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Tradeweb Markets Inc. only

1. Organization

Tradeweb Markets Inc. (the “Corporation”) was incorporated as a Delaware corporation on November 7, 2018 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”) as described below under “—Initial Public Offering” and “—Reorganization Transactions.”

The Corporation is a consolidating subsidiary of BCP York Holdings, (“BCP”) a company owned by certain investment funds affiliated with The Blackstone Group L.P. (“Blackstone”), through BCP’s majority ownership interest in Refinitiv Holdings Limited (“Refinitiv” or the “Parent”). As of June 30, 2019, Refinitiv owns a majority ownership interest in the Company (as defined below).

The Corporation is a holding company whose principal asset is LLC Interests (as defined below) of TWM LLC. As the sole manager of TWM LLC, the Corporation operates and controls all of the business and affairs of TWM LLC and, through TWM LLC and its subsidiaries, conducts the Corporation’s business. As a result of this control, and because the Corporation has a substantial financial interest in TWM LLC, the Corporation consolidates the financial results of TWM LLC and reports a non-controlling interest in the Corporation’s consolidated financial statements. As of June 30, 2019, Tradeweb Markets Inc. owns 64.3% of TWM LLC and the Continuing LLC Owners (defined below) own the remaining 35.7% of TWM LLC.

Unless the context otherwise requires, references to the “Company” refer to Tradeweb Markets Inc. and its consolidated subsidiaries, including TWM LLC, following the completion of the Reorganization Transactions (as defined below), and TWM LLC and its consolidated subsidiaries prior to the completion of the Reorganization Transactions.

The Company is a leader in building and operating electronic marketplaces for a global network of clients across the institutional, wholesale and retail client sectors. The Company’s principal subsidiaries include:

Tradeweb LLC (“TWL”), a registered broker-dealer under the Securities Exchange Act of 1934, 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.

Initial Public Offering

On April 8, 2019, the Corporation completed its 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.

Reorganization Transactions

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, 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. See Note 9 – Stockholders’ Equity.

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. See Note 9 – Stockholders’ Equity.

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 (and 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).

As a result of the Refinitiv Contribution (described above), the Corporation received 96,933,192 LLC Interests and the Refinitiv Direct Owner received 96,933,192 shares of Class B common stock. See Note 9 – Stockholders’ Equity.

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. It also assumed sponsorship of an option plan and PRSU plan formerly sponsored by TWM LLC. See Note 11 – Stock-Based Compensation Plans.

The Corporation entered into a tax receivable agreement (the “Tax Receivable Agreement”) with TWM LLC and the Continuing LLC Owners. See Note 8 – Tax Receivable Agreement.

Acquisition of Parent Company and Presentation of Financial Statements

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 June 30, 2019 and December 31, 2018 and for the three and six months ended June 30, 2019.

The predecessor period of the Company for the three and six months ended June 30, 2018.

See Note 3 – Pushdown Accounting.

Tradeweb Markets Inc.

Notes to Statement of Financial Condition

December 31, 2018

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 and conducting a public offering. It is expected that following the completion of such reorganization transactions the Corporation will be the sole managing member of Tradeweb Markets LLC and will operate and control all of the businesses and affairs of Tradeweb Markets LLC and, through Tradeweb Markets LLC and its subsidiaries, continue to conduct the business now conducted by these subsidiaries.

Significant Accounting Policies

6 Months Ended

12 Months Ended

Jun. 30, 2019

Dec. 31, 2018

Tradeweb Markets Inc. only

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. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year.

Use of Estimates

The preparation of financial statements in conformity with 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 Presentation and Consolidation

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

As discussed in Note 1—Organization, as a result of the Reorganization Transactions, Tradeweb Markets Inc. consolidates TWM LLC and TWM LLC is considered to be the predecessor to Tradeweb Markets Inc. for financial reporting purposes. As a result, the consolidated financial statements for periods prior to the Reorganization Transactions have been adjusted to combine the previously separate entities for presentation purposes. However, Tradeweb Markets Inc. had no business transactions or activities and no substantial assets or liabilities prior to the Reorganization Transactions. As such, for periods prior to the completion of the Reorganization Transactions, the consolidated financial statements represent the historical financial condition and results of operations of TWM LLC and its subsidiaries. For periods after the completion of the Reorganization Transactions, the consolidated financial statements represent the financial condition and results of operations of the Company and report a non-controlling interest related to the LLC Interests held by the Continuing LLC Owners.

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 – Pushdown Accounting), is computed on a straight-line basis over the estimated useful lives of the related assets, ranging from three to seven years. Leasehold improvements are amortized over the lesser of the estimated useful lives of the leasehold improvements or the remaining term of the lease for office space.

Furniture, equipment, purchased software and leasehold improvements are tested for impairment whenever events or changes in circumstances suggest that an asset’s carrying value may not be fully recoverable in accordance with Accounting Standards Codification (“ASC”) 360.

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 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. Such costs are amortized on a straight-line basis over three years. Costs capitalized as part of the pushdown accounting allocation (see Note 3 – Pushdown Accounting) 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, ranging from seven to sixteen years, 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 discounted cash flows relating to the asset or asset group is less than the corresponding book value.

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 the 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 did this change result in adjustments to any 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. IPO costs consist of legal, accounting, and other costs directly related to the Company’s efforts to raise capital through an IPO. As of June 30, 2019, $15.9 million of deferred costs were reclassified from other assets to additional paid-in capital on the consolidated statements of financial condition. See Note 9 – Stockholders’ Equity.

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 Corporation is subject to U.S. federal, state and local income taxes with respect to its taxable income, including its allocable share of any taxable income of TWM LLC, and is taxed at prevailing corporate tax rates. TWM LLC is a multiple member limited liability company taxed as a partnership and accordingly any taxable income generated by TWM LLC is passed through to and included in the taxable income of its members, including the Corporation, on a pro rata basis. Income taxes also include unincorporated business taxes on income earned or losses incurred for conducting business in certain state and local jurisdictions, income taxes on income earned or losses incurred in foreign jurisdictions on certain operations and federal and state income taxes on income earned or losses incurred, both current and deferred, on subsidiaries that are taxed as corporations for U.S. tax purposes.

The Company records deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities. The Company measures deferred taxes using the enacted tax rates and laws that will be in effect when such temporary differences are expected to reverse. 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 global intangible low-taxed income (“GILTI”) provision of the Tax Cuts and Jobs Act 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 are viewer fees earned monthly from institutional investors accessing fixed income market data. The frequency of subscription fee billings varies from monthly to annually, depending on contract terms. Fees received by the Company which are not yet earned are included in deferred revenue on the consolidated statements of financial condition until the revenue recognition criteria 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 recognized by the Company when the transactions settle. Commission revenue is collected by the Company when the trade settles 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 revenues earned by the Company have fixed fee components, such as monthly minimums or fixed monthly fees, and variable components, such as transaction based fees. The breakdown of revenues between fixed and variable revenues, in thousands, for the three and six months ended June 30, 2019 and 2018 is as follows:


	Successor				Successor				Predecessor				Predecessor
	Three Months Ended				Six Months Ended				Three Months Ended				Six Months Ended
	June 30, 2019				June 30, 2019				June 30, 2018				June 30, 2018
	(in thousands)								(in thousands)
	Variable		Fixed		Variable		Fixed		Variable		Fixed		Variable		Fixed
Revenues
Transaction fees	$	79,577	$	24,375	$	158,492	$	48,100	$	69,557	$	21,473	$	139,194	$	41,975
Subscription Fees including Refinitiv market data fees		435		47,516		890		95,122		425		49,303		900		97,391
Commissions		26,635		9,778		50,945		19,665		17,346		10,207		35,126		20,310
Other		302		1,867		605		3,458		14		2,690		26		5,596
Gross revenue	$	106,949	$	83,536	$	210,932	$	166,345	$	87,342	$	83,673	$	175,246	$	165,272

Stock-Based Compensation

The Company accounts for stock-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 stock-based payments. Under ASC 718, the stock-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 additional paid-in 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.

For periods following the Reorganization Transactions and the IPO, the fair value of new equity instrument grants is determined based on the price of the Company’s Class A common stock on the grant date.

Under ASC 718, the grant-date fair value of stock-based awards that do not require future service (i.e., vested awards) are expensed immediately. The grant-date fair value of stock-based 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 stock-based 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.

In October 2018, following the closing of the Refinitiv Transaction, the Company made a special award of options to management and other employees (the “Special Option Award”) under the Amended and Restated Tradeweb Markets Inc. Option Plan (the “Option Plan”). In accounting for the options issued under the Option Plan, compensation expense is measured and recognized for all awards based on their estimated fair values measured as of the grant date. Costs related to these options will be recognized as an expense in the consolidated statements of income over the requisite service period, with an offsetting increase to additional paid-in capital. The non-cash stock-based compensation expense associated with the Special Option Award began being expensed in the second quarter of 2019, with a charge of $20.4 million, and will continue to be expensed over the following three years.

Determining the appropriate fair value model and calculating the fair value of the stock-based awards requires the input of highly subjective assumptions, including the expected life of the stock-based awards and the stock price volatility. The Company uses the Black-Scholes pricing model to value some of its stock-based awards.

Earnings Per Share

Basic earnings 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 earnings per share, the weighted-average number of the Company’s shares reflects the dilutive effect that could occur if securities that qualify as participating securities were converted into or exchanged or exercised for TWM LLC’s shares, in the pre-IPO period, and the Corporation’s Class A or Class B common stock, in the post-IPO period, using the treasury stock method, as applicable.

Shares of Class C and Class D common stock do not have economic rights in Tradeweb Markets Inc. and, therefore, are not participating securities for purposes of the computation of earnings per share.

Fair Value Measurement

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). Instruments that the Company owns (long positions) are marked to bid prices, and instruments that the Company has sold, but not yet purchased (short positions) are marked to offer prices. Fair value measurements do not include transaction costs.

The fair value hierarchy under ASC 820 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 – Not Yet Adopted

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 applicable for the Company 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.

Tradeweb Markets Inc. only

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting

The statement of financial condition is 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 statement because there have been no activities in this entity other than the initial capitalization.

Stockholder's Equity

6 Months Ended

12 Months Ended

Jun. 30, 2019

Dec. 31, 2018

Stockholders' Equity

9. Stockholders’ Equity

Initial Public Offering

As described in Note 1 – Organization, in April 2019 Tradeweb Markets Inc. completed its 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 LLC Interests from certain of the Bank Stockholders (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.

Reorganization Transactions

In connection with the IPO, the Reorganization Transactions described below were completed.

Amendment and Restatement of Certificate of Incorporation

On April 3, 2019, the certificate of incorporation of Tradeweb Markets Inc. was amended and restated to, among other things, provide for the authorization of (i) 250,000,000 shares of preferred stock with a par value of $0.00001 per share (ii) 1,000,000,000 shares of Class A common stock with a par value of $0.00001 per share; (iii) 450,000,000 shares of Class B common stock with a par value of $0.00001 per share; (iv) 350,000,000 shares of Class C common stock with a par value of $0.00001 per share; and (v) 300,000,000 shares of Class D common stock with a par value of $0.00001 per share.

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


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

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

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

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).

Recapitalization of Tradeweb Markets LLC

On April 4, 2019, the TWM LLC Agreement was amended and restated to, among other things, (i) provide for the 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.

All of the shares of TWM LLC outstanding prior to the Reorganization Transactions were exchanged for 222,222,197 LLC Interests. TWM LLC’s outstanding shares prior to the Reorganization Transactions consisted of the following classes of shares:


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

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

LLC Interests held by the Continuing LLC Owners 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). In the event of such election by a Continuing LLC Owner, the Corporation may, at its option, effect a direct exchange of Class A common stock or Class B common stock for such LLC Interests of the redeeming holders in lieu of such redemption. In addition, the Corporation’s board of directors may, at its option, instead of the foregoing redemptions or exchanges of LLC Interests, cause the Corporation to make a cash payment equal to the volume weighted average market price of one share of Class A common stock for each LLC Interest redeemed (subject to customary adjustments, including for stock splits, stock dividends and reclassifications) in accordance with the terms of the TWM LLC Agreement.

Issuance and Cancellation of 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 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).

Following the completion of the Reorganization Transactions, including the IPO and the application of the proceeds therefrom as described above, (i) the investors in the IPO collectively owned 46,000,000 shares of Class A common, representing 2.7% of the combined voting power of all of the Corporation’s common stock and, through the Corporation’s ownership of LLC Interests, 20.7% of the economic interest in TWM LLC; (ii) the Refinitiv Direct Owner owned 96,933,192 shares of Class B common stock, representing 56.4% of the combined voting power of all of the Corporation’s common stock and, through the Corporation’s ownership of LLC Interests, 43.6% of the economic interest in TWM LLC; (iii) the Refinitiv LLC Owner owned 22,988,329 shares of Class D common stock, representing 13.4% of the combined voting power of all of the Corporation’s common stock, and 22,988,329 LLC Interests, representing 10.3% of the economic interest in TWM LLC, (iv) the Continuing LLC Owners that continue to own LLC Interests (other than the Refinitiv LLC Owner) collectively owned 10,006,269 shares of Class C common stock and 46,294,407 shares of Class D common stock, representing 27.5% of the combined voting power of all of the Corporation’s common stock, and 56,300,676 LLC Interests, representing 25.3% of the economic interest in TWM LLC; and (v) the Corporation owned 142,933,192 LLC Interests, representing 64.3% of the economic interest in TWM LLC.

Stockholders' Equity

3. STOCKHOLDER’S EQUITY

The Corporation is authorized to issue 1,000 shares of Common Stock, par value $0.01 per share. The Chief Executive Officer of Tradeweb Markets LLC is 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 are entitled to one vote for each share of common stock held on all matters submitted to shareholders for vote, consent or approval.

Subsequent Events	6 Months Ended	12 Months Ended
Subsequent Events	Jun. 30, 2019	Dec. 31, 2018
SUBSEQUENT EVENTS	19. Subsequent Events On August 1, 2019, London Stock Exchange Group plc announced that it has agreed definitive terms with a consortium including certain investment funds affiliated with Blackstone as well as Thomson Reuters to acquire Refinitiv in an all share transaction for a total enterprise value of approximately $27 billion. The transaction is subject to customary regulatory and shareholder approvals, and is expected to close during the second half of 2020. Refinitiv currently holds a 54% economic interest in the Company. On August 7, 2019, the board of directors of Tradeweb Markets Inc. declared a cash dividend of $0.08 per share of Class A common stock and Class B common stock for the third quarter of 2019. This dividend will be payable on September 16, 2019 to stockholders of record as of September 3, 2019. On August 6, 2019, Tradeweb Markets Inc., as the sole manager, approved a distribution by TWM LLC to its equityholders, including Tradeweb Markets Inc., in an aggregate amount of $33.0 million payable on September 13, 2019.
Tradeweb Markets Inc. only
SUBSEQUENT EVENTS		4. SUBSEQUENT EVENTS The Corporation has evaluated subsequent events through March 5, 2019, the date the statement of financial condition was issued. The Corporation did not note any subsequent events requiring disclosure or adjustments to the statement of financial condition.

Significant Accounting Policies (Policies)	6 Months Ended	12 Months Ended
Significant Accounting Policies (Policies)	Jun. 30, 2019	Dec. 31, 2018
Entity Information [Line Items]
Basis of Accounting	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. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year.
Tradeweb Markets Inc. only
Entity Information [Line Items]
Basis of Accounting		Basis of Accounting The statement of financial condition is 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 statement because there have been no activities in this entity other than the initial capitalization

Stockholder's Equity - Authorized shares (Details)		6 Months Ended
Stockholder's Equity - Authorized shares (Details)	Nov. 07, 2018 USD ($) Vote $ / shares shares	Jun. 30, 2019 USD ($) Vote	Dec. 31, 2018 $ / shares shares
Class of Stock [Line Items]
Number of votes per common stock \| Vote		1
Proceeds from issuance of common stock in the IPO, net of underwriting discounts \| $		$ 1,161,270,000
Tradeweb Markets Inc. only
Class of Stock [Line Items]
Common Stock, shares authorized \| shares	1,000		1,000
Common stock, par value \| $ / shares	$ 0.01		$ 0.01
Number of votes per common stock \| Vote	1
Proceeds from issuance of common stock in the IPO, net of underwriting discounts \| $	$ 100
Issuance of common stock, net of offering costs and cancellations (in shares) \| shares	100

Consolidated Statements of Financial Condition - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents	$ 410,104,000
Restricted cash	1,200,000
Receivable from brokers and dealers and clearing organizations including receivables from related parties of $3,332 at December 31, 2018	174,591,000
Deposits with clearing organizations including deposits from related parties of $500 at December 31, 2018 and December 31, 2017	11,427,000
Furniture, equipment, purchased software and leasehold improvements, net of accumulated depreciation and amortization	38,128,000
Software development costs, net of accumulated amortization	170,582,000
Intangible assets, net of accumulated amortization	1,380,848,000
Goodwill	2,694,797,000
Receivable from affiliates	3,243,000
Other assets including other assets from related parties of $9 and $27 at December 31, 2018 and December 31, 2017, respectively	25,027,000
Total assets	4,997,139,000
Liabilities
Payable to brokers and dealers and clearing organizations including payables to related parties of $2,404 at December 31, 2018	171,214,000
Accrued compensation	120,158,000
Deferred revenue including deferred revenue from related parties of $9,151 and $5,106 at December 31, 2018 and December 31, 2017, respectively	27,883,000
Accounts payable, accrued expenses and other liabilities including payables to related parties of $2,555 at December 31, 2017	42,548,000
Employee equity compensation payable	24,187,000
Payable to affiliates	5,009,000
Deferred tax liability	19,627,000
Total liabilities	410,626,000
Commitments and contingencies (Note 17)
Mezzanine Capital
Class C Shares and Class P(C) Shares	14,179,000
Members' capital
Members' capital	4,573,200,000
Accumulated other comprehensive loss	(866,000)
Total liabilities and stockholders' equity/members' capital	4,997,139,000
Predecessor
Assets
Cash and cash equivalents	410,104,000
Restricted cash	1,200,000
Members' capital
Total members' capital		$ 986,468,000
Tradeweb Markets LLC \| Successor
Assets
Cash and cash equivalents	410,104,000
Restricted cash	1,200,000
Receivable from brokers and dealers and clearing organizations including receivables from related parties of $3,332 at December 31, 2018	174,591,000
Deposits with clearing organizations including deposits from related parties of $500 at December 31, 2018 and December 31, 2017	11,427,000
Accounts receivable, net of allowance including receivables from related parties of $40,730 and $27,163 at December 31, 2018 and December 31, 2017, respectively	87,192,000
Furniture, equipment, purchased software and leasehold improvements, net of accumulated depreciation and amortization	38,128,000
Software development costs, net of accumulated amortization	170,582,000
Intangible assets, net of accumulated amortization	1,380,848,000
Goodwill	2,694,797,000
Receivable from affiliates	3,243,000
Other assets including other assets from related parties of $9 and $27 at December 31, 2018 and December 31, 2017, respectively	25,027,000
Total assets	4,997,139,000
Liabilities
Payable to brokers and dealers and clearing organizations including payables to related parties of $2,404 at December 31, 2018	171,214,000
Accrued compensation	120,158,000
Deferred revenue including deferred revenue from related parties of $9,151 and $5,106 at December 31, 2018 and December 31, 2017, respectively	27,883,000
Accounts payable, accrued expenses and other liabilities including payables to related parties of $2,555 at December 31, 2017	42,548,000
Employee equity compensation payable	24,187,000
Payable to affiliates	5,009,000
Deferred tax liability	19,627,000
Total liabilities	410,626,000
Commitments and contingencies (Note 17)
Mezzanine Capital
Class C Shares and Class P(C) Shares	14,179,000
Members' capital
Members' capital	4,573,200,000
Accumulated other comprehensive loss	(866,000)
Total members' capital	4,572,334,000
Total liabilities and stockholders' equity/members' capital	$ 4,997,139,000
Tradeweb Markets LLC \| Predecessor
Assets
Cash and cash equivalents		352,598,000
Restricted cash		1,200,000
Receivable from brokers and dealers and clearing organizations including receivables from related parties of $3,332 at December 31, 2018		4,324,000
Deposits with clearing organizations including deposits from related parties of $500 at December 31, 2018 and December 31, 2017		9,926,000
Accounts receivable, net of allowance including receivables from related parties of $40,730 and $27,163 at December 31, 2018 and December 31, 2017, respectively		69,662,000
Furniture, equipment, purchased software and leasehold improvements, net of accumulated depreciation and amortization		27,031,000
Software development costs, net of accumulated amortization		41,181,000
Intangible assets, net of accumulated amortization		222,219,000
Goodwill		563,421,000
Receivable from affiliates		375,000
Other assets including other assets from related parties of $9 and $27 at December 31, 2018 and December 31, 2017, respectively		18,130,000
Deferred tax assets		6,820,000
Total assets		1,316,887,000
Liabilities
Payable to brokers and dealers and clearing organizations including payables to related parties of $2,404 at December 31, 2018		4,322,000
Accrued compensation		89,769,000
Deferred revenue including deferred revenue from related parties of $9,151 and $5,106 at December 31, 2018 and December 31, 2017, respectively		29,673,000
Contingent consideration payable to related parties		129,393,000
Accounts payable, accrued expenses and other liabilities including payables to related parties of $2,555 at December 31, 2017		27,364,000
Employee equity compensation payable		31,019,000
Payable to affiliates		5,578,000
Total liabilities		317,118,000
Commitments and contingencies (Note 17)
Mezzanine Capital
Class C Shares and Class P(C) Shares		13,301,000
Members' capital
Members' capital		999,735,000
Accumulated other comprehensive loss		(13,267,000)
Total members' capital		986,468,000
Total liabilities and stockholders' equity/members' capital		$ 1,316,887,000

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash deposited with related parties		$ 283,790
Receivables from related parties		3,332
Deposits from related parties		500
Accounts receivable, net of allowance from related parties		40,730
Other assets from related parties		9
Payables to related parties, brokers, dealers and clearing organizations		2,404
Deferred revenues from related parties	$ 4,772	9,151
Tradeweb Markets LLC \| Successor
Cash deposited with related parties		283,790
Receivables from related parties		3,332
Deposits from related parties		500
Accounts receivable, net of allowance from related parties		40,730
Other assets from related parties		9
Payables to related parties, brokers, dealers and clearing organizations		2,404
Deferred revenues from related parties		$ 9,151
Tradeweb Markets LLC \| Predecessor
Cash deposited with related parties			$ 234,107
Deposits from related parties			500
Accounts receivable, net of allowance from related parties			27,163
Other assets from related parties			27
Deferred revenues from related parties			5,106
Payables to related parties			$ 2,555

Consolidated Statements of Income - USD ($)	12 Months Ended
Consolidated Statements of Income - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Tradeweb Markets LLC \| Predecessor
Revenues
Gross revenue	$ 562,968,000	$ 518,404,000
Contingent consideration to related parties	(58,520,000)	(26,224,000)
Net revenue	504,448,000	492,180,000
Expenses
Employee compensation and benefits	248,963,000	228,584,000
Depreciation and amortization	68,615,000	80,859,000
General and administrative including from related parties of $180, $539, $719 and $740 in the period ended December 31, 2018, September 30, 2018, December 31, 2017 and December 31, 2016, respectively	33,973,000	27,392,000
Technology and communications including from related parties of $740, $2,220, $2,960 and $2,960 in the period ended December 31, 2018, September 30, 2018, December 31, 2017 and December 31, 2016, respectively	30,013,000	28,239,000
Professional fees	19,351,000	18,158,000
Occupancy including from related parties of $155, $466, $621 and $600 in the period ended December 31, 2018, September 30, 2018, December 31, 2017 and December 31, 2016, respectively	14,441,000	15,817,000
Total expenses	415,356,000	399,049,000
Operating income	89,092,000	93,131,000
Interest income including from related parties of $17, $34, $40 and $80 in the period ended December 31, 2018, September 30, 2018, December 31, 2017 and December 31, 2016, respectively	1,140,000	644,000
Interest expense from related parties	(455,000)	(1,339,000)
Income before taxes	89,777,000	92,436,000
Provision for income taxes	(6,129,000)	725,000
Net income attributable to Tradeweb Markets Inc.	$ 83,648,000	$ 93,161,000
Net income per share (Note 18)
Basic	$ 0.39	$ 0.44
Diluted	$ 0.39	$ 0.44
Weighted average number of shares outstanding
Basic	212,568,635	210,979,704
Diluted	212,568,635	210,979,704
Tradeweb Markets LLC \| Predecessor \| Transaction Fee Revenue
Revenues
Gross revenue	$ 267,020,000	$ 230,171,000
Tradeweb Markets LLC \| Predecessor \| Subscription Fee Revenue
Revenues
Gross revenue	144,409,000	141,419,000
Tradeweb Markets LLC \| Predecessor \| Commissions Revenue
Revenues
Gross revenue	96,745,000	91,663,000
Tradeweb Markets LLC \| Predecessor \| Refinitiv Market Data Fees
Revenues
Gross revenue	50,125,000	50,564,000
Tradeweb Markets LLC \| Predecessor \| Other
Revenues
Gross revenue	$ 4,669,000	$ 4,587,000

Consolidated Statements of Income (Parenthetical) - Tradeweb Markets LLC - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017	Dec. 31, 2016
Successor
Revenues
General and administrative from related parties	$ 180
Technology and communications from related parties	740
Occupancy from related parties	155
Interest income from related parties	17
Successor \| Transaction Fee Revenue
Revenues
Revenue from related parties	59,259
Successor \| Subscription Fee Revenue
Revenues
Revenue from related parties	5,718
Successor \| Commissions Revenue
Revenues
Revenue from related parties	$ 12,401
Predecessor
Revenues
General and administrative from related parties		$ 539	$ 719	$ 740
Technology and communications from related parties		2,220	2,960	2,960
Occupancy from related parties		466	621	600
Interest income from related parties		34	40	80
Predecessor \| Transaction Fee Revenue
Revenues
Revenue from related parties		159,663	151,695	134,231
Predecessor \| Subscription Fee Revenue
Revenues
Revenue from related parties		16,627	37,426	35,169
Predecessor \| Commissions Revenue
Revenues
Revenue from related parties		$ 34,944	$ 43,315	$ 42,343

Consolidated Statements of Changes in Members' Capital and Accumulated Other Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017	Dec. 31, 2016
Members' Capital
Comprehensive income:
Members' capital end of period	$ 4,573,200
Predecessor
Increase (Decrease) in Stockholders' Equity
Members' capital beginning of period		$ 986,468
Comprehensive income:
Members' capital end of period			$ 986,468
Predecessor \| Members' Capital
Increase (Decrease) in Stockholders' Equity
Members' capital beginning of period		999,735
Comprehensive income:
Members' capital end of period			999,735
Predecessor \| Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity
Members' capital beginning of period		(13,267)
Comprehensive income:
Members' capital end of period			(13,267)
Tradeweb Markets LLC \| Predecessor
Increase (Decrease) in Stockholders' Equity
Members' capital beginning of period	1,125,165	986,468	1,024,759	$ 1,067,944
Comprehensive income:
Post-IPO net income attributable to Tradeweb Markets Inc.		130,160	83,648	93,161
Foreign currency translation adjustments		(3,064)	2,885	(4,679)
Comprehensive income attributable to non-controlling interests		127,096	86,533	88,482
Adjustment to Class C Shares and Class P(C) Shares in mezzanine capital		456	(2,109)	(1,667)
Vesting of contingent consideration		150,495
Capital contributions			29,285
Capital distributions		(139,350)	(152,000)	(130,000)
Members' capital end of period		1,125,165	986,468	1,024,759
Tradeweb Markets LLC \| Predecessor \| Members' Capital
Increase (Decrease) in Stockholders' Equity
Members' capital beginning of period	1,141,496	999,735	1,040,911	1,079,417
Comprehensive income:
Post-IPO net income attributable to Tradeweb Markets Inc.		130,160	83,648	93,161
Comprehensive income attributable to non-controlling interests		130,160	83,648	93,161
Adjustment to Class C Shares and Class P(C) Shares in mezzanine capital		456	(2,109)	(1,667)
Vesting of contingent consideration		150,495
Capital contributions			29,285
Capital distributions		(139,350)	(152,000)	(130,000)
Members' capital end of period		1,141,496	999,735	1,040,911
Tradeweb Markets LLC \| Predecessor \| Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity
Members' capital beginning of period	(16,331)	(13,267)	(16,152)	(11,473)
Comprehensive income:
Foreign currency translation adjustments		(3,064)	2,885	(4,679)
Comprehensive income attributable to non-controlling interests		(3,064)	2,885	(4,679)
Members' capital end of period		(16,331)	$ (13,267)	$ (16,152)
Tradeweb Markets LLC \| Successor
Increase (Decrease) in Stockholders' Equity
Members' capital beginning of period	4,562,154
Comprehensive income:
Post-IPO net income attributable to Tradeweb Markets Inc.	29,307
Foreign currency translation adjustments	(866)
Comprehensive income attributable to non-controlling interests	28,441
Adjustment to Class C Shares and Class P(C) Shares in mezzanine capital	(1,333)
Conversion of certain cash-settled PRSUs to equity settled PRSUs	19,072
Capital distributions	(36,000)
Members' capital end of period	4,572,334	4,562,154
Tradeweb Markets LLC \| Successor \| Members' Capital
Increase (Decrease) in Stockholders' Equity
Members' capital beginning of period	4,562,154
Comprehensive income:
Post-IPO net income attributable to Tradeweb Markets Inc.	29,307
Comprehensive income attributable to non-controlling interests	29,307
Adjustment to Class C Shares and Class P(C) Shares in mezzanine capital	(1,333)
Conversion of certain cash-settled PRSUs to equity settled PRSUs	19,072
Capital distributions	(36,000)
Members' capital end of period	4,573,200	4,562,154
Tradeweb Markets LLC \| Successor \| Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity
Members' capital beginning of period	0
Comprehensive income:
Foreign currency translation adjustments	(866)
Comprehensive income attributable to non-controlling interests	(866)
Members' capital end of period	$ (866)	$ 0

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash and cash equivalents and restricted cash
End of period	$ 411,304
Predecessor
Cash and cash equivalents and restricted cash
Beginning of period		$ 353,798
End of period	411,304		$ 353,798
Tradeweb Markets LLC \| Successor
Cash flows from operating activities
Net income	29,307
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	33,020
Deferred taxes	968
(Increase) decrease in operating assets:
Receivable from brokers and dealers and clearing organizations	(169,949)
Deposits with clearing organizations	(2,248)
Accounts receivable	8,085
Receivable from affiliates	107
Other assets	(4,695)
Increase (decrease) in operating liabilities:
Payable to brokers and dealers and clearing organizations	171,214
Accrued compensation	38,368
Deferred revenue	(396)
Accounts payable, accrued expenses and other liabilities	639
Employee equity compensation payable	9,345
Payable to affiliates	(1,209)
Net cash provided by operating activities	112,556
Cash flows from investing activities
Purchase of furniture, equipment, software and leasehold improvements	(9,090)
Capitalized software development costs	(7,156)
Net cash (used in) investing activities	(16,246)
Cash flows from financing activities
Capital distributions	(36,000)
Net cash (used in) financing activities	(36,000)
Effect of exchange rate changes on cash and cash equivalents	(389)
Net decrease in cash and cash equivalents	59,921
Cash and cash equivalents and restricted cash
Beginning of period	351,383
End of period	411,304	351,383
Supplemental disclosure of cash flow information
Income taxes paid	2,659
Supplemental disclosure of non-cash investing and financing information
Conversion of certain cash-settled PRSUs to equity settled PRSUs	19,072
Tradeweb Markets LLC \| Predecessor
Cash flows from operating activities
Net income		130,160	83,648	$ 93,161
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization		48,808	68,615	80,859
Contingent consideration		26,830	58,520	26,224
Vesting of P-1(C) Shares		(5,728)
Deferred taxes		2,602	(950)	(6,323)
(Increase) decrease in operating assets:
Receivable from brokers and dealers and clearing organizations		(318)	(4,324)	380
Deposits with clearing organizations		726	606	(2,311)
Accounts receivable		(28,434)	11,196	(18,683)
Receivable from affiliates		(2,534)	314	957
Other assets		(6,371)	4,719	(5,369)
Increase (decrease) in operating liabilities:
Payable to brokers and dealers and clearing organizations		(4,322)	4,322	(380)
Accrued compensation		(7,568)	12,364	7,851
Deferred revenue		(1,396)	(12,555)	(6,167)
Accounts payable, accrued expenses and other liabilities		8,793	(3,826)	2,364
Employee equity compensation payable		2,896	2,380	519
Payable to affiliates		684	(449)	(1,237)
Net cash provided by operating activities		164,828	224,580	171,845
Cash flows from investing activities
Purchase of furniture, equipment, software and leasehold improvements		(6,327)	(13,461)	(9,998)
Capitalized software development costs		(19,523)	(27,157)	(25,351)
Business acquisitions			66	(15,216)
Purchase of investments			(5,000)
Net cash (used in) investing activities		(25,850)	(45,552)	(50,565)
Cash flows from financing activities
Capital distributions		(139,350)	(152,000)	(130,000)
Mezzanine capital contributions			82
Mezzanine capital distributions			(1,543)	(521)
Net cash (used in) financing activities		(139,350)	(153,461)	(130,521)
Effect of exchange rate changes on cash and cash equivalents		(2,043)	3,157	(6,200)
Net decrease in cash and cash equivalents		(2,415)	28,724	(15,441)
Cash and cash equivalents and restricted cash
Beginning of period	$ 351,383	353,798	325,074	340,515
End of period		351,383	353,798	325,074
Supplemental disclosure of cash flow information
Interest paid			455	1,339
Income taxes paid		5,500	6,312	$ 6,735
Supplemental disclosure of non-cash investing and financing information
Vesting of contingent consideration to Class P-1(A) Shares		$ 150,495
Conversion of convertible term note payable to Thomson Reuters to Class A Shares			$ 29,285

Consolidated Statements of Cash Flows (Parenthetical) - USD ($)	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash	$ 410,104,000
Restricted cash	1,200,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Total	411,304,000
Predecessor
Cash	410,104,000
Restricted cash	1,200,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Total	411,304,000		$ 353,798,000
Tradeweb Markets LLC \| Successor
Cash	410,104,000
Restricted cash	1,200,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Total	$ 411,304,000	$ 351,383,000
Tradeweb Markets LLC \| Predecessor
Cash		350,183,000	352,598,000	$ 324,074,000
Restricted cash		1,200,000	1,200,000	1,000,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Total		$ 351,383,000	$ 353,798,000	$ 325,074,000	$ 340,515,000

Organization

6 Months Ended

12 Months Ended

Jun. 30, 2019

Dec. 31, 2018

1. Organization

 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”).

Initial Public Offering

Reorganization Transactions

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:

The Corporation entered into a tax receivable agreement (the “Tax Receivable Agreement”) with TWM LLC and the Continuing LLC Owners. See Note 8 – Tax Receivable Agreement.

Acquisition of Parent Company and Presentation of Financial Statements

The successor period of the Company, reflecting the Refinitiv Transaction, as of June 30, 2019 and December 31, 2018 and for the three and six months ended June 30, 2019.

The predecessor period of the Company for the three and six months ended June 30, 2018.

See Note 3 – Pushdown Accounting.

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 King (Cayman) Holdings Ltd. (“Refinitiv” or the “Parent”). Refinitiv owns a majority ownership in the Company. A minority interest of the Company is 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 (“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, reflecting the Refinitiv Transaction, from October 1, 2018 to December 31, 2018.

The predecessor period of the Company from January 1, 2018 to September 30, 2018.

The predecessor period of the Company for the year ended December 31, 2017.

The predecessor period of the Company for the year ended December 31, 2016.

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”).

In January 2019, the Company received authorization from the Dutch Authority for Financial Markets ("AFM") to operate Tradeweb EU B.V. (“TWEU”), a Trading Venue and Approved Publication Arrangement regulated by the AFM.

On October 7, 2011, the Company acquired the assets of the RaffCap business. The acquisition was accounted for as a business combination and therefore the cost of the assets acquired and liabilities assumed by the Company, which consisted of intangible assets and goodwill, were accounted for at fair value.

On November 1, 2013, the Company acquired BondDesk Group LLC and subsidiaries (“BondDesk”). BondDesk’s subsidiary Tradeweb Direct LLC (“TWD”) (formerly known as BondDesk Trading LLC) is a registered broker-dealer under the Securities Exchange Act of 1934 and a member of FINRA.

Significant Accounting Policies

6 Months Ended

12 Months Ended

Jun. 30, 2019

Dec. 31, 2018

2. Significant Accounting Policies

The following is a summary of significant accounting policies:

Basis of Accounting

Use of Estimates

Basis of Presentation and Consolidation

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

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

Translation of Foreign Currency

Income Tax

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				Successor				Predecessor				Predecessor
	Three Months Ended				Six Months Ended				Three Months Ended				Six Months Ended
	June 30, 2019				June 30, 2019				June 30, 2018				June 30, 2018
	(in thousands)								(in thousands)
	Variable		Fixed		Variable		Fixed		Variable		Fixed		Variable		Fixed
Revenues
Transaction fees	$	79,577	$	24,375	$	158,492	$	48,100	$	69,557	$	21,473	$	139,194	$	41,975
Subscription Fees including Refinitiv market data fees		435		47,516		890		95,122		425		49,303		900		97,391
Commissions		26,635		9,778		50,945		19,665		17,346		10,207		35,126		20,310
Other		302		1,867		605		3,458		14		2,690		26		5,596
Gross revenue	$	106,949	$	83,536	$	210,932	$	166,345	$	87,342	$	83,673	$	175,246	$	165,272

Stock-Based Compensation

Earnings Per Share

Shares of Class C and Class D common stock do not have economic rights in Tradeweb Markets Inc. and, therefore, are not participating securities for purposes of the computation of earnings 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 – Not Yet Adopted

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.

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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those 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

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 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 has been adjusted retroactively for all periods to reflect the above-mentioned amendment and resulting recapitalization (the “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

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, is computed on a straight-line basis over the estimated useful lives of the related assets, ranging from three to seven years. Leasehold improvements are amortized over the lesser of the estimated useful lives of the leasehold improvements or the remaining term of the lease for office space. Furniture, equipment, purchased software and leasehold improvements are tested for impairment whenever events or changes in circumstances suggest that an asset's carrying value may not be fully recoverable in accordance with Accounting Standards Codification ("ASC") 360.

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 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 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 and is 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 on July 1st and between annual tests whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. Goodwill is tested at the reporting unit level, which is defined as an operating segment or one level below the operating segment. 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 its Registration Statement on Form S-1, which are deferred in other assets in accordance with ASC 505-10-25, Equity - Recognition 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. If the IPO becomes effective, these deferred costs will be offset against proceeds received from the offering and reclassified to equity on the consolidated statements of financial condition. Should the Company terminate or more than temporarily delay its planned offering, these costs will be expensed in the consolidated statements of income.

Translation of Foreign Currency

Income Tax

The Company is a multiple member limited liability company which is taxed as a partnership. No income tax provision is required on the earnings of the Company as it is a partnership, and therefore the remaining 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. TWIDB and its subsidiary DW are C Corporations and therefore incur 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.

On December 22, 2017, the President signed into law the Tax Cuts and Jobs Act ("TCJA") effective for tax years ending after December 31, 2017. This legislation replaces the prior corporate tax rate structure with a flat 21% rate, effective in 2018. There were many other future impacts of the tax reform such as the repeal of the corporate alternative minimum tax rate, tax loss carryback and carryforward limitations. This legislation impacted the financial statements for the year ended December 31, 2017 by reducing the deferred tax asset by $1,982,000 as a result of the revaluation of the deferred tax asset based on the reduced federal corporate tax rate. During 2018 the Company finalized its calculations related to the impacts of the TCJA with no adjustment to the Company's previously recorded provisional tax expense.

The TCJA also requires a U.S. shareholder of a controlled foreign corporation ("CFC") to include in income, as a deemed dividend, the global intangible low-taxed income ("GILTI") of the CFC. This provision is effective for taxable years of foreign corporations beginning after December 31, 2017, and to taxable years of United States shareholders in which or with which such taxable years of foreign corporations end. 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 markets 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, as if the transactions have settled. This income is received by the Company when the transactions settle or is billed monthly.

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 timing of recognition of revenue in any prior reporting periods. However, in the current reporting period, 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.

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 October 1, 2018 to December 31, 2018, January 1, 2018 to September 30, 2018 and for the year ended December 31, 2017 and 2016 is as follows:


	Successor				Predecessor
	October 1, 2018 to				January 1, 2018 to				For the Year Ended				For the Year Ended
	December 31, 2018				September 30, 2018				December 31, 2017				December 31, 2016
	(in thousands)				(in thousands)				(in thousands)				(in thousands)
Revenues	Variable		Fixed		Variable		Fixed		Variable		Fixed		Variable		Fixed
Transaction fees	$	73,800	$	23,330	$	208,049	$	65,702	$	210,198	$	56,822	$	176,060	$	54,111
Subscription fees including Refinitiv market data fees		425		46,094		1,305		142,676		1,575		192,959		1,496		190,487
Commissions		22,608		10,232		49,367		30,463		57,118		39,627		54,194		37,469
Other		—		2,148		40		8,169		36		4,633		30		4,557
Gross revenues	$	96,833	$	81,804	$	258,761	$	247,010	$	268,927	$	294,041	$	231,780	$	286,624

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 shared-based payments received by the employees of the Company are accounted for either as equity awards or as liability awards.

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.

The Company has elected to account for forfeitures when they occur. If in a reporting period a forfeiture occurs, any expenses already recognized relating to the forfeited awards in prior reporting periods are reversed in the current reporting period.

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.

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 February 2016, the FASB issued ASU2016-02, Leases. This standard requires lessees to recognize a right-of-use asset and a lease liability for virtually all leases. The asset will reflect the present value of unpaid lease payments coupled with initial direct costs, prepaid lease payments, and lease incentives. The amount of the lease liability will be calculated as the present value of unpaid lease payments. ASU2016-02 will be effective for the Company in the fiscal year beginning January 1, 2019. The new standard must be adopted using a modified retrospective transition. The Company will adopt the transition method provided by ASU 2018 - 11, Leases - Targeted Improvements, in which the Company will initially apply the new lease standard on the adoption date of January 1, 2019, recognizing the cumulative-effect adjustment to members' capital. The Company is evaluating its current lease contracts and currently intends to use the package of practical expedients allowing entities 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 not quantified the impact on its consolidated financial statements, but it anticipates an increase in the recognition of right-of-use assets and lease liabilities.

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

In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force). This update provides specific guidance on the eight cash flow classification and presentation issues on the statements of cash flow. ASU 2016-15 was adopted by the Company beginning on January 1, 2018. The adoption of this ASU did not have a material impact on the Company’s financial statements.

In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows — Restricted Cash. This update requires that a statement of cash flows explain the change during the period in total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The standard must be adopted using a retrospective transition method to each period presented. ASU 2016-18 was adopted by the Company beginning on January 1, 2018. The adoption resulted in the Company presenting a reconciliation of cash and cash equivalents and restricted cash that sum to the amounts shown in the consolidated statement of cash flows.

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 financial statements.

Pushdown Accounting

6 Months Ended

12 Months Ended

Jun. 30, 2019

Dec. 31, 2018

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. At June 30, 2019 and December 31, 2018, goodwill amounted to $2,695,000. 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.

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 “Business Combinations” 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, 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 is recorded as goodwill.

The fair value of assets acquired and liabilities assumed was determined based on assumptions that reasonable market participants would use in the principal (or most advantageous) market for the asset or liability. The following assumptions, the majority of which include significant unobservable inputs (Level 3), and valuation methodologies were used to determine fair value:

Licenses — The income approach: with or without method was used. Under this method, fair value is estimated based on income streams, such as cash flows or earnings, discounting to a present value. These discounted cash flows are calculated both with the asset and without the asset. The difference in the cash flows is discounted to the present value to determine the value of the asset.

Content and Data — The income approach: discounted cash flow method was used. Under this method, fair value is estimated based on income streams, such as cash flows or earnings, discounting to a present value.

Tradename and software development costs — The income approach: relief from royalty method was used. Under this method, the value of the asset is a function of several components:

The projected revenue attributable to the asset.

The expected economic life of the asset.

The royalty rate, as a percentage of revenue that would hypothetically be charged by a licensor of the asset to an unrelated licensee.

A discount rate that reflects the level of risk associated with the future income attributable to the asset.

Customer relationships — The income approach: multi-period excess earnings method was used. Under this method, the economic benefit of the asset is measured indirectly by calculating the income attributable to an asset after contributory asset charges.

Leasehold improvements, furniture and purchased software — The cost approach was used. Under this method the assets are valued based on the cost to a market participant to acquire a substitute asset of comparable utility, adjusted for obsolescence.

Computer hardware and office equipment — The market approach was used. Under this method, the fair value of an asset reflects the price at which comparable assets are purchased under similar circumstances based on recent sales prices of similar assets in an arm’s-length transaction.

Leasehold interests — The income approach was used. Under this method, fair value is estimated based on cash flows, discounting to a present value.

The amount and timing of future cash flows used in these approaches were based on the Company’s most recent financial forecasts as of the date of the Refinitiv Transaction. In preparing the purchase price allocations, the Company considered a report of a third-party valuation expert. The Company’s management is responsible for these internal and third-party valuations and appraisals and they are continuing to review the amounts and allocations to finalize these amounts. The Company has one year from the date of the Refinitiv Transaction to finalize these amounts.

The allocation applying pushdown accounting is summarized in the table below (in thousands):


Fair value of the Company	$	4,575,000
Less: fair value of the net assets and liabilities of the Company		(1,880,203)
Goodwill	$	2,694,797
Net assets and liabilities of the Company at October 1, 2018:
Cash and cash equivalents	$	350,183
Restricted cash		1,200
Receivable from brokers and dealers and clearing organizations		4,642
Deposits with clearing organizations		9,200
Accounts receivable		95,959
Furniture, equipment, purchased software and leasehold improvements:
Computer hardware		15,787
Leasehold improvements		11,460
Purchased software		2,866
Furniture		1,616
Office equipment		572
Software development costs		168,500
Intangible assets:
Tradename		154,300
Content and Data		154,400
Licenses		168,800
Customer relationships		928,200
Receivables from affiliates		3,350
Other assets		20,404
Total assets		2,091,439
Accrued compensation		82,201
Deferred revenue		28,280
Accounts payable, accrued expenses and other liabilities		39,291
Leasehold interests		3,020
Employee equity compensation payable		33,914
Payable to affiliates		5,856
Deferred tax liability		18,674
Total liabilities		211,236
Fair value of net assets and liabilities of the Company	$	1,880,203

Restricted Cash	12 Months Ended
Restricted Cash	Dec. 31, 2018
Tradeweb Markets LLC
Entity Information [Line Items]
Restricted Cash	4. Restricted Cash Cash has been segregated in a special reserve bank account for the benefit of brokers and dealers under SEC Rule 15c3-3. The Company computes the proprietary accounts of other broker-dealers (“PAB”) reserve, which requires the Company to maintain minimum segregated cash in the amount of total credits per the reserve computation. As of December 31, 2018 and December 31, 2017, cash in the amount of $1,200,000 has been segregated in the PAB reserve account exceeding the requirements pursuant to SEC Rule 15c3-3.

Receivable from and Payable to Brokers and Dealers and Clearing Organizations	12 Months Ended
	Dec. 31, 2018
Tradeweb Markets LLC
Entity Information [Line Items]
Receivable from and Payable to Brokers and Dealers and Clearing Organizations	5. Receivable from and Payable to Brokers and Dealers and Clearing Organizations Receivable from and payable to brokers and dealers and clearing organizations consists of proceeds from transactions which failed to settle due to the inability of a transaction party to deliver or receive the transacted security. These securities transactions are generally collateralized by those securities.

Deposits With Clearing Organizations	12 Months Ended
Deposits With Clearing Organizations	Dec. 31, 2018
Tradeweb Markets LLC
Entity Information [Line Items]
Deposits with Clearing Organizations	6. Deposits with Clearing Organizations Deposits with clearing organizations are comprised of cash deposits. Due to the short-term nature of these deposits, the recorded value has been determined to approximate fair value.

Furniture, Equipment, Purchased Software and Leasehold Improvements

12 Months Ended

Dec. 31, 2018

Furniture, Equipment, Purchased Software and Leasehold Improvements

7. Furniture, Equipment, Purchased Software and Leasehold Improvements

The components of furniture, equipment, purchased software and leasehold improvements, net of accumulated depreciation and amortization are as follows (in thousands):


	Successor		Predecessor
	December 31,		December 31,
	2018		2017
Computer hardware	$	22,818	$	67,852
Leasehold improvements		12,339		27,139
Purchased software		3,039		12,991
Furniture and office equipment		2,968		6,350
Accumulated depreciation and amortization		(3,036)		(87,301)
Furniture, equipment, purchased software and leasehold improvements, net of accumulated depreciation and amortization	$	38,128	$	27,031

For October 1, 2018 to December 31, 2018, January 1, 2018 to September 30, 2018 and for the years ended December 31, 2017 and 2016, depreciation and amortization expense related to these assets was $3,094,000, $9,270,000, $11,959,000 and $12,910,000 respectively.

Software Development Cost

12 Months Ended

Dec. 31, 2018

Software Development Cost

8. Software Development Cost

The components of Software development costs, net of accumulated amortization are as follows (in thousands):


	Successor		Predecessor
	December 31,		December 31,
	2018		2017
Software development costs	$	175,656	$	218,382
Accumulated amortization		(5,074)		(177,201)
Software development costs, net of accumulated amortization	$	170,582	$	41,181

For October 1, 2018 to December 31, 2018, January 1, 2018 to September 30, 2018 and for the years ended December 31, 2017 and 2016, software development costs totaling $7,156,000, $19,523,000, $27,157,000 and $25,351,000, respectively, were capitalized. In addition, on October 1, 2018, a fair value of $168,500,000 was assigned to software development costs of the Company as a result of the Refinitiv Transaction. Non-capitalized software costs and routine maintenance costs are expensed as incurred and are included in employee compensation and benefits and professional fees on the consolidated statements of income. For October 1, 2018 to December 31, 2018, January 1, 2018 to September 30, 2018 and for the years ended December 31, 2017 and 2016, amortization expense related to these assets was $5,074,000, $19,962,000, $25,420,000 and $26,824,000 respectively.

Intangible Assets and Goodwill

6 Months Ended

12 Months Ended

Jun. 30, 2019

Dec. 31, 2018

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 – Pushdown Accounting).

The following is a summary of intangible assets which have an indefinite useful life at both June 30, 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
		June 30, 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	$	(58,012)	$	870,188	$	928,200	$	(19,338)	$	908,862
Content and data	7 Years		154,400		(16,543)		137,857		154,400		(5,514)		148,886
		$	1,082,600	$	(74,555)	$	1,008,045	$	1,082,600	$	(24,852)	$	1,057,748

Amortization expense relating to intangible assets was $24,852,000 and $49,704,000, respectively, for the three and six months ended June 30, 2019, and $6,557,000 and $13,063,000, respectively, for the three and six months ended June 30, 2018.

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


Remainder of 2019	$	49,704
2020		99,408
2021		99,408
2022		99,408
2023		99,408

Intangible Assets and Goodwill

9. Intangible Assets and Goodwill

Intangible assets and goodwill relate primarily to the allocation of purchase price associated with the Refinitiv Transaction, the acquisition by TR of Tradeweb Group LLC in 2004, the merger in 2010 of the Company with Tradeweb NewMarkets LLC (“NewMarkets”), which was a company owned by the Banks and TR (the “Merger”), the purchase of the RaffCap business in 2011 and the purchase of BondDesk in 2013. The following is a summary of goodwill (in thousands):


	Successor		Predecessor
	December 31,		December 31,
	2018		2017
Refinitiv Transaction	$	2,694,797	$	—
TR Acquisition		—		334,185
Merger		—		66,484
RaffCap Business		—		49,200
BondDesk		—		103,158
Other		—		10,394
Total	$	2,694,797	$	563,421

The following is a summary of intangible assets which have an indefinite useful life (in thousands):


	Successor		Predecessor
	December 31,		December 31,
	2018		2017
Licences	$	168,800	$	12,000
Tradename		154,300		—
Total	$	323,100	$	12,000

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


		Successor						Predecessor
		December 31, 2018						December 31, 2017
	Amortization			Accumulated		Net Carrying				Accumulated		Net Carrying
	Period	Cost		Amortization		Amount		Cost		Amortization		Amount
Customer relationships - Refinitiv Transaction	12 Years	$	928,200	$	(19,338)	$	908,862	$	—	$	—	$	—
Content and data	7 Years		154,400		(5,514)		148,886		—		—		—
Customer relationships - Fixed Income Business	13 Years		—		—		—		155,284		(155,270)		14
Customer relationships - DW	11 Years		—		—		—		65,000		(42,348)		22,652
Customer relationships - RaffCap	12 Years		—		—		—		17,600		(9,166)		8,434
Customer relationships - BondDesk	15 Years		—		—		—		104,000		(28,806)		75,194
Customer relationships - Other	10 Years		—		—		—		2,100		(385)		1,715
Tradenames	10 Years		—		—		—		200		(125)		75
Liquidity contracts	16 Years		—		—		—		185,000		(82,865)		102,135
		$	1,082,600	$	(24,852)	$	1,057,748	$	529,184	$	(318,965)	$	210,219

For October 1, 2018 to December 31, 2018, January 1, 2018 to September 30, 2018 and for the years ended December 31, 2017 and 2016, amortization expense relating to these assets was $24,852,000, $19,576,000, $31,236,000 and $41,125,000, respectively.

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


Year	Amount
2019	$	99,408
2020		99,408
2021		99,408
2022		99,408
2023		99,408

Deferred Revenue

6 Months Ended

12 Months Ended

Jun. 30, 2019

Dec. 31, 2018

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		54,735
Revenue recognized		(57,348)
Deferred revenue balance - June 30, 2019	$	25,270

Deferred Revenue

10. 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):


	Successor		Predecessor		Predecessor
	October 1,		January 1,		Year Ended
	2018 to		2018 to		December 31,
	December 31, 2018		September 30, 2018		2017
Deferred revenue balance – beginning of period	$	28,280	$	29,673	$	42,184
New billings		26,609		100,091		127,312
Revenue recognized		(27,006)		(101,484)		(139,823)
Deferred revenue balance – end of period	$	27,883	$	28,280	$	29,673

Income Taxes

6 Months Ended

12 Months Ended

Jun. 30, 2019

Dec. 31, 2018

Income Taxes

7. Income Taxes

The Company's effective tax rate was 20.3% and 4.5% for the three months ended June 30, 2019 and 2018, respectively, and 14.2% and 4.9% for the six months ended June 30, 2019 and 2018, respectively. The significant increase in the effective tax rate for the three months and six months ended June 30, 2019 was primarily due to the Reorganization Transactions. Prior to the Reorganization Transactions, incomes taxes consisted only of business taxes incurred by TWM LLC and certain subsidiaries for business conducted in certain state, local and foreign jurisdictions as well as federal, state and local taxes for certain subsidiaries that are taxed as corporations for U.S. tax purposes. As a result of the Reorganization Transactions, the Corporation is subject to U.S. federal, state and local income taxes with respect to its taxable income, including its allocable share of any taxable income of TWM LLC, and is taxed at prevailing corporate tax rates. The Company’s actual effective tax rate will be impacted by the Corporation’s ownership share of TWM LLC, which may increase over time if the Continuing LLC Owners redeem or exchange their LLC Interests for shares of Class A common stock or Class B common stock, as applicable.

The Company's consolidated effective tax rate will vary from period to period depending on redemptions or exchanges by the Continuing LLC Owners, changes in the geographic mix of its earnings and changes in tax legislation and tax rates.

The Company expects to obtain an increase in its share of the tax basis of the assets of TWM LLC when LLC Interests are redeemed or exchanged by the Continuing LLC Owners and in connection with certain other qualifying transactions. This increase in tax basis may have the effect of reducing the amounts that the Corporation would otherwise pay in the future to various tax authorities. Pursuant to the Tax Receivable Agreement, the Corporation is required to make cash payments to the Continuing LLC Owners equal to 50% of the amount of U.S. federal, state and local income or franchise tax savings, if any, that the Corporation actually realizes (or in some circumstances are deemed to realize) as a result of certain future tax benefits to which we may become entitled. The Corporation expects to benefit from the remaining 50% of tax benefits, if any, that the Corporation may actually realize. See Note 8 – Tax Receivable Agreement. As a result of the IPO, the Company assumed a tax benefit of $93,194,000, due to an increase in amortizable tax basis that will be amortized primarily over 15 years pursuant to Section 197 of the Internal Revenue Code of 1986, as amended, offset by other factors. The tax benefit has been recognized in deferred tax asset on the June 30, 2019 consolidated statement of financial condition.

As a result of the Refinitiv Contribution, the Company assumed the tax liabilities of the contributed entity. The contributed entity is under audit by the State of New Jersey for the tax years 2012-2015 and is appealing a tax assessment from an audit by the State of New Jersey for the tax years 2008-2011. The Company recognized a tax liability of $2,722,000 as a result of the Refinitiv Contribution which is included in accounts payable, accrued expenses and other liabilities on the June 30, 2019 consolidated statement of financial condition. The Company is indemnified by Refinitiv for tax liabilities that were assumed by the Company as a result of the Refinitiv Contribution. See Note 12 – Related Party Transactions.

Income Taxes

11. Income Taxes

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


	Successor		Predecessor		Predecessor		Predecessor
	October 1, 2018 to		January 1, 2018 to		Year Ended		Year Ended
	December 31, 2018		September 30, 2018		December 31, 2017		December 31, 2016
Current:
Federal	$	—	$	—	$	—	$	—
State and Local		1,235		5,739		4,331		2,772
Foreign		1,212		3,559		2,748		2,826
		2,447		9,298		7,079		5,598
Deferred – Federal		680		1,085		(433)		(5,783)
Deferred – state and local		288		1,517		(517)		(540)
Total deferred		968		2,602		(950)		(6,323)
Total	$	3,415	$	11,900	$	6,129	$	(725)

A reconciliation of the statutory tax rate to the effective rate is as follows:


	Successor		Predecessor		Predecessor		Predecessor
	October 1, 2018 to		January 1, 2018 to		Year Ended		Year Ended
	December 31, 2018		September 30, 2018		December 31, 2017		December 31, 2016
U.S. federal tax at statutory rate	21.0	%	21.0	%	35.0	%	35.0	%
State and local taxes – net of federal benefit	4.7	%	5.1	%	2.8	%	1.6	%
Foreign taxes	3.7	%	2.5	%	3.1	%	3.1	%
Tax Cuts and Jobs Act provisional tax charge	0.0	%	0.0	%	2.2	%	0.0	%
LLC flow-through structure	(19.0)	%	(20.2)	%	(36.3)	%	(40.5)	%
Effective tax rate	10.4	%	8.4	%	6.8	%	(0.8)	%

The components of the Company’s deferred tax assets (liabilities) are as follows (in thousands):


	Successor		Predecessor
	December 31, 2018		December 31, 2017
Deferred tax assets (liabilities):
Net operating losses	$	6,810	$	8,966
Goodwill and intangible assets		(28,799)		(2,146)
Other		2,362		—
Total deferred tax assets (liabilities)	$	(19,627)	$	6,820

As of December 31, 2018, the Company has federal, New York state and New York City net operating loss carryforwards for income tax purposes of $17,196,000, $24,449,000 and $22,654,000, respectively. If not utilized, the federal net operating loss carryforwards will begin to expire in 2032 and the state and local net operating loss carryforwards will begin to expire in 2035.

The Company was audited by the City of New York (“NYC”) for the tax periods from 2011 – 2013 and TWG was audited for the tax periods 2009 – 2011. In 2018, NYC issued an assessment for the periods under audit. Furthermore, NYC has also requested an extension of the statute of limitations, for TWG for the years 2012 – 2014 and for the Company for 2014, as it will audit those periods as well.

For October 1, 2018 to December 31, 2018 and January 1, 2018 to September 30, 2018, the Company recorded the additional tax, penalties and interest of $26,000 and $1,288,000, respectively, resulting from NYC UBT audit assessments. For the tax periods from 2012 – 2016, the Company has calculated and recorded a provision of $70,000 and $2,003,000 for October 1, 2018 to December 31, 2018 and January 1, 2018 to September 30, 2018, respectively, for the additional exposure based on the methodology from the UBT audit assessment. This provision is included in accounts payable, accrued expenses and other liabilities on the consolidated statement of financial condition and in provision for income taxes in the consolidated statement of income. This provision was made using the best estimate of the amount expected to be paid based on available information and assessment of all relevant factors. Due to the uncertainty associated with tax audits, it is possible that at some future date liabilities resulting from this audit could vary significantly from this provision. Nevertheless, based on currently enacted legislation and information currently known to us, the Company believes that the ultimate resolution of this audit will not have a material adverse impact on the Company’s financial condition taken as a whole.

Shares

6 Months Ended

12 Months Ended

Jun. 30, 2019

Dec. 31, 2018

9. Stockholders’ Equity

Initial Public Offering

Reorganization Transactions

In connection with the IPO, the Reorganization Transactions described below were completed.

Amendment and Restatement of Certificate of Incorporation


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

Recapitalization of Tradeweb Markets LLC


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

Issuance and Cancellation of 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 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).

12. Shares

The Company's issued and vested shares are as follows:


	Successor	Predecessor
	December 31, 2018	December 31, 2017
Number of Vested Shares Issued
Class A Shares	146,333	146,333
Class C Shares	447	447
Class P(A) Shares	6,887	6,887
Class P(C) Shares	2	2
Class P-1(A) Shares	6,094	—
Class P-1(C) Shares	232	—

Each 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 participates in the earnings of the Company. All of these shares cannot be transferred without approval by the Board of Managers of the Company, with the exception of transfers to certain related parties. Most of the Class A, Class P(A) and Class P-1(A) Shareholders have the right to appoint the members of the Board of Managers. The Class C, Class P(C) and Class P-1(C) Shareholders do not have the right to appoint members of the Board of Managers.

As a result of the Recapitalization described in Note 2, 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. The Company’s issued and vested shares adjusted retroactively for the Recapitalization, in their pre-exchange classes, are as follows at December 31, 2018 and 2017:


	Successor	Predecessor
	December 31, 2018	December 31, 2017
Number of Vested Shares Issued
Class A Shares	203,245,361	203,245,361
Class C Shares	612,431	621,431
Class P(A) Shares	9,565,659	9,565,659
Class P(C) Shares	2,520	2,520
Class P-1(A) Shares	8,464,589	—
Class P-1(C) Shares	322,637	—

Share-Based Compensation Plans

6 Months Ended

12 Months Ended

Jun. 30, 2019

Dec. 31, 2018

Share-Based Compensation Plans

11. Stock-Based Compensation Plans

The Company maintains a stock-based incentive plan (the “PRSU Plan”) which provides 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 generally vest in the third plan year following the year of grant and are equity-settled in shares of Class A common stock (except as described below). The outstanding PRSUs vest on January 1, 2020, 2021 and 2022. The number of PRSUs initially awarded is subsequently adjusted (upward or downward) by a performance modifier, based on the financial performance of the Company in the year of the grant. If an employee’s employment with the Company is terminated, subject to certain exceptions, all unvested PRSUs are forfeited.

The following table summarizes information for equity-settled PRSUs of the Company (in thousands, except weighted average grant date fair value per unit):


	Successor		Successor
	Three Months		Six Months
	Ended		Ended
	June 30,		June 30,
Equity-Settled PRSUs	2019		2019
PRSU compensation expense	$	6,894	$	11,671
Income tax benefit		—		—
PRSU compensation expense, net of taxes	$	6,894	$	11,671
Weighted-average grant date fair value per unit	$	22.19	$	22.19
Total fair value of vested PRSUs	$	—	$	—

The Company previously granted cash-settled PRSUs, some of which are still outstanding 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 summarizes information for cash-settled PRSUs of the Company (in thousands, except weighted average fair value per unit):


	Successor		Successor		Predecessor		Predecessor
	Three Months		Six Months		Three Months		Six Months
	Ended		Ended		Ended		Ended
	June 30,		June 30,		June 30,		June 30,
Cash-Settled PRSUs	2019		2019		2018		2018
PRSU compensation expense	$	419	$	519	$	5,209	$	11,155
Income tax benefit		—		—		—		—
PRSU compensation expense, net of taxes	$	419	$	519	$	5,209	$	11,155
Weighted-average fair value per unit	$	63,497	$	63,497	$	33,672	$	33,672
Total fair value of vested PRSUs	$	—	$	—	$	—	$	—

The Corporation maintains an option plan (the “Option Plan”) which provides for the grant of stock options. In October 2018, the Company made a special award of options under 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, with accelerated vesting for time-based options with vesting dates of January 1, 2021 and 2022 upon the completion of an initial public offering.

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 or during a 15‑day period following a change in control of the Company (and certain other sales of equity by the Company’s shareholders). Costs related to these options are recognized as an expense in the consolidated statements of income over the requisite service period, when exercisability is considered probable, with an offsetting increase to additional paid-in capital. As a result, expense recognition commenced upon the completion of the IPO, with $18,883,000 recognized as compensation expense related to these options immediately upon the completion of the IPO.

The following table summarizes information for options of the Company (in thousands, except weighted average fair value per unit):


	Successor		Successor		Predecessor		Predecessor
	Three Months		Six Months		Three Months		Six Months
	Ended		Ended		Ended		Ended
	June 30,		June 30,		June 30,		June 30,
Options	2019		2019		2018		2018
Option compensation expense	$	20,403	$	20,403	$	—	$	—
Income tax benefit		—		—		—		—
Option compensation expense, net of taxes	$	20,403	$	20,403	$	—	$	—
Weighted-average fair value per unit	$	1.85	$	1.85	$	—	$	—
Total fair value of vested options	$	16,309	$	16,309	$	—	$	—

As of June 30, 2019, total unrecognized compensation expense related to non-vested stock-based compensation arrangements and the expected recognition period are as follows (in thousands):


	Cash-Settled		Equity Settled
	PRSUs		PRSUs		Options
Total unrecognized compensation cost	$	558	$	41,237	$	12,923
Weighted-average recognition period		1.3 years		2.0 years		1.7 years

Share-Based Compensation Plans

13. Share-Based Compensation Plans

The Company has a share-based incentive plan which provides 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.

The Company's outstanding PRSUs as of December 31, 2018 vest on January 1, 2019, 2020 and 2021. The final value of the PRSUs upon vesting is determined by a performance modifier, which is adjusted as a result of the financial performance of the Company in the grant year. If an employee’s employment with the Company is terminated, with the exception of retirement, all unvested PRSUs are forfeited.

On December 31, 2018, certain PRSUs, which previously were cash-settled, were converted to equity settled PRSUs. The conversion was at fair value, using a unit price consistent with the share price of the Company, and as a result of the impact of the performance modifier on PRSUs value, 1,033.2 cash-settled PRSUs were converted into the equivalent value of 1,442.2 equity settled PRSUs. Equity-settled PRSUs have vesting terms similar to the cash-settled PRSUs and are converted into shares of the Company on the February 1 following vesting. The shares received upon conversion are subject to certain selling restrictions including an underwriter's lockup period if an IPO of the Company is effective or a restriction that the shares can only be sold to the Company in January or June, if there is not an effective IPO of the Company. As a result of the modification, which impacted 54 employees, the Company reclassified $19,072,000 from employee equity compensation payable to members' capital.

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


		Weighted
		Average
	Number of	Fair Value
Successor	PRSUs	of PRSUs
Outstanding at October 1, 2018	—	$	—
Converted to equity settled PRSUs	1,442.2		30,482
Outstanding at December 31, 2018	1,442.2	$	30,482

The following table reports the activity for equity-settled PRSUs issued by the Company adjusted retroactively for the Recapitalization described in Note 2:


		Weighted
		Average
	Number of	Fair Value
Successor	PRSUs	of PRSUs
Outstanding at October 1, 2018	—	$	—
Converted to equity settled PRSUs	2,003,100		21.95
Outstanding at December 31, 2018	2,003,100	$	21.95

The remaining PRSUs that are cash-settled are accounted for as liability awards. The Company measures the cost of employee services received in exchange for the award based on its current fair value. The fair value of each award is 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 issued by the Company:


		Weighted
		Average
	Number of	Fair Value
Predecessor	PRSUs	of PRSUs
Outstanding at December 31, 2015	574.7	$	22,512
Granted	512.8		21,723
Forfeited	(12.9)		23,170
Outstanding at December 31, 2016	1,074.6		13,159
Granted	511.7		24,911
Forfeited	(8.7)		26,770
Outstanding at December 31, 2017	1,577.6		31,039
Granted	531.9		29,609
Exercised	(560.4)		32,246
Forfeited	(9.9)		31,130
Outstanding at September 30, 2018	1,539.2	$	38,017

Successor
Outstanding at October 1, 2018	1,539.2	$	38,017
Granted	36.7		42,892
Forfeited	(20.2)		34,891
Converted to equity settled PRSUs	(1,033.2)		42,696
Outstanding at December 31, 2018	522.5	$	34,221

The Company maintains an Option Plan which was established to recruit and retain key employees, directors and consultants by providing such participating individuals with a proprietary interest in the performance of the Company. There are currently 13,912.7 shares reserved for issuance under the Option Plan. In October 2018, the Company made a special award of options under the Option Plan. The options have a graded vesting schedule with vesting dates of January 1, 2019, 2020, 2021 and 2022. Half of the options only vest if the Company achieves certain performance targets. All options expire ten years from the grant date.

In accounting for the options issued under this 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 only exercisable any time following the closing of an initial public offering 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 only be recognized upon the completion of an initial public offering or a change in control, over the vesting period, with an offsetting increase to members' capital.

The fair value of the options is 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 are 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		4.02	%
Share Price	$	25,657
Exercise Price	$	28,594

The following table reports the activity for options issued by the Company:

Weighted

Average

Weighted

Average

Grant Date

Intrinsic

Average

Remaining

Number of

Fair Value

Value

Exercise

Contract

Successor

Options

of Options

(in thousands)

Price

Life (years)

Outstanding at October 1, 2018

—

Granted

13,025.8

2,569

28,594

Outstanding at December 31, 2018

13,025.8

2,569

4,741

28,594

9.8

The following table reports the activity for options issued by the Company adjusted retroactively for the Recapitalization described in Note 2:

Weighted

Average

Weighted

Average

Grant Date

Intrinsic

Average

Remaining

Number of

Fair Value

Value

Exercise

Contract

Successor

Options

of Options

(in thousands)

Price

Life (years)

Outstanding at October 1, 2018

—

Granted

18,091,793

1.85

20.59

Outstanding at December 31, 2018

18,091,793

1.85

4,741

20.59

9.8

Prior to 2015, the Company granted employees Stock Appreciation Rights ("SARs"). The SARs had graded vesting schedules with expiration dates through December 31, 2016. If an employee was terminated without cause, all unvested SARs were forfeited. All vested SARs were only exercisable during a specific period of the year and must have been exercised by 2017.

The fair value of the SARs is calculated at the date of grant and remeasurement date using an appropriate valuation model such as Black-Scholes. Consequently, the fair values of these awards are based on the estimated fair value at that date.

At December 31, 2016, due to the expiration of the SARs, the fair value of each award equals the intrinsic value.

The following table reports activity for the SARs issued by the Company:


		Weighted
		Average
	Number of	Exercise Price
Predecessor	SARS	of SARs
Outstanding at December 31, 2015	6,315.5	$	16,839
Forfeited	(91.0)		17,280
Exercised	(3,338.4)		16,389
Outstanding at December 31, 2016	2,886.1	$	17,344
Exercised	(2,886.1)		17,344
Outstanding at December 31, 2017	—	$	—

As of December 31, 2018, 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	$	419,000	$	24,853,000	$	33,460,000
Weighted average recognition period		1.8 years		1.7 years		0.9 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 following table records activity of the Employee Shares.


	Class C	Class P(C)	Class P-1(C)
Predecessor	Shares	Shares	Shares
Outstanding at December 31, 2015	528	2	—
Sold	(24)	—	—
Outstanding at December 31, 2016	504	2	—
Purchased	5	—	—
Sold	(62)	—	—
Outstanding at December 31, 2017	447	2	—
Sold	—	—	232
Outstanding at September 30, 2018	447	2	232

Successor
Outstanding at October 1, 2018	447	2	232
Sold	—	—	—
Outstanding at December 31, 2018	447	2	232

The Employee Shares are 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 market value upon termination of employment. Employee Shares that have been outstanding for less than six months are included in employee equity compensation payable. At December 31, 2017 there were no Employee Shares included in employee compensation payable. At December 31, 2018, $6,727,000 of vested Class P-1(C) Shares are included in employee compensation payable with any changes in the value of the shares included in compensation cost on the consolidated statements of income. Changes in the Employee Shares' fair value included in mezzanine capital are not recognized as compensation cost.

For October 1, 2018 to December 31, 2018, January 1, 2018 to September 30, 2018 and for the years ended December 31, 2017 and 2016, $9,413,000, $15,949,000, $26,100,000 and $19,032,000, respectively, has been expensed relating to PRSUs, options and shares granted to or acquired by employees and included in employee compensation and benefits in the consolidated statements of income.

Related Party Transactions

6 Months Ended

12 Months Ended

Jun. 30, 2019

Dec. 31, 2018

Related Party Transactions

12. Related Party Transactions

The Company enters into transactions with affiliates of Refinitiv which are considered to be related party transactions. The Company also enters into transactions with affiliates of the Bank Stockholders. Prior to the Reorganization Transactions, the Bank Stockholders were considered to be related parties of the Company. As a result of the Reorganization Transactions, they are no longer considered to be related parties. As a result, the related party transactions listed below include transactions with affiliates of Refinitiv for all periods presented and only includes transactions with affiliates of the Bank Stockholders for pre-IPO periods.

At June 30, 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
	June 30, 2019		December 31, 2018
Cash and cash equivalents	$	—	$	283,790
Receivables from brokers and dealers and clearing organizations		—		3,332
Deposits with clearing organizations		—		500
Accounts receivable		—		40,730
Receivable from affiliates		2,849		3,243
Other assets		—		9
Payable to brokers and dealers and clearing organizations		—		2,404
Deferred revenue		4,772		9,151
Payable to affiliates		6,004		5,009

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


	Successor				Predecessor
		Three Months Ended		Six Months Ended		Three Months Ended		Six Months Ended
	June 30, 2019		June 30, 2019		June 30, 2018		June 30, 2018
Revenue:
Transaction fees (1)	$	—	$	59,643	$	53,949	$	106,867
Subscription fees (1)		—		5,670		5,961		11,181
Commissions (1)		—		16,186		11,505		23,136
Refinitiv market data fees (2)		13,385		27,001		12,081		24,318
Operating Income:(3)
Interest income		—		858		7		28

Expenses
Shared Services Fees (4) :
Technology and communications		740		1,480		740		1,480
General and administrative		191		371		180		360
Occupancy		155		310		155		310

(1)

For pre-IPO periods, represents fees and commissions from affiliates of the Bank Stockholders.

(2)

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.

(3)

For pre-IPO periods, represents interest income from money market funds invested with and savings accounts deposited with affiliates of the Bank Stockholders.

(4)

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.

The Company reimburses affiliates of Refinitiv (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 and six months ended June 30, 2019, the Company reimbursed such affiliates approximately $3,211,000 and $4,238,000, respectively, for these expenses. For the three and six months ended June 30, 2018, the Company reimbursed such affiliates approximately $6,258,000 and $28,408,000, respectively, for these expenses.

The Company is indemnified by Refinitiv for any tax liabilities that existed in the entity contributed by Refinitiv as a result of the Refinitiv Contribution. At June 30, 2019, $2,722,000 is included in other assets on the June 30, 2019 consolidated statement of financial condition related to this indemnification.

During 2014, the Company issued Class A Shares and unvested Class P-1(A) Shares to some of the Bank Stockholders 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 and six months ended June 30, 2018 of $19,297,000 and $29,367,000, respectively, relating to these shares, which is included in net revenue on the consolidated statements of income.

Related Party Transactions

14. Related Party Transactions

The Company enters into transactions with affiliates of the Banks and Refinitiv. At December 31, 2018 and December 31, 2017, the following balances with such affiliates were included in the consolidated statements of financial condition in the following line items (in thousands):


	Successor		Predecessor
	December 31, 2018		December 31, 2017
Cash and cash equivalents	$	283,790	$	234,107
Receivables from brokers and dealers and clearing organizations		3,332		—
Deposits with clearing organizations		500		500
Accounts receivable		40,730		27,163
Receivable from affiliates		3,243		375
Other assets		9		27
Payable to brokers and dealers and clearing organizations		2,404		—
Deferred revenue		9,151		5,106
Contingent consideration payable		—		129,393
Accounts payable, accrued expenses and other liabilities		—		2,555
Payable to affiliates		5,009		5,578

The Company maintains a shared services agreement with Refinitiv (TR in the predecessor periods). 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 October 1, 2018 to December 31, 2018, January 1, 2018 to September 30, 2018 and for the years ended December 31, 2017 and 2016, the Company incurred shared services fees of $1,075,000, $3,225,000, $4,300,000 and $4,300,000 relating to this agreement, respectively. 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 periods). 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 October 1, 2018 to December 31, 2018, January 1, 2018 to September 30, 2018 and for the years ended December 31, 2017 and 2016, the Company earned $13,467,000, $36,851,000, $50,125,000 and $50,564,000, respectively, of revenue under this agreement.

The Company reimburses affiliates of Refinitiv (TR in the predecessor periods) 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 October 1, 2018 to December 31, 2018, January 1, 2018 to September 30, 2018 and for the years ended December 31, 2017 and 2016, the Company reimbursed such affiliates approximately $3,837,000, $28,736,000, $38,361,000 and $34,350,000, respectively, for these expenses.

For October 1, 2018 to December 31, 2018, January 1, 2018 to September 30, 2018 and for the years ended December 31, 2017 and 2016, the Company earned approximately $90,845,000, $211,234,000, $232,436,000 and $211,743,000, respectively, of transaction, subscription and other fees from affiliates of the Banks.

For October 1, 2018 to December 31, 2018, January 1, 2018 to September 30, 2018 and for the years ended December 31, 2017 and 2016, the Company earned $17,000, $34,000, $40,000 and $80,000, 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.

The Company borrowed $29,285,000 from a subsidiary of TR under a convertible term note. Interest charged on the outstanding borrowings is the greater of LIBOR or 150 basis points, plus 300 basis points per annum, and is reset and payable quarterly. On May 5, 2017, TR converted all outstanding borrowings into 1,835 Class A Shares at the price of $15,958 per share. During the years ended December 31, 2017 and 2016, the interest rate charged was 4.50% per annum. The Company paid and expensed interest on this note of $455,000 and $1,339,000 in the years ended December 31, 2017 and 2016, respectively.

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. The value of the vested Class P-1(A) Shares which are included in members’ capital is $150,495,000 and the value of the vested P-1(C) Shares which are included in employee equity compensation payable is $6,727,000. The Company recognized contingent consideration for January 1, 2018 to September 30, 2018 and for the years ended December 31, 2017 and 2016, of $26,830,000, $58,520,000 and $26,224,000, respectively, relating to these shares, which is included in net revenue on the consolidated statements of income. At December 31, 2017, $129,393,000 is included in contingent consideration payable on the consolidated statements of financial condition.

Fair Value of Financial Instruments

6 Months Ended

12 Months Ended

Jun. 30, 2019

Dec. 31, 2018

Fair Value of Financial Instruments

13. 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.

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 Identical		Observable		Unobservable
	Assets		Inputs		Inputs
Successor	(Level 1)		(Level 2)		(Level 3)		Total
As of June 30, 2019
Assets
Money market funds	$	113,180	$	—	$	—	$	113,180
	$	113,180	$	—	$	—	$	113,180
As of December 31, 2018
Assets
Money market funds	$	127,927	$	—	$	—	$	127,927
	$	127,927	$	—	$	—	$	127,927

Fair Value of Financial Instruments

15. Fair Value of Financial Instruments

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.

Contingent consideration is classified within level 3 of the fair value hierarchy because the valuation requires assumptions that are both significant and unobservable. The contingent consideration valuation is determined using a monte carlo simulation, with key inputs being the standard deviation applied to the Company's new credit platforms' revenues, revenue multiple and discount rate. At December 31, 2017, the inputs in the valuation are as follows:


Standard deviation	$	1,666,667
Revenue multiple		7.03x
Discount rate		1.64	%

The Company has no instruments that are classified within level 2 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
Predecessor	(Level 1)		(Level 2)		(Level 3)		Total
As of December 31, 2017
Assets
Money market funds	$	101,154	$	—	$	—	$	101,154
	$	101,154	$	—	$	—	$	101,154
Liabilities
Contingent consideration payable	$	—	$	—	$	129,393	$	129,393
	$	—	$	—	$	129,393	$	129,393

Successor
As of December 31, 2018
Assets
Money market funds	$	127,927	$	—	$	—	$	127,927
	$	127,927	$	—	$	—	$	127,927

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.

Credit Risk	6 Months Ended	12 Months Ended
Credit Risk	Jun. 30, 2019	Dec. 31, 2018
Entity Information [Line Items]
Credit Risk	14. 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 June 30, 2019 and December 31, 2018, the Company established an allowance for doubtful accounts of $1,273,000 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.
Tradeweb Markets LLC
Entity Information [Line Items]
Credit Risk		16. Credit Risk The Company may be exposed to credit risk regarding its receivables, which are primarily receivable from financial institutions, including investment managers and broker/dealers. At December 31, 2018 and December 31, 2017 the Company established an allowance for doubtful accounts of $1,169,000 and $928,000, respectively, with regard to these accounts receivable. 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

6 Months Ended

12 Months Ended

Jun. 30, 2019

Dec. 31, 2018

Commitments and Contingencies

15. 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 other financial institutions, in antitrust class actions (consolidated into two actions) relating to trading practices in United States Treasury securities auctions. The Company has filed a motion to dismiss the actions, believes it has substantial defenses to the other plaintiff's claims and intends to defend itself vigorously. The Company was dismissed from a class action relating to an interest rate swaps matter in 2017, but that matter continues against the remaining defendant financial institutions.

The Company 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.

Revolving Credit Facility

On April 8, 2019, the Company entered into a five year, $500 million senior secured revolving credit facility (“Credit Facility”) with a syndicate of banks. The Credit Facility provides additional borrowing capacity to be used to fund ongoing working capital needs, letters of credit and for general corporate purposes, including potential future acquisitions and expansions.

Under the terms of the credit agreement that governs the Credit Facility, borrowings under the Credit Facility bear interest at a rate equal to, at the Company’s option, either (a) a base rate equal to the greatest of (i) the administrative agent’s prime rate, (ii) the federal funds effective rate plus ½ of 1.0% and (iii) one month LIBOR plus 1.0%, in each case plus 0.75%, or (b) LIBOR plus 1.75%, subject to a 0.00% floor. The credit agreement also includes a commitment fee of 0.25% for available but unborrowed amounts and other administrative fees that are payable quarterly. The Credit Facility is available until April 2024, provided the Company is in compliance with all covenants. Financial covenant requirements include maintaining minimum ratios related to interest coverage and leverage.

As of June 30, 2019, there were no amounts outstanding under the Credit Facility.

Commitments and Contingencies

17. Commitments and Contingencies

The Company is obligated under operating leases in the US and UK for office space through 2027. Minimum rent is expensed on a straight-line basis over the term of the lease. The terms of the leases require the following remaining future minimum rental payments at December 31, 2018 (in thousands):


Year ending
December 31,	Amount
2019	$	11,393
2020		7,580
2021		5,317
2022		4,051
2023		3,877
Thereafter		11,156
	$	43,374

The actual rent charged to occupancy amounted to $2,733,000, $9,011,000, $11,774,000 and $13,253,000 for October 1, 2018 to December 31, 2018, January 1, 2018 to September 30, 2018 and for the years ended December 31, 2017 and 2016, respectively.

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

The Company was 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 plaintiffs’ 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.

Net Income Per Share

6 Months Ended

12 Months Ended

Jun. 30, 2019

Dec. 31, 2018

16. Earnings Per Share

In April 2019, the Company completed the Reorganization Transactions and the IPO, which, among other things, resulted in the Corporation becoming the successor of TWM LLC for financial reporting purposes. As a result, earnings per share information for the pre-IPO period is not comparable to earnings per share information for the post-IPO period. Thus, earnings per share information is being presented separately for the pre-IPO and post-IPO periods.

The following tables summarize the basic and diluted earnings per share calculations for Tradeweb Markets LLC (pre-IPO period) and Tradeweb Markets Inc. (post-IPO period):


	Successor				Predecessor
	Three Months		Six Months		Three Months		Six Months
	Ended		Ended		Ended		Ended
	June 30, 2019		June 30, 2019		June 30, 2018		June 30, 2018
EPS: Pre-IPO net income attributable to Tradeweb Markets LLC(1)	(in thousands, except share and per share amounts)
Numerator:
Pre-IPO net income attributable to Tradeweb Markets LLC			$	42,352		38,897		84,205

Denominator:
Weighted average LLC Interests outstanding - Basic				222,222,197		213,435,314		213,435,314
Dilutive effect of equity-settled PRSUs				1,098,260		—		—
Weighted average LLC Interests outstanding - Diluted				223,320,457		213,435,314		213,435,314

Earnings per share - Basic			$	0.19	$	0.18	$	0.39
Earnings per share - Diluted			$	0.19	$	0.18	$	0.39

EPS: Post-IPO net income attributable to Tradeweb Markets Inc.
Numerator:
Post-IPO net income attributable to Tradeweb Markets Inc.	$	12,828	$	12,828

Denominator:
Weighted average shares of Class A and Class B common stock outstanding - Basic		142,933,192		142,933,192
Dilutive effect of equity-settled PRSUs		2,214,480		2,214,480
Dilutive effect of options		5,699,511		5,699,511
Weighted average shares of Class A and Class B common stock outstanding - Diluted		150,847,183		150,847,183

Earnings per share - Basic	$	0.09	$	0.09
Earnings per share - Diluted	$	0.09	$	0.09

(1)

Earnings per share and weighted average shares outstanding for the pre-IPO periods have been computed to give effect to the Reorganization Transactions, including the amendment and restatement of the TWM LLC Agreement to, among other things, (i) provide for LLC Interests and (ii) exchange all of the original members’ existing membership interests for LLC interests.

For the three and six months ended June 30, 2019, there were approximately 340 shares that were anti-dilutive and thus excluded from the computation of diluted earnings per share. For the three and six months ended June 30, 2018, there were approximately 8,045,000 and 6,789,000 shares, respectively, that were anti-dilutive and thus excluded from the computation of diluted earnings per share.

LLC Interests held by the Continuing LLC Owners are redeemable, at the election of such holders, for shares of Class A or Class B common stock of Tradeweb Markets Inc. After evaluating the potential dilutive effect under the if-converted method, the 79,289,005 LLC Interests for the assumed exchange of non-controlling interests were determined to be anti-dilutive and thus were excluded from the computation of diluted earnings per share for the post-IPO periods.

Shares of Class C and Class D common stock do not have economic rights in Tradeweb Markets Inc. and, therefore, are not participating securities for purposes of the computation of earnings per share.

18. 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. 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		Predecessor		Predecessor
	October 1,		January 1,		Year		Year
	2018 to		2018 to		Ended		Ended
	December 31, 2018		September 30, 2018		December 31, 2017		December 31, 2016
Net Income (in thousands)	$	29,307	$	130,160	$	83,648	$	93,161

Basic Weighted Average Shares Outstanding		222,221,628		215,365,920		212,568,635		210,979,704
Dilutive Effect of Conversion to Equity Settled PRSU		22,223		—		—		—
Diluted Weighted Average Shares Outstanding		222,243,851		215,365,920		212,568,635		210,979,704

Basic Net Income Per Share	$	0.13	$	0.60	$	0.39	$	0.44

Diluted Net Income Per Share	$	0.13	$	0.60	$	0.39	$	0.44

Shares from the convertible term note payable totaling 894,464 and 2,548,668 for the years ended December 31, 2017 and 2016, respectively, and shares from the contingent consideration payable totaling 5,444,566 for January 1, 2018 to September 30, 2018 were excluded from the computation of diluted net income per share because their effect would have been anti-dilutive.

Net income per share are the same for all classes of the Company’s shares since each class of share equally participates in the earnings of the Company.

Regulatory Capital Requirements

6 Months Ended

12 Months Ended

Jun. 30, 2019

Dec. 31, 2018

Regulatory Capital Requirements

17. 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 June 30, 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 June 30, 2019	TWL		DW		TWD		TEL		TWJ		TWEU
Regulatory Capital	$	21,837	$	42,786	$	25,858	$	47,555	$	12,286	$	6,472
Regulatory Capital Requirement		1,615		1,559		386		17,515		4,368		6,472
Excess Regulatory Capital	$	20,222	$	41,227	$	25,472	$	30,040	$	7,918	$	—


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 June 30, 2019 and December 31, 2018 are as follows (in thousands):


	As of June 30, 2019				As of December 31, 2018
	TW SEF		DW SEF		TW SEF		DW SEF
Financial Resources	$	30,137	$	15,032	$	31,232	$	17,837
Required Financial Resources		10,500		5,589		10,500		5,169
Excess Financial Resources	$	19,637	$	9,443	$	20,732	$	12,668

Liquid Financial Assets	$	16,961	$	8,719	$	16,662	$	11,888
Required Liquid Financial Assets		5,250		2,795		5,250		2,585
Excess Liquid Financial Assets	$	11,711	$	5,924	$	11,412	$	9,303

Regulatory Capital Requirements

19. 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 and TWJ are subject to certain financial resource requirements with the FCA in Japan.

At December 31, 2018 and December 31, 2017, the regulatory capital requirements and regulatory capital for TWL, DW, TWD, TEL and TWJ were as follows (in thousands):


Predecessor	TWL		DW		TWD		TEL		TWJ
As of December 31, 2017
Regulatory Capital	$	22,551	$	35,546	$	16,965	$	31,509	$	5,326
Regulatory Capital Requirement		1,589		1,612		378		18,034		961
Excess Regulatory Capital	$	20,962	$	33,934	$	16,587	$	13,475	$	4,365


Successor	TWL		DW		TWD		TEL		TWJ
As of December 31, 2018
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 December 31, 2018 and December 31, 2017 are as follows (in thousands):


	Successor				Predecessor
	As of December 31, 2018				As of December 31, 2017
	TW SEF		DW SEF		TW SEF		DW SEF
Financial Resources	$	31,232	$	17,837	$	23,349	$	20,069
Required Financial Resources		10,500		5,169		10,500		5,875
Excess Financial Resources	$	20,732	$	12,668	$	12,849	$	14,194

Liquid Financial Assets	$	16,662	$	11,888	$	14,084	$	13,865
Required Liquid Financial Assets		5,250		2,585		5,250		2,893
Excess Liquid Financial Assets	$	11,412	$	9,303	$	8,834	$	10,972

Employee Savings Plan	12 Months Ended
Employee Savings Plan	Dec. 31, 2018
Tradeweb Markets LLC
Entity Information [Line Items]
Employee Savings Plan	20. 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, which vests immediately. Company's expense for matching contributions under the plans was $738,000, $3,758,000, $4,137,000 and $4,179,000, for October 1, 2018 to December 31, 2018, January 1, 2018 to September 30, 2018 and for the years ended December 31, 2017 and 2016, respectively. The Company has deferred compensation plans for its UK and Asia employees. Employer contributions to the plans were $423,000, $1,113,000, $1,242,000 and $1,181,000 for October 1, 2018 to December 31, 2018, January 1, 2018 to September 30, 2018 and for the years ended December 31, 2017 and 2016, respectively.

Business Segment and Geographic Information

6 Months Ended

12 Months Ended

Jun. 30, 2019

Dec. 31, 2018

Business Segment and Geographic Information

18. 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		Successor		Predecessor		Predecessor
	Three Months		Six Months		Three Months		Six Months
	Ended		Ended		Ended		Ended
	June 30, 2019		June 30, 2019		June 30, 2018		June 30, 2018
Net revenue:
Institutional	$	111,057	$	220,309	$	102,095	$	204,415
Wholesale		41,945		81,376		32,265		64,860
Retail		19,939		41,145		20,918		39,954
Market Data		17,544		34,447		15,737		31,289
Contingent consideration		—		—		(19,297)		(29,367)
Net revenue		190,485		377,277		151,718		311,151
Operating expenses		159,530		300,045		111,556		223,634
Operating income	$	30,955	$	77,232	$	40,162	$	87,517

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 and six months ended June 30, 2019 and 2018 and long-lived assets as of June 30, 2019 and December 31, 2018 is as follows (in thousands):


	Successor		Successor		Predecessor		Predecessor
	Three Months		Six Months		Three Months		Six Months
	Ended		Ended		Ended		Ended
	June 30, 2019		June 30, 2019		June 30, 2018		June 30, 2018
Net Revenue:
U.S.	$	122,693	$	242,090	$	109,540	$	217,322
International		67,792		135,187		61,475		123,196
Gross revenue		190,485		377,277		171,015		340,518
Contingent consideration		—		—		(19,297)		(29,367)
Total	$	190,485	$	377,277	$	151,718	$	311,151


	June 30, 2019		December 31, 2018
Long-lived assets
U.S.	$	4,251,030	$	4,276,568
International		13,413		7,787
Total	$	4,264,443	$	4,284,355

Business Segment and Geographic Information

21. Business Segment and Geographic Information

The Company operates electronic marketplaces for the trading of products across the rates, credit, money markets and equities 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		Predecessor		Predecessor
	October 1, 2018 to		January 1, 2018 to		Year Ended		Year Ended
	December 31, 2018		September 30, 2018		December 31, 2017		December 31, 2016
Net revenue:
Institutional	$	103,971	$	301,918	$	318,038	$	285,801
Wholesale		38,153		99,028		118,451		109,945
Retail		19,780		57,766		70,857		67,471
Market Data		16,733		47,059		55,622		55,187
Other		—		(26,830)		(58,520)		(26,224)
Net revenue		178,637		478,941		504,448		492,180
Operating expenses		146,702		338,607		415,356		399,049
Operating income	$	31,935	$	140,334	$	89,092	$	93,131

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. Long-lived assets are attributed to the geographic area based on the location of the particular subsidiary. Information regarding revenue for October 1, 2018 to December 31, 2018, January 1, 2018 to September 30, 2018 and for the years ended December 31, 2017 and 2016 and long-lived assets as of December 31, 2018 and December 31, 2017 is as follows (in thousands):


	Successor		Predecessor		Predecessor		Predecessor
	October 1, 2018 to		January 1, 2018 to		Year Ended		Year Ended
	December 31, 2018		September 30, 2018		December 31, 2017		December 31, 2016
Net revenue:
U.S.	$	115,907	$	324,304	$	385,176	$	365,308
International		62,730		181,467		177,792		153,096
Gross revenue		178,637		505,771		562,968		518,404
Contingent consideration		—		(26,830)		(58,520)		(26,224)
Total	$	178,637	$	478,941	$	504,448	$	492,180


	Successor		Predecessor
	December 31, 2018		December 31, 2017
Long-lived assets
U.S.	$	4,276,568	$	845,599
International		7,787		7,987
Total	$	4,284,355	$	853,586

Subsequent Events	6 Months Ended	12 Months Ended
Subsequent Events	Jun. 30, 2019	Dec. 31, 2018
Entity Information [Line Items]
Subsequent Events	19. Subsequent Events On August 1, 2019, London Stock Exchange Group plc announced that it has agreed definitive terms with a consortium including certain investment funds affiliated with Blackstone as well as Thomson Reuters to acquire Refinitiv in an all share transaction for a total enterprise value of approximately $27 billion. The transaction is subject to customary regulatory and shareholder approvals, and is expected to close during the second half of 2020. Refinitiv currently holds a 54% economic interest in the Company. On August 7, 2019, the board of directors of Tradeweb Markets Inc. declared a cash dividend of $0.08 per share of Class A common stock and Class B common stock for the third quarter of 2019. This dividend will be payable on September 16, 2019 to stockholders of record as of September 3, 2019. On August 6, 2019, Tradeweb Markets Inc., as the sole manager, approved a distribution by TWM LLC to its equityholders, including Tradeweb Markets Inc., in an aggregate amount of $33.0 million payable on September 13, 2019.
Tradeweb Markets LLC
Entity Information [Line Items]
Subsequent Events		22. Subsequent Events The Company is in the process of preparing for an IPO. The Company's expectation is that the IPO will occur during the first half of 2019, though no assurances can be made. On March 21, 2019, the Board of Directors approved that the Company will effect a series of reorganization transactions, including a recapitalization of the Company’s issued and vested shares, immediately prior to the consummation of the IPO. In addition, the Company expects to enter into a $500 million revolving credit facility upon the closing of the IPO. On March 22, 2019, the Company paid a $20.0 million distribution to the current owners of the Company. There were no other subsequent events requiring adjustment to the financial statements or disclosure, except as disclosed in note 1, through March 25, 2019, the date that the Company’s financial statements were issued.

Significant Accounting Policies (Policies)

6 Months Ended

12 Months Ended

Jun. 30, 2019

Dec. 31, 2018

Cash and Cash Equivalents

Basis of Accounting

Use of Estimates

Basis of Consolidation

Basis of Presentation and Consolidation

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

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

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				Successor				Predecessor				Predecessor
	Three Months Ended				Six Months Ended				Three Months Ended				Six Months Ended
	June 30, 2019				June 30, 2019				June 30, 2018				June 30, 2018
	(in thousands)								(in thousands)
	Variable		Fixed		Variable		Fixed		Variable		Fixed		Variable		Fixed
Revenues
Transaction fees	$	79,577	$	24,375	$	158,492	$	48,100	$	69,557	$	21,473	$	139,194	$	41,975
Subscription Fees including Refinitiv market data fees		435		47,516		890		95,122		425		49,303		900		97,391
Commissions		26,635		9,778		50,945		19,665		17,346		10,207		35,126		20,310
Other		302		1,867		605		3,458		14		2,690		26		5,596
Gross revenue	$	106,949	$	83,536	$	210,932	$	166,345	$	87,342	$	83,673	$	175,246	$	165,272

Share-Based Compensation

Stock-Based Compensation

Recent Accounting Pronouncements

Earnings Per Share

Shares of Class C and Class D common stock do not have economic rights in Tradeweb Markets Inc. and, therefore, are not participating securities for purposes of the computation of earnings 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 – Not Yet Adopted

Cash and Cash Equivalents

Basis of Accounting

The consolidated financial statements have been presented in conformity with accounting principles generally accepted in the United States of America.

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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those 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 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

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, is computed on a straight-line basis over the estimated useful lives of the related assets, ranging from three to seven years. Leasehold improvements are amortized over the lesser of the estimated useful lives of the leasehold improvements or the remaining term of the lease for office space. Furniture, equipment, purchased software and leasehold improvements are tested for impairment whenever events or changes in circumstances suggest that an asset's carrying value may not be fully recoverable in accordance with Accounting Standards Codification ("ASC") 360.

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 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 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

Goodwill

Deferred IPO costs

Deferred IPO Costs

Translation of Foreign Currency

Income Tax

Revenue Recognition

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, as if the transactions have settled. This income is received by the Company when the transactions settle or is billed monthly.

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 timing of recognition of revenue in any prior reporting periods. However, in the current reporting period, 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.


	Successor				Predecessor
	October 1, 2018 to				January 1, 2018 to				For the Year Ended				For the Year Ended
	December 31, 2018				September 30, 2018				December 31, 2017				December 31, 2016
	(in thousands)				(in thousands)				(in thousands)				(in thousands)
Revenues	Variable		Fixed		Variable		Fixed		Variable		Fixed		Variable		Fixed
Transaction fees	$	73,800	$	23,330	$	208,049	$	65,702	$	210,198	$	56,822	$	176,060	$	54,111
Subscription fees including Refinitiv market data fees		425		46,094		1,305		142,676		1,575		192,959		1,496		190,487
Commissions		22,608		10,232		49,367		30,463		57,118		39,627		54,194		37,469
Other		—		2,148		40		8,169		36		4,633		30		4,557
Gross revenues	$	96,833	$	81,804	$	258,761	$	247,010	$	268,927	$	294,041	$	231,780	$	286,624

Share-Based Compensation

Recent Accounting Pronouncements

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.

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.

Significant Accounting Policies (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2019

Dec. 31, 2018

Breakdown of revenues between fixed and variable revenues

The breakdown of revenues between fixed and variable revenues, in thousands, for the three and six months ended June 30, 2019 and 2018 is as follows:


	Successor				Successor				Predecessor				Predecessor
	Three Months Ended				Six Months Ended				Three Months Ended				Six Months Ended
	June 30, 2019				June 30, 2019				June 30, 2018				June 30, 2018
	(in thousands)								(in thousands)
	Variable		Fixed		Variable		Fixed		Variable		Fixed		Variable		Fixed
Revenues
Transaction fees	$	79,577	$	24,375	$	158,492	$	48,100	$	69,557	$	21,473	$	139,194	$	41,975
Subscription Fees including Refinitiv market data fees		435		47,516		890		95,122		425		49,303		900		97,391
Commissions		26,635		9,778		50,945		19,665		17,346		10,207		35,126		20,310
Other		302		1,867		605		3,458		14		2,690		26		5,596
Gross revenue	$	106,949	$	83,536	$	210,932	$	166,345	$	87,342	$	83,673	$	175,246	$	165,272

Breakdown of revenues between fixed and variable revenues

The breakdown of revenues between fixed and variable revenues, in thousands, for October 1, 2018 to December 31, 2018, January 1, 2018 to September 30, 2018 and for the year ended December 31, 2017 and 2016 is as follows:


	Successor				Predecessor
	October 1, 2018 to				January 1, 2018 to				For the Year Ended				For the Year Ended
	December 31, 2018				September 30, 2018				December 31, 2017				December 31, 2016
	(in thousands)				(in thousands)				(in thousands)				(in thousands)
Revenues	Variable		Fixed		Variable		Fixed		Variable		Fixed		Variable		Fixed
Transaction fees	$	73,800	$	23,330	$	208,049	$	65,702	$	210,198	$	56,822	$	176,060	$	54,111
Subscription fees including Refinitiv market data fees		425		46,094		1,305		142,676		1,575		192,959		1,496		190,487
Commissions		22,608		10,232		49,367		30,463		57,118		39,627		54,194		37,469
Other		—		2,148		40		8,169		36		4,633		30		4,557
Gross revenues	$	96,833	$	81,804	$	258,761	$	247,010	$	268,927	$	294,041	$	231,780	$	286,624

Pushdown Accounting (Tables)

12 Months Ended

Dec. 31, 2018

Allocation applying pushdown accounting

The allocation applying pushdown accounting is summarized in the table below (in thousands):


Fair value of the Company	$	4,575,000
Less: fair value of the net assets and liabilities of the Company		(1,880,203)
Goodwill	$	2,694,797
Net assets and liabilities of the Company at October 1, 2018:
Cash and cash equivalents	$	350,183
Restricted cash		1,200
Receivable from brokers and dealers and clearing organizations		4,642
Deposits with clearing organizations		9,200
Accounts receivable		95,959
Furniture, equipment, purchased software and leasehold improvements:
Computer hardware		15,787
Leasehold improvements		11,460
Purchased software		2,866
Furniture		1,616
Office equipment		572
Software development costs		168,500
Intangible assets:
Tradename		154,300
Content and Data		154,400
Licenses		168,800
Customer relationships		928,200
Receivables from affiliates		3,350
Other assets		20,404
Total assets		2,091,439
Accrued compensation		82,201
Deferred revenue		28,280
Accounts payable, accrued expenses and other liabilities		39,291
Leasehold interests		3,020
Employee equity compensation payable		33,914
Payable to affiliates		5,856
Deferred tax liability		18,674
Total liabilities		211,236
Fair value of net assets and liabilities of the Company	$	1,880,203

Furniture, Equipment, Purchased Software and Leasehold Improvements (Tables)

12 Months Ended

Dec. 31, 2018

Components of furniture, equipment, purchased software and leasehold improvements.

The components of furniture, equipment, purchased software and leasehold improvements, net of accumulated depreciation and amortization are as follows (in thousands):


	Successor		Predecessor
	December 31,		December 31,
	2018		2017
Computer hardware	$	22,818	$	67,852
Leasehold improvements		12,339		27,139
Purchased software		3,039		12,991
Furniture and office equipment		2,968		6,350
Accumulated depreciation and amortization		(3,036)		(87,301)
Furniture, equipment, purchased software and leasehold improvements, net of accumulated depreciation and amortization	$	38,128	$	27,031

Software Development Cost (Tables)

12 Months Ended

Dec. 31, 2018

Components of software development costs

The components of Software development costs, net of accumulated amortization are as follows (in thousands):


	Successor		Predecessor
	December 31,		December 31,
	2018		2017
Software development costs	$	175,656	$	218,382
Accumulated amortization		(5,074)		(177,201)
Software development costs, net of accumulated amortization	$	170,582	$	41,181

Intangible Assets and Goodwill (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2019

Dec. 31, 2018

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 June 30, 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
		June 30, 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	$	(58,012)	$	870,188	$	928,200	$	(19,338)	$	908,862
Content and data	7 Years		154,400		(16,543)		137,857		154,400		(5,514)		148,886
		$	1,082,600	$	(74,555)	$	1,008,045	$	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	$	49,704
2020		99,408
2021		99,408
2022		99,408
2023		99,408

Summary of intangible assets which have an indefinite useful life

Summary of goodwill

The following is a summary of goodwill (in thousands):


	Successor		Predecessor
	December 31,		December 31,
	2018		2017
Refinitiv Transaction	$	2,694,797	$	—
TR Acquisition		—		334,185
Merger		—		66,484
RaffCap Business		—		49,200
BondDesk		—		103,158
Other		—		10,394
Total	$	2,694,797	$	563,421

The following is a summary of intangible assets which have an indefinite useful life (in thousands):


	Successor		Predecessor
	December 31,		December 31,
	2018		2017
Licences	$	168,800	$	12,000
Tradename		154,300		—
Total	$	323,100	$	12,000

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						Predecessor
		December 31, 2018						December 31, 2017
	Amortization			Accumulated		Net Carrying				Accumulated		Net Carrying
	Period	Cost		Amortization		Amount		Cost		Amortization		Amount
Customer relationships - Refinitiv Transaction	12 Years	$	928,200	$	(19,338)	$	908,862	$	—	$	—	$	—
Content and data	7 Years		154,400		(5,514)		148,886		—		—		—
Customer relationships - Fixed Income Business	13 Years		—		—		—		155,284		(155,270)		14
Customer relationships - DW	11 Years		—		—		—		65,000		(42,348)		22,652
Customer relationships - RaffCap	12 Years		—		—		—		17,600		(9,166)		8,434
Customer relationships - BondDesk	15 Years		—		—		—		104,000		(28,806)		75,194
Customer relationships - Other	10 Years		—		—		—		2,100		(385)		1,715
Tradenames	10 Years		—		—		—		200		(125)		75
Liquidity contracts	16 Years		—		—		—		185,000		(82,865)		102,135
		$	1,082,600	$	(24,852)	$	1,057,748	$	529,184	$	(318,965)	$	210,219

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):


Year	Amount
2019	$	99,408
2020		99,408
2021		99,408
2022		99,408
2023		99,408

Deferred Revenue (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2019

Dec. 31, 2018

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		54,735
Revenue recognized		(57,348)
Deferred revenue balance - June 30, 2019	$	25,270

Schedule of recognized revenue and remaining deferred revenue balance

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


	Successor		Predecessor		Predecessor
	October 1,		January 1,		Year Ended
	2018 to		2018 to		December 31,
	December 31, 2018		September 30, 2018		2017
Deferred revenue balance – beginning of period	$	28,280	$	29,673	$	42,184
New billings		26,609		100,091		127,312
Revenue recognized		(27,006)		(101,484)		(139,823)
Deferred revenue balance – end of period	$	27,883	$	28,280	$	29,673

Income Taxes (Tables) - Tradeweb Markets LLC

12 Months Ended

Dec. 31, 2018

Components of provision for income taxes

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


	Successor		Predecessor		Predecessor		Predecessor
	October 1, 2018 to		January 1, 2018 to		Year Ended		Year Ended
	December 31, 2018		September 30, 2018		December 31, 2017		December 31, 2016
Current:
Federal	$	—	$	—	$	—	$	—
State and Local		1,235		5,739		4,331		2,772
Foreign		1,212		3,559		2,748		2,826
		2,447		9,298		7,079		5,598
Deferred – Federal		680		1,085		(433)		(5,783)
Deferred – state and local		288		1,517		(517)		(540)
Total deferred		968		2,602		(950)		(6,323)
Total	$	3,415	$	11,900	$	6,129	$	(725)

Reconciliation of the statutory tax rate


	Successor		Predecessor		Predecessor		Predecessor
	October 1, 2018 to		January 1, 2018 to		Year Ended		Year Ended
	December 31, 2018		September 30, 2018		December 31, 2017		December 31, 2016
U.S. federal tax at statutory rate	21.0	%	21.0	%	35.0	%	35.0	%
State and local taxes – net of federal benefit	4.7	%	5.1	%	2.8	%	1.6	%
Foreign taxes	3.7	%	2.5	%	3.1	%	3.1	%
Tax Cuts and Jobs Act provisional tax charge	0.0	%	0.0	%	2.2	%	0.0	%
LLC flow-through structure	(19.0)	%	(20.2)	%	(36.3)	%	(40.5)	%
Effective tax rate	10.4	%	8.4	%	6.8	%	(0.8)	%

Components of deferred tax assets (Liabilities)

The components of the Company’s deferred tax assets (liabilities) are as follows (in thousands):


	Successor		Predecessor
	December 31, 2018		December 31, 2017
Deferred tax assets (liabilities):
Net operating losses	$	6,810	$	8,966
Goodwill and intangible assets		(28,799)		(2,146)
Other		2,362		—
Total deferred tax assets (liabilities)	$	(19,627)	$	6,820

Shares (Tradeweb Markets LLC and Subsidiaries) (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2019

Dec. 31, 2018

Shares

Schedule of issued and vested shares


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

Schedule of issued and vested shares

Shares

The Company's issued and vested shares are as follows:


	Successor	Predecessor
	December 31, 2018	December 31, 2017
Number of Vested Shares Issued
Class A Shares	146,333	146,333
Class C Shares	447	447
Class P(A) Shares	6,887	6,887
Class P(C) Shares	2	2
Class P-1(A) Shares	6,094	—
Class P-1(C) Shares	232	—

Tradeweb Markets LLC | Recapitalization

Shares

Schedule of issued and vested shares

The Company’s issued and vested shares adjusted retroactively for the Recapitalization, in their pre-exchange classes, are as follows at December 31, 2018 and 2017:


	Successor	Predecessor
	December 31, 2018	December 31, 2017
Number of Vested Shares Issued
Class A Shares	203,245,361	203,245,361
Class C Shares	612,431	621,431
Class P(A) Shares	9,565,659	9,565,659
Class P(C) Shares	2,520	2,520
Class P-1(A) Shares	8,464,589	—
Class P-1(C) Shares	322,637	—

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

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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Share-Based Compensation Plans (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2019

Dec. 31, 2018

Share-Based Compensation Plans

Schedule of cash-settled PRSUs issued

The following table summarizes information for equity-settled PRSUs of the Company (in thousands, except weighted average grant date fair value per unit):


	Successor		Successor
	Three Months		Six Months
	Ended		Ended
	June 30,		June 30,
Equity-Settled PRSUs	2019		2019
PRSU compensation expense	$	6,894	$	11,671
Income tax benefit		—		—
PRSU compensation expense, net of taxes	$	6,894	$	11,671
Weighted-average grant date fair value per unit	$	22.19	$	22.19
Total fair value of vested PRSUs	$	—	$	—

The following table summarizes information for cash-settled PRSUs of the Company (in thousands, except weighted average fair value per unit):


	Successor		Successor		Predecessor		Predecessor
	Three Months		Six Months		Three Months		Six Months
	Ended		Ended		Ended		Ended
	June 30,		June 30,		June 30,		June 30,
Cash-Settled PRSUs	2019		2019		2018		2018
PRSU compensation expense	$	419	$	519	$	5,209	$	11,155
Income tax benefit		—		—		—		—
PRSU compensation expense, net of taxes	$	419	$	519	$	5,209	$	11,155
Weighted-average fair value per unit	$	63,497	$	63,497	$	33,672	$	33,672
Total fair value of vested PRSUs	$	—	$	—	$	—	$	—

Schedule of activity for options issued


	Successor		Successor		Predecessor		Predecessor
	Three Months		Six Months		Three Months		Six Months
	Ended		Ended		Ended		Ended
	June 30,		June 30,		June 30,		June 30,
Options	2019		2019		2018		2018
Option compensation expense	$	20,403	$	20,403	$	—	$	—
Income tax benefit		—		—		—		—
Option compensation expense, net of taxes	$	20,403	$	20,403	$	—	$	—
Weighted-average fair value per unit	$	1.85	$	1.85	$	—	$	—
Total fair value of vested options	$	16,309	$	16,309	$	—	$	—

Schedule of unrecognized compensation cost

As of June 30, 2019, total unrecognized compensation expense related to non-vested stock-based compensation arrangements and the expected recognition period are as follows (in thousands):


	Cash-Settled		Equity Settled
	PRSUs		PRSUs		Options
Total unrecognized compensation cost	$	558	$	41,237	$	12,923
Weighted-average recognition period		1.3 years		2.0 years		1.7 years

Share-Based Compensation Plans

Schedule of cash-settled PRSUs issued

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


		Weighted
		Average
	Number of	Fair Value
Successor	PRSUs	of PRSUs
Outstanding at October 1, 2018	—	$	—
Converted to equity settled PRSUs	1,442.2		30,482
Outstanding at December 31, 2018	1,442.2	$	30,482


		Weighted
		Average
	Number of	Fair Value
Predecessor	PRSUs	of PRSUs
Outstanding at December 31, 2015	574.7	$	22,512
Granted	512.8		21,723
Forfeited	(12.9)		23,170
Outstanding at December 31, 2016	1,074.6		13,159
Granted	511.7		24,911
Forfeited	(8.7)		26,770
Outstanding at December 31, 2017	1,577.6		31,039
Granted	531.9		29,609
Exercised	(560.4)		32,246
Forfeited	(9.9)		31,130
Outstanding at September 30, 2018	1,539.2	$	38,017

Successor
Outstanding at October 1, 2018	1,539.2	$	38,017
Granted	36.7		42,892
Forfeited	(20.2)		34,891
Converted to equity settled PRSUs	(1,033.2)		42,696
Outstanding at December 31, 2018	522.5	$	34,221

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		4.02	%
Share Price	$	25,657
Exercise Price	$	28,594

Schedule of activity for options issued

The following table reports the activity for options issued by the Company:

Weighted

Average

Weighted

Average

Grant Date

Intrinsic

Average

Remaining

Number of

Fair Value

Value

Exercise

Contract

Successor

Options

of Options

(in thousands)

Price

Life (years)

Outstanding at October 1, 2018

—

Granted

13,025.8

2,569

28,594

Outstanding at December 31, 2018

13,025.8

2,569

4,741

28,594

9.8

Schedule of activity for SARs issued


		Weighted
		Average
	Number of	Exercise Price
Predecessor	SARS	of SARs
Outstanding at December 31, 2015	6,315.5	$	16,839
Forfeited	(91.0)		17,280
Exercised	(3,338.4)		16,389
Outstanding at December 31, 2016	2,886.1	$	17,344
Exercised	(2,886.1)		17,344
Outstanding at December 31, 2017	—	$	—

Schedule of unrecognized compensation cost

As of December 31, 2018, 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	$	419,000	$	24,853,000	$	33,460,000
Weighted average recognition period		1.8 years		1.7 years		0.9 years

Schedule of Employee Shares


	Class C	Class P(C)	Class P-1(C)
Predecessor	Shares	Shares	Shares
Outstanding at December 31, 2015	528	2	—
Sold	(24)	—	—
Outstanding at December 31, 2016	504	2	—
Purchased	5	—	—
Sold	(62)	—	—
Outstanding at December 31, 2017	447	2	—
Sold	—	—	232
Outstanding at September 30, 2018	447	2	232

Successor
Outstanding at October 1, 2018	447	2	232
Sold	—	—	—
Outstanding at December 31, 2018	447	2	232

Tradeweb Markets LLC | Recapitalization

Share-Based Compensation Plans

Schedule of activity for options issued

The following table reports the activity for equity-settled PRSUs issued by the Company adjusted retroactively for the Recapitalization described in Note 2:


		Weighted
		Average
	Number of	Fair Value
Successor	PRSUs	of PRSUs
Outstanding at October 1, 2018	—	$	—
Converted to equity settled PRSUs	2,003,100		21.95
Outstanding at December 31, 2018	2,003,100	$	21.95

The following table reports the activity for options issued by the Company adjusted retroactively for the Recapitalization described in Note 2:

Weighted

Average

Weighted

Average

Grant Date

Intrinsic

Average

Remaining

Number of

Fair Value

Value

Exercise

Contract

Successor

Options

of Options

(in thousands)

Price

Life (years)

Outstanding at October 1, 2018

—

Granted

18,091,793

1.85

20.59

Outstanding at December 31, 2018

18,091,793

1.85

4,741

20.59

9.8

Related Party Transactions (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2019

Dec. 31, 2018

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

At June 30, 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
	June 30, 2019		December 31, 2018
Cash and cash equivalents	$	—	$	283,790
Receivables from brokers and dealers and clearing organizations		—		3,332
Deposits with clearing organizations		—		500
Accounts receivable		—		40,730
Receivable from affiliates		2,849		3,243
Other assets		—		9
Payable to brokers and dealers and clearing organizations		—		2,404
Deferred revenue		4,772		9,151
Payable to affiliates		6,004		5,009

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

At December 31, 2018 and December 31, 2017, the following balances with such affiliates were included in the consolidated statements of financial condition in the following line items (in thousands):


	Successor		Predecessor
	December 31, 2018		December 31, 2017
Cash and cash equivalents	$	283,790	$	234,107
Receivables from brokers and dealers and clearing organizations		3,332		—
Deposits with clearing organizations		500		500
Accounts receivable		40,730		27,163
Receivable from affiliates		3,243		375
Other assets		9		27
Payable to brokers and dealers and clearing organizations		2,404		—
Deferred revenue		9,151		5,106
Contingent consideration payable		—		129,393
Accounts payable, accrued expenses and other liabilities		—		2,555
Payable to affiliates		5,009		5,578

Fair Value of Financial Instruments (Tables) - Tradeweb Markets LLC

12 Months Ended

Dec. 31, 2018

Schedule of inputs in the valuation

At December 31, 2017, the inputs in the valuation are as follows:


Standard deviation	$	1,666,667
Revenue multiple		7.03x
Discount rate		1.64	%

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
Predecessor	(Level 1)		(Level 2)		(Level 3)		Total
As of December 31, 2017
Assets
Money market funds	$	101,154	$	—	$	—	$	101,154
	$	101,154	$	—	$	—	$	101,154
Liabilities
Contingent consideration payable	$	—	$	—	$	129,393	$	129,393
	$	—	$	—	$	129,393	$	129,393

Successor
As of December 31, 2018
Assets
Money market funds	$	127,927	$	—	$	—	$	127,927
	$	127,927	$	—	$	—	$	127,927

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

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of future minimum rental payments

The terms of the leases require the following remaining future minimum rental payments at December 31, 2018 (in thousands):


Year ending
December 31,	Amount
2019	$	11,393
2020		7,580
2021		5,317
2022		4,051
2023		3,877
Thereafter		11,156
	$	43,374

Net Income Per Share (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2019

Dec. 31, 2018


	Successor				Predecessor
	Three Months		Six Months		Three Months		Six Months
	Ended		Ended		Ended		Ended
	June 30, 2019		June 30, 2019		June 30, 2018		June 30, 2018
EPS: Pre-IPO net income attributable to Tradeweb Markets LLC(1)	(in thousands, except share and per share amounts)
Numerator:
Pre-IPO net income attributable to Tradeweb Markets LLC			$	42,352		38,897		84,205

Denominator:
Weighted average LLC Interests outstanding - Basic				222,222,197		213,435,314		213,435,314
Dilutive effect of equity-settled PRSUs				1,098,260		—		—
Weighted average LLC Interests outstanding - Diluted				223,320,457		213,435,314		213,435,314

Earnings per share - Basic			$	0.19	$	0.18	$	0.39
Earnings per share - Diluted			$	0.19	$	0.18	$	0.39

EPS: Post-IPO net income attributable to Tradeweb Markets Inc.
Numerator:
Post-IPO net income attributable to Tradeweb Markets Inc.	$	12,828	$	12,828

Denominator:
Weighted average shares of Class A and Class B common stock outstanding - Basic		142,933,192		142,933,192
Dilutive effect of equity-settled PRSUs		2,214,480		2,214,480
Dilutive effect of options		5,699,511		5,699,511
Weighted average shares of Class A and Class B common stock outstanding - Diluted		150,847,183		150,847,183

Earnings per share - Basic	$	0.09	$	0.09
Earnings per share - Diluted	$	0.09	$	0.09

(1)


	Successor		Predecessor		Predecessor		Predecessor
	October 1,		January 1,		Year		Year
	2018 to		2018 to		Ended		Ended
	December 31, 2018		September 30, 2018		December 31, 2017		December 31, 2016
Net Income (in thousands)	$	29,307	$	130,160	$	83,648	$	93,161

Basic Weighted Average Shares Outstanding		222,221,628		215,365,920		212,568,635		210,979,704
Dilutive Effect of Conversion to Equity Settled PRSU		22,223		—		—		—
Diluted Weighted Average Shares Outstanding		222,243,851		215,365,920		212,568,635		210,979,704

Basic Net Income Per Share	$	0.13	$	0.60	$	0.39	$	0.44

Diluted Net Income Per Share	$	0.13	$	0.60	$	0.39	$	0.44

Regulatory Capital Requirements (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2019

Dec. 31, 2018

Schedule of regulatory capital requirements

At June 30, 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 June 30, 2019	TWL		DW		TWD		TEL		TWJ		TWEU
Regulatory Capital	$	21,837	$	42,786	$	25,858	$	47,555	$	12,286	$	6,472
Regulatory Capital Requirement		1,615		1,559		386		17,515		4,368		6,472
Excess Regulatory Capital	$	20,222	$	41,227	$	25,472	$	30,040	$	7,918	$	—


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 June 30, 2019 and December 31, 2018 are as follows (in thousands):


	As of June 30, 2019				As of December 31, 2018
	TW SEF		DW SEF		TW SEF		DW SEF
Financial Resources	$	30,137	$	15,032	$	31,232	$	17,837
Required Financial Resources		10,500		5,589		10,500		5,169
Excess Financial Resources	$	19,637	$	9,443	$	20,732	$	12,668

Liquid Financial Assets	$	16,961	$	8,719	$	16,662	$	11,888
Required Liquid Financial Assets		5,250		2,795		5,250		2,585
Excess Liquid Financial Assets	$	11,711	$	5,924	$	11,412	$	9,303

Schedule of regulatory capital requirements

At December 31, 2018 and December 31, 2017, the regulatory capital requirements and regulatory capital for TWL, DW, TWD, TEL and TWJ were as follows (in thousands):


Predecessor	TWL		DW		TWD		TEL		TWJ
As of December 31, 2017
Regulatory Capital	$	22,551	$	35,546	$	16,965	$	31,509	$	5,326
Regulatory Capital Requirement		1,589		1,612		378		18,034		961
Excess Regulatory Capital	$	20,962	$	33,934	$	16,587	$	13,475	$	4,365


Successor	TWL		DW		TWD		TEL		TWJ
As of December 31, 2018
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 December 31, 2018 and December 31, 2017 are as follows (in thousands):


	Successor				Predecessor
	As of December 31, 2018				As of December 31, 2017
	TW SEF		DW SEF		TW SEF		DW SEF
Financial Resources	$	31,232	$	17,837	$	23,349	$	20,069
Required Financial Resources		10,500		5,169		10,500		5,875
Excess Financial Resources	$	20,732	$	12,668	$	12,849	$	14,194

Liquid Financial Assets	$	16,662	$	11,888	$	14,084	$	13,865
Required Liquid Financial Assets		5,250		2,585		5,250		2,893
Excess Liquid Financial Assets	$	11,412	$	9,303	$	8,834	$	10,972

Business Segment and Geographic Information (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2019

Dec. 31, 2018

Schedule of information regarding revenue by client sector

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


	Successor		Successor		Predecessor		Predecessor
	Three Months		Six Months		Three Months		Six Months
	Ended		Ended		Ended		Ended
	June 30, 2019		June 30, 2019		June 30, 2018		June 30, 2018
Net revenue:
Institutional	$	111,057	$	220,309	$	102,095	$	204,415
Wholesale		41,945		81,376		32,265		64,860
Retail		19,939		41,145		20,918		39,954
Market Data		17,544		34,447		15,737		31,289
Contingent consideration		—		—		(19,297)		(29,367)
Net revenue		190,485		377,277		151,718		311,151
Operating expenses		159,530		300,045		111,556		223,634
Operating income	$	30,955	$	77,232	$	40,162	$	87,517

Schedule of revenue and long-lived assets by geographic location

Information regarding revenue for the three and six months ended June 30, 2019 and 2018 and long-lived assets as of June 30, 2019 and December 31, 2018 is as follows (in thousands):


	Successor		Successor		Predecessor		Predecessor
	Three Months		Six Months		Three Months		Six Months
	Ended		Ended		Ended		Ended
	June 30, 2019		June 30, 2019		June 30, 2018		June 30, 2018
Net Revenue:
U.S.	$	122,693	$	242,090	$	109,540	$	217,322
International		67,792		135,187		61,475		123,196
Gross revenue		190,485		377,277		171,015		340,518
Contingent consideration		—		—		(19,297)		(29,367)
Total	$	190,485	$	377,277	$	151,718	$	311,151


	June 30, 2019		December 31, 2018
Long-lived assets
U.S.	$	4,251,030	$	4,276,568
International		13,413		7,787
Total	$	4,264,443	$	4,284,355

Schedule of information regarding revenue by client sector

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


	Successor		Predecessor		Predecessor		Predecessor
	October 1, 2018 to		January 1, 2018 to		Year Ended		Year Ended
	December 31, 2018		September 30, 2018		December 31, 2017		December 31, 2016
Net revenue:
Institutional	$	103,971	$	301,918	$	318,038	$	285,801
Wholesale		38,153		99,028		118,451		109,945
Retail		19,780		57,766		70,857		67,471
Market Data		16,733		47,059		55,622		55,187
Other		—		(26,830)		(58,520)		(26,224)
Net revenue		178,637		478,941		504,448		492,180
Operating expenses		146,702		338,607		415,356		399,049
Operating income	$	31,935	$	140,334	$	89,092	$	93,131

Schedule of revenue and long-lived assets by geographic location

Information regarding revenue for October 1, 2018 to December 31, 2018, January 1, 2018 to September 30, 2018 and for the years ended December 31, 2017 and 2016 and long-lived assets as of December 31, 2018 and December 31, 2017 is as follows (in thousands):


	Successor		Predecessor		Predecessor		Predecessor
	October 1, 2018 to		January 1, 2018 to		Year Ended		Year Ended
	December 31, 2018		September 30, 2018		December 31, 2017		December 31, 2016
Net revenue:
U.S.	$	115,907	$	324,304	$	385,176	$	365,308
International		62,730		181,467		177,792		153,096
Gross revenue		178,637		505,771		562,968		518,404
Contingent consideration		—		(26,830)		(58,520)		(26,224)
Total	$	178,637	$	478,941	$	504,448	$	492,180


	Successor		Predecessor
	December 31, 2018		December 31, 2017
Long-lived assets
U.S.	$	4,276,568	$	845,599
International		7,787		7,987
Total	$	4,284,355	$	853,586

Significant Accounting Policies - Useful Lives of Assets (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Furniture, Equipment, Purchased Software and Leasehold Improvements \| Minimum
Furniture, Equipment, Purchased Software and Leasehold Improvements
Property, Plant and Equipment, Useful Life	3 years
Furniture, Equipment, Purchased Software and Leasehold Improvements \| Maximum
Furniture, Equipment, Purchased Software and Leasehold Improvements
Property, Plant and Equipment, Useful Life	7 years
Software Development Costs
Furniture, Equipment, Purchased Software and Leasehold Improvements
Property, Plant and Equipment, Useful Life	3 years
Amortization of pushdown accounting allocation	9 years
Tradeweb Markets LLC \| Furniture, Equipment, Purchased Software and Leasehold Improvements \| Minimum
Furniture, Equipment, Purchased Software and Leasehold Improvements
Property, Plant and Equipment, Useful Life		3 years
Tradeweb Markets LLC \| Furniture, Equipment, Purchased Software and Leasehold Improvements \| Maximum
Furniture, Equipment, Purchased Software and Leasehold Improvements
Property, Plant and Equipment, Useful Life		7 years
Tradeweb Markets LLC \| Software Development Costs
Furniture, Equipment, Purchased Software and Leasehold Improvements
Property, Plant and Equipment, Useful Life		3 years
Amortization of pushdown accounting allocation		9 years

Significant Accounting Policies - Intangible Assets (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Minimum
Intangible Assets
Useful life of intangible assets	7 years
Maximum
Intangible Assets
Useful life of intangible assets	16 years
Tradeweb Markets LLC \| Minimum
Intangible Assets
Useful life of intangible assets		7 years
Tradeweb Markets LLC \| Maximum
Intangible Assets
Useful life of intangible assets		16 years

Significant Accounting Policies - Income Tax (Details) - Tradeweb Markets LLC	12 Months Ended
	Dec. 31, 2018 USD ($)
Entity Information [Line Items]
Federal statutory income tax rate	21.00%
Remeasurement of deferred tax asset	$ (1,982,000)
Adjustment to previously recorded provisional tax expense	$ 0

Pushdown Accounting - Goodwill (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Oct. 01, 2018
Pushdown Accounting
Goodwill	$ 2,694,797	$ 2,694,797
Tradeweb Markets LLC \| Refinitiv
Pushdown Accounting
Fair value of the Company			$ 4,575,000
Less: fair value of the net assets and liabilities of the Company			(1,880,203)
Goodwill			$ 2,694,797

Pushdown Accounting - Net assets and liabilities (Details) - Tradeweb Markets LLC - Refinitiv $ in Thousands	Oct. 01, 2018 USD ($)
Net assets and liabilities of the Company at October 1, 2018:
Cash and cash equivalents	$ 350,183
Restricted cash	1,200
Receivable from brokers and dealers and clearing organizations	4,642
Deposits with clearing organizations	9,200
Accounts receivable	95,959
Software development costs	168,500
Receivables from affiliates	3,350
Other assets	20,404
Total assets	2,091,439
Accrued compensation	82,201
Deferred revenue	28,280
Accounts payable, accrued expenses and other liabilities	39,291
Leasehold interests	3,020
Employee equity compensation payable	33,914
Payable to affiliates	5,856
Deferred tax liability	18,674
Total liabilities	211,236
Fair value of net assets and liabilities of the Company	1,880,203
Tradenames
Net assets and liabilities of the Company at October 1, 2018:
Intangible assets	154,300
Content and data
Net assets and liabilities of the Company at October 1, 2018:
Intangible assets	154,400
Licenses
Net assets and liabilities of the Company at October 1, 2018:
Intangible assets	168,800
Customer relationships
Net assets and liabilities of the Company at October 1, 2018:
Intangible assets	928,200
Computer hardware
Net assets and liabilities of the Company at October 1, 2018:
Furniture, equipment, purchased software and leasehold improvements	15,787
Leasehold improvements
Net assets and liabilities of the Company at October 1, 2018:
Furniture, equipment, purchased software and leasehold improvements	11,460
Purchased software
Net assets and liabilities of the Company at October 1, 2018:
Furniture, equipment, purchased software and leasehold improvements	2,866
Furniture
Net assets and liabilities of the Company at October 1, 2018:
Furniture, equipment, purchased software and leasehold improvements	1,616
Office equipment
Net assets and liabilities of the Company at October 1, 2018:
Furniture, equipment, purchased software and leasehold improvements	$ 572

Restricted Cash (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017	Dec. 31, 2016
Entity Information [Line Items]
Restricted cash	$ 1,200,000	$ 1,200,000
Predecessor
Entity Information [Line Items]
Restricted cash		1,200,000
Tradeweb Markets LLC \| Successor
Entity Information [Line Items]
Restricted cash		$ 1,200,000
Tradeweb Markets LLC \| Predecessor
Entity Information [Line Items]
Restricted cash			$ 1,200,000	$ 1,200,000	$ 1,000,000

Furniture, Equipment, Purchased Software and Leasehold Improvements (Details) - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017	Dec. 31, 2016	Jun. 30, 2019
Property, Plant and Equipment [Line Items]
Furniture, equipment, purchased software and leasehold improvements, net of accumulated depreciation and amortization	$ 38,128,000				$ 35,742,000
Tradeweb Markets LLC \| Successor
Property, Plant and Equipment [Line Items]
Furniture, equipment, purchased software and leasehold improvements, net of accumulated depreciation and amortization	38,128,000
Depreciation and amortization expense	3,094,000
Tradeweb Markets LLC \| Successor \| Furniture, equipment, purchased software and leasehold improvements
Property, Plant and Equipment [Line Items]
Accumulated depreciation and amortization	(3,036,000)
Furniture, equipment, purchased software and leasehold improvements, net of accumulated depreciation and amortization	38,128,000
Tradeweb Markets LLC \| Successor \| Computer hardware
Property, Plant and Equipment [Line Items]
Gross amount	22,818,000
Tradeweb Markets LLC \| Successor \| Leasehold improvements
Property, Plant and Equipment [Line Items]
Gross amount	12,339,000
Tradeweb Markets LLC \| Successor \| Purchased software
Property, Plant and Equipment [Line Items]
Gross amount	3,039,000
Tradeweb Markets LLC \| Successor \| Furniture and office equipment
Property, Plant and Equipment [Line Items]
Gross amount	$ 2,968,000
Tradeweb Markets LLC \| Predecessor
Property, Plant and Equipment [Line Items]
Furniture, equipment, purchased software and leasehold improvements, net of accumulated depreciation and amortization			$ 27,031,000
Depreciation and amortization expense		$ 9,270,000	11,959,000	$ 12,910,000
Tradeweb Markets LLC \| Predecessor \| Furniture, equipment, purchased software and leasehold improvements
Property, Plant and Equipment [Line Items]
Accumulated depreciation and amortization			(87,301,000)
Furniture, equipment, purchased software and leasehold improvements, net of accumulated depreciation and amortization			27,031,000
Tradeweb Markets LLC \| Predecessor \| Computer hardware
Property, Plant and Equipment [Line Items]
Gross amount			67,852,000
Tradeweb Markets LLC \| Predecessor \| Leasehold improvements
Property, Plant and Equipment [Line Items]
Gross amount			27,139,000
Tradeweb Markets LLC \| Predecessor \| Purchased software
Property, Plant and Equipment [Line Items]
Gross amount			12,991,000
Tradeweb Markets LLC \| Predecessor \| Furniture and office equipment
Property, Plant and Equipment [Line Items]
Gross amount			$ 6,350,000

Software Development Cost (Details) - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
Software Development Cost (Details) - USD ($)	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017	Dec. 31, 2016	Jun. 30, 2019	Oct. 01, 2018
Software Development Cost
Software development costs, net of accumulated amortization	$ 170,582,000				$ 172,614,000
Tradeweb Markets LLC \| Successor
Software Development Cost
Software development costs	175,656,000
Accumulated amortization	(5,074,000)
Software development costs, net of accumulated amortization	170,582,000
Software development costs capitalized	7,156,000
Fair value assigned to software development costs as a result of the Refinitiv Transaction						$ 168,500,000
Amortization expense	$ 5,074,000
Tradeweb Markets LLC \| Predecessor
Software Development Cost
Software development costs			$ 218,382,000
Accumulated amortization			(177,201,000)
Software development costs, net of accumulated amortization			41,181,000
Software development costs capitalized		$ 19,523,000	27,157,000	$ 25,351,000
Amortization expense		$ 19,962,000	$ 25,420,000	$ 26,824,000

Intangible Assets and Goodwill - Summary of Goodwill (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Oct. 01, 2018	Dec. 31, 2017
Goodwill
Goodwill	$ 2,694,797	$ 2,694,797
Tradeweb Markets LLC \| Refinitiv
Goodwill
Goodwill			$ 2,694,797
Tradeweb Markets LLC \| Successor
Goodwill
Goodwill		2,694,797
Tradeweb Markets LLC \| Successor \| Refinitiv
Goodwill
Goodwill		$ 2,694,797
Tradeweb Markets LLC \| Predecessor
Goodwill
Goodwill				$ 563,421
Tradeweb Markets LLC \| Predecessor \| TR
Goodwill
Goodwill				334,185
Tradeweb Markets LLC \| Predecessor \| Merger
Goodwill
Goodwill				66,484
Tradeweb Markets LLC \| Predecessor \| RaffCap
Goodwill
Goodwill				49,200
Tradeweb Markets LLC \| Predecessor \| BondDesk
Goodwill
Goodwill				103,158
Tradeweb Markets LLC \| Predecessor \| Other
Goodwill
Goodwill				$ 10,394

Intangible Assets and Goodwill - Indefinite Lived Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Dec. 31, 2017
Intangible assets with indefinite useful lives
Intangible assets which have an indefinite useful life	$ 323,100
Licenses
Intangible assets with indefinite useful lives
Intangible assets which have an indefinite useful life	168,800
Tradenames
Intangible assets with indefinite useful lives
Intangible assets which have an indefinite useful life	$ 154,300
Tradeweb Markets LLC \| Successor
Intangible assets with indefinite useful lives
Intangible assets which have an indefinite useful life		$ 323,100
Tradeweb Markets LLC \| Successor \| Licenses
Intangible assets with indefinite useful lives
Intangible assets which have an indefinite useful life		168,800
Tradeweb Markets LLC \| Successor \| Tradenames
Intangible assets with indefinite useful lives
Intangible assets which have an indefinite useful life		$ 154,300
Tradeweb Markets LLC \| Predecessor
Intangible assets with indefinite useful lives
Intangible assets which have an indefinite useful life			$ 12,000
Tradeweb Markets LLC \| Predecessor \| Licenses
Intangible assets with indefinite useful lives
Intangible assets which have an indefinite useful life			$ 12,000

Intangible Assets and Goodwill - Finite Lived Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018	Dec. 31, 2017
Intangible assets that are subject to amortization
Cost	$ 1,082,600	$ 1,082,600
Accumulated Amortization	(74,555)	(24,852)
Net Carrying Amount	1,008,045	1,057,748
Customer relationships
Intangible assets that are subject to amortization
Cost	928,200	928,200
Accumulated Amortization	(58,012)	(19,338)
Net Carrying Amount	870,188	908,862
Content and data
Intangible assets that are subject to amortization
Cost	154,400	154,400
Accumulated Amortization	(16,543)	(5,514)
Net Carrying Amount	$ 137,857	$ 148,886
Successor \| Customer relationships
Intangible assets that are subject to amortization
Amortization Period	12 years	12 years
Successor \| Content and data
Intangible assets that are subject to amortization
Amortization Period	7 years	7 years
Tradeweb Markets LLC \| Successor
Intangible assets that are subject to amortization
Cost		$ 1,082,600
Accumulated Amortization		(24,852)
Net Carrying Amount		$ 1,057,748
Tradeweb Markets LLC \| Successor \| Customer relationships \| Refinitiv
Intangible assets that are subject to amortization
Amortization Period		12 years
Cost		$ 928,200
Accumulated Amortization		(19,338)
Net Carrying Amount		$ 908,862
Tradeweb Markets LLC \| Successor \| Content and data
Intangible assets that are subject to amortization
Amortization Period		7 years
Cost		$ 154,400
Accumulated Amortization		(5,514)
Net Carrying Amount		$ 148,886
Tradeweb Markets LLC \| Predecessor
Intangible assets that are subject to amortization
Cost			$ 529,184
Accumulated Amortization			(318,965)
Net Carrying Amount			$ 210,219
Tradeweb Markets LLC \| Predecessor \| Customer relationships \| Fixed Income Business
Intangible assets that are subject to amortization
Amortization Period			13 years
Cost			$ 155,284
Accumulated Amortization			(155,270)
Net Carrying Amount			$ 14
Tradeweb Markets LLC \| Predecessor \| Customer relationships \| DW
Intangible assets that are subject to amortization
Amortization Period			11 years
Cost			$ 65,000
Accumulated Amortization			(42,348)
Net Carrying Amount			$ 22,652
Tradeweb Markets LLC \| Predecessor \| Customer relationships \| RaffCap
Intangible assets that are subject to amortization
Amortization Period			12 years
Cost			$ 17,600
Accumulated Amortization			(9,166)
Net Carrying Amount			$ 8,434
Tradeweb Markets LLC \| Predecessor \| Customer relationships \| BondDesk
Intangible assets that are subject to amortization
Amortization Period			15 years
Cost			$ 104,000
Accumulated Amortization			(28,806)
Net Carrying Amount			$ 75,194
Tradeweb Markets LLC \| Predecessor \| Customer relationships \| Other
Intangible assets that are subject to amortization
Amortization Period			10 years
Cost			$ 2,100
Accumulated Amortization			(385)
Net Carrying Amount			$ 1,715
Tradeweb Markets LLC \| Predecessor \| Tradenames
Intangible assets that are subject to amortization
Amortization Period			10 years
Cost			$ 200
Accumulated Amortization			(125)
Net Carrying Amount			75
Tradeweb Markets LLC \| Predecessor \| Liquidity contracts
Intangible assets that are subject to amortization
Amortization Period		16 years
Cost			185,000
Accumulated Amortization			(82,865)
Net Carrying Amount			$ 102,135

Intangible Assets and Goodwill - Future Amortization (Details) - USD ($)	3 Months Ended			6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Sep. 30, 2018	Dec. 31, 2017	Dec. 31, 2016
Estimated annual future amortization for existing intangibles assets
2020	$ 99,408,000			$ 99,408,000
2021	99,408,000			99,408,000
2022	99,408,000			99,408,000
2023	99,408,000			99,408,000
Successor
Intangible assets that are subject to amortization
Amortization expense	$ 24,852,000			$ 49,704,000
Predecessor
Intangible assets that are subject to amortization
Amortization expense			$ 6,557,000		$ 13,063,000
Tradeweb Markets LLC \| Successor
Intangible assets that are subject to amortization
Amortization expense		$ 24,852,000
Estimated annual future amortization for existing intangibles assets
2019		99,408,000
2020		99,408,000
2021		99,408,000
2022		99,408,000
2023		$ 99,408,000
Tradeweb Markets LLC \| Predecessor
Intangible assets that are subject to amortization
Amortization expense						$ 19,576,000	$ 31,236,000	$ 41,125,000

Deferred Revenue (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	9 Months Ended	12 Months Ended
Deferred Revenue (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Jun. 30, 2019	Sep. 30, 2018	Dec. 31, 2017
Changes in deferred revenue
Deferred revenue balance - beginning of period		$ 27,883
New billings		54,735
Revenue recognized		(57,348)
Deferred revenue balance - end of period	$ 27,883	25,270
Tradeweb Markets LLC \| Successor
Changes in deferred revenue
Deferred revenue balance - beginning of period	28,280	$ 27,883
New billings	26,609
Revenue recognized	(27,006)
Deferred revenue balance - end of period	27,883		$ 28,280
Tradeweb Markets LLC \| Predecessor
Changes in deferred revenue
Deferred revenue balance - beginning of period	$ 28,280		29,673	$ 42,184
New billings			100,091	127,312
Revenue recognized			(101,484)	(139,823)
Deferred revenue balance - end of period			$ 28,280	$ 29,673

Income Taxes - Components of Provision (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Sep. 30, 2018	Dec. 31, 2017	Dec. 31, 2016
Current:
Total deferred				$ (3,596)
Total	$ 6,314			$ 11,097
Predecessor
Current:
Total deferred					$ 1,409
Total			$ 1,847		$ 4,365
Tradeweb Markets LLC \| Successor
Current:
State and Local		$ 1,235
Foreign		1,212
Total current		2,447
Deferred - Federal		680
Deferred - state and local		288
Total deferred		968
Total		$ 3,415
Tradeweb Markets LLC \| Predecessor
Current:
State and Local						$ 5,739	$ 4,331	$ 2,772
Foreign						3,559	2,748	2,826
Total current						9,298	7,079	5,598
Deferred - Federal						1,085	(433)	(5,783)
Deferred - state and local						1,517	(517)	(540)
Total deferred						2,602	(950)	(6,323)
Total						$ 11,900	$ 6,129	$ (725)

Income Taxes - Reconciliation of the Statutory Rate (Details)	3 Months Ended			6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Reconciliation of the statutory tax rate
Effective tax rate	20.30%		4.50%	14.20%	4.90%
Tradeweb Markets LLC
Reconciliation of the statutory tax rate
U.S. federal tax at statutory rate							21.00%
Tradeweb Markets LLC \| Successor
Reconciliation of the statutory tax rate
U.S. federal tax at statutory rate		21.00%
State and local taxes - net of federal benefit		4.70%
Foreign taxes		3.70%
Tax Cuts and Jobs Act provisional tax charge		0.00%
LLC flow-through structure		(19.00%)
Effective tax rate		10.40%
Tradeweb Markets LLC \| Predecessor
Reconciliation of the statutory tax rate
U.S. federal tax at statutory rate						21.00%		35.00%	35.00%
State and local taxes - net of federal benefit						5.10%		2.80%	1.60%
Foreign taxes						2.50%		3.10%	3.10%
Tax Cuts and Jobs Act provisional tax charge						0.00%		2.20%	0.00%
LLC flow-through structure						(20.20%)		(36.30%)	(40.50%)
Effective tax rate						8.40%		6.80%	(0.80%)

Income Taxes - Components of Deferred Tax Assets (Liabilities) (Details) - Tradeweb Markets LLC - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Successor
Components of deferred tax assets (liabilities)
Net operating losses	$ 6,810
Goodwill and intangible assets	(28,799)
Other	2,362
Deferred Tax Liabilities, Net, Total	$ (19,627)
Predecessor
Components of deferred tax assets (liabilities)
Net operating losses		$ 8,966
Goodwill and intangible assets		(2,146)
Total deferred tax assets, net		$ 6,820

Income Taxes - Narrative (Details) - Tradeweb Markets LLC - USD ($)	3 Months Ended	9 Months Ended
	Dec. 31, 2018	Sep. 30, 2018
Successor \| Federal
Income Taxes
Net operating loss carryforwards	$ 17,196,000
Successor \| New York state
Income Taxes
Net operating loss carryforwards	24,449,000
Successor \| New York City
Income Taxes
Net operating loss carryforwards	22,654,000
Successor \| New York City \| Tax periods from 2009 - 2013 \| Accounts payable, accrued expenses and other liabilities
Income Taxes
Tax, penalties and interest expense	26,000
Successor \| New York City \| Tax periods from 2012 - 2016 \| Provision for income taxes
Income Taxes
Tax, penalties and interest provision	$ 70,000
Predecessor \| New York City \| Tax periods from 2009 - 2013 \| Accounts payable, accrued expenses and other liabilities
Income Taxes
Tax, penalties and interest expense		$ 1,288,000
Predecessor \| New York City \| Tax periods from 2012 - 2016 \| Provision for income taxes
Income Taxes
Tax, penalties and interest provision		$ 2,003,000

Shares (Details) - Tradeweb Markets LLC - shares	Jun. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Class A common stock
Shares
Number of Vested Shares Issued	146,333
Class C common stock
Shares
Number of Vested Shares Issued	447
Class P(A) Shares
Shares
Number of Vested Shares Issued	6,887
Class P(C) Shares
Shares
Number of Vested Shares Issued	2
Class P-1(A) Shares
Shares
Number of Vested Shares Issued	6,094
Class P-1(C) Shares
Shares
Number of Vested Shares Issued	232
Successor \| Recapitalization
Shares
Number of Vested Shares Issued, Recapitalization		222,222,197
Successor \| Class A common stock
Shares
Number of Vested Shares Issued		146,333
Successor \| Class A common stock \| Recapitalization
Shares
Number of Vested Shares Issued, Recapitalization		203,245,361
Successor \| Class C common stock
Shares
Number of Vested Shares Issued		447	447
Successor \| Class C common stock \| Recapitalization
Shares
Number of Vested Shares Issued, Recapitalization		612,431
Successor \| Class P(A) Shares
Shares
Number of Vested Shares Issued		6,887
Successor \| Class P(A) Shares \| Recapitalization
Shares
Number of Vested Shares Issued, Recapitalization		9,565,659
Successor \| Class P(C) Shares
Shares
Number of Vested Shares Issued		2	2
Successor \| Class P(C) Shares \| Recapitalization
Shares
Number of Vested Shares Issued, Recapitalization		2,520
Successor \| Class P-1(A) Shares
Shares
Number of Vested Shares Issued		6,094
Successor \| Class P-1(A) Shares \| Recapitalization
Shares
Number of Vested Shares Issued, Recapitalization		8,464,589
Successor \| Class P-1(C) Shares
Shares
Number of Vested Shares Issued		232	232
Successor \| Class P-1(C) Shares \| Recapitalization
Shares
Number of Vested Shares Issued, Recapitalization		322,637
Predecessor \| Class A common stock
Shares
Number of Vested Shares Issued				146,333
Predecessor \| Class A common stock \| Recapitalization
Shares
Number of Vested Shares Issued, Recapitalization				203,245,361
Predecessor \| Class C common stock
Shares
Number of Vested Shares Issued			447	447	504	528
Predecessor \| Class C common stock \| Recapitalization
Shares
Number of Vested Shares Issued, Recapitalization				621,431
Predecessor \| Class P(A) Shares
Shares
Number of Vested Shares Issued				6,887
Predecessor \| Class P(A) Shares \| Recapitalization
Shares
Number of Vested Shares Issued, Recapitalization				9,565,659
Predecessor \| Class P(C) Shares
Shares
Number of Vested Shares Issued			2	2	2	2
Predecessor \| Class P(C) Shares \| Recapitalization
Shares
Number of Vested Shares Issued, Recapitalization				2,520
Predecessor \| Class P-1(C) Shares
Shares
Number of Vested Shares Issued			232	0	0	0

Share-Based Compensation Plans - Performance Restricted Share Units (Details)	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2018 USD ($) employee $ / shares shares	Sep. 30, 2018 $ / shares shares	Dec. 31, 2017 USD ($) $ / shares shares	Dec. 31, 2016 $ / shares shares	Jun. 30, 2019 USD ($)
Share-Based Compensation Plans
Employee equity compensation payable \| $	$ 24,187,000				$ 728,000
Members' capital \| $	$ 4,573,200,000
Tradeweb Markets LLC \| Successor
Share-Based Compensation Plans
Number of employees impacted by modification \| employee	54
Employee equity compensation payable \| $	$ 24,187,000
Members' capital \| $	4,573,200,000
Tradeweb Markets LLC \| Successor \| Adjustment
Share-Based Compensation Plans
Employee equity compensation payable \| $	(19,072,000)
Members' capital \| $	$ 19,072,000
Tradeweb Markets LLC \| Successor \| Equity-settled PRSUs
Number of PRSUs
Outstanding, beginning of period \| shares	0
Converted to equity settled PRSUs \| shares	1,442.2
Outstanding, end of period \| shares	1,442.2	0
Weighted Average Fair Value of PRSUs
Outstanding, beginning of period \| $ / shares	$ 0
Converted to equity settled PRSUs \| $ / shares	30,482
Outstanding, end of period \| $ / shares	$ 30,482	$ 0
Tradeweb Markets LLC \| Successor \| Equity-settled PRSUs \| Recapitalization
Number of PRSUs
Outstanding, beginning of period \| shares	0
Converted to equity settled PRSUs \| shares	2,003,100
Outstanding, end of period \| shares	2,003,100	0
Weighted Average Fair Value of PRSUs
Outstanding, beginning of period \| $ / shares	$ 0.00
Converted to equity settled PRSUs \| $ / shares	21.95
Outstanding, end of period \| $ / shares	$ 21.95	$ 0.00
Tradeweb Markets LLC \| Successor \| Cash-settled PRSUs
Number of PRSUs
Outstanding, beginning of period \| shares	1,539.2
Granted \| shares	36.7
Forfeited \| shares	(20.2)
Converted to equity settled PRSUs \| shares	(1,033.2)
Outstanding, end of period \| shares	522.5	1,539.2
Weighted Average Fair Value of PRSUs
Outstanding, beginning of period \| $ / shares	$ 38,017
Granted \| $ / shares	42,892
Forfeited \| $ / shares	34,891
Converted to equity settled PRSUs \| $ / shares	42,696
Outstanding, end of period \| $ / shares	$ 34,221	$ 38,017
Tradeweb Markets LLC \| Predecessor
Share-Based Compensation Plans
Employee equity compensation payable \| $			$ 31,019,000
Members' capital \| $			$ 999,735,000
Tradeweb Markets LLC \| Predecessor \| Cash-settled PRSUs
Number of PRSUs
Outstanding, beginning of period \| shares	1,539.2	1,577.6	1,074.6	574.7
Granted \| shares		531.9	511.7	512.8
Exercised \| shares		(560.4)
Forfeited \| shares		(9.9)	(8.7)	(12.9)
Outstanding, end of period \| shares		1,539.2	1,577.6	1,074.6
Weighted Average Fair Value of PRSUs
Outstanding, beginning of period \| $ / shares	$ 38,017	$ 31,039	$ 13,159	$ 22,512
Granted \| $ / shares		29,609	24,911	21,723
Exercised \| $ / shares		32,246
Forfeited \| $ / shares		31,130	26,770	23,170
Outstanding, end of period \| $ / shares		$ 38,017	$ 31,039	$ 13,159

Share-Based Compensation Plans - Options (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Oct. 31, 2018	Dec. 31, 2018	Jun. 30, 2019	Apr. 08, 2019
Stock Options
Share-Based Compensation Plans
Exercise period following a change in control			15 days
Tradeweb Markets LLC
Assumption used in the Black-Scholes model
Share Price				$ 27.00
Tradeweb Markets LLC \| Successor \| Stock Options
Assumption used in the Black-Scholes model
Weighted Average Expected Life (years)		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		4.02%
Share Price		$ 25,657
Exercise Price		$ 28,594
Number of Options
Outstanding, beginning of period	0	0	13,025.8
Granted		13,025.8
Outstanding, end of period		13,025.8
Weighted Average Grant Date Fair Value of Options
Outstanding, beginning of period	$ 0	$ 0	$ 2,569
Granted		2,569
Outstanding, end of period		$ 2,569
Additional disclosures
Intrinsic value, options outstanding, end of period		$ 4,741
Weighted Average Exercise Price		$ 28,594
Weighted Average Remaining Contractual Life (years)		9 years 9 months 18 days
Tradeweb Markets LLC \| Successor \| Stock Options \| Recapitalization
Number of Options
Outstanding, beginning of period	0	0	18,091,793
Granted		18,091,793
Outstanding, end of period		18,091,793
Weighted Average Grant Date Fair Value of Options
Outstanding, beginning of period	$ 0.00	$ 0.00	$ 1.85
Granted		1.85
Outstanding, end of period		$ 1.85
Additional disclosures
Intrinsic value, options outstanding, end of period		$ 4,741
Weighted Average Exercise Price		$ 20.59
Weighted Average Remaining Contractual Life (years)		9 years 9 months 18 days
Tradeweb Markets LLC \| Successor \| Option Plan \| Stock Options
Share-Based Compensation Plans
Shares reserved for future issuance		13,912.7
Vesting period	10 years
Exercise period following a change in control		15 days

Share-Based Compensation Plans - SARs (Details) - Tradeweb Markets LLC - Predecessor - SARs - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Number of SARS
Outstanding, beginning of period	2,886.1	6,315.5
Forfeited		(91)
Exercised	(2,886.1)	(3,338.4)
Outstanding, end of period	0	2,886.1
Weighted Average Exercise Price of SARs
Outstanding, beginning of period	$ 17,344	$ 16,839
Forfeited		17,280
Exercised	17,344	16,389
Outstanding, end of period	$ 0	$ 17,344

Share-Based Compensation Plans - Unrecognized Compensation (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Equity-settled PRSUs
Share-Based Compensation Plans
Total unrecognized compensation cost	$ 41,237,000
Weighted average recognition period	2 years
Cash-settled PRSUs
Share-Based Compensation Plans
Total unrecognized compensation cost	$ 558,000
Weighted average recognition period	1 year 3 months 18 days
Stock Options
Share-Based Compensation Plans
Total unrecognized compensation cost	$ 12,923,000
Weighted average recognition period	1 year 8 months 12 days
Tradeweb Markets LLC \| Successor \| Equity-settled PRSUs
Share-Based Compensation Plans
Total unrecognized compensation cost		$ 24,853,000
Weighted average recognition period		1 year 8 months 12 days
Tradeweb Markets LLC \| Successor \| Cash-settled PRSUs
Share-Based Compensation Plans
Total unrecognized compensation cost		$ 419,000
Weighted average recognition period		1 year 9 months 18 days
Tradeweb Markets LLC \| Successor \| Stock Options
Share-Based Compensation Plans
Total unrecognized compensation cost		$ 33,460,000
Weighted average recognition period		10 months 24 days

Share-Based Compensation Plans - Employee Shares (Details) - Tradeweb Markets LLC - USD ($)	3 Months Ended	6 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2018	Jun. 30, 2019	Sep. 30, 2018	Dec. 31, 2017	Dec. 31, 2016
Class C common stock
Activity of the Employee Shares
Outstanding, end of period		447
Class P(C) Shares
Activity of the Employee Shares
Outstanding, end of period		2
Class P-1(C) Shares
Activity of the Employee Shares
Outstanding, end of period		232
Predecessor
Activity of the Employee Shares
Employee Shares compensation payable				$ 0
Compensation expense relating to PRSUs, options and shares			$ 15,949,000	$ 26,100,000	$ 19,032,000
Predecessor \| Class C common stock
Activity of the Employee Shares
Outstanding, beginning of period	447		447	504	528
Purchased			0	5
Sold				(62)	(24)
Outstanding, end of period			447	447	504
Predecessor \| Class P(C) Shares
Activity of the Employee Shares
Outstanding, beginning of period	2		2	2	2
Purchased			0	0
Sold				0	0
Outstanding, end of period			2	2	2
Predecessor \| Class P-1(C) Shares
Activity of the Employee Shares
Outstanding, beginning of period	232		0	0	0
Purchased			232	0
Sold				0	0
Outstanding, end of period			232	0	0
Successor
Activity of the Employee Shares
Period of time to determine classification as compensation payable	6 months
Employee Shares compensation payable	$ 6,727,000
Compensation expense relating to PRSUs, options and shares	$ 9,413,000
Successor \| Class C common stock
Activity of the Employee Shares
Outstanding, beginning of period	447	447
Sold	0
Outstanding, end of period	447		447
Successor \| Class P(C) Shares
Activity of the Employee Shares
Outstanding, beginning of period	2	2
Sold	0
Outstanding, end of period	2		2
Successor \| Class P-1(C) Shares
Activity of the Employee Shares
Outstanding, beginning of period	232	232
Sold	0
Outstanding, end of period	232		232

Related Party Transactions - Balances (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018	Dec. 31, 2017
Related Party Transactions
Cash and cash equivalents		$ 283,790,000
Receivables from brokers and dealers and clearing organizations		3,332,000
Deposits with clearing organizations		500,000
Accounts receivable		40,730,000
Receivable from affiliates	$ 2,849,000	3,243,000
Other assets		9,000
Payable to brokers and dealers and clearing organizations		2,404,000
Deferred revenue	4,772,000	9,151,000
Payable to affiliates	$ 6,004,000	5,009,000
Tradeweb Markets LLC \| Successor
Related Party Transactions
Cash and cash equivalents		283,790,000
Receivables from brokers and dealers and clearing organizations		3,332,000
Deposits with clearing organizations		500,000
Accounts receivable		40,730,000
Receivable from affiliates		3,243,000
Other assets		9,000
Payable to brokers and dealers and clearing organizations		2,404,000
Deferred revenue		9,151,000
Payable to affiliates		$ 5,009,000
Tradeweb Markets LLC \| Predecessor
Related Party Transactions
Cash and cash equivalents			$ 234,107,000
Deposits with clearing organizations			500,000
Accounts receivable			27,163,000
Receivable from affiliates			375,000
Other assets			27,000
Deferred revenue			5,106,000
Contingent consideration payable			129,393,000
Accounts payable, accrued expenses and other liabilities			2,555,000
Payable to affiliates			$ 5,578,000

Related Party Transactions - Transactions with Related Parties (Details) - USD ($)	3 Months Ended			6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Sep. 30, 2018	Dec. 31, 2017	Dec. 31, 2016
Refinitiv \| Operating Expense Reimbursement
Related Party Transactions
Related party expense	$ 3,211,000		$ 6,258,000	$ 4,238,000	$ 28,408,000
Tradeweb Markets LLC \| Successor
Related Party Transactions
Interest income from money market funds invested and savings deposited		$ 17,000
Tradeweb Markets LLC \| Successor \| Refinitiv \| Shared Services
Related Party Transactions
Related party expense		1,075,000
Tradeweb Markets LLC \| Successor \| Refinitiv \| Market Data License Agreements
Related Party Transactions
Related party revenue		13,467,000
Tradeweb Markets LLC \| Successor \| Refinitiv \| Operating Expense Reimbursement
Related Party Transactions
Related party expense		3,837,000
Tradeweb Markets LLC \| Successor \| Banks
Related Party Transactions
Interest income from money market funds invested and savings deposited		17,000
Tradeweb Markets LLC \| Successor \| Banks \| Transaction, subscription and other fees
Related Party Transactions
Related party revenue		$ 90,845,000
Tradeweb Markets LLC \| Predecessor
Related Party Transactions
Interest income from money market funds invested and savings deposited						$ 34,000	$ 40,000	$ 80,000
Tradeweb Markets LLC \| Predecessor \| TR \| Shared Services
Related Party Transactions
Related party expense						3,225,000	4,300,000	4,300,000
Tradeweb Markets LLC \| Predecessor \| TR \| Market Data License Agreements
Related Party Transactions
Related party revenue						36,851,000	50,125,000	50,564,000
Tradeweb Markets LLC \| Predecessor \| TR \| Operating Expense Reimbursement
Related Party Transactions
Related party expense						28,736,000	38,361,000	34,350,000
Tradeweb Markets LLC \| Predecessor \| Banks
Related Party Transactions
Interest income from money market funds invested and savings deposited						34,000	40,000	80,000
Tradeweb Markets LLC \| Predecessor \| Banks \| Transaction, subscription and other fees
Related Party Transactions
Related party revenue						$ 211,234,000	$ 232,436,000	$ 211,743,000

Related Party Transactions - Convertible Term Note (Details) - Tradeweb Markets LLC - USD ($)		12 Months Ended
	May 05, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2013	Apr. 08, 2019
Related Party Transactions
Share Price (per share)					$ 27.00
Predecessor \| TR \| Convertible term note
Related Party Transactions
Amount of loan				$ 29,285,000
Debt interest expense		$ 455,000	$ 1,339,000
Predecessor \| TR \| Convertible term note \| LIBOR
Related Party Transactions
Variable interest rate basis				LIBOR
Basis spread on variable rate				1.50%
Variable rate additional adjustment				3.00%
Effective interest rate percentage		4.50%	4.50%
Predecessor \| TR \| Convertible term note \| Class A common stock
Related Party Transactions
Number of equity shares issued upon conversion of debt	1,835
Share Price (per share)	$ 15,958

Related Party Transactions - Class of Shares (Details) - USD ($)	3 Months Ended	6 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2018	Sep. 30, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2014	Jun. 30, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2015
Related Party Transactions
Employee equity compensation payable							$ 728,000	$ 24,187,000
Contingent consideration recognized	$ 19,297,000	$ 29,367,000
Banks
Related Party Transactions
Capital contribution						$ 120,000,000
Employees
Related Party Transactions
Investment by employees						5,266,000
Predecessor
Related Party Transactions
Members' equity	988,615,000	988,615,000		$ 986,468,000					$ 1,008,704,000
Contingent consideration recognized	$ 19,297,000	$ 29,367,000
Tradeweb Markets LLC \| Successor
Related Party Transactions
Members' equity			$ 4,562,154,000					4,572,334,000
Employee equity compensation payable								24,187,000
Tradeweb Markets LLC \| Successor \| Banks \| Class P-1(A) Shares
Related Party Transactions
Members' equity								150,495,000
Tradeweb Markets LLC \| Successor \| Employees \| Class P-1(C) Shares
Related Party Transactions
Employee equity compensation payable								$ 6,727,000
Tradeweb Markets LLC \| Predecessor
Related Party Transactions
Capital contribution				82,000
Members' equity			1,125,165,000	986,468,000	$ 1,024,759,000					$ 1,067,944,000
Employee equity compensation payable				31,019,000
Contingent consideration recognized			$ 26,830,000	58,520,000	$ 26,224,000
Contingent consideration payable to related parties				$ 129,393,000
Tradeweb Markets LLC \| Predecessor \| Banks \| Capital contribution
Related Party Transactions
Capital contribution						120,000,000
Tradeweb Markets LLC \| Predecessor \| Employees \| Capital contribution
Related Party Transactions
Investment by employees						$ 5,266,000

Fair Value of Financial Instruments - Contingent Consideration (Details) - Tradeweb Markets LLC - Predecessor	Dec. 31, 2017 item
Standard deviation
Fair Value of Financial Instruments
Contingent consideration, measurement input	1,666,667
Revenue multiple
Fair Value of Financial Instruments
Contingent consideration, measurement input	7.03
Discount rate
Fair Value of Financial Instruments
Contingent consideration, measurement input	0.0164

Fair Value of Financial Instruments - Fair Value Measurements (Details) - Tradeweb Markets LLC - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Dec. 31, 2017
Fair Value of Financial Instruments
Total assets measured at fair value	$ 113,180	$ 127,927
Level 1
Fair Value of Financial Instruments
Total assets measured at fair value	$ 113,180	127,927
Predecessor
Fair Value of Financial Instruments
Money market funds			$ 101,154
Total assets measured at fair value			101,154
Contingent consideration payable			129,393
Total Liabilities, at fair value			129,393
Predecessor \| Level 1
Fair Value of Financial Instruments
Money market funds			101,154
Total assets measured at fair value			101,154
Predecessor \| Level 3
Fair Value of Financial Instruments
Contingent consideration payable			129,393
Total Liabilities, at fair value			$ 129,393
Successor
Fair Value of Financial Instruments
Money market funds		127,927
Total assets measured at fair value		127,927
Successor \| Level 1
Fair Value of Financial Instruments
Money market funds		127,927
Total assets measured at fair value		$ 127,927

Credit Risk (Details) - USD ($)	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Credit Risk
Allowance for doubtful accounts	$ 1,273,000		$ 1,169,000
Tradeweb Markets LLC \| Successor \| Credit Risk
Credit Risk
Allowance for doubtful accounts		$ 1,169,000
Tradeweb Markets LLC \| Predecessor \| Credit Risk
Credit Risk
Allowance for doubtful accounts			$ 928,000

Commitments and Contingencies - Commitments (Details) - Tradeweb Markets LLC - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017	Dec. 31, 2016
Successor
Future minimum rental payments
2019	$ 11,393,000
2020	7,580,000
2021	5,317,000
2022	4,051,000
2023	3,877,000
Thereafter	11,156,000
Total	43,374,000
Rent expense	2,733,000
Successor \| Letter of credit \| Guaranteed by Refinitiv
Future minimum rental payments
Line of credit, maximum borrowing capacity	$ 1,200,000
Predecessor
Future minimum rental payments
Rent expense		$ 9,011,000	$ 11,774,000	$ 13,253,000

Commitments and Contingencies - Contingencies (Details)	6 Months Ended	12 Months Ended
Commitments and Contingencies - Contingencies (Details)	Jun. 30, 2019 USD ($)	Dec. 31, 2018 USD ($) item
Litigation relating to distribution of financial strength ratings
Commitments and Contingencies
Damages sought	$ 80,000,000
Tradeweb Markets LLC \| Successor \| Antitrust Actions Related To Trading Practices and Interest Rate Swaps
Commitments and Contingencies
Number of actions \| item		2
Tradeweb Markets LLC \| Successor \| Litigation relating to distribution of financial strength ratings
Commitments and Contingencies
Damages sought		$ 80,000,000

Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Sep. 30, 2018	Dec. 31, 2017	Dec. 31, 2016
Net Income Per Share
Post-IPO net income attributable to Tradeweb Markets Inc.	$ 12,828			$ 12,828
Weighted average outstanding - Diluted	150,847,183			150,847,183
Earnings per share - Basic	$ 0.09			$ 0.09
Earnings per share - Diluted	$ 0.09			$ 0.09
Shares excluded from computation of diluted earnings per share			8,045,000		6,789,000
Successor
Net Income Per Share
Weighted average outstanding - Diluted	150,847,183			150,847,183
Earnings per share - Basic				$ 0.09
Earnings per share - Diluted	$ 0.09			$ 0.09
Tradeweb Markets LLC
Net Income Per Share
Post-IPO net income attributable to Tradeweb Markets Inc.				$ 42,352
Weighted average outstanding - Diluted				223,320,457
Earnings per share - Basic				$ 0.19
Earnings per share - Diluted				$ 0.19
Tradeweb Markets LLC \| Successor
Net Income Per Share
Post-IPO net income attributable to Tradeweb Markets Inc.		$ 29,307
Basic weighted average shares outstanding		222,221,628
Dilutive effect of equity settled PRSUs		22,223
Weighted average outstanding - Diluted		222,243,851		223,320,457
Earnings per share - Basic		$ 0.13		$ 0.19
Earnings per share - Diluted		$ 0.13		$ 0.19
Tradeweb Markets LLC \| Predecessor
Net Income Per Share
Post-IPO net income attributable to Tradeweb Markets Inc.			$ 38,897		$ 84,205	$ 130,160	$ 83,648	$ 93,161
Basic weighted average shares outstanding						215,365,920	212,568,635	210,979,704
Weighted average outstanding - Diluted			213,435,314		213,435,314	215,365,920	212,568,635	210,979,704
Earnings per share - Basic			$ 0.18		$ 0.39	$ 0.60	$ 0.39	$ 0.44
Earnings per share - Diluted			$ 0.18		$ 0.39	$ 0.60	$ 0.39	$ 0.44
Shares excluded from computation of diluted earnings per share	340			340
Tradeweb Markets LLC \| Predecessor \| Convertible term note
Net Income Per Share
Shares excluded from computation of diluted earnings per share							894,464	2,548,668
Tradeweb Markets LLC \| Predecessor \| Contingent consideration
Net Income Per Share
Shares excluded from computation of diluted earnings per share						5,444,566

Regulatory Capital Requirements (Details) - Reportable Legal Entities - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Dec. 31, 2017
TW SEF
Regulatory Capital Requirements
Financial Resources	$ 30,137	$ 31,232
Required Financial Resources	10,500	10,500
Excess Financial Resources	19,637	20,732
Liquid Financial Assets	16,961	16,662
Required Liquid Financial Assets	5,250	5,250
Excess Liquid Financial Assets	11,711	11,412
DW SEF
Regulatory Capital Requirements
Financial Resources	15,032	17,837
Required Financial Resources	5,589	5,169
Excess Financial Resources	9,443	12,668
Liquid Financial Assets	8,719	11,888
Required Liquid Financial Assets	2,795	2,585
Excess Liquid Financial Assets	$ 5,924	9,303
Tradeweb Markets LLC \| Successor \| TWL
Regulatory Capital Requirements
Regulatory Capital		18,986
Regulatory Capital Requirement		2,698
Excess Regulatory Capital		16,288
Tradeweb Markets LLC \| Successor \| DW
Regulatory Capital Requirements
Regulatory Capital		41,164
Regulatory Capital Requirement		1,803
Excess Regulatory Capital		39,361
Tradeweb Markets LLC \| Successor \| TWD
Regulatory Capital Requirements
Regulatory Capital		24,042
Regulatory Capital Requirement		599
Excess Regulatory Capital		23,443
Tradeweb Markets LLC \| Successor \| TEL
Regulatory Capital Requirements
Regulatory Capital		46,157
Regulatory Capital Requirement		17,493
Excess Regulatory Capital		28,664
Tradeweb Markets LLC \| Successor \| TWJ
Regulatory Capital Requirements
Regulatory Capital		10,592
Regulatory Capital Requirement		3,413
Excess Regulatory Capital		7,179
Tradeweb Markets LLC \| Successor \| TW SEF
Regulatory Capital Requirements
Financial Resources		31,232
Required Financial Resources		10,500
Excess Financial Resources		20,732
Liquid Financial Assets		16,662
Required Liquid Financial Assets		5,250
Excess Liquid Financial Assets		11,412
Tradeweb Markets LLC \| Successor \| DW SEF
Regulatory Capital Requirements
Financial Resources		17,837
Required Financial Resources		5,169
Excess Financial Resources		12,668
Liquid Financial Assets		11,888
Required Liquid Financial Assets		2,585
Excess Liquid Financial Assets		$ 9,303
Tradeweb Markets LLC \| Predecessor \| TWL
Regulatory Capital Requirements
Regulatory Capital			$ 22,551
Regulatory Capital Requirement			1,589
Excess Regulatory Capital			20,962
Tradeweb Markets LLC \| Predecessor \| DW
Regulatory Capital Requirements
Regulatory Capital			35,546
Regulatory Capital Requirement			1,612
Excess Regulatory Capital			33,934
Tradeweb Markets LLC \| Predecessor \| TWD
Regulatory Capital Requirements
Regulatory Capital			16,965
Regulatory Capital Requirement			378
Excess Regulatory Capital			16,587
Tradeweb Markets LLC \| Predecessor \| TEL
Regulatory Capital Requirements
Regulatory Capital			31,509
Regulatory Capital Requirement			18,034
Excess Regulatory Capital			13,475
Tradeweb Markets LLC \| Predecessor \| TWJ
Regulatory Capital Requirements
Regulatory Capital			5,326
Regulatory Capital Requirement			961
Excess Regulatory Capital			4,365
Tradeweb Markets LLC \| Predecessor \| TW SEF
Regulatory Capital Requirements
Financial Resources			23,349
Required Financial Resources			10,500
Excess Financial Resources			12,849
Liquid Financial Assets			14,084
Required Liquid Financial Assets			5,250
Excess Liquid Financial Assets			8,834
Tradeweb Markets LLC \| Predecessor \| DW SEF
Regulatory Capital Requirements
Financial Resources			20,069
Required Financial Resources			5,875
Excess Financial Resources			14,194
Liquid Financial Assets			13,865
Required Liquid Financial Assets			2,893
Excess Liquid Financial Assets			$ 10,972

Employee Savings Plan - 401(k) Plan (Details) - Tradeweb Markets LLC - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Successor \| U.S.
Employees Savings Plan
401(k) Savings Plan	us-gaap:QualifiedPlanMember		us-gaap:QualifiedPlanMember
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 compensation			4.00%
Expense recognized	$ 738,000
Successor \| UK and Asia
Employees Savings Plan
Expense recognized	$ 423,000
Predecessor \| U.S.
Employees Savings Plan
Expense recognized		$ 3,758,000		$ 4,137,000	$ 4,179,000
Predecessor \| UK and Asia
Employees Savings Plan
Expense recognized		$ 1,113,000		$ 1,242,000	$ 1,181,000

Business Segment and Geographic Information - Revenue by Client Sector (Details) - USD ($)	3 Months Ended			6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Sep. 30, 2018	Dec. 31, 2017	Dec. 31, 2016
Business Segment and Geographic Information
Gross revenues	$ 190,485,000			$ 377,277,000
Contingent consideration to related parties			$ (19,297,000)		$ (29,367,000)
Net revenue	190,485,000			377,277,000
Operating expenses	159,530,000			300,045,000
Operating income	30,955,000			77,232,000
Institutional
Business Segment and Geographic Information
Gross revenues	111,057,000			220,309,000
Wholesale
Business Segment and Geographic Information
Gross revenues	41,945,000			81,376,000
Retail
Business Segment and Geographic Information
Gross revenues	19,939,000			41,145,000
Market Data
Business Segment and Geographic Information
Gross revenues	$ 17,544,000			$ 34,447,000
Predecessor
Business Segment and Geographic Information
Gross revenues			171,015,000		340,518,000
Contingent consideration to related parties			(19,297,000)		(29,367,000)
Net revenue			151,718,000		311,151,000
Operating expenses			111,556,000		223,634,000
Operating income			40,162,000		87,517,000
Predecessor \| Institutional
Business Segment and Geographic Information
Gross revenues			102,095,000		204,415,000
Predecessor \| Wholesale
Business Segment and Geographic Information
Gross revenues			32,265,000		64,860,000
Predecessor \| Retail
Business Segment and Geographic Information
Gross revenues			20,918,000		39,954,000
Predecessor \| Market Data
Business Segment and Geographic Information
Gross revenues			$ 15,737,000		$ 31,289,000
Tradeweb Markets LLC \| Successor
Business Segment and Geographic Information
Gross revenues		$ 178,637,000
Net revenue		178,637,000
Operating expenses		146,702,000
Operating income		31,935,000
Tradeweb Markets LLC \| Successor \| Institutional
Business Segment and Geographic Information
Gross revenues		103,971,000
Tradeweb Markets LLC \| Successor \| Wholesale
Business Segment and Geographic Information
Gross revenues		38,153,000
Tradeweb Markets LLC \| Successor \| Retail
Business Segment and Geographic Information
Gross revenues		19,780,000
Tradeweb Markets LLC \| Successor \| Market Data
Business Segment and Geographic Information
Gross revenues		$ 16,733,000
Tradeweb Markets LLC \| Predecessor
Business Segment and Geographic Information
Gross revenues						$ 505,771,000	$ 562,968,000	$ 518,404,000
Contingent consideration to related parties						(26,830,000)	(58,520,000)	(26,224,000)
Net revenue						478,941,000	504,448,000	492,180,000
Operating expenses						338,607,000	415,356,000	399,049,000
Operating income						140,334,000	89,092,000	93,131,000
Tradeweb Markets LLC \| Predecessor \| Institutional
Business Segment and Geographic Information
Gross revenues						301,918,000	318,038,000	285,801,000
Tradeweb Markets LLC \| Predecessor \| Wholesale
Business Segment and Geographic Information
Gross revenues						99,028,000	118,451,000	109,945,000
Tradeweb Markets LLC \| Predecessor \| Retail
Business Segment and Geographic Information
Gross revenues						57,766,000	70,857,000	67,471,000
Tradeweb Markets LLC \| Predecessor \| Market Data
Business Segment and Geographic Information
Gross revenues						$ 47,059,000	$ 55,622,000	$ 55,187,000

Business Segment and Geographic Information - Revenue and Long-lived Assets by Geographic Region (Details) - USD ($)	3 Months Ended			6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Sep. 30, 2018	Dec. 31, 2017	Dec. 31, 2016
Business Segment and Geographic Information
Gross revenues	$ 190,485,000			$ 377,277,000
Contingent consideration to related parties			$ (19,297,000)		$ (29,367,000)
Net revenue	190,485,000			377,277,000
Long-lived assets	4,264,443,000	$ 4,284,355,000		4,264,443,000
U.S.
Business Segment and Geographic Information
Gross revenues	122,693,000			242,090,000
Long-lived assets	4,251,030,000	4,276,568,000		4,251,030,000
International
Business Segment and Geographic Information
Gross revenues	67,792,000			135,187,000
Long-lived assets	$ 13,413,000	7,787,000		$ 13,413,000
Predecessor
Business Segment and Geographic Information
Gross revenues			171,015,000		340,518,000
Contingent consideration to related parties			(19,297,000)		(29,367,000)
Net revenue			151,718,000		311,151,000
Predecessor \| U.S.
Business Segment and Geographic Information
Gross revenues			109,540,000		217,322,000
Predecessor \| International
Business Segment and Geographic Information
Gross revenues			$ 61,475,000		$ 123,196,000
Tradeweb Markets LLC \| Successor
Business Segment and Geographic Information
Gross revenues		178,637,000
Net revenue		178,637,000
Long-lived assets		4,284,355,000
Tradeweb Markets LLC \| Successor \| U.S.
Business Segment and Geographic Information
Gross revenues		115,907,000
Long-lived assets		4,276,568,000
Tradeweb Markets LLC \| Successor \| International
Business Segment and Geographic Information
Gross revenues		62,730,000
Long-lived assets		$ 7,787,000
Tradeweb Markets LLC \| Predecessor
Business Segment and Geographic Information
Gross revenues						$ 505,771,000	$ 562,968,000	$ 518,404,000
Contingent consideration to related parties						(26,830,000)	(58,520,000)	(26,224,000)
Net revenue						478,941,000	504,448,000	492,180,000
Long-lived assets							853,586,000
Tradeweb Markets LLC \| Predecessor \| U.S.
Business Segment and Geographic Information
Gross revenues						324,304,000	385,176,000	365,308,000
Long-lived assets							845,599,000
Tradeweb Markets LLC \| Predecessor \| International
Business Segment and Geographic Information
Gross revenues						$ 181,467,000	177,792,000	$ 153,096,000
Long-lived assets							$ 7,987,000

Subsequent Events (Details) - Tradeweb Markets LLC - Subsequent Event - USD ($) $ in Millions	Mar. 22, 2019	Jun. 30, 2019
Subsequent Events
Distribution paid to current owners of the Company	$ 20.0
Planned event, contingent on closing of IPO \| Revolving credit facility
Subsequent Events
Line of credit, maximum borrowing capacity		$ 500.0

Consolidated Statements of Financial Condition - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Assets
Cash and cash equivalents	$ 313,582,000	$ 410,104,000
Restricted cash	1,200,000	1,200,000
Receivable from brokers and dealers and clearing organizations	255,250,000	174,591,000
Deposits with clearing organizations	13,398,000	11,427,000
Account receivable, net of allowance	92,854,000	87,192,000
Furniture, equipment, purchased software and leasehold improvements, net of accumulated depreciation and amortization	35,742,000	38,128,000
Right-of-use assets	30,145,000
Software development costs, net of accumulated amortization	172,614,000	170,582,000
Intangible assets, net of accumulated amortization	1,331,145,000	1,380,848,000
Goodwill	2,694,797,000	2,694,797,000
Receivable from affiliates	2,849,000	3,243,000
Deferred tax asset	98,469,000
Other assets	30,302,000	25,027,000
Total assets	5,072,347,000	4,997,139,000
Liabilities
Payable to brokers and dealers and clearing organizations	255,163,000	171,214,000
Accrued compensation	68,622,000	120,158,000
Deferred revenue	25,270,000	27,883,000
Accounts payable, accrued expenses and other liabilities	34,502,000	42,548,000
Employee equity compensation payable	728,000	24,187,000
Lease liability	34,528,000
Payable to affiliates	6,004,000	5,009,000
Deferred tax liability	21,304,000	19,627,000
Tax receivable agreement liability	171,426,000
Total liabilities	617,547,000	410,626,000
Commitments and contingencies (Note 15)
Mezzanine Capital
Class C Shares and Class P(C) Shares		14,179,000
Stockholders' Equity/Members' Capital
Members' capital		4,573,200,000
Additional paid-in capital	2,846,681,000
Accumulated other comprehensive income	(525,000)	(866,000)
Retained earnings	1,393,000
Total stockholders' equity attributable to Tradeweb Markets Inc./members' equity	2,847,551,000	4,572,334,000
Non-controlling interests	1,607,249,000
Total equity	4,454,800,000	4,572,334,000
Total liabilities and stockholders' equity/members' capital	5,072,347,000	4,997,139,000
Class B common stock
Stockholders' Equity/Members' Capital
Common stock	1,000
Total equity	1,000
Class D common stock
Stockholders' Equity/Members' Capital
Common stock	1,000
Total equity	1,000
Successor
Assets
Deferred tax asset	$ 93,194,000
Predecessor
Assets
Cash and cash equivalents		410,104,000
Restricted cash		$ 1,200,000

Consolidated Statements of Financial Condition (Parenthetical) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
Preferred stock, par value	$ 0.00001
Preferred stock, shares authorized	250,000,000
Successor
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	250,000,000	250,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Class A common stock
Common Stock, par value per share	$ 0.00001
Common Stock, shares authorized	1,000,000,000
Class A common stock \| Successor
Common Stock, par value per share	$ 0.00001	$ 0.00001
Common Stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	46,000,000	46,000,000
Common stock, shares outstanding	46,000,000
Class B common stock
Common Stock, par value per share	$ 0.00001
Common Stock, shares authorized	450,000,000
Class B common stock \| Successor
Common Stock, par value per share	$ 0.00001	$ 0.00001
Common Stock, shares authorized	450,000,000	450,000,000
Common stock, shares issued	96,933,192	96,933,192
Common stock, shares outstanding	96,933,192
Class C common stock
Common Stock, par value per share	$ 0.00001
Common Stock, shares authorized	350,000,000
Class C common stock \| Successor
Common Stock, par value per share	$ 0.00001	$ 0.00001
Common Stock, shares authorized	350,000,000	350,000,000
Common stock, shares issued	10,006,269	10,006,269
Common stock, shares outstanding	10,006,269
Class D common stock
Common Stock, par value per share	$ 0.00001
Common Stock, shares authorized	300,000,000
Class D common stock \| Successor
Common Stock, par value per share	$ 0.00001	$ 0.00001
Common Stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	69,282,736	69,282,736
Common stock, shares outstanding	69,282,736

Consolidated Statements of Income - USD ($)	3 Months Ended			6 Months Ended		9 Months Ended	12 Months Ended
Consolidated Statements of Income - USD ($)	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Sep. 30, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues
Gross revenue	$ 190,485,000			$ 377,277,000
Contingent consideration			$ (19,297,000)		$ (29,367,000)
Net revenue	190,485,000			377,277,000
Expenses
Employee compensation and benefits	95,995,000			173,268,000
Depreciation and amortization	34,292,000			67,795,000
Technology and communications	9,519,000			19,559,000
General and administrative	9,365,000			18,454,000
Professional fees	6,738,000			13,709,000
Occupancy	3,621,000			7,260,000
Total expenses	159,530,000			300,045,000
Operating income	30,955,000			77,232,000
Net interest income	175,000			1,033,000
Income before taxes	31,130,000			78,265,000
Provision for income taxes	(6,314,000)			(11,097,000)
Net income	24,816,000			67,168,000
Less: Pre-IPO net income attributable to Tradeweb Markets LLC				42,352,000
Net income attributable to Tradeweb Markets Inc. and non-controlling interests	24,816,000			24,816,000
Less: Net income attributable to non-controlling interests	11,988,000			11,988,000
Net income attributable to Tradeweb Markets Inc.	$ 12,828,000			$ 12,828,000
Earnings per share
Basic	$ 0.09			$ 0.09
Diluted	$ 0.09			$ 0.09
Weighted average interests outstanding
Basic	142,933,192			142,933,192
Diluted	150,847,183			150,847,183
Transaction fees
Revenues
Gross revenue	$ 103,952,000			$ 206,592,000
Subscription fees
Revenues
Gross revenue	34,566,000			69,011,000
Commissions
Revenues
Gross revenue	36,413,000			70,610,000
Refinitiv market data fees
Revenues
Gross revenue	13,385,000			27,001,000
Other
Revenues
Gross revenue	$ 2,169,000			$ 4,063,000
Successor
Earnings per share
Basic				$ 0.09
Diluted	$ 0.09			$ 0.09
Weighted average interests outstanding
Basic				142,933,192
Diluted	150,847,183			150,847,183
Predecessor
Revenues
Gross revenue			171,015,000		340,518,000
Contingent consideration			(19,297,000)		(29,367,000)
Net revenue			151,718,000		311,151,000
Expenses
Employee compensation and benefits			68,407,000		139,977,000
Depreciation and amortization			16,178,000		32,446,000
Technology and communications			9,023,000		17,486,000
General and administrative			7,153,000		13,670,000
Professional fees			7,276,000		12,814,000
Occupancy			3,519,000		7,241,000
Total expenses			111,556,000		223,634,000
Operating income			40,162,000		87,517,000
Net interest income			582,000		1,053,000
Income before taxes			40,744,000		88,570,000
Provision for income taxes			(1,847,000)		(4,365,000)
Net income			38,897,000		84,205,000
Predecessor \| Transaction fees
Revenues
Gross revenue			91,030,000		181,169,000
Predecessor \| Subscription fees
Revenues
Gross revenue			37,647,000		73,973,000
Predecessor \| Commissions
Revenues
Gross revenue			27,553,000		55,436,000
Predecessor \| Refinitiv market data fees
Revenues
Gross revenue			12,081,000		24,318,000
Predecessor \| Other
Revenues
Gross revenue			2,704,000		5,622,000
Tradeweb Markets LLC
Expenses
Less: Pre-IPO net income attributable to Tradeweb Markets LLC				$ 42,352,000
Net income attributable to Tradeweb Markets Inc.				$ 42,352,000
Earnings per share
Basic				$ 0.19
Diluted				$ 0.19
Weighted average interests outstanding
Basic				222,222,197
Diluted				223,320,457
Tradeweb Markets LLC \| Successor
Revenues
Gross revenue		$ 178,637,000
Net revenue		178,637,000
Expenses
Employee compensation and benefits		80,436,000
Depreciation and amortization		33,020,000
Technology and communications		9,907,000
General and administrative		11,837,000
Professional fees		8,194,000
Occupancy		3,308,000
Total expenses		146,702,000
Operating income		31,935,000
Net interest income		787,000
Income before taxes		32,722,000
Provision for income taxes		(3,415,000)
Net income		29,307,000
Net income attributable to Tradeweb Markets Inc.		$ 29,307,000
Earnings per share
Basic		$ 0.13		$ 0.19
Diluted		$ 0.13		$ 0.19
Weighted average interests outstanding
Basic		222,221,628		222,222,197
Diluted		222,243,851		223,320,457
Tradeweb Markets LLC \| Successor \| Transaction fees
Revenues
Gross revenue		$ 97,130,000
Tradeweb Markets LLC \| Successor \| Subscription fees
Revenues
Gross revenue		33,052,000
Tradeweb Markets LLC \| Successor \| Commissions
Revenues
Gross revenue		32,840,000
Tradeweb Markets LLC \| Successor \| Refinitiv market data fees
Revenues
Gross revenue		13,467,000
Tradeweb Markets LLC \| Successor \| Other
Revenues
Gross revenue		$ 2,148,000
Tradeweb Markets LLC \| Predecessor
Revenues
Gross revenue						$ 505,771,000	$ 562,968,000	$ 518,404,000
Contingent consideration						(26,830,000)	(58,520,000)	(26,224,000)
Net revenue						478,941,000	504,448,000	492,180,000
Expenses
Employee compensation and benefits						209,053,000	248,963,000	228,584,000
Depreciation and amortization						48,808,000	68,615,000	80,859,000
Technology and communications						26,598,000	30,013,000	28,239,000
General and administrative						23,056,000	33,973,000	27,392,000
Professional fees						20,360,000	19,351,000	18,158,000
Occupancy						10,732,000	14,441,000	15,817,000
Total expenses						338,607,000	415,356,000	399,049,000
Operating income						140,334,000	89,092,000	93,131,000
Net interest income						1,726,000	1,140,000	644,000
Income before taxes						142,060,000	89,777,000	92,436,000
Provision for income taxes						(11,900,000)	(6,129,000)	725,000
Net income						130,160,000	83,648,000	93,161,000
Less: Pre-IPO net income attributable to Tradeweb Markets LLC			38,897,000		84,205,000
Net income attributable to Tradeweb Markets Inc.			$ 38,897,000		$ 84,205,000	$ 130,160,000	$ 83,648,000	$ 93,161,000
Earnings per share
Basic			$ 0.18		$ 0.39	$ 0.60	$ 0.39	$ 0.44
Diluted			$ 0.18		$ 0.39	$ 0.60	$ 0.39	$ 0.44
Weighted average interests outstanding
Basic			213,435,314		213,435,314	215,365,920	212,568,635	210,979,704
Diluted			213,435,314		213,435,314	215,365,920	212,568,635	210,979,704
Tradeweb Markets LLC \| Predecessor \| Transaction fees
Revenues
Gross revenue						$ 273,751,000	$ 267,020,000	$ 230,171,000
Tradeweb Markets LLC \| Predecessor \| Subscription fees
Revenues
Gross revenue						107,130,000	144,409,000	141,419,000
Tradeweb Markets LLC \| Predecessor \| Commissions
Revenues
Gross revenue						79,830,000	96,745,000	91,663,000
Tradeweb Markets LLC \| Predecessor \| Refinitiv market data fees
Revenues
Gross revenue						36,851,000	50,125,000	50,564,000
Tradeweb Markets LLC \| Predecessor \| Other
Revenues
Gross revenue						$ 8,209,000	$ 4,669,000	$ 4,587,000

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Sep. 30, 2018	Dec. 31, 2017	Dec. 31, 2016
Net income attributable to Tradeweb Markets	$ 12,828		$ 12,828
Foreign currency translation adjustments attributable to non-controlling interests	(647)		(647)
Comprehensive income attributable to non-controlling interests	12,181		12,181
Net income attributable to non-controlling interests	11,988		11,988
Foreign currency translation adjustments attributable to noncontrolling interests	(359)		(359)
Comprehensive income attributable to non-controlling interests	$ 11,629		11,629
Tradeweb Markets LLC
Net income attributable to Tradeweb Markets			42,352
Foreign currency translation adjustments attributable to non-controlling interests			988
Comprehensive income attributable to non-controlling interests			$ 43,340
Predecessor \| Tradeweb Markets LLC
Net income attributable to Tradeweb Markets		$ 38,897		$ 84,205	$ 130,160	$ 83,648	$ 93,161
Foreign currency translation adjustments attributable to non-controlling interests		(2,058)		(3,986)	(3,064)	2,885	(4,679)
Comprehensive income attributable to non-controlling interests		$ 36,839		$ 80,219	$ 127,096	$ 86,533	$ 88,482

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

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Members' Capital	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Non-Controlling Interests	Class A common stock	Class B common stock	Class C common stock	Class D common stock	Total
Members' capital end of period (Predecessor) at Dec. 31, 2017	$ 999,735		$ (13,267)							$ 986,468
Comprehensive income:
Capital distributions \| Predecessor	(25,000)									(25,000)
Net income \| Predecessor	45,308									45,308
Foreign currency translation adjustments \| Predecessor			1,928							1,928
Members' capital end of period (Predecessor) at Mar. 31, 2018	1,020,043		(11,339)							1,008,704
Members' capital beginning of period (Predecessor) at Dec. 31, 2017	999,735		(13,267)							986,468
Comprehensive income:
Net income \| Predecessor										84,205
Members' capital end of period (Predecessor) at Jun. 30, 2018	1,003,940		(15,325)							988,615
Members' capital beginning of period (Predecessor) at Dec. 31, 2017	999,735		(13,267)							986,468
Members' capital beginning of period (Predecessor) at Mar. 31, 2018	1,020,043		(11,339)							1,008,704
Comprehensive income:
Capital distributions \| Predecessor	(55,000)									(55,000)
Net income \| Predecessor	38,897									38,897
Foreign currency translation adjustments \| Predecessor			(3,986)							(3,986)
Members' capital end of period (Predecessor) at Jun. 30, 2018	1,003,940		(15,325)							988,615
Members' capital end of period at Dec. 31, 2018	4,573,200
Equity at end of period at Dec. 31, 2018			(866)							4,572,334
Comprehensive income:
Adjustment to Class C Shares and Class P shares in mezzanine capital	(2,369)									(2,369)
Capital distributions	(20,000)									(20,000)
Stock-based compensation	4,674									4,674
Net income	42,352									42,352
Foreign currency translation adjustments			988							988
Members' capital end of period at Mar. 31, 2019	4,597,857
Equity at end of period at Mar. 31, 2019			122							4,597,979
Members' capital beginning of period at Dec. 31, 2018	4,573,200
Equity at beginning of period at Dec. 31, 2018			(866)							4,572,334
Comprehensive income:
Net income										67,168
Equity at end of period at Jun. 30, 2019		$ 2,846,681	(525)	$ 1,393	$ 1,607,249		$ 1		$ 1	4,454,800
Equity at end of period (in shares) at Jun. 30, 2019						46,000,000	96,933,192	10,006,269	69,282,736
Members' capital beginning of period at Mar. 31, 2019	4,597,857
Equity at beginning of period at Mar. 31, 2019			122							4,597,979
Comprehensive income:
Effect of the reorganization transactions	(4,497,857)	4,521,132								23,275
Issuance of common stock, net of offering costs and cancellations		(15,856)					$ 1		$ 1	(15,854)
Issuance of common stock, net of offering costs and cancellations (in shares)						46,000,000	96,933,192	10,006,269	69,282,736
Tax receivable agreement liability and deferred taxes arising from the reorganization transactions and IPO		(78,232)								(78,232)
Allocation of equity to non-controlling interests		(1,607,529)			1,607,529
Distributions to non-controlling interests					(11,909)					(11,909)
Dividends ($0.08 per share)				(11,435)						(11,435)
Capital distributions	$ (100,000)									(100,000)
Share-based compensation expense under the PRSU Plan		6,763								6,763
Share-based compensation expense under the Option Plan		20,403								20,403
Net income				12,828	11,988					24,816
Foreign currency translation adjustments			(647)		(359)					(1,006)
Equity at end of period at Jun. 30, 2019		$ 2,846,681	$ (525)	$ 1,393	$ 1,607,249		$ 1		$ 1	$ 4,454,800
Equity at end of period (in shares) at Jun. 30, 2019						46,000,000	96,933,192	10,006,269	69,282,736

Consolidated Statements of Changes in Equity (Parenthetical)	3 Months Ended
	Jun. 30, 2019 $ / shares
Successor
Dividends	$ 0.08

Consolidated Statements of Cash Flows $ in Thousands	6 Months Ended
Consolidated Statements of Cash Flows $ in Thousands	Jun. 30, 2019 USD ($)	Jun. 30, 2018 USD ($)
Cash flows from operating activities
Net income	$ 67,168
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	67,795
Share-based compensation expense	31,960
Deferred taxes	(3,596)
(Increase) decrease in operating assets:
Receivable from brokers and dealers and clearing organizations	(80,659)
Deposits with clearing organizations	(1,965)
Accounts receivable	(5,756)
Receivable from affiliates	394
Other assets	(8,825)
Increase (decrease) in operating liabilities:
Payable to brokers and dealers and clearing organizations	83,949
Accrued compensation	(51,569)
Deferred revenue	(2,613)
Accounts payable, accrued expenses and other liabilities	(3,661)
Employee equity compensation payable	(16,732)
Payable to affiliates	1,083
Net cash provided by operating activities	76,973
Cash flows from investing activities
Purchase of furniture, equipment, software and leasehold improvements	(3,793)
Capitalized software development costs	(13,914)
Net cash (used in) investing activities	(17,707)
Cash flows from financing activities
Pre-IPO capital distributions	(120,000)
Proceeds from issuance of Class A common stock in the IPO, net of underwriting discounts	1,161,270
Purchase of LLC Interests	(1,161,270)
Offering costs from issuance of Class A common stock in the IPO	(12,306)
Dividends	(11,435)
Capital distributions to non-controlling interests	(11,909)
Net cash (used in) financing activities	(155,650)
Effect of exchange rate changes on cash and cash equivalents	(138)
Net decrease in cash and cash equivalents	(96,522)
Cash and cash equivalents and restricted cash
Beginning of period	411,304
End of period	314,782
Supplemental disclosure of cash flow information
Income taxes paid	24,989
Non-cash financing activities - tems arising from the reorganization transactions and IPO
Deferred tax asset	98,469
Successor
Non-cash financing activities - tems arising from the reorganization transactions and IPO
Establishment of liabilities under tax receivable agreement	171,426
Deferred tax asset	93,194
Predecessor
Cash flows from operating activities
Net income		$ 84,205
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization		32,446
Contingent consideration		29,367
Deferred taxes		1,409
(Increase) decrease in operating assets:
Receivable from brokers and dealers and clearing organizations		4,324
Deposits with clearing organizations		654
Accounts receivable		(30,042)
Receivable from affiliates		(243)
Other assets		(4,973)
Increase (decrease) in operating liabilities:
Payable to brokers and dealers and clearing organizations		(4,322)
Accrued compensation		(34,135)
Deferred revenue		(6,823)
Accounts payable, accrued expenses and other liabilities		1,129
Employee equity compensation payable		(7,501)
Payable to affiliates		(468)
Net cash provided by operating activities		65,027
Cash flows from investing activities
Purchase of furniture, equipment, software and leasehold improvements		(3,125)
Capitalized software development costs		(12,765)
Net cash (used in) investing activities		(15,890)
Cash flows from financing activities
Pre-IPO capital distributions		(80,000)
Net cash (used in) financing activities		(80,000)
Effect of exchange rate changes on cash and cash equivalents		(1,198)
Net decrease in cash and cash equivalents		(32,061)
Cash and cash equivalents and restricted cash
Beginning of period	$ 411,304	353,798
End of period		321,737
Supplemental disclosure of cash flow information
Income taxes paid		$ 3,807

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Cash	$ 410,104
Restricted cash	1,200
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Total	411,304
Predecessor
Cash	410,104
Restricted cash	1,200
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Total	$ 411,304	$ 321,737	$ 353,798

Organization

6 Months Ended

Jun. 30, 2019

Organization

1. Organization

 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”).

Initial Public Offering

Reorganization Transactions

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:

The Corporation entered into a tax receivable agreement (the “Tax Receivable Agreement”) with TWM LLC and the Continuing LLC Owners. See Note 8 – Tax Receivable Agreement.

Acquisition of Parent Company and Presentation of Financial Statements

The successor period of the Company, reflecting the Refinitiv Transaction, as of June 30, 2019 and December 31, 2018 and for the three and six months ended June 30, 2019.

The predecessor period of the Company for the three and six months ended June 30, 2018.

See Note 3 – Pushdown Accounting.

Significant Accounting Policies

6 Months Ended

Jun. 30, 2019

Significant Accounting Policies

Intangible Assets and Goodwill

2. Significant Accounting Policies

The following is a summary of significant accounting policies:

Basis of Accounting

Use of Estimates

Basis of Presentation and Consolidation

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

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

Translation of Foreign Currency

Income Tax

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				Successor				Predecessor				Predecessor
	Three Months Ended				Six Months Ended				Three Months Ended				Six Months Ended
	June 30, 2019				June 30, 2019				June 30, 2018				June 30, 2018
	(in thousands)								(in thousands)
	Variable		Fixed		Variable		Fixed		Variable		Fixed		Variable		Fixed
Revenues
Transaction fees	$	79,577	$	24,375	$	158,492	$	48,100	$	69,557	$	21,473	$	139,194	$	41,975
Subscription Fees including Refinitiv market data fees		435		47,516		890		95,122		425		49,303		900		97,391
Commissions		26,635		9,778		50,945		19,665		17,346		10,207		35,126		20,310
Other		302		1,867		605		3,458		14		2,690		26		5,596
Gross revenue	$	106,949	$	83,536	$	210,932	$	166,345	$	87,342	$	83,673	$	175,246	$	165,272

Stock-Based Compensation

Earnings Per Share

Shares of Class C and Class D common stock do not have economic rights in Tradeweb Markets Inc. and, therefore, are not participating securities for purposes of the computation of earnings 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 – Not Yet Adopted

Pushdown Accounting	6 Months Ended
Pushdown Accounting	Jun. 30, 2019
Pushdown Accounting
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. At June 30, 2019 and December 31, 2018, goodwill amounted to $2,695,000. 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

6 Months Ended

Jun. 30, 2019

Leases

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 and six months ended June 30, 2019 is as follows (in thousands):


	Three Months		Six Months
	Ended		Ended
	June 30,		June 30,
	2019		2019
Operating lease expense		2,558	$	5,147
Cash for amounts included in the measurement of operating liability		2,803		5,637
Right-of-use assets obtained in exchange for operating liabilities		—		—

At June 30, 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)	6.0

The following table presents the maturity of lease liabilities as of June 30, 2019 (in thousands):


Remainder of 2019	$	5,640
2020		7,684
2021		5,349
2022		4,050
2023		3,876
Thereafter		11,151
Total future minimum lease payments		37,750
Less imputed interest		(3,222)
Lease liability	$	34,528

At June 30, 2019, the future minimum lease payments are as follows (in thousands):


Remainder of 2019	$	5,640
2020		7,684
2021		5,349
2022		4,050
2023		3,876
Thereafter		11,151
	$	37,750

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

6 Months Ended

Jun. 30, 2019

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 – Pushdown Accounting).

The following is a summary of intangible assets which have an indefinite useful life at both June 30, 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
		June 30, 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	$	(58,012)	$	870,188	$	928,200	$	(19,338)	$	908,862
Content and data	7 Years		154,400		(16,543)		137,857		154,400		(5,514)		148,886
		$	1,082,600	$	(74,555)	$	1,008,045	$	1,082,600	$	(24,852)	$	1,057,748

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


Remainder of 2019	$	49,704
2020		99,408
2021		99,408
2022		99,408
2023		99,408

Deferred Revenue

6 Months Ended

Jun. 30, 2019

Deferred Revenue

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		54,735
Revenue recognized		(57,348)
Deferred revenue balance - June 30, 2019	$	25,270

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2019
Income Taxes
Income Taxes	7. Income Taxes The Company's effective tax rate was 20.3% and 4.5% for the three months ended June 30, 2019 and 2018, respectively, and 14.2% and 4.9% for the six months ended June 30, 2019 and 2018, respectively. The significant increase in the effective tax rate for the three months and six months ended June 30, 2019 was primarily due to the Reorganization Transactions. Prior to the Reorganization Transactions, incomes taxes consisted only of business taxes incurred by TWM LLC and certain subsidiaries for business conducted in certain state, local and foreign jurisdictions as well as federal, state and local taxes for certain subsidiaries that are taxed as corporations for U.S. tax purposes. As a result of the Reorganization Transactions, the Corporation is subject to U.S. federal, state and local income taxes with respect to its taxable income, including its allocable share of any taxable income of TWM LLC, and is taxed at prevailing corporate tax rates. The Company’s actual effective tax rate will be impacted by the Corporation’s ownership share of TWM LLC, which may increase over time if the Continuing LLC Owners redeem or exchange their LLC Interests for shares of Class A common stock or Class B common stock, as applicable. The Company's consolidated effective tax rate will vary from period to period depending on redemptions or exchanges by the Continuing LLC Owners, changes in the geographic mix of its earnings and changes in tax legislation and tax rates. The Company expects to obtain an increase in its share of the tax basis of the assets of TWM LLC when LLC Interests are redeemed or exchanged by the Continuing LLC Owners and in connection with certain other qualifying transactions. This increase in tax basis may have the effect of reducing the amounts that the Corporation would otherwise pay in the future to various tax authorities. Pursuant to the Tax Receivable Agreement, the Corporation is required to make cash payments to the Continuing LLC Owners equal to 50% of the amount of U.S. federal, state and local income or franchise tax savings, if any, that the Corporation actually realizes (or in some circumstances are deemed to realize) as a result of certain future tax benefits to which we may become entitled. The Corporation expects to benefit from the remaining 50% of tax benefits, if any, that the Corporation may actually realize. See Note 8 – Tax Receivable Agreement. As a result of the IPO, the Company assumed a tax benefit of $93,194,000, due to an increase in amortizable tax basis that will be amortized primarily over 15 years pursuant to Section 197 of the Internal Revenue Code of 1986, as amended, offset by other factors. The tax benefit has been recognized in deferred tax asset on the June 30, 2019 consolidated statement of financial condition. As a result of the Refinitiv Contribution, the Company assumed the tax liabilities of the contributed entity. The contributed entity is under audit by the State of New Jersey for the tax years 2012-2015 and is appealing a tax assessment from an audit by the State of New Jersey for the tax years 2008-2011. The Company recognized a tax liability of $2,722,000 as a result of the Refinitiv Contribution which is included in accounts payable, accrued expenses and other liabilities on the June 30, 2019 consolidated statement of financial condition. The Company is indemnified by Refinitiv for tax liabilities that were assumed by the Company as a result of the Refinitiv Contribution. See Note 12 – Related Party Transactions.

Tax Receivable Agreement Liability	6 Months Ended
Tax Receivable Agreement Liability	Jun. 30, 2019
Tax receivable agreement liability
Tax receivable agreement liability	8. Tax Receivable Agreement In connection with the Reorganization Transactions, the Corporation entered into the Tax Receivable Agreement with TWM LLC and the Continuing LLC Owners, which provides for the payment by the Corporation to a Continuing LLC Owner of 50% of the amount of U.S. federal, state and local income or franchise tax savings, if any, that the Corporation actually realizes (or in some circumstances is deemed to realize) as a result of (i) increases in the tax basis of TWM LLC’s assets resulting from (a) the purchase of LLC Interests from such Continuing LLC Owner 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. Payments under the Tax Receivable Agreement are made annually based on the actual tax savings realized by the Corporation in its previous tax year. In connection with the IPO, the Company recorded an initial liability of $171,426,000 related to its projected obligations under the Tax Receivable Agreement for LLC Interests that were purchased by the Corporation using the net proceeds of the IPO. The Corporation accounts for the income tax effects resulting from taxable redemptions or exchanges of LLC Interests by the Continuing LLC Owners for shares of Class A common stock or Class B common stock or cash, as the case may be, by recognizing an increase in deferred tax assets, based on enacted tax rates at the date of each redemption or exchange, as the case may be. Further, the Corporation evaluates the likelihood that it will realize the benefit represented by the deferred tax asset, and, to the extent that the Corporation estimates that it is more likely than not that it will not realize the benefit, it reduces the carrying amount of the deferred tax asset with a valuation allowance. The impact of any changes in the projected obligations under the Tax Receivable Agreement as a result of changes in the geographic mix of the Company’s earnings, changes in tax legislation and tax rates or other factors that may impact the Corporation’s tax savings will be reflected in income before taxes on the consolidated statement of income in the period in which the change occurs.

Stockholder's Equity

6 Months Ended

Jun. 30, 2019

Stockholder's Equity

Stockholders' Equity

9. Stockholders’ Equity

Initial Public Offering

Reorganization Transactions

In connection with the IPO, the Reorganization Transactions described below were completed.

Amendment and Restatement of Certificate of Incorporation


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

Recapitalization of Tradeweb Markets LLC


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

Issuance and Cancellation of 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 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).

Non-Controlling Interests

6 Months Ended

Jun. 30, 2019

Non-Controlling Interests

Non-Controlling Interests

10. Non-Controlling Interests

In connection with the Reorganization Transactions, Tradeweb Markets Inc. became the sole manager of TWM LLC and, as a result of this control, and because Tradeweb Markets Inc. has a substantial financial interest in TWM LLC, consolidates the financial results of TWM LLC into its consolidated financial statements. The non-controlling interests balance reported on the June 30, 2019 statement of financial condition represents the economic interests of TWM LLC held by the holders of LLC Interests other than Tradeweb Markets Inc. Income or loss is attributed to the non-controlling interests based on the relative ownership percentages of LLC Interests held by Tradeweb Markets Inc., on the one hand, and the other holders of LLC Interests, on the other hand, during the period.

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


	June 30, 2019
	LLC	Ownership
	Interests	%
Number of LLC Interests held by Tradeweb Markets Inc.	142,933,192	64.3%
Number of LLC Interests held by non-controlling interests	79,289,005	35.7%
Total LLC Interests outstanding	222,222,197	100%

LLC Interests held by the Continuing LLC Owners are redeemable at the election of the members for shares of Class A common stock or Class B common stock, on a one-for-one basis or, at the Company's option, a cash payment in accordance with the terms of the TWM LLC Agreement. See Note 9 – Stockholders’ Equity.

The following table summarizes the impact on equity due to changes in the Company’s ownership interest in Tradeweb Markets LLC (in thousands):


	Successor		Successor
	Three Months		Six Months
	Ended		Ended
	June 30,		June 30,
Net Income Attributable to Tradeweb Markets Inc. and Transfers (to) from the Non-controlling Interest	2019		2019
Net income attributable to Tradeweb Markets Inc.	$	12,828	$	12,828
Transfers (to) from non-controlling interest:
Allocation of equity to non-controlling interests arising from the reorganization transactions and IPO		(1,607,529)		(1,607,529)
Change from net income attributable to Tradeweb Markets Inc. and transfers (to) from non-controlling interest	$	(1,594,701)	$	(1,594,701)

Stock-Based Compensation Plans

6 Months Ended

Jun. 30, 2019

Stock-Based Compensation Plans

Stock-Based Compensation Plans

11. Stock-Based Compensation Plans

The following table summarizes information for equity-settled PRSUs of the Company (in thousands, except weighted average grant date fair value per unit):


	Successor		Successor
	Three Months		Six Months
	Ended		Ended
	June 30,		June 30,
Equity-Settled PRSUs	2019		2019
PRSU compensation expense	$	6,894	$	11,671
Income tax benefit		—		—
PRSU compensation expense, net of taxes	$	6,894	$	11,671
Weighted-average grant date fair value per unit	$	22.19	$	22.19
Total fair value of vested PRSUs	$	—	$	—

The following table summarizes information for cash-settled PRSUs of the Company (in thousands, except weighted average fair value per unit):


	Successor		Successor		Predecessor		Predecessor
	Three Months		Six Months		Three Months		Six Months
	Ended		Ended		Ended		Ended
	June 30,		June 30,		June 30,		June 30,
Cash-Settled PRSUs	2019		2019		2018		2018
PRSU compensation expense	$	419	$	519	$	5,209	$	11,155
Income tax benefit		—		—		—		—
PRSU compensation expense, net of taxes	$	419	$	519	$	5,209	$	11,155
Weighted-average fair value per unit	$	63,497	$	63,497	$	33,672	$	33,672
Total fair value of vested PRSUs	$	—	$	—	$	—	$	—

The following table summarizes information for options of the Company (in thousands, except weighted average fair value per unit):


	Successor		Successor		Predecessor		Predecessor
	Three Months		Six Months		Three Months		Six Months
	Ended		Ended		Ended		Ended
	June 30,		June 30,		June 30,		June 30,
Options	2019		2019		2018		2018
Option compensation expense	$	20,403	$	20,403	$	—	$	—
Income tax benefit		—		—		—		—
Option compensation expense, net of taxes	$	20,403	$	20,403	$	—	$	—
Weighted-average fair value per unit	$	1.85	$	1.85	$	—	$	—
Total fair value of vested options	$	16,309	$	16,309	$	—	$	—

As of June 30, 2019, total unrecognized compensation expense related to non-vested stock-based compensation arrangements and the expected recognition period are as follows (in thousands):


	Cash-Settled		Equity Settled
	PRSUs		PRSUs		Options
Total unrecognized compensation cost	$	558	$	41,237	$	12,923
Weighted-average recognition period		1.3 years		2.0 years		1.7 years

Related Party Transactions

6 Months Ended

Jun. 30, 2019

Related Party Transactions

Related Party Transactions

12. Related Party Transactions

At June 30, 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
	June 30, 2019		December 31, 2018
Cash and cash equivalents	$	—	$	283,790
Receivables from brokers and dealers and clearing organizations		—		3,332
Deposits with clearing organizations		—		500
Accounts receivable		—		40,730
Receivable from affiliates		2,849		3,243
Other assets		—		9
Payable to brokers and dealers and clearing organizations		—		2,404
Deferred revenue		4,772		9,151
Payable to affiliates		6,004		5,009

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


	Successor				Predecessor
		Three Months Ended		Six Months Ended		Three Months Ended		Six Months Ended
	June 30, 2019		June 30, 2019		June 30, 2018		June 30, 2018
Revenue:
Transaction fees (1)	$	—	$	59,643	$	53,949	$	106,867
Subscription fees (1)		—		5,670		5,961		11,181
Commissions (1)		—		16,186		11,505		23,136
Refinitiv market data fees (2)		13,385		27,001		12,081		24,318
Operating Income:(3)
Interest income		—		858		7		28

Expenses
Shared Services Fees (4) :
Technology and communications		740		1,480		740		1,480
General and administrative		191		371		180		360
Occupancy		155		310		155		310

(1)

For pre-IPO periods, represents fees and commissions from affiliates of the Bank Stockholders.

(2)

(3)

For pre-IPO periods, represents interest income from money market funds invested with and savings accounts deposited with affiliates of the Bank Stockholders.

(4)

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2019

Fair Value of Financial Instruments

Fair Value of Financial Instruments

13. Fair Value of Financial Instruments

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 Identical		Observable		Unobservable
	Assets		Inputs		Inputs
Successor	(Level 1)		(Level 2)		(Level 3)		Total
As of June 30, 2019
Assets
Money market funds	$	113,180	$	—	$	—	$	113,180
	$	113,180	$	—	$	—	$	113,180
As of December 31, 2018
Assets
Money market funds	$	127,927	$	—	$	—	$	127,927
	$	127,927	$	—	$	—	$	127,927

Regulatory Capital Requirements

Credit Risk	6 Months Ended
Credit Risk	Jun. 30, 2019
Credit Risk
Credit Risk	14. 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 June 30, 2019 and December 31, 2018, the Company established an allowance for doubtful accounts of $1,273,000 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	6 Months Ended
Commitments and Contingencies	Jun. 30, 2019
Commitments and Contingencies
Commitments and Contingencies	15. 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 other financial institutions, in antitrust class actions (consolidated into two actions) relating to trading practices in United States Treasury securities auctions. The Company has filed a motion to dismiss the actions, believes it has substantial defenses to the other plaintiff's claims and intends to defend itself vigorously. The Company was dismissed from a class action relating to an interest rate swaps matter in 2017, but that matter continues against the remaining defendant financial institutions. The Company 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. Revolving Credit Facility On April 8, 2019, the Company entered into a five year, $500 million senior secured revolving credit facility (“Credit Facility”) with a syndicate of banks. The Credit Facility provides additional borrowing capacity to be used to fund ongoing working capital needs, letters of credit and for general corporate purposes, including potential future acquisitions and expansions. Under the terms of the credit agreement that governs the Credit Facility, borrowings under the Credit Facility bear interest at a rate equal to, at the Company’s option, either (a) a base rate equal to the greatest of (i) the administrative agent’s prime rate, (ii) the federal funds effective rate plus ½ of 1.0% and (iii) one month LIBOR plus 1.0%, in each case plus 0.75%, or (b) LIBOR plus 1.75%, subject to a 0.00% floor. The credit agreement also includes a commitment fee of 0.25% for available but unborrowed amounts and other administrative fees that are payable quarterly. The Credit Facility is available until April 2024, provided the Company is in compliance with all covenants. Financial covenant requirements include maintaining minimum ratios related to interest coverage and leverage. As of June 30, 2019, there were no amounts outstanding under the Credit Facility.

Earnings Per Share

6 Months Ended

Jun. 30, 2019

Earnings Per Share

Earnings Per Share

16. Earnings Per Share

The following tables summarize the basic and diluted earnings per share calculations for Tradeweb Markets LLC (pre-IPO period) and Tradeweb Markets Inc. (post-IPO period):


	Successor				Predecessor
	Three Months		Six Months		Three Months		Six Months
	Ended		Ended		Ended		Ended
	June 30, 2019		June 30, 2019		June 30, 2018		June 30, 2018
EPS: Pre-IPO net income attributable to Tradeweb Markets LLC(1)	(in thousands, except share and per share amounts)
Numerator:
Pre-IPO net income attributable to Tradeweb Markets LLC			$	42,352		38,897		84,205

Denominator:
Weighted average LLC Interests outstanding - Basic				222,222,197		213,435,314		213,435,314
Dilutive effect of equity-settled PRSUs				1,098,260		—		—
Weighted average LLC Interests outstanding - Diluted				223,320,457		213,435,314		213,435,314

Earnings per share - Basic			$	0.19	$	0.18	$	0.39
Earnings per share - Diluted			$	0.19	$	0.18	$	0.39

EPS: Post-IPO net income attributable to Tradeweb Markets Inc.
Numerator:
Post-IPO net income attributable to Tradeweb Markets Inc.	$	12,828	$	12,828

Denominator:
Weighted average shares of Class A and Class B common stock outstanding - Basic		142,933,192		142,933,192
Dilutive effect of equity-settled PRSUs		2,214,480		2,214,480
Dilutive effect of options		5,699,511		5,699,511
Weighted average shares of Class A and Class B common stock outstanding - Diluted		150,847,183		150,847,183

Earnings per share - Basic	$	0.09	$	0.09
Earnings per share - Diluted	$	0.09	$	0.09

(1)

Shares of Class C and Class D common stock do not have economic rights in Tradeweb Markets Inc. and, therefore, are not participating securities for purposes of the computation of earnings per share.

Regulatory Capital Requirements

6 Months Ended

Jun. 30, 2019

Regulatory Capital Requirements

17. Regulatory Capital Requirements

At June 30, 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 June 30, 2019	TWL		DW		TWD		TEL		TWJ		TWEU
Regulatory Capital	$	21,837	$	42,786	$	25,858	$	47,555	$	12,286	$	6,472
Regulatory Capital Requirement		1,615		1,559		386		17,515		4,368		6,472
Excess Regulatory Capital	$	20,222	$	41,227	$	25,472	$	30,040	$	7,918	$	—


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 of June 30, 2019				As of December 31, 2018
	TW SEF		DW SEF		TW SEF		DW SEF
Financial Resources	$	30,137	$	15,032	$	31,232	$	17,837
Required Financial Resources		10,500		5,589		10,500		5,169
Excess Financial Resources	$	19,637	$	9,443	$	20,732	$	12,668

Liquid Financial Assets	$	16,961	$	8,719	$	16,662	$	11,888
Required Liquid Financial Assets		5,250		2,795		5,250		2,585
Excess Liquid Financial Assets	$	11,711	$	5,924	$	11,412	$	9,303

Business Segment and Geographic Information

6 Months Ended

Jun. 30, 2019

Business Segment and Geographic Information

Business Segment and Geographic Information

18. Business Segment and Geographic Information


	Successor		Successor		Predecessor		Predecessor
	Three Months		Six Months		Three Months		Six Months
	Ended		Ended		Ended		Ended
	June 30, 2019		June 30, 2019		June 30, 2018		June 30, 2018
Net revenue:
Institutional	$	111,057	$	220,309	$	102,095	$	204,415
Wholesale		41,945		81,376		32,265		64,860
Retail		19,939		41,145		20,918		39,954
Market Data		17,544		34,447		15,737		31,289
Contingent consideration		—		—		(19,297)		(29,367)
Net revenue		190,485		377,277		151,718		311,151
Operating expenses		159,530		300,045		111,556		223,634
Operating income	$	30,955	$	77,232	$	40,162	$	87,517


	Successor		Successor		Predecessor		Predecessor
	Three Months		Six Months		Three Months		Six Months
	Ended		Ended		Ended		Ended
	June 30, 2019		June 30, 2019		June 30, 2018		June 30, 2018
Net Revenue:
U.S.	$	122,693	$	242,090	$	109,540	$	217,322
International		67,792		135,187		61,475		123,196
Gross revenue		190,485		377,277		171,015		340,518
Contingent consideration		—		—		(19,297)		(29,367)
Total	$	190,485	$	377,277	$	151,718	$	311,151


	June 30, 2019		December 31, 2018
Long-lived assets
U.S.	$	4,251,030	$	4,276,568
International		13,413		7,787
Total	$	4,264,443	$	4,284,355

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2019
Subsequent Events
SUBSEQUENT EVENTS	19. Subsequent Events On August 1, 2019, London Stock Exchange Group plc announced that it has agreed definitive terms with a consortium including certain investment funds affiliated with Blackstone as well as Thomson Reuters to acquire Refinitiv in an all share transaction for a total enterprise value of approximately $27 billion. The transaction is subject to customary regulatory and shareholder approvals, and is expected to close during the second half of 2020. Refinitiv currently holds a 54% economic interest in the Company. On August 7, 2019, the board of directors of Tradeweb Markets Inc. declared a cash dividend of $0.08 per share of Class A common stock and Class B common stock for the third quarter of 2019. This dividend will be payable on September 16, 2019 to stockholders of record as of September 3, 2019. On August 6, 2019, Tradeweb Markets Inc., as the sole manager, approved a distribution by TWM LLC to its equityholders, including Tradeweb Markets Inc., in an aggregate amount of $33.0 million payable on September 13, 2019.

Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2019

Significant Accounting Policies

Basis of Accounting

Use of Estimates

Basis of Presentation and Consolidation

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

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

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				Successor				Predecessor				Predecessor
	Three Months Ended				Six Months Ended				Three Months Ended				Six Months Ended
	June 30, 2019				June 30, 2019				June 30, 2018				June 30, 2018
	(in thousands)								(in thousands)
	Variable		Fixed		Variable		Fixed		Variable		Fixed		Variable		Fixed
Revenues
Transaction fees	$	79,577	$	24,375	$	158,492	$	48,100	$	69,557	$	21,473	$	139,194	$	41,975
Subscription Fees including Refinitiv market data fees		435		47,516		890		95,122		425		49,303		900		97,391
Commissions		26,635		9,778		50,945		19,665		17,346		10,207		35,126		20,310
Other		302		1,867		605		3,458		14		2,690		26		5,596
Gross revenue	$	106,949	$	83,536	$	210,932	$	166,345	$	87,342	$	83,673	$	175,246	$	165,272

Share-Based Compensation

Stock-Based Compensation

Earnings Per Share

Shares of Class C and Class D common stock do not have economic rights in Tradeweb Markets Inc. and, therefore, are not participating securities for purposes of the computation of earnings 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

Recent Accounting Pronouncements – Not Yet Adopted

Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2019

Significant Accounting Policies

Breakdown of revenues between fixed and variable revenues

The breakdown of revenues between fixed and variable revenues, in thousands, for the three and six months ended June 30, 2019 and 2018 is as follows:


	Successor				Successor				Predecessor				Predecessor
	Three Months Ended				Six Months Ended				Three Months Ended				Six Months Ended
	June 30, 2019				June 30, 2019				June 30, 2018				June 30, 2018
	(in thousands)								(in thousands)
	Variable		Fixed		Variable		Fixed		Variable		Fixed		Variable		Fixed
Revenues
Transaction fees	$	79,577	$	24,375	$	158,492	$	48,100	$	69,557	$	21,473	$	139,194	$	41,975
Subscription Fees including Refinitiv market data fees		435		47,516		890		95,122		425		49,303		900		97,391
Commissions		26,635		9,778		50,945		19,665		17,346		10,207		35,126		20,310
Other		302		1,867		605		3,458		14		2,690		26		5,596
Gross revenue	$	106,949	$	83,536	$	210,932	$	166,345	$	87,342	$	83,673	$	175,246	$	165,272

Leases (Tables)

6 Months Ended

Jun. 30, 2019

Leases

Activity related to the Company's leases for the three and six months ended June 30, 2019 is as follows (in thousands):


	Three Months		Six Months
	Ended		Ended
	June 30,		June 30,
	2019		2019
Operating lease expense		2,558	$	5,147
Cash for amounts included in the measurement of operating liability		2,803		5,637
Right-of-use assets obtained in exchange for operating liabilities		—		—

At June 30, 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)	6.0

Schedule of maturity of lease liabilities and future minimum lease payments

The following table presents the maturity of lease liabilities as of June 30, 2019 (in thousands):


Remainder of 2019	$	5,640
2020		7,684
2021		5,349
2022		4,050
2023		3,876
Thereafter		11,151
Total future minimum lease payments		37,750
Less imputed interest		(3,222)
Lease liability	$	34,528

At June 30, 2019, the future minimum lease payments are as follows (in thousands):


Remainder of 2019	$	5,640
2020		7,684
2021		5,349
2022		4,050
2023		3,876
Thereafter		11,151
	$	37,750

Intangible Assets and Goodwill (Tables)

6 Months Ended

Jun. 30, 2019

Intangible Assets and Goodwill

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 June 30, 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
		June 30, 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	$	(58,012)	$	870,188	$	928,200	$	(19,338)	$	908,862
Content and data	7 Years		154,400		(16,543)		137,857		154,400		(5,514)		148,886
		$	1,082,600	$	(74,555)	$	1,008,045	$	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	$	49,704
2020		99,408
2021		99,408
2022		99,408
2023		99,408

Deferred Revenue (Tables)

6 Months Ended

Jun. 30, 2019

Deferred Revenue

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		54,735
Revenue recognized		(57,348)
Deferred revenue balance - June 30, 2019	$	25,270

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2019

Stockholder's Equity

Schedule of class of common stock par value, votes and economic rights


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

Schedule of common units outstanding


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

Summary of the ownership interest in noncontrolling interest

+ References

+ Details

Non-Controlling Interests (Tables)

6 Months Ended

Jun. 30, 2019

Non-Controlling Interests


	June 30, 2019
	LLC	Ownership
	Interests	%
Number of LLC Interests held by Tradeweb Markets Inc.	142,933,192	64.3%
Number of LLC Interests held by non-controlling interests	79,289,005	35.7%
Total LLC Interests outstanding	222,222,197	100%

Summary of the impact on equity due to changes in the Company's ownership interest in noncontrolling interest

The following table summarizes the impact on equity due to changes in the Company’s ownership interest in Tradeweb Markets LLC (in thousands):


	Successor		Successor
	Three Months		Six Months
	Ended		Ended
	June 30,		June 30,
Net Income Attributable to Tradeweb Markets Inc. and Transfers (to) from the Non-controlling Interest	2019		2019
Net income attributable to Tradeweb Markets Inc.	$	12,828	$	12,828
Transfers (to) from non-controlling interest:
Allocation of equity to non-controlling interests arising from the reorganization transactions and IPO		(1,607,529)		(1,607,529)
Change from net income attributable to Tradeweb Markets Inc. and transfers (to) from non-controlling interest	$	(1,594,701)	$	(1,594,701)

Stock-Based Compensation Plans (Tables)

6 Months Ended

Jun. 30, 2019

Stock-Based Compensation Plans