Tradeweb Markets Inc 10-Q for FY2020 Q3

Tradeweb Markets Inc. (TW)

10-Q 2020-10-29 For: 2020-09-30

Added on April 10, 2026

About this 10-Q

Tradeweb Markets Inc filed this 10-Q on October 29, 2020, covering the quarter ended September 30, 2020 (FY2020 Q3).

Headline figures

Quarter ended September 30, 2020, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $212.87M; up 5.9% from $200.98M a year earlier
Net income: $36.81M; up 24.3% from net income of $29.61M a year earlier
Diluted EPS: $0.19; down 5.0% from $0.20 a year earlier

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Delaware						83-2456358
(State of other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)


1177 Avenue of the Americas New York, New York						10036
(Address of principal executive offices)						(Zip Code)


Class of Stock						Shares Outstanding as of October 21, 2020
Class A Common Stock, par value $0.00001 per share						91,225,923
Class B Common Stock, par value $0.00001 per share						96,933,192
Class C Common Stock, par value $0.00001 per share						5,109,991
Class D Common Stock, par value $0.00001 per share						34,403,255


		Page
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS		3

PART I — FINANCIAL INFORMATION

Item 1.	Financial Statements	6

Consolidated Statements of Financial Condition		6

Consolidated Statements of Income		7

Consolidated Statements of Comprehensive Income		8

Consolidated Statements of Changes in Equity		9

Consolidated Statements of Cash Flows		11

Notes to Consolidated Financial Statements		12

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	36

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	66

Item 4.	Controls and Procedures	67

PART II — OTHER INFORMATION		68

Item 1.	Legal Proceedings	68

Item 1A.	Risk Factors	68

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	68

Item 3.	Defaults Upon Senior Securities	68

Item 4.	Mine Safety Disclosures	68

Item 5.	Other Information	68

Item 6.	Exhibits	69

	Signatures	70


	September 30, 2020		December 31, 2019
Assets
Cash and cash equivalents	$	677,352	$	460,711
Restricted cash	1,000		1,000
Receivable from brokers and dealers and clearing organizations	57,346		30,641
Deposits with clearing organizations	10,163		9,724
Accounts receivable, net of allowance for credit losses of $120 and $195 at September 30, 2020 and December 31, 2019, respectively	97,783		92,814
Furniture, equipment, purchased software and leasehold improvements, net of accumulated depreciation and amortization	33,428		40,405
Right-of-use assets	28,073		24,504
Software development costs, net of accumulated amortization	169,877		173,086
Goodwill	2,694,797		2,694,797
Intangible assets, net of accumulated amortization	1,206,886		1,281,441
Receivable from affiliates	36		2,525
Deferred tax asset	516,051		256,450
Other assets	44,561		27,236
Total assets	$	5,537,353	$	5,095,334
Liabilities and Stockholders' Equity
Liabilities
Payable to brokers and dealers and clearing organizations	$	56,802	$	30,452
Accrued compensation	101,436		119,415
Deferred revenue	29,857		23,990
Accounts payable, accrued expenses and other liabilities	36,791		32,834
Employee equity compensation payable	1,513		1,048
Lease liability	33,240		30,955
Payable to affiliates	4,977		1,506
Deferred tax liability	20,565		21,572
Tax receivable agreement liability	372,953		240,817
Total liabilities	658,134		502,589

Commitments and contingencies (Note 14)

Stockholders' Equity
Preferred stock, $.00001 par value; 250,000,000 shares authorized; none issued or outstanding	—		—
Class A common stock, $.00001 par value; 1,000,000,000 shares authorized; 90,985,582 shares issued and outstanding as of September 30, 2020	1		1
Class B common stock, $.00001 par value; 450,000,000 shares authorized; 96,933,192 shares issued and outstanding as of September 30, 2020	1		1
Class C common stock, $.00001 par value; 350,000,000 shares authorized; 5,109,991 shares issued and outstanding as of September 30, 2020	—		—
Class D common stock, $.00001 par value; 300,000,000 shares authorized; 34,403,255 shares issued and outstanding as of September 30, 2020	—		1
Additional paid-in capital	3,940,592		3,329,386
Accumulated other comprehensive income	100		1,366
Retained earnings	116,161		47,833
Total stockholders' equity attributable to Tradeweb Markets Inc.	4,056,855		3,378,588
Non-controlling interests	822,364		1,214,157
Total equity	4,879,219		4,592,745
Total liabilities and stockholders' equity	$	5,537,353	$	5,095,334


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2020			2019			2020			2019
Revenues
Transaction fees	$	120,582		$	112,746		$	383,552		$	319,338
Subscription fees		36,217			35,387			105,706			104,398
Commissions		39,593			37,590			120,201			108,200
Refinitiv market data fees		14,273			13,251			43,466			40,252
Other		2,205			2,007			6,658			6,070
Gross revenue		212,870			200,981			659,583			578,258

Expenses
Employee compensation and benefits		83,967			79,644			263,353			252,912
Depreciation and amortization		38,857			35,133			113,952			102,928
Technology and communications		12,037			9,527			34,397			29,086
General and administrative		8,657			7,507			24,520			25,961
Professional fees		7,388			7,272			20,908			20,981
Occupancy		3,443			3,640			10,678			10,900
Total expenses		154,349			142,723			467,808			442,768
Operating income		58,521			58,258			191,775			135,490
Net interest income (expense)		(349)			636			64			1,669
Income before taxes		58,172			58,894			191,839			137,159
Provision for income taxes		(11,124)			(10,316)			(39,898)			(21,413)
Net income		47,048			48,578			151,941			115,746
Less: Pre-IPO net income attributable to Tradeweb Markets LLC		—			—			—			42,352
Net income attributable to Tradeweb Markets Inc. and non-controlling interests		47,048			48,578			151,941			73,394
Less: Net income attributable to non-controlling interests		10,236			18,966			40,705			30,954
Net income attributable to Tradeweb Markets Inc.	$	36,812		$	29,612		$	111,236		$	42,440

EPS calculations for post-IPO and pre-IPO periods (1)
Earnings per share
Basic	$	0.20	(a)	$	0.21	(a)	$	0.63	(a)	$	0.19 / 0.30	(b)/ (a)
Diluted	$	0.19	(a)	$	0.20	(a)	$	0.60	(a)	$	0.19 / 0.28	(b)/ (a)
Weighted average shares outstanding
Basic		187,774,170	(a)		142,935,206	(a)		177,257,994	(a)		222,222,197 / 142,934,221	(b)/ (a)
Diluted		194,955,695	(a)		151,362,643	(a)		185,026,108	(a)		223,320,457 / 151,158,760	(b)/ (a)


	Class A Common Stock			Class B Common Stock			Class C Common Stock			Class D Common Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Non- Controlling Interests		Total Stockholders' Equity
	Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount

Balance at December 31, 2019	66,408,328	$	1	96,933,192	$	1	8,328,983	$	—	50,853,172	$	1	$	3,329,386	$	1,366	$	47,833	$	1,214,157	$	4,592,745
Activities related to exchanges of LLC Interests, net of offering costs and cancellations	1,920,941	—		—	—		(939,000)	—		(981,941)	(1)		(335)		—		—		—		(336)
Issuance of common stock from equity incentive plans	2,341,171	—		—	—		—	—		—	—		35,422		—		—		—		35,422
Tax receivable agreement liability and deferred taxes arising from LLC Interest ownership exchanges	—	—		—	—		—	—		—	—		32,736		—		—		—		32,736
Adjustments to non-controlling interests	—	—		—	—		—	—		—	—		45,436		7		—		(45,443)		—
Dividends ($0.08 per share)	—	—		—	—		—	—		—	—		—		—		(13,400)		—		(13,400)
Stock-based compensation expense under the PRSU Plan	—	—		—	—		—	—		—	—		5,407		—		—		—		5,407
Stock-based compensation expense under the RSU Plan	—	—		—	—		—	—		—	—		315		—		—		—		315
Stock-based compensation expense under the Option Plan	—	—		—	—		—	—		—	—		2,249		—		—		—		2,249
Payroll taxes paid for stock-based compensation exercises	—	—		—	—		—	—		—	—		(23,991)		—		—		—		(23,991)
Net income	—	—		—	—		—	—			—		—		—		43,928		18,557		62,485
Foreign currency translation adjustments	—	—		—	—		—	—		—	—		—		(3,552)		—		(1,232)		(4,784)
Balance at March 31, 2020	70,670,440	$	1	96,933,192	$	1	7,389,983	$	—	49,871,231	$	—	$	3,426,625	$	(2,179)	$	78,361	$	1,186,039	$	4,688,848
Activities related to the follow-on offering and other exchanges of LLC Interests, net of offering costs and cancellations	17,747,968	—		—	—		(2,279,992)	—		(15,467,976)	—		(1,406)		—		—		—		(1,406)
Issuance of common stock from equity incentive plans	2,223,700	—		—	—		—	—		—	—		27,197		—		—		—		27,197
Tax receivable agreement liability and deferred taxes arising from LLC Interest ownership exchanges	—	—		—	—		—	—		—	—		127,846		—		—		—		127,846
Adjustments to non-controlling interests	—	—		—	—		—	—		—	—		379,623		(249)		—		(379,374)		—
Distributions to non-controlling interests	—	—		—	—		—	—		—	—		—		—		—		(3,605)		(3,605)
Dividends ($0.08 per share)	—	—		—	—		—	—		—	—		—		—		(14,483)		—		(14,483)
Stock-based compensation expense under the PRSU Plan	—	—		—	—		—	—		—	—		7,392		—		—		—		7,392
Stock-based compensation expense under the RSU Plan	—	—		—	—		—	—		—	—		1,675		—		—		—		1,675
Stock-based compensation expense under the Option Plan	—	—		—	—		—	—		—	—		1,279		—		—		—		1,279
Payroll taxes paid for stock-based compensation exercises	—	—		—	—		—	—		—	—		(47,672)		—		—		—		(47,672)
Net income	—	—		—	—		—	—		—	—		—		—		30,496		11,912		42,408
Foreign currency translation adjustments	—	—		—	—		—	—		—	—		—		(265)		—		(71)		(336)
Balance at June 30, 2020	90,642,108	$	1	96,933,192	$	1	5,109,991	$	—	34,403,255	$	—	$	3,922,559	$	(2,693)	$	94,374	$	814,901	$	4,829,143
Activities related to the follow-on offering and other exchanges of LLC Interests, net of offering costs and cancellations	—	—		—	—		—	—		—	—		(766)		—		—		—		(766)
Issuance of common stock from equity incentive plans	343,474	—		—	—		—	—		—	—		10,700		—		—		—		10,700
Adjustments to non-controlling interests	—	—		—	—		—	—		—	—		(1,478)		—		—		1,478		—
Distributions to non-controlling interests	—	—		—	—		—	—		—	—		—		—		—		(4,839)		(4,839)
Dividends ($0.08 per share)	—	—		—	—		—	—		—	—		—		—		(15,025)		—		(15,025)
Stock-based compensation expense under the PRSU Plan	—	—		—	—		—	—		—	—		6,778		—		—		—		6,778
Stock-based compensation expense under the RSU Plan	—	—		—	—		—	—		—	—		1,684		—		—		—		1,684
Stock-based compensation expense under the Option Plan	—	—		—	—		—	—		—	—		1,295		—		—		—		1,295
Payroll taxes paid for stock-based compensation exercises	—	—		—	—		—	—		—	—		(180)		—		—		—		(180)
Net income	—	—		—	—		—	—		—	—		—		—		36,812		10,236		47,048
Foreign currency translation adjustments	—	—		—	—		—	—		—	—		—		2,793		—		588		3,381
Balance at September 30, 2020	90,985,582	$	1	96,933,192	$	1	5,109,991	$	—	34,403,255	$	—	$	3,940,592	$	100	$	116,161	$	822,364	$	4,879,219


	Members' Capital		Class A Common Stock			Class B Common Stock			Class C Common Stock			Class D Common Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Non- Controlling Interests		Total Stockholders' Equity
			Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount
Balance at Balance at December 31, 2018	$	4,573,200	—	$	—	—	$	—	—	$	—	—	$	—	$	—	$	(866)	$	—	$	—	$	4,572,334
Adjustment to Class C Shares and Class P(C) 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
Balance at March 31, 2019	4,597,857		—	$	—	—	$	—	—	$	—	—	$	—	$	—	$	122	$	—	$	—	$	4,597,979
Capital distributions	(100,000)			—		—	—																(100,000)
Effect of the reorganization transactions	(4,497,857)		—	—		—	—		—	—		—	—		4,521,132		—		—		—		23,275
Issuance of common stock, net of offering costs and cancellations	—		46,000,000	—		96,933,192	1		10,006,269	—		69,282,736	1		(15,856)		—		—		—		(15,854)
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)
Stock-based compensation expense under the PRSU Plan	—		—	—		—	—		—	—		—	—		6,763		—		—		—		6,763
Stock-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)
Balance at June 30, 2019	—		46,000,000	$	—	96,933,192	$	1	10,006,269	$	—	69,282,736	$	1	$	2,846,681	$	(525)	$	1,393	$	1,607,249	$	4,454,800
Issuance of common stock, net of offering costs and cancellations	—		9,753	—		—	—		—	—		—	—		—		—		—		—		—
Adjustments to non-controlling interests	—		—	—		—	—		—	—		—	—		73		—		—		(73)		—
Distributions to non-controlling interests	—		—	—		—	—		—	—		—	—		—		—		—		(11,772)		(11,772)
Dividends ($0.08 per share)	—		—	—		—	—		—	—		—	—		—		—		(11,435)		—		(11,435)
Stock-based compensation expense under the PRSU Plan	—		—	—		—	—		—	—		—	—		7,136		—		—		—		7,136
Stock-based compensation expense under the Option Plan	—		—	—		—	—		—	—		—	—		1,995		—		—		—		1,995
Net income	—		—	—		—	—		—	—		—	—		—		—		29,612		18,966		48,578
Foreign currency translation adjustments	—		—	—		—	—		—	—		—	—		—		(1,329)		—		(737)		(2,066)
Balance at September 30, 2019	—		46,009,753	$	—	96,933,192	$	1	10,006,269	$	—	69,282,736	$	1	$	2,855,885	$	(1,854)	$	19,570	$	1,613,633	4,487,236


		Page
Note 1	Organization	13
Note 2	Significant Accounting Policies	15
Note 3	Restricted Cash	20
Note 4	Goodwill and Intangible Assets	20
Note 5	Revenue	20
Note 6	Income Taxes	22
Note 7	Tax Receivable Agreement	23
Note 8	Stockholders’ Equity	23
Note 9	Non-Controlling Interests	26
Note 10	Stock-Based Compensation Plans	27
Note 11	Related Party Transactions	29
Note 12	Fair Value of Financial Instruments	30
Note 13	Credit Risk	30
Note 14	Commitments and Contingencies	31
Note 15	Earnings Per Share	32
Note 16	Regulatory Capital Requirements	33
Note 17	Business Segment and Geographic Information	34
Note 18	Subsequent Events	35


		September 30, 2020						December 31, 2019
	Amortization Period	Cost		Accumulated Amortization		Net Carrying Amount		Cost		Accumulated Amortization		Net Carrying Amount
Customer relationships	12 years	$	928,200	$	(154,700)	$	773,500	$	928,200	$	(96,687)	$	831,513
Content and data	7 years	154,400		(44,114)		110,286		154,400		(27,572)		126,828
		$	1,082,600	$	(198,814)	$	883,786	$	1,082,600	$	(124,259)	$	958,341


	Amount
Deferred revenue balance - December 31, 2019	$	23,990
New billings	87,153
Revenue recognized	(81,286)
Deferred revenue balance - September 30, 2020	$	29,857


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


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


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


	Three Months Ended				Three Months Ended
	September 30, 2020				September 30, 2019
	(in thousands)				(in thousands)
	Variable		Fixed		Variable		Fixed
Revenues
Transaction fees	$	94,122	$	26,460	$	87,574	$	25,172
Subscription Fees including Refinitiv market data fees	400		50,090		440		48,198
Commissions	29,497		10,096		27,840		9,750
Other	117		2,088		87		1,920
Gross revenue	$	124,136	$	88,734	$	115,941	$	85,040


	Nine Months Ended				Nine Months Ended
	September 30, 2020				September 30, 2019
	(in thousands)				(in thousands)
	Variable		Fixed		Variable		Fixed
Revenues
Transaction fees	$	305,848	$	77,704	$	246,066	$	73,272
Subscription Fees including Refinitiv market data fees	1,280		147,892		1,330		143,320
Commissions	90,079		30,122		78,785		29,415
Other	464		6,194		692		5,378
Gross revenue	$	397,671	$	261,912	$	326,873	$	251,385


Successor	Quoted Prices in active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
As of September 30, 2020
Assets
Money market funds	$	585,435	$	—	$	—	$	585,435
	$	585,435	$	—	$	—	$	585,435
As of December 31, 2019
Assets
Money market funds	$	219,158	$	—	$	—	$	219,158
	$	219,158	$	—	$	—	$	219,158


	September 30, 2020			September 30, 2019
	LLC Interests	Ownership %		LLC Interests	Ownership %
Number of LLC Interests held by Tradeweb Markets Inc.	187,918,774	82.6	%	142,942,945	64.3	%
Number of LLC Interests held by non-controlling interests	39,513,246	17.4	%	79,289,005	35.7	%
Total LLC Interests outstanding	227,432,020	100.0	%	222,231,950	100.0	%


	September 30, 2020		December 31, 2019
Accounts receivable	$	2,609	$	—
Receivable from affiliates	36		2,525

Accounts payable, accrued expenses and other liabilities	539		—
Deferred revenue	4,185		4,733
Payable to affiliates	4,977		1,506


	Amount
Beginning balance, prior to adoption of ASC 326 - December 31, 2019	$	195
Current-period provision for expected credit losses	239
Write-offs charged against the allowance	(54)
Recoveries collected	(260)
Ending balance - September 30, 2020	$	120


		Nine Months Ended
		September 30, 2019

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

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

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


As of September 30, 2020	TWL		DW		TWD		TEL		TWJ		TWEU
Regulatory Capital	$	62,001	$	58,727	$	23,509	$	52,520	$	10,956	$	5,936
Regulatory Capital Requirement	1,710		1,805		634		31,953		3,714		1,773
Excess Regulatory Capital	$	60,291	$	56,922	$	22,875	$	20,567	$	7,242	$	4,163


	As of September 30, 2020				As of December 31, 2019
	TW SEF		DW SEF		TW SEF		DW SEF
Financial Resources	$	26,831	$	13,898	$	21,303	$	13,707
Required Financial Resources	13,500		5,595		10,500		5,505
Excess Financial Resources	$	13,331	$	8,303	$	10,803	$	8,202

Liquid Financial Assets	$	14,012	$	7,564	$	18,168	$	7,583
Required Liquid Financial Assets	6,750		2,798		5,250		2,753
Excess Liquid Financial Assets	$	7,262	$	4,766	$	12,918	$	4,830


	September 30, 2020		December 31, 2019
Long-lived assets
U.S.	$	4,116,769	$	4,200,133
International	16,292		14,100
Total	$	4,133,061	$	4,214,233


							Pre-IPO Period		Post-IPO Period
Reconciliation of Diluted Weighted Average Shares Outstanding to Adjusted Diluted Weighted Average Shares Outstanding	Three Months Ended September 30, 2020		Three Months Ended September 30, 2019		Nine Months Ended September 30, 2020		Nine Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Diluted weighted average TWM LLC shares outstanding	—		—		—		223,320,457		—
Diluted weighted average shares of Class A and Class B common stock outstanding	194,955,695		151,362,643		185,026,108		—		151,158,760
Assumed exchange of LLC interests for shares of Class A or Class B common stock (1)	39,513,246		79,289,005		48,397,598		—		79,289,005
Adjusted diluted weighted average shares outstanding	234,468,941		230,651,648		233,423,706		223,320,457		230,447,765
Adjusted Net Income (in thousands)	$	69,939	$	61,627	$	225,691	$	52,190	$	118,255
Adjusted Diluted EPS	$	0.30	$	0.27	$	0.97	$	0.23	$	0.51


	Three Months Ended				Nine Months Ended
Impact of Foreign Currency Rate Fluctuations (amounts in thousands)	September 30,				September 30,
	2020		2019		2020		2019
Increase (decrease) in gross revenue	$	2,100	$	(3,600)	$	800	$	(8,400)
Increase (decrease) in operating income	$	1,600	$	(1,200)	$	800	$	(6,400)


	Three Months Ended				Nine Months Ended
Hypothetical 10% Change in Value of U.S. Dollar (amounts in thousands)	September 30,				September 30,
		2020		2019		2020		2019
Effect of 10% change on gross revenue	+/-	$6,800	+/-	$6,500	+/-	$21,300	+/-	$18,000
Effect of 10% change on operating income	+/-	$4,300	+/-	$4,200	+/-	$13,800	+/-	$11,400


Exhibit Number						Description of Exhibit

31.1						Certification of Chief Executive Officer pursuant to Rule 13a‑14(a) or 15d‑14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2						Certification of Chief Financial Officer pursuant to Rule 13a‑14(a) or 15d‑14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1						Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2						Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS						XBRL Instance Document.

101.SCH						XBRL Taxonomy Extension Schema Document.

101.CAL						XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF						XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB						XBRL Taxonomy Extension Label Linkbase Document.

101.PRE						XBRL Taxonomy Extension Presentation Linkbase Document.

104						Cover page formatted as Inline XBRL and contained in Exhibit 101.


	TRADEWEB MARKETS INC.


October 29, 2020	/s/ Lee Olesky
	By:	Lee Olesky
		Chief Executive Officer (Principal Executive Officer)


October 29, 2020	/s/ Robert Warshaw
	By:	Robert Warshaw
		Chief Financial Officer (Principal Financial Officer)