]
Units issued in exchange for all of the outstanding shares	222,222,197

Share-Based Compensation Plans - Performance Restricted Share Units (Tradeweb Markets LLC and Subsidiaries) (Details) - $ / shares	3 Months Ended
	Mar. 31, 2019	Apr. 04, 2019
Subsequent Event
Weighted average fair value of PRSUs
Number of shares of the Corporation into which PRSUs converted		2,770,334
Tradeweb Markets LLC \| Equity-settled PRSUs
Number of equity-settled PRSUs
Outstanding, beginning of period	1,442.2
Granted	554.3
Outstanding, end of period	1,996.5
Weighted average fair value of PRSUs
Outstanding, beginning of period	$ 30,472
Granted	31,563
Outstanding, end of period	$ 34,151
Tradeweb Markets LLC \| Cash-settled PRSUs
Number of equity-settled PRSUs
Outstanding, beginning of period	522.5
Exercised	(507.2)
Outstanding, end of period	15.3
Weighted average fair value of PRSUs
Outstanding, beginning of period	$ 34,075
Granted	33,694
Outstanding, end of period	$ 51,334

Share-Based Compensation Plans - Options (Tradeweb Markets LLC and Subsidiaries) (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Apr. 08, 2019	Mar. 31, 2019	Mar. 31, 2018	Apr. 04, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Number of shares of the Corporation into which LLC options converted		946,569
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Number of shares of the Corporation into which LLC options converted				18,137,050
Tradeweb Markets LLC
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense		$ 4,878,000	$ 5,946,000
Tradeweb Markets LLC \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise period following a change in control		15 days
Compensation expense	$ 18,883,000
Assumption used in the Black-Scholes model
Weighted average expected life		5 years 8 months 12 days
Weighted average risk free interest rate		2.94%
Weighted average expected volatility		20.00%
Weighted average expected dividend yield		4.01%
Share price		$ 25,692
Exercise price		$ 28,601
Number of options
Outstanding, beginning of period		13,025.8
Granted		130.4
Forfeited		(97.8)
Outstanding, end of period		13,058.4
Weighted average fair value of options
Outstanding, beginning of period		$ 2,569
Granted		4,132
Forfeited		4,159
Outstanding, end of period		$ 2,573
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Intrinsic value, options outstanding, end of period		$ 74,421

Share-Based Compensation Plans - Unrecognized Compensation (Tradeweb Markets LLC and Subsidiaries) (Details) - Tradeweb Markets LLC	3 Months Ended
	Mar. 31, 2019 USD ($)
Equity-settled PRSUs
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized [Abstract]
Total unrecognized compensation cost	$ 36,199,000
Weighted average recognition period	2 years 7 days
Cash-settled PRSUs
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized [Abstract]
Total unrecognized compensation cost	$ 390,000
Weighted average recognition period	1 year 6 months 15 days
Stock Options
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized [Abstract]
Total unrecognized compensation cost	$ 33,460,000
Weighted average recognition period	7 months 6 days

Share-Based Compensation Plans - Employee Shares (Tradeweb Markets LLC and Subsidiaries) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Apr. 04, 2019
Class of Stock [Line Items]
Number of shares of the Corporation into which LLC options converted	946,569
Subsequent Event
Class of Stock [Line Items]
Number of shares of the Corporation into which LLC options converted			18,137,050
Tradeweb Markets LLC
Class of Stock [Line Items]
Period of time to determine classification as compensation payable	6 months
Employee Shares compensation payable	$ 6,727,000
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]
Compensation expense relating to PRSUs, options and shares	$ 4,878,000	$ 5,946,000
Tradeweb Markets LLC \| Class C common stock
Class of Stock [Line Items]
Employee shares outstanding	447
Tradeweb Markets LLC \| Class P(C) Shares
Class of Stock [Line Items]
Employee shares outstanding	2
Tradeweb Markets LLC \| Class P-1(C) Shares
Class of Stock [Line Items]
Employee shares outstanding	232

Related Party Transactions - Balances (Tradeweb Markets LLC and Subsidiaries) (Details) - Tradeweb Markets LLC - Successor - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Cash and cash equivalents	$ 246,416	$ 283,790
Receivables from brokers and dealers and clearing organizations	199	3,332
Deposits with clearing organizations	500	500
Accounts receivable	46,947	40,730
Receivable from affiliates	3,026	3,243
Other assets	0	9
Payable to brokers and dealers and clearing organizations	0	2,404
Deferred revenue	8,556	9,151
Accounts payable, accrued expenses and other liabilities	387	0
Payable to affiliates	$ 6,050	$ 5,009

Related Party Transactions - Narrative (Tradeweb Markets LLC and Subsidiaries) (Details) - Tradeweb Markets LLC - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Refinitiv \| Shared Services
Related Party Transaction [Line Items]
Related party expense	$ 1,075,000,000	$ 1,075,000,000
Refinitiv \| Market Data License Agreements
Related Party Transaction [Line Items]
Related party revenue	13,616,000	12,237,000
Refinitiv \| Operating Expense Reimbursement
Related Party Transaction [Line Items]
Related party expense	1,027,000	6,258,000
Banks
Related Party Transaction [Line Items]
Interest income from money market funds invested and savings deposited	208,000	21,000
Banks \| Transaction, subscription and other fees
Related Party Transaction [Line Items]
Related party revenue	$ 81,499,000	$ 69,769,000

Related Party Transactions - Class of Shares (Tradeweb Markets LLC and Subsidiaries) (Details) - Tradeweb Markets LLC - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2014
Banks
Related Party Transaction [Line Items]
Capital contribution from the Banks		$ 120,000,000
Employees
Related Party Transaction [Line Items]
Investment by employees		$ 5,266,000
Predecessor
Related Party Transaction [Line Items]
Contingent consideration to related parties	$ 10,070,000

Fair Value of Financial Instruments (Tradeweb Markets LLC and Subsidiaries) (Details) - Tradeweb Markets LLC - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	$ 137,502	$ 127,927
Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	137,502	127,927
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	137,502	127,927
Level 1 \| Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	$ 137,502	$ 127,927

Credit Risk (Tradeweb Markets LLC and Subsidiaries) (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Tradeweb Markets LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for doubtful accounts	$ 1,253,000	$ 1,169,000

Commitments and Contingencies (Tradeweb Markets LLC and Subsidiaries) (Details) - Tradeweb Markets LLC	3 Months Ended
	Mar. 31, 2019 USD ($) action
Antitrust Actions related to trading practices
Loss Contingencies [Line Items]
Number of actions \| action	2
Litigation relating to distribution of financial strength ratings
Loss Contingencies [Line Items]
Damages alleged \| $	$ 80,000,000

Net Income Per Share (Tradeweb Markets LLC and Subsidiaries) (Details) - Tradeweb Markets LLC - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Successor
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income	$ 42,352
Basic weighted average shares outstanding	222,222,197
Dilutive effect of equity settled PRSUs	1,098,260
Diluted weighted average shares outstanding	223,320,457
Basic net income per share	$ 0.19
Diluted net income per share	$ 0.19
Predecessor
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income		$ 45,308
Basic weighted average shares outstanding		213,435,321
Diluted weighted average shares outstanding		213,435,321
Basic net income per share		$ 0.21
Diluted net income per share		$ 0.21
Contingent consideration payable excluded from the computation of diluted earnings per share		5,519,568

Regulatory Capital Requirements (Tradeweb Markets LLC and Subsidiaries) (Details) - Tradeweb Markets LLC - Reportable Legal Entities - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
TWL
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Regulatory Capital	$ 13,981	$ 18,986
Regulatory Capital Requirement	1,398	2,698
Excess Regulatory Capital	12,583	16,288
DW
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Regulatory Capital	39,711	41,164
Regulatory Capital Requirement	1,133	1,803
Excess Regulatory Capital	38,578	39,361
TWD
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Regulatory Capital	26,695	24,042
Regulatory Capital Requirement	311	599
Excess Regulatory Capital	26,384	23,443
TEL
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Regulatory Capital	46,537	46,157
Regulatory Capital Requirement	17,515	17,493
Excess Regulatory Capital	29,022	28,664
TWJ
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Regulatory Capital	10,532	10,592
Regulatory Capital Requirement	3,804	3,413
Excess Regulatory Capital	6,728	7,179
TWEU
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Regulatory Capital	4,034
Regulatory Capital Requirement	4,034
TW SEF
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Financial Resources	28,912	31,232
Required Financial Resources	10,500	10,500
Excess Financial Resources	18,412	20,732
Liquid Financial Assets	15,929	16,662
Required Liquid Financial Assets	5,250	5,250
Excess Liquid Financial Assets	10,679	11,412
DW SEF
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Financial Resources	18,524	17,837
Required Financial Resources	5,440	5,169
Excess Financial Resources	13,084	12,668
Liquid Financial Assets	12,517	11,888
Required Liquid Financial Assets	2,720	2,585
Excess Liquid Financial Assets	$ 9,797	$ 9,303

Employee Savings Plan - 401(k) Plan (Tradeweb Markets LLC and Subsidiaries) (Details) - Tradeweb Markets LLC - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Defined Contribution Plan Disclosure [Line Items]
Employees' voluntary contribution percentage	75.00%
Company match, as a percent of the employee's contribution	100.00%
Employer match limit, as a percent of employee's contribution	4.00%
Company expense for matching contributions	$ 2,436,000	$ 2,136,000
401(k) Savings Plan	us-gaap:QualifiedPlanMember

Employee Savings Plan - Deferred Compensation Plans (Tradeweb Markets LLC and Subsidiaries) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Tradeweb Markets LLC \| International employees
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Employer contributions to deferred compensation plans for its international employees	$ 425,000	$ 398,000

Business Segment and Geographic Information - Revenue by Client Sector (Tradeweb Markets LLC and Subsidiaries) (Details) - Tradeweb Markets LLC - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Successor
Segment Reporting Information [Line Items]
Gross revenues	$ 186,792,000
Net revenue	186,792,000
Operating expenses	140,515,000
Operating income	46,277,000
Successor \| Institutional
Segment Reporting Information [Line Items]
Gross revenues	109,252,000
Successor \| Wholesale
Segment Reporting Information [Line Items]
Gross revenues	39,431,000
Successor \| Retail
Segment Reporting Information [Line Items]
Gross revenues	21,206,000
Successor \| Market Data
Segment Reporting Information [Line Items]
Gross revenues	$ 16,903,000
Predecessor
Segment Reporting Information [Line Items]
Gross revenues		$ 169,503,000
Contingent consideration to related parties		(10,070,000)
Net revenue		159,433,000
Operating expenses		112,078,000
Operating income		47,355,000
Predecessor \| Institutional
Segment Reporting Information [Line Items]
Gross revenues		102,320,000
Predecessor \| Wholesale
Segment Reporting Information [Line Items]
Gross revenues		32,595,000
Predecessor \| Retail
Segment Reporting Information [Line Items]
Gross revenues		19,036,000
Predecessor \| Market Data
Segment Reporting Information [Line Items]
Gross revenues		$ 15,552,000

Business Segment and Geographic Information - Revenue and Long-lived Assets by Geographic Region (Tradeweb Markets LLC and Subsidiaries) (Details) - Tradeweb Markets LLC - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 4,291,935,000		$ 4,284,355,000
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	4,277,698,000		4,276,568,000
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	14,237,000		$ 7,787,000
Successor
Revenues from External Customers and Long-Lived Assets [Line Items]
Gross revenues	186,792,000
Net revenue	186,792,000
Successor \| U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Gross revenues	119,397,000
Successor \| International
Revenues from External Customers and Long-Lived Assets [Line Items]
Gross revenues	$ 67,395,000
Predecessor
Revenues from External Customers and Long-Lived Assets [Line Items]
Gross revenues		$ 169,503,000
Contingent consideration to related parties		(10,070,000)
Net revenue		159,433,000
Predecessor \| U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Gross revenues		107,782,000
Predecessor \| International
Revenues from External Customers and Long-Lived Assets [Line Items]
Gross revenues		$ 61,721,000

Subsequent Events (Tradeweb Markets LLC and Subsidiaries) (Details) - Subsequent Event	Apr. 08, 2019 USD ($)	Apr. 04, 2019	Apr. 03, 2019 USD ($)	Jun. 30, 2019 USD ($)	Jun. 15, 2019 $ / shares
Subsequent Event [Line Items]
Corporation ownership percentage	64.30%
Tradeweb Markets LLC
Subsequent Event [Line Items]
Distribution paid to current owners of the Company			$ 100,000,000
Corporation ownership percentage		64.30%
Required ratio between Tradeweb Markets Inc Class A and Class B common stock and Tradeweb Markets LLC units		0.01
Revolving credit facility	$ 500,000,000
Revolving credit facility, term	5 years
Cash dividends declared				$ 33,378,019
Dividends per share \| $ / shares					$ 0.08