Tradeweb Markets (TW) 10-Q31 Jul 202020 Q2 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2020	Jul. 24, 2020
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	001-38860
Entity Registrant Name	Tradeweb Markets Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-2456358
Entity Address, Address Line One	1177 Avenue of the Americas
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
City Area Code	646
Local Phone Number	430-6000
Title of 12(b) Security	Class A common stock, par value $0.00001
Trading Symbol	TW
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Central Index Key	0001758730
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A Common Stock
Entity Common Stock, Shares Outstanding		90,762,277
Class B Common Stock
Entity Common Stock, Shares Outstanding		96,933,192
Class C Common Stock
Entity Common Stock, Shares Outstanding		5,109,991
Class D Common Stock
Entity Common Stock, Shares Outstanding		34,403,255

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 559,889	$ 460,711
Restricted cash	1,000	1,000
Receivable from brokers and dealers and clearing organizations	66,821	30,641
Deposits with clearing organizations	10,955	9,724
Accounts receivable, net of allowance for credit losses of $115 and $195 at June 30, 2020 and December 31, 2019, respectively	101,512	92,814
Furniture, equipment, purchased software and leasehold improvements, net of accumulated depreciation and amortization	35,733	40,405
Right-of-use assets	25,012	24,504
Software development costs, net of accumulated amortization	171,155	173,086
Goodwill	2,694,797	2,694,797
Intangible assets, net of accumulated amortization	1,231,737	1,281,441
Receivable from affiliates	1,482	2,525
Deferred tax asset	525,534	256,450
Other assets	38,254	27,236
Total assets	5,463,881	5,095,334
Liabilities
Payable to brokers and dealers and clearing organizations	66,697	30,452
Accrued compensation	71,879	119,415
Deferred revenue	27,428	23,990
Accounts payable, accrued expenses and other liabilities	39,258	32,834
Employee equity compensation payable	1,642	1,048
Lease liability	30,306	30,955
Payable to affiliates	3,164	1,506
Deferred tax liability	21,411	21,572
Tax receivable agreement liability	372,953	240,817
Total liabilities	634,738	502,589
Commitments and contingencies (Note 14)
Stockholders' Equity
Preferred stock, $.00001 par value; 250,000,000 shares authorized; none issued or outstanding	0	0
Additional paid-in capital	3,922,559	3,329,386
Accumulated other comprehensive income (loss)	(2,693)	1,366
Retained earnings	94,374	47,833
Total stockholders' equity attributable to Tradeweb Markets Inc.	4,014,242	3,378,588
Non-controlling interests	814,901	1,214,157
Total equity	4,829,143	4,592,745
Total liabilities and stockholders' equity	5,463,881	5,095,334
Class A Common Stock
Stockholders' Equity
Common stock	1	1
Class B Common Stock
Stockholders' Equity
Common stock	1	1
Class C Common Stock
Stockholders' Equity
Common stock	0	0
Class D Common Stock
Stockholders' Equity
Common stock	$ 0	$ 1

Consolidated Statements of Fi_2

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Accounts receivable, allowance for credit losses	$ 115	$ 195
Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Preferred stock, shares authorized (in shares)	250,000,000	250,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Class A Common Stock
Common Stock, par value (in dollars per share)	$ 0.00001
Common Stock, shares authorized (in shares)	1,000,000,000
Common stock, shares issued (in shares)	90,642,108
Common stock, shares outstanding (in shares)	90,642,108
Class B Common Stock
Common Stock, par value (in dollars per share)	$ 0.00001
Common Stock, shares authorized (in shares)	450,000,000
Common stock, shares issued (in shares)	96,933,192
Common stock, shares outstanding (in shares)	96,933,192
Class C Common Stock
Common Stock, par value (in dollars per share)	$ 0.00001
Common Stock, shares authorized (in shares)	350,000,000
Common stock, shares issued (in shares)	5,109,991
Common stock, shares outstanding (in shares)	5,109,991
Class D Common Stock
Common Stock, par value (in dollars per share)	$ 0.00001
Common Stock, shares authorized (in shares)	300,000,000
Common stock, shares issued (in shares)	34,403,255
Common stock, shares outstanding (in shares)	34,403,255

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues
Gross revenue		$ 212,107	$ 190,485	$ 446,713	$ 377,277
Expenses
Employee compensation and benefits		88,866	95,995	179,386	173,268
Depreciation and amortization		37,919	34,292	75,095	67,795
Technology and communications		12,042	9,519	22,360	19,559
General and administrative		7,523	9,365	15,863	18,454
Professional fees		6,609	6,738	13,520	13,709
Occupancy		3,509	3,621	7,235	7,260
Total expenses		156,468	159,530	313,459	300,045
Operating income		55,639	30,955	133,254	77,232
Net interest income (expense)		(286)	175	413	1,033
Income before taxes		55,353	31,130	133,667	78,265
Provision for income taxes		(12,945)	(6,314)	(28,774)	(11,097)
Net income		42,408	24,816	104,893	67,168
Less: Net income attributable to non-controlling interests		11,912	11,988	30,469	11,988
Net income attributable to Tradeweb Markets Inc.		$ 30,496	$ 12,828	$ 74,424	12,828
EPS calculations for post-IPO and pre-IPO periods
Basic (in dollars per share)	[1]	$ 0.17	$ 0.09	$ 0.43
Diluted (in dollars per share)	[1]	$ 0.16	$ 0.09	$ 0.41
Weighted average shares outstanding
Basic (in shares)	[1]	177,649,501	142,933,192	171,942,125
Diluted (in shares)	[1]	185,489,824	150,847,183	180,008,891
Tradeweb Markets LLC
Expenses
Less: Net income attributable to non-controlling interests		$ 0	$ 0	$ 0	$ 42,352
EPS calculations for post-IPO and pre-IPO periods
Basic (in dollars per share)	[1]				$ 0.19
Diluted (in dollars per share)	[1]				$ 0.19
Weighted average shares outstanding
Basic (in shares)	[1]				222,222,197
Diluted (in shares)	[1]				223,320,457
Tradeweb Markets Inc
Expenses
Net income		42,408	24,816	104,893	$ 24,816
Less: Net income attributable to non-controlling interests		$ 11,912	$ 11,988	$ 30,469	$ 11,988
EPS calculations for post-IPO and pre-IPO periods
Basic (in dollars per share)		$ 0.17	$ 0.09	$ 0.43	$ 0.09	[2]
Diluted (in dollars per share)		$ 0.16	$ 0.09	$ 0.41	$ 0.09	[2]
Weighted average shares outstanding
Basic (in shares)		177,649,501	142,933,192	171,942,125	142,933,192	[2]
Diluted (in shares)		185,489,824	150,847,183	180,008,891	150,847,183	[2]
Transaction fees
Revenues
Gross revenue		$ 122,146	$ 103,952	$ 262,970	$ 206,592
Subscription fees
Revenues
Gross revenue		35,006	34,566	69,489	69,011
Commissions
Revenues
Gross revenue		38,115	36,413	80,608	70,610
Refinitiv market data fees
Revenues
Gross revenue		14,565	13,385	29,193	27,001
Other
Revenues
Gross revenue		$ 2,275	$ 2,169	$ 4,453	$ 4,063

[1]	Presents information for Tradeweb Markets Inc. (post-IPO period).
[2]	Presents information for Tradeweb Markets LLC (pre-IPO period).

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Net income attributable to Tradeweb Markets Inc.	$ 30,496	$ 12,828	$ 74,424	$ 12,828
Foreign currency translation adjustments attributable to Tradeweb Markets Inc.	(265)	(647)	(3,817)	(647)
Comprehensive income attributable to Tradeweb Markets Inc.	30,231	12,181	70,607	12,181
Comprehensive income, net income	11,912	11,988	30,469	11,988
Foreign currency translation adjustments	(71)	(359)	(1,303)	(359)
Comprehensive income	11,841	11,629	29,166	11,629
Tradeweb Markets LLC
Comprehensive income, net income	$ 0	$ 0	$ 0	42,352
Foreign currency translation adjustments				988
Comprehensive income				$ 43,340

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($)	Total	Members' Capital	Common StockClass A Common Stock	Common StockClass B Common Stock	Common StockClass C Common Stock	Common StockClass D Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Non- Controlling Interests	PRSU	PRSUAdditional Paid-In Capital	RSU	RSUAdditional Paid-In Capital
Beginning balance ( in shares) at Dec. 31, 2018			0	0	0	0
Beginning balance at Dec. 31, 2018	$ 4,572,334,000	$ 4,573,200,000	$ 0	$ 0	$ 0	$ 0	$ 0	$ (866,000)	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital distributions	(20,000,000)	(20,000)
Adjustment to Class C Shares and Class P(C) shares in mezzanine capital	(2,369,000)	(2,369,000)
Stock-based compensation expense under the Option Plan	4,674,000	4,674
Net income	42,352,000	42,352,000
Foreign currency translation adjustments	988,000							988,000
Ending balance (in shares) at Mar. 31, 2019			0	0	0	0
Ending balance at Mar. 31, 2019	4,597,979,000	4,597,857,000	$ 0	$ 0	$ 0	$ 0	0	122,000	0	0
Beginning balance ( in shares) at Dec. 31, 2018			0	0	0	0
Beginning balance at Dec. 31, 2018	4,572,334,000	4,573,200,000	$ 0	$ 0	$ 0	$ 0	0	(866,000)	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	67,168,000
Ending balance (in shares) at Jun. 30, 2019			46,000,000	96,933,192	10,006,269	69,282,736
Ending balance at Jun. 30, 2019	4,454,800,000	0	$ 0	$ 1,000	$ 0	$ 1,000	2,846,681,000	(525,000)	1,393,000	1,607,249,000
Beginning balance ( in shares) at Mar. 31, 2019			0	0	0	0
Beginning balance at Mar. 31, 2019	4,597,979,000	4,597,857,000	$ 0	$ 0	$ 0	$ 0	0	122,000	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital distributions	(100,000,000)	(100,000)
Effect of the reorganization transactions	23,275,000	(4,497,857,000)					4,521,132,000
Activities related to exchanges of LLC Interests, net of offering costs and cancellations (in shares)			46,000,000	96,933,192	10,006,269	69,282,736
Activities related to exchanges of LLC Interests, net of offering costs and cancellations	(15,854,000)			$ 1,000		$ 1,000	(15,856,000)
Tax receivable agreement liability and deferred taxes arising from LLC Interest ownership exchanges	(78,232,000)						(78,232,000)
Allocation of equity to non-controlling interests	0						(1,607,529,000)			1,607,529,000
Adjustments to non-controlling interests	0
Distributions to non-controlling interests	(11,909)									(11,909)
Dividends ($0.08 per share)	(11,435,000)								(11,435,000)
Stock-based compensation expense											$ 6,763,000	$ 6,763,000
Stock-based compensation expense under the Option Plan	20,403,000						20,403,000
Net income	24,816,000								12,828,000	11,988,000
Foreign currency translation adjustments	(1,006,000)							(647,000)		(359,000)
Ending balance (in shares) at Jun. 30, 2019			46,000,000	96,933,192	10,006,269	69,282,736
Ending balance at Jun. 30, 2019	4,454,800,000	$ 0	$ 0	$ 1,000	$ 0	$ 1,000	2,846,681,000	(525,000)	1,393,000	1,607,249,000
Beginning balance ( in shares) at Dec. 31, 2019			66,408,328	96,933,192	8,328,983	50,853,172
Beginning balance at Dec. 31, 2019	4,592,745,000		$ 1,000	$ 1,000	$ 0	$ 1,000	3,329,386,000	1,366,000	47,833,000	1,214,157,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Activities related to exchanges of LLC Interests, net of offering costs and cancellations (in shares)			1,920,941		(939,000)	(981,941)
Activities related to exchanges of LLC Interests, net of offering costs and cancellations	(336,000)					$ (1,000)	(335,000)
Issuance of common stock from equity incentive plans (in shares)			2,341,171
Issuance of common stock from equity incentive plans	35,422,000						35,422,000
Tax receivable agreement liability and deferred taxes arising from LLC Interest ownership exchanges	32,736,000						32,736,000
Adjustments to non-controlling interests	0						45,436,000	7,000		(45,443,000)
Dividends ($0.08 per share)	(13,400,000)								(13,400,000)
Stock-based compensation expense											5,407,000	5,407,000	$ 315,000	$ 315,000
Stock-based compensation expense under the Option Plan	2,249,000						2,249,000
Payroll taxes paid for stock-based compensation exercises	(23,991,000)						(23,991,000)
Net income	62,485,000								43,928,000	18,557,000
Foreign currency translation adjustments	(4,784,000)							(3,552,000)		(1,232,000)
Ending balance (in shares) at Mar. 31, 2020			70,670,440	96,933,192	7,389,983	49,871,231
Ending balance at Mar. 31, 2020	4,688,848,000		$ 1,000	$ 1,000		$ 0	3,426,625,000	(2,179,000)	78,361,000	1,186,039,000
Beginning balance ( in shares) at Dec. 31, 2019			66,408,328	96,933,192	8,328,983	50,853,172
Beginning balance at Dec. 31, 2019	4,592,745,000		$ 1,000	$ 1,000	$ 0	$ 1,000	3,329,386,000	1,366,000	47,833,000	1,214,157,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	104,893,000
Ending balance (in shares) at Jun. 30, 2020			90,642,108	96,933,192	5,109,991	34,403,255
Ending balance at Jun. 30, 2020	4,829,143,000		$ 1,000	$ 1,000	$ 0	$ 0	3,922,559,000	(2,693,000)	94,374,000	814,901,000
Beginning balance ( in shares) at Mar. 31, 2020			70,670,440	96,933,192	7,389,983	49,871,231
Beginning balance at Mar. 31, 2020	4,688,848,000		$ 1,000	$ 1,000		$ 0	3,426,625,000	(2,179,000)	78,361,000	1,186,039,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Activities related to exchanges of LLC Interests, net of offering costs and cancellations (in shares)			17,747,968		(2,279,992)	(15,467,976)
Activities related to exchanges of LLC Interests, net of offering costs and cancellations	(1,406,000)						(1,406,000)
Issuance of common stock from equity incentive plans (in shares)			2,223,700
Issuance of common stock from equity incentive plans	27,197,000						27,197,000
Tax receivable agreement liability and deferred taxes arising from LLC Interest ownership exchanges	127,846,000						127,846,000
Adjustments to non-controlling interests	0						379,623,000	(249,000)		(379,374,000)
Distributions to non-controlling interests	(3,605,000)									(3,605,000)
Dividends ($0.08 per share)	(14,483,000)								(14,483,000)
Stock-based compensation expense											$ 7,392,000	$ 7,392,000	$ 1,675,000	$ 1,675,000
Stock-based compensation expense under the Option Plan	1,279,000						1,279,000
Payroll taxes paid for stock-based compensation exercises	(47,672,000)						(47,672,000)
Net income	42,408,000								30,496,000	11,912,000
Foreign currency translation adjustments	(336,000)							(265,000)		(71,000)
Ending balance (in shares) at Jun. 30, 2020			90,642,108	96,933,192	5,109,991	34,403,255
Ending balance at Jun. 30, 2020	$ 4,829,143,000		$ 1,000	$ 1,000	$ 0	$ 0	$ 3,922,559,000	$ (2,693,000)	$ 94,374,000	$ 814,901,000

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Parenthetical)	6 Months Ended
	Jun. 30, 2020$ / shares
Limited Liability Company (LLC) Members' Equity [Abstract]
Dividends (in dollars per share)	$ 0.08

Consolidated Statements of Cash

Consolidated Statements of Cash Flows $ in Thousands	6 Months Ended
Consolidated Statements of Cash Flows $ in Thousands	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)
Cash flows from operating activities
Net income	$ 104,893	$ 67,168
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	75,095	67,795
Stock-based compensation expense	18,317	31,960
Deferred taxes	22,208	(3,596)
(Increase) decrease in operating assets:
Receivable from/payable to brokers and dealers and clearing organizations, net	64	3,290
Deposits with clearing organizations	(1,323)	(1,965)
Accounts receivable	(11,162)	(5,756)
Receivable from/payable to affiliates, net	2,885	1,477
Other assets	(10,591)	(8,825)
Increase (decrease) in operating liabilities:
Accrued compensation	(46,143)	(51,569)
Deferred revenue	3,457	(2,613)
Accounts payable, accrued expenses and other liabilities	6,258	(3,661)
Employee equity compensation payable	595	(16,732)
Net cash provided by operating activities	164,553	76,973
Cash flows from investing activities
Purchase of furniture, equipment, software and leasehold improvements	(4,382)	(3,793)
Capitalized software development costs	(14,798)	(13,914)
Net cash used in investing activities	(19,180)	(17,707)
Cash flows from financing activities
Pre-IPO capital distributions	0	(120,000)
Proceeds from stock-based compensation exercises	62,619	0
Proceeds from issuance of Class A common stock in the IPO and follow-on offerings, net of underwriting discounts	626,267	1,161,270
Purchase of LLC Interests	(626,267)	(1,161,270)
Offering costs from issuance of Class A common stock in the IPO and follow-on offerings	(1,637)	(12,306)
Dividends	(27,883)	(11,435)
Capital distributions to non-controlling interests	(3,605)	(11,909)
Payroll taxes paid for stock-based compensation exercises	(71,663)	0
Net cash used in financing activities	(42,169)	(155,650)
Effect of exchange rate changes on cash and cash equivalents	(4,026)	(138)
Net increase (decrease) in cash and cash equivalents	99,178	(96,522)
Cash and cash equivalents and restricted cash
Beginning of period	461,711	411,304
End of period	560,889	314,782
Supplemental disclosure of cash flow information
Income taxes paid	4,970	24,989
Non-cash financing activities - Items arising from LLC Interest ownership changes
Deferred tax asset	22,208	(3,596)
Reconciliation of cash, cash equivalents and restricted cash as shown on the statements of financial condition:
Cash and cash equivalents	559,889
Restricted cash	1,000
Adjusted For Refinitiv Transaction
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred taxes	292,718	93,194
Non-cash financing activities - Items arising from LLC Interest ownership changes
Establishment of liabilities under tax receivable agreement	132,136	171,426
Deferred tax asset	$ 292,718	$ 93,194

Organization

Organization	6 Months Ended
Organization	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Tradeweb Markets Inc. (the “Corporation”) was incorporated as a Delaware corporation on November 7, 2018 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 Inc. (f/k/a The Blackstone Group L.P.) (“Blackstone”), through BCP’s majority ownership interest in Refinitiv Holdings Limited (the “Parent” and, unless otherwise stated or the context otherwise requires, together with all of its subsidiaries, “Refinitiv”). As of June 30, 2020, 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, 2020, Tradeweb Markets Inc. owns 82.6% of TWM LLC and the Continuing LLC Owners (defined below) own the remaining 17.4% 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”). • Dealerweb Inc. (“DW”) (formerly known as Hilliard Farber & Co., Inc.), 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. • Tradeweb Direct LLC (“TWD”) (formerly known as BondDesk Trading LLC), a registered broker-dealer under the Securities Exchange Act of 1934 and a member of FINRA. • 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”). Initial Public Offering On April 8, 2019, the Corporation completed its IPO of 46,000,000 shares of Class A common stock, par value $0.00001 per share, of the Corporation (the “Class A common stock”) at a public offering price of $27.00, which included 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 $1.2 billion 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 equity holders of TWM LLC (and the corresponding shares of common stock were cancelled 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. See Note 8 – Stockholders’ Equity. 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 owners of TWM LLC prior to the Reorganization Transactions (collectively, the “Original LLC Owners”), including the following parties: • certain investment and commercial banks (collectively, the “Bank Stockholders”); • members of management; • the Refinitiv Direct Owner, (i) prior to June 28, 2019, a direct subsidiary 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”) in exchange for shares of Class B common stock, par value $0.00001 per share, of the Corporation (the “Class B common stock”) in connection with the completion of the Reorganization Transactions and (ii) on and after June 28, 2019, an indirect subsidiary of Refinitiv that owns shares of Class B common stock which shares were contributed by the direct subsidiary of Refinitiv referred to in the foregoing clause (i); and • an indirect subsidiary (the “Refinitiv LLC Owner” and, together with the Refinitiv Direct Owner, the “Refinitiv Owners”) of Refinitiv. As used herein, references to “Continuing LLC Owners” refer collectively to (i) those Original LLC Owners, including the Refinitiv LLC Owner, certain Bank Stockholders and members of management, that continue to own LLC Interests (as defined below) after the completion of the IPO and Reorganization Transactions, that received shares of Class C common stock, par value $0.00001 per share, of the Corporation (the “Class C common stock”), shares of Class D common stock, par value $0.00001 per share, of the Corporation (the “Class D common stock”) or a combination of both, as the case may be, in connection with the completion of the Reorganization Transactions, and that may redeem or exchange their LLC Interests for shares of Class A common stock or Class B common stock and (ii) solely with respect to the Tax Receivable Agreement (as defined below), also includes those Original LLC Owners, including certain Bank Stockholders, that disposed of all of their LLC Interests for cash in connection with the IPO. 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 then existing membership interests in TWM LLC for LLC Interests and (iii) appoint the Corporation as the sole manager of TWM LLC. See Note 8 – 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 8 – 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 Original LLC Owners that received LLC Interests 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 subsequently cancelled 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 8 – Stockholders’ Equity. • ·The Corporation’s board of directors adopted a new omnibus equity incentive plan, (the “Omnibus Equity 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 10 – 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 7 – Tax Receivable Agreement. LSEG Transaction On August 1, 2019, London Stock Exchange Group plc announced that it has agreed to definitive terms with a consortium including certain investment funds affiliated with Blackstone as well as Thomson Reuters Corporation ("TR") to acquire the Refinitiv business in an all share transaction (the “LSEG Transaction”). The LSEG Transaction is subject to customary regulatory approvals and closing conditions, and is expected to close during the second half of 2020. There can be no assurance that the LSEG transaction will be consummated on the expected timing or at all.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
Significant Accounting Policies	Jun. 30, 2020
Accounting Policies [Abstract]
Significant Accounting Policies	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. Pushdown Accounting A majority interest of Refinitiv (formerly the Thomson Reuters Financial & Risk Business) was acquired by BCP on October 1, 2018 (the “Refinitiv Transaction”) from TR. The Refinitiv Transaction was accounted for by Refinitiv in accordance with the acquisition method of accounting pursuant to Accounting Standards Codification (“ASC”) 805, Business Combinations , and pushdown accounting was applied to Refinitiv to record the fair value of the assets and liabilities of Refinitiv as of October 1, 2018, the date of the Refinitiv Transaction. The Company, as a consolidating subsidiary of Refinitiv, also accounted for the Refinitiv Transaction using pushdown accounting. 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 adjusted valuations primarily affected the values of our long-lived and indefinite-lived intangible assets, including software development costs. Cash and Cash Equivalents Cash and cash equivalents consists of cash and highly liquid investments (such as short-term money market instruments) with original maturities of less than three months. Allowance for Credit Losses The Company continually monitors collections and payments from its clients and maintains an allowance for credit losses. The allowance for credit losses is based on an estimate of the amount of potential credit losses in existing accounts receivable, as determined from a review of aging schedules, past due balances, historical collection experience and other specific account data. Careful analysis of the financial condition of our counterparties is also performed. Once determined uncollectable, aged balances are written off as credit loss expense, which is included in general and administrative expenses on the consolidated statements of income. See Note 13 – Credit Risk for additional information. Receivable from and Payable to Brokers and Dealers and Clearing Organizations Receivable from and payable to brokers and dealers and clearing organizations consists of proceeds from transactions 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. At times, transactions executed on the Company’s wholesale platform fail to settle due to the inability of a transaction party to deliver or receive the transacted security. Until the failed transaction settles, a receivable from (and a matching payable to) brokers and dealers and clearing organizations is recognized for the proceeds from the unsettled transaction. Deposits with Clearing Organizations Deposits with clearing organizations are comprised of cash deposits. 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 Furniture, equipment, purchased software and leasehold improvements are carried at cost less accumulated depreciation. Depreciation for furniture, equipment and purchased software is computed on a straight-line basis over the estimated useful lives of the related assets, ranging from three seven 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 ASC 360, Property, Plant and Equipment. 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, Intangibles – Goodwill and Other . 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 nine 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. 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. In 2019, the Company changed the annual date on which goodwill is tested for impairment from July 1 st to October 1 st 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 was last assessed on October 1, 2019. Intangible Assets Intangible assets with a finite life are amortized over the estimated lives, ranging from seven twelve Deferred IPO and Follow-On Offering Costs The Company began incurring costs in connection with the filing of a Registration Statement on Form S-1 for an IPO in 2018 and Registration Statements on Form S-1 for follow-on offerings in 2019 and the first half of 2020. IPO and follow-on offering costs consist of legal, accounting, and other costs directly related to the Company’s efforts to raise capital. In accordance with ASC 505-10-25, Equity , these costs are recognized in additional paid-in capital within the consolidated statements of financial condition when the offering is effective. At June 30, 2020, $15.9 million of deferred costs related to the IPO and $4.4 million of deferred costs related to the follow-on offerings were recognized within additional paid-in capital on the consolidated statements of financial condition. See Note 8 – 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. Income taxes also include unincorporated business taxes on income earned or losses incurred for conducting business in certain state and local jurisdictions, income taxes on income earned or losses incurred in foreign jurisdictions on certain operations and federal and state income taxes on income earned or losses incurred, both current and deferred, on subsidiaries that are taxed as corporations for U.S. tax purposes. The Company records deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities. The Company measures deferred taxes using the enacted tax rates and laws that will be in effect when such temporary differences are expected to reverse. The Company evaluates the need for valuation allowances based on the weight of positive and negative evidence. The Company records valuation allowances wherever management believes it is more likely than not that the Company will not be able to realize its deferred tax assets in the future. The Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process whereby (i) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to income taxes within the provision for income taxes in the 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. Stock-Based Compensation The Company accounts for stock-based compensation in accordance with ASC 718, Compensation – Stock Compensation . 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. Prior to the IPO, the Company awarded options to management and other employees (collectively, the “Special Option Award”) under the Amended and Restated Tradeweb Markets Inc. Option Plan (the “Option Plan”). 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 are 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. 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, Fair Value Measurement, prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described below: Basis of Fair Value Measurement A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. • Level 1 : Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; • Level 2 : Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly; • Level 3 : Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. Recent Accounting Pronouncements – Adopted In June 2016, the Financial Accounting Standards Board (“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. ASU 2016-13 was adopted on January 1, 2020 using the modified retrospective method of adoption. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. See Note 13 – Credit Risk for additional information. In January 2017, the FASB issued ASU 2017‑4, 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 new guidance does not amend the optional qualitative assessment of goodwill impairment. ASU 2017-4 was adopted on January 1, 2020. The adoption of this ASU did not impact the Company’s consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this ASU simplify the accounting for income taxes by removing certain exceptions for investments, intraperiod allocations and interim calculations and include additional guidance in order to reduce complexity in accounting for income taxes. ASU 2019-12 is effective for annual periods beginning after December 15, 2020, with early adoption permitted. ASU 2019-12 was early adopted on January 1, 2020. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU 2016-2, Leases (Topic 842) , which requires lessees to recognize a right-of-use asset and a lease liability for all leases with an initial term in excess of twelve months. 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. ASU 2016-2 was adopted on January 1, 2019 using the modified retrospective method of adoption. Upon adoption, the Company: • Recorded right-of-use assets of $31.8 million, • Recorded a lease liability of $39.6 million, • Eliminated deferred rent of $4.9 million, • Eliminated leasehold interests of $2.9 million, and • Elected to take the optional package of practical expedients, which allows for no reassessment of 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.

Restricted Cash

Restricted Cash	6 Months Ended
Restricted Cash	Jun. 30, 2020
Restricted Cash Equivalents [Abstract]
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 June 30, 2020 and December 31, 2019, cash in the amount of $1.0 million has been segregated in the PAB reserve account exceeding the requirements pursuant to SEC Rule 15c3-3.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
Goodwill and Intangible Assets	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill The carrying amount of goodwill at June 30, 2020 and December 31, 2019 was $2.7 billion. Intangible Assets Intangible assets with an indefinite useful life consisted of the following at June 30, 2020 and December 31, 2019 (in thousands): Amount Licenses $ 168,800 Tradename 154,300 Total $ 323,100 Intangible assets that are subject to amortization consisted of the following at June 30, 2020 and December 31, 2019 (in thousands): June 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 $ (135,363) $ 792,837 $ 928,200 $ (96,687) $ 831,513 Content and data 7 years 154,400 (38,600) 115,800 154,400 (27,572) 126,828 $ 1,082,600 $ (173,963) $ 908,637 $ 1,082,600 $ (124,259) $ 958,341 Amortization expense for definite-lived intangible assets was $24.9 million for each of the three months ended June 30, 2020 and 2019, respectively, and $49.7 million for each of the six months ended June 30, 2020 and 2019.

Revenue

Revenue	6 Months Ended
Revenue	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue	Revenue 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 recognized and recorded on a trade-date basis. Commission revenue is collected by the Company when the trade settles or is billed monthly. The Company earns fees from Refinitiv relating to the sale of market data to Refinitiv, which redistributes that data. Included in these fees, which are billed quarterly, are real-time market data fees which are recognized 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. 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, 2020 and 2019 is as follows: Three Months Ended Three Months Ended (in thousands) (in thousands) Variable Fixed Variable Fixed Revenues Transaction fees $ 96,389 $ 25,757 $ 79,577 $ 24,375 Subscription Fees including Refinitiv market data fees 415 49,156 435 47,516 Commissions 28,141 9,974 26,635 9,778 Other 237 2,038 302 1,867 Gross revenue $ 125,182 $ 86,925 $ 106,949 $ 83,536 Six Months Ended Six Months Ended (in thousands) (in thousands) Variable Fixed Variable Fixed Revenues Transaction fees $ 211,726 $ 51,244 $ 158,492 $ 48,100 Subscription Fees including Refinitiv market data fees 880 97,802 890 95,122 Commissions 60,582 20,026 50,945 19,665 Other 347 4,106 605 3,458 Gross revenue $ 273,535 $ 173,178 $ 210,932 $ 166,345 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): Amount Deferred revenue balance - December 31, 2019 $ 23,990 New billings 58,151 Revenue recognized (54,713) Deferred revenue balance - June 30, 2020 $ 27,428

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s provision for income taxes includes U.S. federal, state, local and foreign taxes. The Company’s effective tax rate for the six months ended June 30, 2020 and 2019 was approximately 21.5% and 14.2%, respectively. The effective tax rate for the six months ended June 30, 2020 differed from the U.S. federal statutory rate of 21.0% primarily due to the effect of state and local taxes, partially offset by the effect of non-controlling interest and other discrete items. The effective tax rate for the six months ended June 30, 2019 differed from the U.S. federal statutory rate of 21.0% primarily due to the effect of non-controlling interests and discrete items, partially offset by state and local taxes and other discrete items. The Company’s effective tax rate for the three months ended June 30, 2020 and 2019 was approximately 23.4% and 20.3%, respectively. The effective tax rate for the three months ended June 30, 2020 differed from the U.S. federal statutory rate of 21.0% primarily due to state, local, and foreign taxes, partially offset by the effect of non-controlling interests. The effective tax rate for the three months ended June 30, 2019 differed from the U.S. federal statutory rate of 21.0% primarily due to the effect of non-controlling interests, partially offset by state, local, and foreign taxes and other discrete items. 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 will increase over time as the Continuing LLC Owners redeem or exchange their LLC Interests for shares of Class A common stock or Class B common stock, as applicable, or the Corporation purchases LLC Interests from the Continuing LLC Owners. The Company's consolidated effective tax rate will vary from period to period depending on redemptions, exchanges or purchases of LLC Interests as described above, 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 7 – Tax Receivable Agreement. The tax benefit has been recognized in deferred tax assets on the June 30, 2020 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. At June 30, 2020, the tax liability related to the Refinitiv Contribution is $2.7 million and is included within accounts payable, accrued expenses and other liabilities on the consolidated statement of financial condition.

Tax Receivable Agreement

Tax Receivable Agreement	6 Months Ended
Tax Receivable Agreement	Jun. 30, 2020
Tax Receivable Agreement
Tax Receivable Agreement	Tax Receivable AgreementIn 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, including with the net proceeds from the IPO, the October 2019 and April 2020 follow-on offerings and 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. As of December 31, 2019, the liability was $240.8 million, primarily due to the purchase of LLC Interests by the Corporation using the net proceeds of the IPO and the October 2019 follow-on offering, as well as additional exchanges of LLC Interests by Continuing LLC Owners. During the first six months of 2020, the liability increased to $373.0 million, primarily due to the April 2020 follow-on offering and additional exchanges of LLC Interests by Continuing LLC Owners. Substantially all payments due under the tax receivable agreement are payable over the fifteen years following the purchase of LLC Interests from Continuing LLC Owners or redemption or exchanges by Continuing LLC Owners of LLC Interests. The Corporation accounts for the income tax effects resulting from taxable redemptions or exchanges of LLC Interests by the Continuing LLC Owners for shares of Class A common stock or Class B common stock or cash, as the case may be, and purchases by the Corporation of LLC Interests from the Continuing LLC Owners 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

Stockholder's Equity	6 Months Ended
Stockholder's Equity	Jun. 30, 2020
Stockholders' Equity Note [Abstract]
Stockholders’ Equity	Stockholders’ Equity Initial Public Offering and Reorganization Transactions As described in Note 1 – Organization, in April 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 included 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 $1.2 billion 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 the corresponding shares of common stock were cancelled 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. 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). Continuing LLC Owners that hold shares of Class D common stock may from time to time exchange all or a portion of their shares of Class D common stock for newly issued shares of Class C common stock on a one-for-one basis (in which case their shares of Class D common stock will be cancelled on a one-for-one basis upon such issuance). 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). In addition, the Corporation’s board of directors adopted the Omnibus Equity Plan, under which equity awards may be made in respect of shares of Class A common stock. It also assumed sponsorship of the Option Plan and a PRSU plan formerly sponsored by TWM LLC. See Note 10 – Stock-Based Compensation Plans. 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 then existing membership interests in TWM LLC 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: 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 The TWM LLC Agreement requires that TWM LLC at all times maintain (i) a one-to-one ratio between the number of shares of Class A common stock and Class B common stock issued by the Corporation and the number of LLC Interests owned by the Corporation and (ii) a one-to-one ratio between the number of shares of Class C common stock and Class D common stock issued by the Corporation and the number of LLC Interests owned by the holders of such Class C common stock and Class D common stock. LLC Interests held by Continuing LLC Owners are redeemable in accordance with the TWM LLC Agreement, at the election of such holders, for newly issued shares of Class A common stock or Class B common stock, as the case may be, on a one-for-one basis (and such holders’ shares of Class C common stock or Class D common stock, as the case may be, will be cancelled on a one-for-one basis upon any such issuance). In the event of such election by a Continuing LLC Owner, the Corporation may, at its option, effect a direct exchange of Class A common stock or Class B common stock for such LLC Interests of such Continuing LLC Owner in lieu of such redemption. In addition, the Corporation’s board of directors may, at its option, instead of the foregoing redemptions or exchanges of LLC Interests, cause the Corporation to make a cash payment equal to the volume weighted average market price of one share of Class A common stock for each LLC Interest redeemed or exchanged (subject to customary adjustments, including for stock splits, stock dividends and reclassifications) in accordance with the terms of the TWM LLC Agreement. 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 Original LLC Owners that received LLC Interests 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 subsequently cancelled 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 stock, 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 (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. October 2019 Follow-On Offering In the fourth quarter of 2019, Tradeweb Markets Inc. completed an underwritten follow-on offering of 19,881,059 shares of Class A Common stock at a public offering price of $42.00 per share, which included 2,593,181 shares of Class A common stock issued pursuant to the underwriters’ option to purchase additional shares of Class A common stock. Tradeweb Markets Inc. received net proceeds of $810.0 million, after deducting underwriting discounts and commissions but before deducting estimated offering expenses, which were used to purchase (i) 19,835,666 issued and outstanding LLC Interests from certain of the Bank Stockholders and certain of our executive officers (and the corresponding shares of Class C common stock and/or Class D common stock held by such holders were cancelled) and (ii) 45,393 issued and outstanding shares of Class A common stock from certain of our executive officers (which shares of Class A common stock were cancelled), at a purchase price per interest and share equal to the public offering price of $42.00, less the underwriting discounts and commissions payable thereon. April 2020 Follow-On Offering In the second quarter of 2020, Tradeweb Markets Inc. completed an underwritten follow-on offering of 12,835,245 shares of Class A Common stock at a public offering price of $50.25 per share, which included 1,674,162 shares of Class A common stock issued pursuant to the underwriters’ option to purchase additional shares of Class A common stock. Tradeweb Markets Inc. received net proceeds of $626.3 million, after deducting underwriting discounts and commissions but before deducting estimated offering expenses, which were used to purchase (i) 12,238,827 issued and outstanding LLC Interests from certain of the Bank Stockholders and certain of our executive officers (and the corresponding shares of Class C common stock and/or Class D common stock held by such holders were cancelled) and (ii) 596,418 issued and outstanding shares of Class A common stock from certain of our executive officers (which shares of Class A common stock were cancelled), at a purchase price per interest and share equal to the public offering price of $50.25, less the underwriting discounts and commissions payable thereon. Redemptions and Exchanges of LLC Interests In addition to the IPO, the October 2019 follow-on offering and the April 2020 follow-on offering transactions described above, during the three months ended June 30, 2020, certain Continuing LLC Owners exercised their redemption rights under the TWM LLC Agreement, pursuant to which 5,509,141 LLC Interests were exchanged for 5,509,141 newly-issued shares of Class A common stock. Simultaneously, and in connection with these exchanges, 2,969,992 shares of Class C common stock and 2,539,149 shares of Class D common stock were surrendered by the Continuing LLC Owners and cancelled. In connection with these exchanges, Tradeweb Markets Inc. received 5,509,141 LLC Interests, increasing its total ownership interest in TWM LLC. Additionally, 690,000 shares of Class D common stock were surrendered by the Continuing LLC Owners and cancelled in exchange for 690,000 shares of newly-issued Class C common stock. As a result of the Reorganization Transactions, the IPO, the October 2019 follow-on offering, the April 2020 follow-on offering and other exchanges and equity activity, as of June 30, 2020: • The public investors collectively owned 90,642,108 shares of the Company's Class A common stock, representing 6.4% of the combined voting power of Tradeweb Markets Inc.’s issued and outstanding common stock and indirectly, through Tradeweb Markets Inc., owned 39.9% of the economic interest in TWM LLC; • Refinitiv collectively owned 96,933,192 shares of the Company's Class B common stock and 22,988,329 shares of the Company's Class D common stock, representing 85.1% of the combined voting power of Tradeweb Markets Inc.’s issued and outstanding common stock and directly and indirectly, through Tradeweb Markets Inc., owned 52.8% of the economic interest in TWM LLC; and • The Bank Stockholders that continue to own LLC Interests collectively owned 5,109,991 shares of the Company's Class C common stock and 11,285,182 shares of the Company's Class D common stock, representing 8.4% of the combined voting power of Tradeweb Markets Inc.’s issued and outstanding common stock and directly and indirectly, through Tradeweb Markets Inc., owned 7.2% of the economic interest in TWM LLC.

Non-Controlling Interests

Non-Controlling Interests	6 Months Ended
Non-Controlling Interests	Jun. 30, 2020
Noncontrolling Interest [Abstract]
Non-Controlling Interests	Non-Controlling Interests In connection with the Reorganization Transactions, Tradeweb Markets Inc. became the sole manager of TWM LLC and, as a result of this control, and because Tradeweb Markets Inc. has a substantial financial interest in TWM LLC, consolidates the financial results of TWM LLC into its consolidated financial statements. The non-controlling interests balance reported on the consolidated statements of financial condition represents the economic interests of TWM LLC held by the holders of LLC Interests other than Tradeweb Markets Inc. Income or loss is attributed to the non-controlling interests based on the relative ownership percentages of LLC Interests held during the period by Tradeweb Markets Inc. and the other holders of LLC Interests. The following table summarizes the ownership interest in Tradeweb Markets LLC: June 30, 2020 June 30, 2019 LLC Ownership LLC Ownership Number of LLC Interests held by Tradeweb Markets Inc. 187,575,300 82.6 % 142,933,192 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 227,088,546 100.0 % 222,222,197 100.0 % LLC Interests held by the Continuing LLC Owners are redeemable in accordance with the TWM LLC Agreement at the election of the members for shares of Class A common stock or Class B common stock, 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 8 – Stockholders’ Equity. The following table summarizes the impact on equity due to changes in the Corporation’s ownership interest in Tradeweb Markets LLC (in thousands): Net Income Attributable to Tradeweb Markets Inc. and Transfers (to) from the Non-Controlling Interests Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Net income attributable to Tradeweb Markets Inc. $ 30,496 $ 12,828 $ 74,424 $ 12,828 Transfers (to) from non-controlling interests: Change in non-controlling interests as a result of ownership changes 379,374 (1,607,529) 424,817 (1,607,529) Net transfers (to) from non-controlling interests 379,374 (1,607,529) 424,817 (1,607,529) Change from net income attributable to Tradeweb Markets Inc. and transfers (to) from non-controlling interests $ 409,870 $ (1,594,701) $ 499,241 $ (1,594,701)

Stock-Based Compensation Plans

Stock-Based Compensation Plans	6 Months Ended
Stock-Based Compensation Plans	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation Plans	Stock-Based Compensation Plans Under the Omnibus Equity Plan, the Company is authorized to issue up to 8,841,864 new shares of Class A common stock to employees, officers and non-employee directors. Under this plan, the Company may grant awards in respect of shares of Class A common stock, including performance-based restricted share units (“PRSUs”), stock options, restricted stock units (“RSUs”) and dividend equivalent rights. The awards may have performance-based and time-based vesting conditions. Stock options have a maximum contractual term of 10 years. PRSUs (Equity-Settled) Equity-settled PRSUs are promises to issue shares of Class A common stock at the end of a three-year cliff vesting period. The fair value of the equity-settled PRSUs is calculated on the grant date using the stock price of the Class A common stock. The number of shares a participant will receive upon vesting is determined in part based on a performance modifier, which is adjusted in accordance with the financial performance of the Company in the grant year. The performance modifier may vary between 0% (minimum) and 200% (maximum) of the target (100%) award amount. The following table summarizes information for equity-settled PRSUs of the Company: PRSUs (Equity-Settled) Three Months Ended Three Months Ended Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 PRSUs (equity-settled) granted — 6,653 360,609 776,603 Weighted-average grant-date fair value $ — $ 22.19 $ 38.87 $ 22.19 PRSUs (equity-settled) compensation expense (in thousands) $ 7,392 $ 6,894 $ 12,799 $ 11,671 The amount of unrecognized compensation expense for equity-settled PRSUs is $46.4 million, which is expected to be recognized over a weighted-average period of 1.95 years. PRSUs (Cash-Settled) 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: PRSUs (Cash-Settled) Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 PRSUs (cash-settled) granted — — — — Weighted-average grant-date fair value $ — $ 63,497 $ — $ 63,497 PRSUs (cash-settled) compensation expense (in thousands) $ 596 $ 419 $ 606 $ 519 The amount of unrecognized compensation expense is $0.2 million, which is expected to be recognized over a weighted-average period of 0.5 years. Options Prior to the IPO, the Company awarded options to management and other employees under the Option Plan. Each option award vests one half based solely on the passage of time and one half only if the Company achieves certain performance targets. The time vesting portion of the options has a four-year graded vesting schedule, with accelerated vesting for time-based options granted prior to the IPO with vesting dates of January 1, 2021 and 2022 upon the completion of the IPO. In the post-IPO period, the Company awarded options under the Option Plan with a four year-graded vesting schedule. One half of these awards vest solely based on the passage of time, without accelerated vesting, and one half vest only if the Company achieves certain performance targets. The Company may elect to net-settle exercised options by reducing the shares of Class A common stock to be issued upon such exercise by the number of shares of Class A common stock having a fair market value on the date of exercise equal to the aggregate option price. The Company can also elect, upon exercise, to reduce the shares to be issued by the number of shares having a fair market value on the date of exercise equal to employee payroll taxes. The Company may then pay these employee payroll taxes from the Company’s cash. 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). As a result, expense recognition commenced upon the completion of the IPO in April 2019. The following table summarizes information for options: Options Three Months Ended Three Months Ended Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Options granted — — — 181,115 Weighted-average grant-date fair value $ — $ — $ — $ 1.85 Option compensation expense (in thousands) $ 1,279 $ 20,403 $ 3,528 $ 20,403 The amount of unrecognized compensation expense for options is $5.7 million, which is expected to be recognized over a weighted-average period of 1.86 years. RSUs In 2020, the Company expanded its restricted stock unit (“RSU”) grants under the Omnibus Equity Plan to employees. Previously, RSU grants were limited to non-employee directors. RSUs are promises to issue shares of Class A common stock at the end of a vesting period. RSUs granted to employees vest one-third each year over a three-year period. RSUs granted to non-employee directors vest after one year. The fair value of the RSUs is calculated on the grant date using the stock price of the Class A common stock. The following table summarizes information for RSUs: RSUs Three Months Ended Three Months Ended Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 RSUs granted 28,656 — 493,878 — Weighted-average grant-date fair value $ 39.87 $ — $ 39.79 $ — RSUs compensation expense (in thousands) $ 1,675 $ — $ 1,990 $ —

Related Party Transactions

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company enters into transactions with Refinitiv and its affiliates which are considered to be related party transactions. The Company also enters into transactions with the Bank Stockholders and their respective affiliates. Prior to the Reorganization Transactions, the Bank Stockholders were collectively 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, 2020 and December 31, 2019, the following balances with such affiliates were included in the consolidated statements of financial condition in the following line items (in thousands): June 30, 2020 December 31, 2019 Accounts receivable $ 2,459 $ — Receivable from affiliates 1,482 2,525 Other assets 2,721 2,721 Accounts payable, accrued expenses and other liabilities 537 — Deferred revenue 4,235 4,733 Payable to affiliates 3,164 1,506 The following balances with such affiliates were included in the consolidated statements of income in the following line items (in thousands): Three Months Ended Three Months Ended Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Revenue: Transaction fees (1) $ — $ — $ 59,643 Subscription fees (1) — — 5,670 Commissions (1) — — 16,186 Refinitiv market data fees (2) 14,565 13,385 29,193 27,001 Operating Income: (3) Interest income — — 858 Shared Services Fees (4) : Technology and communications 740 740 1,480 1,480 General and administrative (620) 191 (596) 371 Occupancy (31) 155 15 310 (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. Under the agreement, the Company delivers to Refinitiv certain market data feeds which Refinitiv redistributes to its customers. The Company earns license fees and royalties for these feeds. (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. 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 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, 2020, the Company reimbursed such affiliates a net amount of approximately $0.9 million and $1.2 million, respectively, for these expenses. For the three and six months ended June 30, 2019, the Company reimbursed such affiliates approximately $3.2 million and $4.2 million, respectively, for these expenses. The Company en gaged Blackstone Advisory Partners L.P., an affiliate of Blackstone, to provide certain financial consulting services in connection with the IPO, the October 2019 follow-on offering and the April 2020 follow-on offering for fees of $1.0 million, $0.5 million, and $0.5 million, respectively, which fees, with respect to the October 2019 follow-on offering and the

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
Fair Value of Financial Instruments	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments Certain financial instruments that are carried on the consolidated statements of financial condition are carried at amounts that approximate fair value. These instruments include receivables from/payables to brokers and dealers and clearing organizations, 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): Successor Quoted Prices in active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total As of June 30, 2020 Assets Money market funds $ 474,845 $ — $ — $ 474,845 $ 474,845 $ — $ — $ 474,845 As of December 31, 2019 Assets Money market funds $ 219,158 $ — $ — $ 219,158 $ 219,158 $ — $ — $ 219,158

Credit Risk

Credit Risk	6 Months Ended
Credit Risk	Jun. 30, 2020
Risks and Uncertainties [Abstract]
Credit Risk	Credit Risk 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 broker-dealers. The Company's exposure to credit risk associated with the nonperformance of these clients in fulfilling their contractual obligations pursuant to securities transactions can be directly impacted by volatile trading markets which may impair the clients' ability to satisfy their obligations to the Company. From time to time, the Company enters into agreements to repurchase to facilitate the clearance of securities. Credit exposure related to these agreements to repurchase, including the risk related to a decline in market value of collateral (pledged or received), is managed by entering into agreements to repurchase with overnight or short-term maturity dates and only entering into repurchase transactions with netting members of the Fixed Income Clearing Corporation (“FICC”). The FICC requires dealer netting members to maintain a minimum of $25 million in equity capital and $10 million in excess net capital (as defined in Rule 15c3-1 under the Securities Exchange Act of 1934). The FICC operates a continuous net settlement system, whereby as trades are submitted and compared the FICC becomes the counterparty. The FICC also marks to market collateral on a daily basis, requiring member firms to pay or receive margin amounts as part of their daily funds settlement. The Company does not expect nonperformance by counterparties in the above situations. However, the Company's policy is to monitor its market exposure and counterparty risk. In addition, the Company has a policy of reviewing, as considered necessary, the credit standing of each counterparty with which it conducts business. Allowance for Credit Losses The Company may be exposed to credit risk regarding its receivables, which are primarily receivables from financial institutions, including investment managers and broker-dealers. At June 30, 2020, the Company maintained an allowance for credit losses of $0.1 million with regard to these receivables. At December 31, 2019, the allowance for doubtful accounts was $0.2 million. The Company maintains an allowance for credit losses based upon an estimate of the amount of potential credit losses in existing accounts receivable, as determined from a review of aging schedules, past due balances, historical collection experience and other specific account data. Careful analysis of the financial condition of our counterparties is also performed. The Company has evaluated its loss assumptions as a result of the COVID-19 pandemic and determined the current estimate of expected credit losses remains reasonable due to continued strong collections and no deterioration in our accounts receivable aging. Account balances are pooled based on the following risk characteristics: 1. Geographic location 2. Transaction fee type (billing type) 3. Legal entity Write-Offs Once determined uncollectable, aged balances are written off as credit loss expense. This determination is based on careful analysis of individual receivables and aging schedules, which are disaggregated based on the risk characteristics described above. Based on current policy, this generally occurs when the receivable hits 360 days past due. The following table presents the activity in the allowance for credit losses for accounts receivable for the period ended June 30, 2020 (in thousands): Amount Beginning balance, prior to adoption of ASC 326 - December 31, 2019 $ 195 Current-period provision for expected credit losses 114 Write-offs charged against the allowance (41) Recoveries collected (153) Ending balance - June 30, 2020 $ 115

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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. Additionally, the Company was dismissed from a class action relating to an interest rate swaps matter in 2017, but that matter continues against the remaining defendant financial institutions. The Company records its best estimate of a loss, including estimated defense costs, when the loss is considered probable and the amount of such loss can be reasonably estimated. Based on its experience, the Company believes that the amount of damages claimed in a legal proceeding is not a meaningful indicator of the potential liability. At this time, the Company cannot reasonably predict the timing or outcomes of, or estimate the amount of loss, or range of loss, if any, related to its pending legal proceedings, including the matter 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. On November 7, 2019, TWM LLC entered into an amendment to the Revolving Credit Facility among TWM LLC and the lenders party thereto, which revised the Revolving Credit Facility to permit the pending LSEG Transaction. The amendment did not otherwise impact the terms of the Revolving Credit Facility and did not impact the amount of borrowings available to TWM LLC under the Revolving Credit Facility. 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, 2020, there were no amounts outstanding under the Credit Facility.

Earnings Per Share

Earnings Per Share	6 Months Ended
Earnings Per Share	Jun. 30, 2020
Earnings Per Share [Abstract]
Earnings Per Share	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 table summarizes the basic and diluted earnings per share calculations for Tradeweb Markets Inc. (post-IPO period): Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 EPS: Post-IPO net income attributable to Tradeweb Markets Inc. (in thousands, except share and per share amounts) Numerator: Post-IPO net income attributable to Tradeweb Markets Inc. $ 30,496 $ 12,828 $ 74,424 $ 12,828 Denominator: Weighted average shares of Class A and Class B common stock outstanding - Basic 177,649,501 142,933,192 171,942,125 142,933,192 Dilutive effect of equity-settled PRSUs 2,492,567 2,214,480 2,265,494 2,214,480 Dilutive effect of options 5,168,379 5,699,511 5,694,964 5,699,511 Dilutive effect of RSUs 179,377 — 106,308 — Weighted average shares of Class A and Class B common stock outstanding - Diluted 185,489,824 150,847,183 180,008,891 150,847,183 Earnings per share - Basic $ 0.17 $ 0.09 $ 0.43 $ 0.09 Earnings per share - Diluted $ 0.16 $ 0.09 $ 0.41 $ 0.09 The following table summarizes the basic and diluted earnings per share calculations for Tradeweb Markets LLC (pre-IPO period): Six Months Ended June 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 (1) Earnings per share and weighted average shares outstanding for the pre-IPO period has 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 then existing membership interests in TWM LLC for LLC interests. For the three and six months ended June 30, 2020, there were approximately 3,500 and 289,563 weighted-average options and RSUs, respectively, that were anti-dilutive. As a result, these shares, which are still outstanding, were excluded from the computation of diluted earnings per share. For the three and six months ended June 30, 2019, there were approximately 340 weighted-average equity-settled PRSUs 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 in accordance with the TWM LLC Agreement, 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 48,132,630 and 52,888,588 weighted-average LLC Interests for the assumed exchange of non-controlling interests, for the three and six months ended June 30, 2020, respectively, 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.

Regulatory Capital Requirements

Regulatory Capital Requirements	6 Months Ended
Regulatory Capital Requirements	Jun. 30, 2020
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]
Regulatory Capital Requirements	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, 2020 and December 31, 2019, the regulatory capital requirements and regulatory capital for TWL, DW, TWD, TEL, TWJ and TWEU are as follows (in thousands): As of June 30, 2020 TWL DW TWD TEL TWJ TWEU Regulatory Capital $ 68,860 $ 56,374 $ 23,037 $ 53,331 $ 11,401 $ 7,044 Regulatory Capital Requirement 1,373 1,506 509 20,331 6,559 1,704 Excess Regulatory Capital $ 67,487 $ 54,868 $ 22,528 $ 33,000 $ 4,842 $ 5,340 As of December 31, 2019 TWL DW TWD TEL TWJ TWEU Regulatory Capital $ 42,317 $ 52,016 $ 33,807 $ 49,611 $ 11,851 $ 6,217 Regulatory Capital Requirement 2,396 2,026 664 21,856 8,565 1,701 Excess Regulatory Capital $ 39,921 $ 49,990 $ 33,143 $ 27,755 $ 3,286 $ 4,516 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, 2020 and December 31, 2019 are as follows (in thousands): As of June 30, 2020 As of December 31, 2019 TW SEF DW SEF TW SEF DW SEF Financial Resources $ 28,776 $ 14,202 $ 21,303 $ 13,707 Required Financial Resources 13,500 5,629 10,500 5,505 Excess Financial Resources $ 15,276 $ 8,573 $ 10,803 $ 8,202 Liquid Financial Assets $ 16,572 $ 7,359 $ 18,168 $ 7,583 Required Liquid Financial Assets 6,750 2,815 5,250 2,753 Excess Liquid Financial Assets $ 9,822 $ 4,544 $ 12,918 $ 4,830

Business Segment and Geographic

Business Segment and Geographic Information	6 Months Ended
Business Segment and Geographic Information	Jun. 30, 2020
Segment Reporting [Abstract]
Business Segment and Geographic Information	Business Segment and Geographic Information The Company operates electronic marketplaces for the trading of products across the rates, credit, equities and money markets asset classes and provides related pre-trade and post-trade services. The Company’s operations constitute a single business segment because of the integrated nature of these marketplaces and services. Information regarding revenue by client sector is as follows (in thousands): Three Months Ended Three Months Ended Six Months EndedJune 30, 2020 Six Months EndedJune 30, 2019 Gross revenue: Institutional $ 129,992 $ 111,057 $ 275,604 $ 220,309 Wholesale 43,252 41,945 92,008 81,376 Retail 20,366 19,939 42,042 41,145 Market Data 18,497 17,544 37,059 34,447 Total revenue 212,107 190,485 446,713 377,277 Operating expenses 156,468 159,530 313,459 300,045 Operating income $ 55,639 $ 30,955 $ 133,254 $ 77,232 The Company operates in the U.S. and internationally, primarily in the Europe and Asia regions. Revenues are attributed to geographic area based on the jurisdiction where the underlying transactions take place. The results by geographic region are not meaningful in understanding the Company's business. Long-lived assets are attributed to the geographic area based on the location of the particular subsidiary. The following table provides a breakdown of revenue by geographic area for the three and six months ended June 30, 2020 and 2019 (in thousands): Three Months Ended Three Months Ended Six Months Ended Six Months Ended U.S. $ 140,073 $ 122,693 $ 285,329 $ 242,090 International 72,034 67,792 161,384 135,187 Gross Revenue $ 212,107 $ 190,485 $ 446,713 $ 377,277 The following table provides information on the attribution of long-lived assets by geographic area as of June 30, 2020 and December 31, 2019 (in thousands): June 30, December 31, Long-lived assets U.S. $ 4,145,763 $ 4,200,133 International 12,673 14,100 Total $ 4,158,436 $ 4,214,233

Subsequent Events

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	. Subsequent Events On July 29, 2020, 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 2020. This dividend will be payable on September 15, 2020 to stockholders of record as of September 1, 2020. On July 28, 2020, 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 $27.8 million payable on September 11, 2020.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Jun. 30, 2020
Accounting Policies [Abstract]
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.
Use of Estimates	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	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.
Pushdown Accounting	Pushdown Accounting A majority interest of Refinitiv (formerly the Thomson Reuters Financial & Risk Business) was acquired by BCP on October 1, 2018 (the “Refinitiv Transaction”) from TR. The Refinitiv Transaction was accounted for by Refinitiv in accordance with the acquisition method of accounting pursuant to Accounting Standards Codification (“ASC”) 805, Business Combinations , and
Cash and Cash Equivalents	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 Credit Losses	Allowance for Credit Losses The Company continually monitors collections and payments from its clients and maintains an allowance for credit losses. The allowance for credit losses is based on an estimate of the amount of potential credit losses in existing accounts receivable, as determined from a review of aging schedules, past due balances, historical collection experience and other specific account data. Careful analysis of the financial condition of our counterparties is also performed. Once determined uncollectable, aged balances are written off as credit loss expense, which is included in general and administrative expenses on the consolidated statements of income. See Note 13 – Credit Risk for additional information.
Receivable from and Payable to Broker and Dealers and Clearing Organizations	Receivable from and Payable to Brokers and Dealers and Clearing Organizations Receivable from and payable to brokers and dealers and clearing organizations consists of proceeds from transactions 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. At times, transactions executed on the Company’s wholesale platform fail to settle due to the inability of a transaction party to deliver or receive the transacted security. Until the failed transaction settles, a receivable from (and a matching payable to) brokers and dealers and clearing organizations is recognized for the proceeds from the unsettled transaction.
Deposits with Clearing Organizations	Deposits with Clearing Organizations Deposits with clearing organizations are comprised of cash deposits. 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	Furniture, Equipment, Purchased Software and Leasehold Improvements Furniture, equipment, purchased software and leasehold improvements are carried at cost less accumulated depreciation. Depreciation for furniture, equipment and purchased software is computed on a straight-line basis over the estimated useful lives of the related assets, ranging from three seven 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 ASC 360, Property, Plant and Equipment.
Software Development Costs	Software Development Costs The Company capitalizes costs associated with the development of internal use software at the point at which the conceptual formulation, design and testing of possible software project alternatives have been completed, in accordance with ASC 350, Intangibles – Goodwill and Other . 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 nine
Goodwill	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. 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. In 2019, the Company changed the annual date on which goodwill is tested for impairment from July 1 st to October 1 st 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 was last assessed on October 1, 2019.
Intangible Assets	Intangible Assets Intangible assets with a finite life are amortized over the estimated lives, ranging from seven twelve
Deferred IPO and Follow-On Offering Costs	Deferred IPO and Follow-On Offering Costs The Company began incurring costs in connection with the filing of a Registration Statement on Form S-1 for an IPO in 2018 and Registration Statements on Form S-1 for follow-on offerings in 2019 and the first half of 2020. IPO and follow-on offering costs consist of legal, accounting, and other costs directly related to the Company’s efforts to raise capital. In accordance with ASC 505-10-25, Equity , these costs are recognized in additional paid-in capital within the consolidated statements of financial condition when the offering is effective. At June 30, 2020, $15.9 million of deferred costs related to the IPO and $4.4 million of deferred costs related to the follow-on offerings were recognized within additional paid-in capital on the consolidated statements of financial condition. See Note 8 – Stockholders’ Equity.
Translation of Foreign Currency	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	Income Tax The Corporation is subject to U.S. federal, state and local income taxes with respect to its taxable income, including its allocable share of any taxable income of TWM LLC, and is taxed at prevailing corporate tax rates. TWM LLC is a multiple member limited liability company taxed as a partnership and accordingly any taxable income generated by TWM LLC is passed through to and included in the taxable income of its members, including the Corporation. Income taxes also include unincorporated business taxes on income earned or losses incurred for conducting business in certain state and local jurisdictions, income taxes on income earned or losses incurred in foreign jurisdictions on certain operations and federal and state income taxes on income earned or losses incurred, both current and deferred, on subsidiaries that are taxed as corporations for U.S. tax purposes. The Company records deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities. The Company measures deferred taxes using the enacted tax rates and laws that will be in effect when such temporary differences are expected to reverse. The Company evaluates the need for valuation allowances based on the weight of positive and negative evidence. The Company records valuation allowances wherever management believes it is more likely than not that the Company will not be able to realize its deferred tax assets in the future. The Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process whereby (i) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to income taxes within the provision for income taxes in the 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.
Stock-Based Compensation	Stock-Based Compensation The Company accounts for stock-based compensation in accordance with ASC 718, Compensation – Stock Compensation . 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. Prior to the IPO, the Company awarded options to management and other employees (collectively, the “Special Option Award”) under the Amended and Restated Tradeweb Markets Inc. Option Plan (the “Option Plan”). 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 are 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. 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	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.
Fair Value Measurement	Fair Value Measurement The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). Instruments that the Company owns (long positions) are marked to bid prices, and instruments that the Company has sold, but not yet purchased (short positions) are marked to offer prices. Fair value measurements do not include transaction costs. The fair value hierarchy under ASC 820, Fair Value Measurement, prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described below: Basis of Fair Value Measurement A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. • Level 1 : Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; • Level 2 : Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly; • Level 3 : Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.
Recent Accounting Pronouncements – Adopted	Recent Accounting Pronouncements – Adopted In June 2016, the Financial Accounting Standards Board (“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. ASU 2016-13 was adopted on January 1, 2020 using the modified retrospective method of adoption. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. See Note 13 – Credit Risk for additional information. In January 2017, the FASB issued ASU 2017‑4, 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 new guidance does not amend the optional qualitative assessment of goodwill impairment. ASU 2017-4 was adopted on January 1, 2020. The adoption of this ASU did not impact the Company’s consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this ASU simplify the accounting for income taxes by removing certain exceptions for investments, intraperiod allocations and interim calculations and include additional guidance in order to reduce complexity in accounting for income taxes. ASU 2019-12 is effective for annual periods beginning after December 15, 2020, with early adoption permitted. ASU 2019-12 was early adopted on January 1, 2020. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU 2016-2, Leases (Topic 842) , which requires lessees to recognize a right-of-use asset and a lease liability for all leases with an initial term in excess of twelve months. 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. ASU 2016-2 was adopted on January 1, 2019 using the modified retrospective method of adoption. Upon adoption, the Company: • Recorded right-of-use assets of $31.8 million, • Recorded a lease liability of $39.6 million, • Eliminated deferred rent of $4.9 million, • Eliminated leasehold interests of $2.9 million, and • Elected to take the optional package of practical expedients, which allows for no reassessment of 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.

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
Goodwill and Intangible Assets (Tables)	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of intangible assets which have an indefinite useful life	Intangible assets with an indefinite useful life consisted of the following at June 30, 2020 and December 31, 2019 (in thousands): Amount Licenses $ 168,800 Tradename 154,300 Total $ 323,100
Intangible assets that are subject to amortization	Intangible assets that are subject to amortization consisted of the following at June 30, 2020 and December 31, 2019 (in thousands): June 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 $ (135,363) $ 792,837 $ 928,200 $ (96,687) $ 831,513 Content and data 7 years 154,400 (38,600) 115,800 154,400 (27,572) 126,828 $ 1,082,600 $ (173,963) $ 908,637 $ 1,082,600 $ (124,259) $ 958,341

Revenue (Tables)

Revenue (Tables)	6 Months Ended
Revenue (Tables)	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
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, 2020 and 2019 is as follows: Three Months Ended Three Months Ended (in thousands) (in thousands) Variable Fixed Variable Fixed Revenues Transaction fees $ 96,389 $ 25,757 $ 79,577 $ 24,375 Subscription Fees including Refinitiv market data fees 415 49,156 435 47,516 Commissions 28,141 9,974 26,635 9,778 Other 237 2,038 302 1,867 Gross revenue $ 125,182 $ 86,925 $ 106,949 $ 83,536 Six Months Ended Six Months Ended (in thousands) (in thousands) Variable Fixed Variable Fixed Revenues Transaction fees $ 211,726 $ 51,244 $ 158,492 $ 48,100 Subscription Fees including Refinitiv market data fees 880 97,802 890 95,122 Commissions 60,582 20,026 50,945 19,665 Other 347 4,106 605 3,458 Gross revenue $ 273,535 $ 173,178 $ 210,932 $ 166,345
Schedule of recognized revenue and remaining deferred revenue balance	The recognized revenue and remaining balance is shown below (in thousands): Amount Deferred revenue balance - December 31, 2019 $ 23,990 New billings 58,151 Revenue recognized (54,713) Deferred revenue balance - June 30, 2020 $ 27,428

Stockholders_ Equity (Tables)

Stockholders’ Equity (Tables)	6 Months Ended
Stockholders’ Equity (Tables)	Jun. 30, 2020
Stockholders' Equity Note [Abstract]
Schedule of class of common stock par value, votes and economic rights	These attributes are summarized in the following table: Class of Common Stock Par Value Votes Economic Rights Class A common stock $ 0.00001 1 Yes Class B common stock $ 0.00001 10 Yes Class C common stock $ 0.00001 1 No Class D common stock $ 0.00001 10 No 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

Non-Controlling Interests (Tabl

Non-Controlling Interests (Tables)	6 Months Ended
Non-Controlling Interests (Tables)	Jun. 30, 2020
Noncontrolling Interest [Abstract]
Summary of the ownership interest in noncontrolling interest	The following table summarizes the ownership interest in Tradeweb Markets LLC: June 30, 2020 June 30, 2019 LLC Ownership LLC Ownership Number of LLC Interests held by Tradeweb Markets Inc. 187,575,300 82.6 % 142,933,192 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 227,088,546 100.0 % 222,222,197 100.0 %
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 Corporation’s ownership interest in Tradeweb Markets LLC (in thousands): Net Income Attributable to Tradeweb Markets Inc. and Transfers (to) from the Non-Controlling Interests Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Net income attributable to Tradeweb Markets Inc. $ 30,496 $ 12,828 $ 74,424 $ 12,828 Transfers (to) from non-controlling interests: Change in non-controlling interests as a result of ownership changes 379,374 (1,607,529) 424,817 (1,607,529) Net transfers (to) from non-controlling interests 379,374 (1,607,529) 424,817 (1,607,529) Change from net income attributable to Tradeweb Markets Inc. and transfers (to) from non-controlling interests $ 409,870 $ (1,594,701) $ 499,241 $ (1,594,701)

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	6 Months Ended
Stock-Based Compensation Plans (Tables)	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Schedule of equity-settled PRSUs issued	The following table summarizes information for equity-settled PRSUs of the Company: PRSUs (Equity-Settled) Three Months Ended Three Months Ended Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 PRSUs (equity-settled) granted — 6,653 360,609 776,603 Weighted-average grant-date fair value $ — $ 22.19 $ 38.87 $ 22.19 PRSUs (equity-settled) compensation expense (in thousands) $ 7,392 $ 6,894 $ 12,799 $ 11,671
Schedule of cash-settled PRSUs issued	The following table summarizes information for cash-settled PRSUs: PRSUs (Cash-Settled) Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 PRSUs (cash-settled) granted — — — — Weighted-average grant-date fair value $ — $ 63,497 $ — $ 63,497 PRSUs (cash-settled) compensation expense (in thousands) $ 596 $ 419 $ 606 $ 519
Schedule of options issued	The following table summarizes information for options: Options Three Months Ended Three Months Ended Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Options granted — — — 181,115 Weighted-average grant-date fair value $ — $ — $ — $ 1.85 Option compensation expense (in thousands) $ 1,279 $ 20,403 $ 3,528 $ 20,403
Schedule of RSUs issued	The following table summarizes information for RSUs: RSUs Three Months Ended Three Months Ended Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 RSUs granted 28,656 — 493,878 — Weighted-average grant-date fair value $ 39.87 $ — $ 39.79 $ — RSUs compensation expense (in thousands) $ 1,675 $ — $ 1,990 $ —

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
Related Party Transactions (Tables)	Jun. 30, 2020
Related Party Transactions [Abstract]
Schedule of balances from transactions with affiliates included in the consolidated statements	At June 30, 2020 and December 31, 2019, the following balances with such affiliates were included in the consolidated statements of financial condition in the following line items (in thousands): June 30, 2020 December 31, 2019 Accounts receivable $ 2,459 $ — Receivable from affiliates 1,482 2,525 Other assets 2,721 2,721 Accounts payable, accrued expenses and other liabilities 537 — Deferred revenue 4,235 4,733 Payable to affiliates 3,164 1,506
Schedule of affiliates were included in the consolidated statements of income	The following balances with such affiliates were included in the consolidated statements of income in the following line items (in thousands): Three Months Ended Three Months Ended Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Revenue: Transaction fees (1) $ — $ — $ 59,643 Subscription fees (1) — — 5,670 Commissions (1) — — 16,186 Refinitiv market data fees (2) 14,565 13,385 29,193 27,001 Operating Income: (3) Interest income — — 858 Shared Services Fees (4) : Technology and communications 740 740 1,480 1,480 General and administrative (620) 191 (596) 371 Occupancy (31) 155 15 310 (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. Under the agreement, the Company delivers to Refinitiv certain market data feeds which Refinitiv redistributes to its customers. The Company earns license fees and royalties for these feeds. (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. Under the terms of the agreement, Refinitiv provides the Company with certain real estate, payroll, benefits administration, insurance, content, financial reporting and tax support.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
Fair Value of Financial Instruments (Tables)	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Schedule of fair value measurements	The fair value measurements are as follows (in thousands): Successor Quoted Prices in active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total As of June 30, 2020 Assets Money market funds $ 474,845 $ — $ — $ 474,845 $ 474,845 $ — $ — $ 474,845 As of December 31, 2019 Assets Money market funds $ 219,158 $ — $ — $ 219,158 $ 219,158 $ — $ — $ 219,158

Credit Risk (Tables)

Credit Risk (Tables)	6 Months Ended
Credit Risk (Tables)	Jun. 30, 2020
Risks and Uncertainties [Abstract]
Accounts Receivable, Allowance for Credit Loss	The following table presents the activity in the allowance for credit losses for accounts receivable for the period ended June 30, 2020 (in thousands): Amount Beginning balance, prior to adoption of ASC 326 - December 31, 2019 $ 195 Current-period provision for expected credit losses 114 Write-offs charged against the allowance (41) Recoveries collected (153) Ending balance - June 30, 2020 $ 115

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
Earnings Per Share (Tables)	Jun. 30, 2020
Tradeweb Markets LLC
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Schedule of basic and Diluted earnings per share	The following table summarizes the basic and diluted earnings per share calculations for Tradeweb Markets Inc. (post-IPO period): Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 EPS: Post-IPO net income attributable to Tradeweb Markets Inc. (in thousands, except share and per share amounts) Numerator: Post-IPO net income attributable to Tradeweb Markets Inc. $ 30,496 $ 12,828 $ 74,424 $ 12,828 Denominator: Weighted average shares of Class A and Class B common stock outstanding - Basic 177,649,501 142,933,192 171,942,125 142,933,192 Dilutive effect of equity-settled PRSUs 2,492,567 2,214,480 2,265,494 2,214,480 Dilutive effect of options 5,168,379 5,699,511 5,694,964 5,699,511 Dilutive effect of RSUs 179,377 — 106,308 — Weighted average shares of Class A and Class B common stock outstanding - Diluted 185,489,824 150,847,183 180,008,891 150,847,183 Earnings per share - Basic $ 0.17 $ 0.09 $ 0.43 $ 0.09 Earnings per share - Diluted $ 0.16 $ 0.09 $ 0.41 $ 0.09 The following table summarizes the basic and diluted earnings per share calculations for Tradeweb Markets LLC (pre-IPO period): Six Months Ended June 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 (1) Earnings per share and weighted average shares outstanding for the pre-IPO period has 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 then existing membership interests in TWM LLC for LLC interests.

Regulatory Capital Requiremen_2

Regulatory Capital Requirements (Tables)	6 Months Ended
Regulatory Capital Requirements (Tables)	Jun. 30, 2020
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]
Schedule of regulatory capital requirements	At June 30, 2020 and December 31, 2019, the regulatory capital requirements and regulatory capital for TWL, DW, TWD, TEL, TWJ and TWEU are as follows (in thousands): As of June 30, 2020 TWL DW TWD TEL TWJ TWEU Regulatory Capital $ 68,860 $ 56,374 $ 23,037 $ 53,331 $ 11,401 $ 7,044 Regulatory Capital Requirement 1,373 1,506 509 20,331 6,559 1,704 Excess Regulatory Capital $ 67,487 $ 54,868 $ 22,528 $ 33,000 $ 4,842 $ 5,340 As of December 31, 2019 TWL DW TWD TEL TWJ TWEU Regulatory Capital $ 42,317 $ 52,016 $ 33,807 $ 49,611 $ 11,851 $ 6,217 Regulatory Capital Requirement 2,396 2,026 664 21,856 8,565 1,701 Excess Regulatory Capital $ 39,921 $ 49,990 $ 33,143 $ 27,755 $ 3,286 $ 4,516
Schedule of financial resources and liquid financial resources	The required and maintained financial resources and liquid financial assets at June 30, 2020 and December 31, 2019 are as follows (in thousands): As of June 30, 2020 As of December 31, 2019 TW SEF DW SEF TW SEF DW SEF Financial Resources $ 28,776 $ 14,202 $ 21,303 $ 13,707 Required Financial Resources 13,500 5,629 10,500 5,505 Excess Financial Resources $ 15,276 $ 8,573 $ 10,803 $ 8,202 Liquid Financial Assets $ 16,572 $ 7,359 $ 18,168 $ 7,583 Required Liquid Financial Assets 6,750 2,815 5,250 2,753 Excess Liquid Financial Assets $ 9,822 $ 4,544 $ 12,918 $ 4,830

Business Segment and Geograph_2

Business Segment and Geographic Information (Tables)	6 Months Ended
Business Segment and Geographic Information (Tables)	Jun. 30, 2020
Segment Reporting [Abstract]
Schedule of information regarding revenue by client sector	Information regarding revenue by client sector is as follows (in thousands): Three Months Ended Three Months Ended Six Months EndedJune 30, 2020 Six Months EndedJune 30, 2019 Gross revenue: Institutional $ 129,992 $ 111,057 $ 275,604 $ 220,309 Wholesale 43,252 41,945 92,008 81,376 Retail 20,366 19,939 42,042 41,145 Market Data 18,497 17,544 37,059 34,447 Total revenue 212,107 190,485 446,713 377,277 Operating expenses 156,468 159,530 313,459 300,045 Operating income $ 55,639 $ 30,955 $ 133,254 $ 77,232
Schedule of revenue and long-lived assets by geographic location	The following table provides a breakdown of revenue by geographic area for the three and six months ended June 30, 2020 and 2019 (in thousands): Three Months Ended Three Months Ended Six Months Ended Six Months Ended U.S. $ 140,073 $ 122,693 $ 285,329 $ 242,090 International 72,034 67,792 161,384 135,187 Gross Revenue $ 212,107 $ 190,485 $ 446,713 $ 377,277 The following table provides information on the attribution of long-lived assets by geographic area as of June 30, 2020 and December 31, 2019 (in thousands): June 30, December 31, Long-lived assets U.S. $ 4,145,763 $ 4,200,133 International 12,673 14,100 Total $ 4,158,436 $ 4,214,233

Organization (Details)

Organization (Details) - USD ($) $ / shares in Units, $ in Billions	Apr. 08, 2019	Jun. 30, 2020	Jun. 30, 2019	Apr. 03, 2019
Class A Common Stock
Common Stock, par value (in dollars per share)		$ 0.00001		$ 0.00001
Class B Common Stock
Shares issued (in shares)	96,933,192
Common Stock, par value (in dollars per share)		0.00001		0.00001
Shares contributed by Refinitiv Owner (in shares)	96,933,192
Class C Common Stock
Common Stock, par value (in dollars per share)		0.00001		0.00001
Shares issued to acquire TWM LLC (in shares)	20,000,000
Number of shares canceled (in shares)	9,993,731
Class D Common Stock
Common Stock, par value (in dollars per share)		$ 0.00001		$ 0.00001
Shares issued to acquire TWM LLC (in shares)	105,289,005
Number of shares canceled (in shares)	36,006,269
Tradeweb Markets LLC
Ownership interest	64.30%	82.60%	64.30%
Number of LLC Interests held by Tradeweb Markets Inc.		17.40%	35.70%
Public offering price (in dollars per share)	$ 27
Net proceeds	$ 1.2
Initial Public Offering \| Class A Common Stock
Shares issued (in shares)	46,000,000
Common Stock, par value (in dollars per share)	$ 0.00001
Public offering price (in dollars per share)	$ 27
Underwriter \| Class A Common Stock
Shares issued (in shares)	6,000,000

Significant Accounting Polici_3

Significant Accounting Policies - Furniture, Equipment, Purchased Software, Leasehold Improvements and Software Development Cost (Details)	6 Months Ended
	Jun. 30, 2020
Furniture, Equipment, Purchased Software and Leasehold Improvements \| Minimum
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life	3 years
Furniture, Equipment, Purchased Software and Leasehold Improvements \| Maximum
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life	7 years
Software Development Costs
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life	3 years
Amortization of pushdown accounting allocation	9 years

Significant Accounting Polici_4

Significant Accounting Policies - Intangible Assets (Details)	6 Months Ended
	Jun. 30, 2020
Minimum
Intangible Assets
Useful life of intangible assets	7 years
Maximum
Intangible Assets
Useful life of intangible assets	12 years

Significant Accounting Polici_5

Significant Accounting Policies - Deferred IPO Cost Follow-On Offering Costs (Details) $ in Millions	Jun. 30, 2020USD ($)
Initial Public Offering
Deferred costs	$ 15.9
Follow On Offering
Deferred costs	$ 4.4

Significant Accounting Polici_6

Significant Accounting Policies - Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands	Jan. 01, 2019	Jun. 30, 2020	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Right-of-use assets		$ 25,012	$ 24,504
Lease liability		$ 30,306	$ 30,955
ASU 2016-02
Lessee, Lease, Description [Line Items]
Right-of-use assets	$ 31,800
Lease liability	39,600
Deferred rent	4,900
Leasehold interest	$ 2,900
Package of practical expedients	true

Restricted Cash (Details)

Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Restricted Cash Equivalents [Abstract]
Restricted cash	$ 1,000	$ 1,000

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Summary of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 2,694,797		$ 2,694,797		$ 2,694,797
Amortization expense	$ 24,900	$ 24,900	$ 49,700	$ 49,700

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Indefinite Lived Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Intangible assets with indefinite useful lives
Intangible assets which have an indefinite useful life	$ 323,100	$ 323,100
Licenses
Intangible assets with indefinite useful lives
Intangible assets which have an indefinite useful life	168,800	168,800
Tradename
Intangible assets with indefinite useful lives
Intangible assets which have an indefinite useful life	$ 154,300	$ 154,300

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Finite Lived Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Intangible assets that are subject to amortization
Cost	$ 1,082,600	$ 1,082,600
Accumulated Amortization	(173,963)	(124,259)
Net Carrying Amount	$ 908,637	958,341
Customer relationships
Intangible assets that are subject to amortization
Amortization Period	12 years
Cost	$ 928,200	928,200
Accumulated Amortization	(135,363)	(96,687)
Net Carrying Amount	$ 792,837	831,513
Content and data
Intangible assets that are subject to amortization
Amortization Period	7 years
Cost	$ 154,400	154,400
Accumulated Amortization	(38,600)	(27,572)
Net Carrying Amount	$ 115,800	$ 126,828

Revenue - Breakdown of Revenues

Revenue - Breakdown of Revenues Between Fixed and Variable (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenue Recognition
Gross revenue	$ 212,107	$ 190,485	$ 446,713	$ 377,277
Transaction fees
Revenue Recognition
Gross revenue	122,146	103,952	262,970	206,592
Commissions
Revenue Recognition
Gross revenue	38,115	36,413	80,608	70,610
Other
Revenue Recognition
Gross revenue	2,275	2,169	4,453	4,063
Variable
Revenue Recognition
Gross revenue	125,182	106,949	273,535	210,932
Variable \| Transaction fees
Revenue Recognition
Gross revenue	96,389	79,577	211,726	158,492
Variable \| Subscription Fees including Refinitiv market data fees
Revenue Recognition
Gross revenue	415	435	880	890
Variable \| Commissions
Revenue Recognition
Gross revenue	28,141	26,635	60,582	50,945
Variable \| Other
Revenue Recognition
Gross revenue	237	302	347	605
Fixed
Revenue Recognition
Gross revenue	86,925	83,536	173,178	166,345
Fixed \| Transaction fees
Revenue Recognition
Gross revenue	25,757	24,375	51,244	48,100
Fixed \| Subscription Fees including Refinitiv market data fees
Revenue Recognition
Gross revenue	49,156	47,516	97,802	95,122
Fixed \| Commissions
Revenue Recognition
Gross revenue	9,974	9,778	20,026	19,665
Fixed \| Other
Revenue Recognition
Gross revenue	$ 2,038	$ 1,867	$ 4,106	$ 3,458

Revenue - Recognized Revenue an

Revenue - Recognized Revenue and Remaining Balances (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Change In Contract with Customer, Liability [Roll Forward]
Deferred revenue balance - beginning of period	$ 23,990
New billings	58,151
Revenue recognized	(54,713)
Deferred revenue balance - end of period	$ 27,428

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Income Tax Disclosure [Line Items]
Effective tax rate	23.40%	20.30%	21.50%	14.20%
Percentage of amount of U.S. federal, state and local income or franchise tax savings			50.00%
Remaining percentage of tax benefits			50.00%
Other assets	$ 38,254		$ 38,254		$ 27,236
Refinitiv
Income Tax Disclosure [Line Items]
Other assets	2,700		2,700
Accounts payable, accrued expenses and other liabilities
Income Tax Disclosure [Line Items]
Tax liability	$ 2,700		$ 2,700
State, local and foreign
Income Tax Disclosure [Line Items]
Percentage of amount of U.S. federal, state and local income or franchise tax savings	21.00%	21.00%	21.00%	21.00%

Tax Receivable Agreement (Detai

Tax Receivable Agreement (Details) - USD ($) $ in Thousands	6 Months Ended
Tax Receivable Agreement (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Tax Receivable Agreement
Percentage of amount of U.S. federal, state and local income or franchise tax savings	50.00%
Tax receivable agreement liability	$ 372,953	$ 240,817

Stockholder's Equity - Initial

Stockholder's Equity - Initial Public Offering and Reorganization Transactions (Details) - USD ($) $ / shares in Units, $ in Millions	Apr. 08, 2019	Oct. 31, 2019	Dec. 31, 2019
Class A Common Stock \| Initial Public Offering
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock from equity incentive plans (in shares)	46,000,000
Public offering price (in dollars per share)	$ 27
Class A Common Stock \| Underwriter
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock from equity incentive plans (in shares)	6,000,000
Class A Common Stock \| October 2019 Follow-On Offering
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock from equity incentive plans (in shares)			19,881,059
Public offering price (in dollars per share)		$ 42
Net proceeds		$ 810
Tradeweb Markets LLC
Subsidiary, Sale of Stock [Line Items]
Public offering price (in dollars per share)	$ 27
Net proceeds	$ 1,200

Stockholder's Equity - Amendmen

Stockholder's Equity - Amendments and Restatement of Certificate of Incorporation (Details)	6 Months Ended
	Jun. 30, 2020Vote$ / sharesshares	Dec. 31, 2019$ / sharesshares	Apr. 08, 2019	Apr. 03, 2019$ / sharesshares
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares) \| shares	250,000,000	250,000,000		250,000,000
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.00001	$ 0.00001		$ 0.00001
Class A Common Stock
Class of Stock [Line Items]
Common Stock, shares authorized (in shares) \| shares	1,000,000,000			1,000,000,000
Common Stock, par value (in dollars per share) \| $ / shares	$ 0.00001			$ 0.00001
Votes \| Vote	1
Cancellation ratio	1
Class B Common Stock
Class of Stock [Line Items]
Common Stock, shares authorized (in shares) \| shares	450,000,000			450,000,000
Common Stock, par value (in dollars per share) \| $ / shares	$ 0.00001			$ 0.00001
Votes \| Vote	10
Cancellation ratio	1
Class C Common Stock
Class of Stock [Line Items]
Common Stock, shares authorized (in shares) \| shares	350,000,000			350,000,000
Common Stock, par value (in dollars per share) \| $ / shares	$ 0.00001			$ 0.00001
Votes \| Vote	1
Cancellation ratio	1
Class D Common Stock
Class of Stock [Line Items]
Common Stock, shares authorized (in shares) \| shares	300,000,000			300,000,000
Common Stock, par value (in dollars per share) \| $ / shares	$ 0.00001			$ 0.00001
Votes \| Vote	10
Voting power threshold percentage to require conversion of shares			4.90%
Cancellation ratio	1
Tradeweb Markets LLC
Class of Stock [Line Items]
Threshold percentage of economic interest for conversion	10.00%
Tradeweb Markets LLC \| Class A Common Stock
Class of Stock [Line Items]
Conversion ratio	1
Tradeweb Markets LLC \| Class C Common Stock
Class of Stock [Line Items]
Conversion ratio	1
Minimum \| Class D Common Stock
Class of Stock [Line Items]
Voting power threshold percentage to require conversion of shares			4.90%

Stockholder's Equity - Recapita

Stockholder's Equity - Recapitalization of Tradeweb Markets LLC (Details) - Tradeweb Markets LLC - shares	Apr. 04, 2019	Jun. 30, 2020
Class A Common Stock
Class of Stock [Line Items]
Common units exchanged (in shares)		146,333
Class C Common Stock
Class of Stock [Line Items]
Common units exchanged (in shares)		447
Class P (A)
Class of Stock [Line Items]
Common units exchanged (in shares)		6,887
Class P (C)
Class of Stock [Line Items]
Common units exchanged (in shares)		2
Class P-1 (A)
Class of Stock [Line Items]
Common units exchanged (in shares)		6,094
Class P-1 (C)
Class of Stock [Line Items]
Common units exchanged (in shares)		232
LLC Interests
Class of Stock [Line Items]
Common units exchanged (in shares)	222,222,197

Stockholder's Equity - Issuance

Stockholder's Equity - Issuance and Cancellation of Common Stock (Details) - shares	Apr. 08, 2019	Jun. 30, 2020	Jun. 30, 2019
Class A Common Stock
Class of Stock [Line Items]
Number of shares owned	46,000,000	90,642,108
Percentage of combined voting power	2.70%
Class B Common Stock
Class of Stock [Line Items]
Shares contributed by Refinitiv Owner (in shares)	96,933,192
Number of shares owned		96,933,192
Class C Common Stock
Class of Stock [Line Items]
Shares issued to acquire TWM LLC (in shares)	20,000,000
Number of shares canceled (in shares)	9,993,731
Number of shares owned		5,109,991
Class D Common Stock
Class of Stock [Line Items]
Shares issued to acquire TWM LLC (in shares)	105,289,005
Number of shares canceled (in shares)	36,006,269
Number of shares owned		34,403,255
Continuing LLC Owners
Class of Stock [Line Items]
Percentage of combined voting power	27.50%
Continuing LLC Owners \| Class C Common Stock
Class of Stock [Line Items]
Number of shares owned	10,006,269
Continuing LLC Owners \| Class D Common Stock
Class of Stock [Line Items]
Number of shares owned	46,294,407
Refinitiv Direct Owner
Class of Stock [Line Items]
Shares contributed by Refinitiv Owner (in shares)	96,933,192
Number of shares owned	96,933,192
Refinitiv Direct Owner \| Class B Common Stock
Class of Stock [Line Items]
Number of shares owned	96,933,192
Percentage of combined voting power	56.40%
Refinitiv LLC Owner \| Class D Common Stock
Class of Stock [Line Items]
Number of LLC Interest (in shares)	22,988,329
Tradeweb Markets LLC
Class of Stock [Line Items]
Number of LLC Interest (in shares)		39,513,246	79,289,005
Ownership percentage, Continuing LLC Owners		17.40%	35.70%
Number of LLC Interest held by parent (in shares)	142,933,192	187,575,300	142,933,192
Ownership interest	64.30%	82.60%	64.30%
Tradeweb Markets LLC \| Class A Common Stock
Class of Stock [Line Items]
Percentage of economic interest	20.70%
Tradeweb Markets LLC \| Continuing LLC Owners
Class of Stock [Line Items]
Number of LLC Interest (in shares)	56,300,676
Ownership percentage, Continuing LLC Owners	25.30%
Tradeweb Markets LLC \| Refinitiv LLC Owner \| Class B Common Stock
Class of Stock [Line Items]
Percentage of economic interest	43.60%
Tradeweb Markets LLC \| Refinitiv LLC Owner \| Class D Common Stock
Class of Stock [Line Items]
Percentage of combined voting power	10.30%
Number of LLC Interest (in shares)	22,988,329
Ownership percentage, Continuing LLC Owners	13.40%

Stockholder's Equity - Redempti

Stockholder's Equity - Redemptions and Exchange of LLC Interests (Details) - USD ($) $ / shares in Units, $ in Millions	Apr. 08, 2019	Oct. 31, 2019	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
LLC units \| October 2019 Follow-On Offering
Subsidiary, Sale of Stock [Line Items]
Stock surrendered (in shares)		19,835,666
LLC units \| April 2020 Follow-On Offering
Subsidiary, Sale of Stock [Line Items]
Stock surrendered (in shares)			12,238,827
LLC units \| Redemptions and Exchanges of LLC Interests
Subsidiary, Sale of Stock [Line Items]
Number of LLC units received (in shares)			5,509,141
Class A Common Stock \| October 2019 Follow-On Offering
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock from equity incentive plans (in shares)				19,881,059
Public offering price (in dollars per share)		$ 42
Net proceeds		$ 810
Stock surrendered (in shares)		45,393
Class A Common Stock \| April 2020 Follow-On Offering
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock from equity incentive plans (in shares)			12,835,245
Public offering price (in dollars per share)			$ 50.25
Net proceeds			$ 626.3
Stock surrendered (in shares)			596,418
Class A Common Stock \| Redemptions and Exchanges of LLC Interests
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock from equity incentive plans (in shares)			5,509,141
Class A Common Stock \| Underwriter
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock from equity incentive plans (in shares)	6,000,000
Shares of common stock issued, underwriters option (in shares)			1,674,162	2,593,181
Class D Common Stock \| Redemptions and Exchanges of LLC Interests
Subsidiary, Sale of Stock [Line Items]
Stock surrendered (in shares)			2,539,149
Class B Common Stock
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock from equity incentive plans (in shares)	96,933,192
Class C Common Stock \| Redemptions and Exchanges of LLC Interests
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock from equity incentive plans (in shares)			690,000
Stock surrendered (in shares)			2,969,992
Tradeweb Markets LLC
Subsidiary, Sale of Stock [Line Items]
Public offering price (in dollars per share)	$ 27
Net proceeds	$ 1,200
Number of LLC Interests held by Tradeweb Markets Inc.			17.40%		35.70%
Ownership interest	64.30%		82.60%		64.30%
Tradeweb Markets LLC \| Public Investors
Subsidiary, Sale of Stock [Line Items]
Number of LLC Interests held by Tradeweb Markets Inc.			39.90%
Tradeweb Markets LLC \| Bank Stockholders
Subsidiary, Sale of Stock [Line Items]
Number of LLC Interests held by Tradeweb Markets Inc.			7.20%
Tradeweb Markets LLC \| Class D Common Stock \| Redemptions and Exchanges of LLC Interests
Subsidiary, Sale of Stock [Line Items]
Stock surrendered (in shares)			690,000
Tradeweb Markets Inc \| Public Investors
Subsidiary, Sale of Stock [Line Items]
Voting power percentage			6.40%
Tradeweb Markets Inc \| Bank Stockholders
Subsidiary, Sale of Stock [Line Items]
Voting power percentage			8.40%
Tradeweb Markets Inc \| Class A Common Stock \| Public Investors
Subsidiary, Sale of Stock [Line Items]
Number of share owned (in shares)			90,642,108
Tradeweb Markets Inc \| Class D Common Stock \| Bank Stockholders
Subsidiary, Sale of Stock [Line Items]
Number of share owned (in shares)			11,285,182
Tradeweb Markets Inc \| Class C Common Stock \| Bank Stockholders
Subsidiary, Sale of Stock [Line Items]
Number of share owned (in shares)			5,109,991
Tradeweb Markets LLC
Subsidiary, Sale of Stock [Line Items]
Public offering price (in dollars per share)	$ 27
Net proceeds	$ 1,200
Refinitiv \| Tradeweb Markets LLC
Subsidiary, Sale of Stock [Line Items]
Ownership interest			52.80%
Refinitiv \| Tradeweb Markets Inc
Subsidiary, Sale of Stock [Line Items]
Ownership interest			85.10%
Refinitiv \| Tradeweb Markets Inc \| Class D Common Stock
Subsidiary, Sale of Stock [Line Items]
Number of share owned (in shares)			22,988,329
Refinitiv \| Tradeweb Markets Inc \| Class B Common Stock
Subsidiary, Sale of Stock [Line Items]
Number of share owned (in shares)			96,933,192

Non-Controlling Interests (Deta

Non-Controlling Interests (Details) $ in Thousands	Apr. 08, 2019shares	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)shares	Jun. 30, 2019USD ($)shares
Non-Controlling Interests
Net income attributable to Tradeweb Markets Inc.		$ 30,496	$ 12,828	$ 74,424	$ 12,828
Change in non-controlling interests as a result of ownership changes		379,374	(1,607,529)	424,817	(1,607,529)
Net transfers (to) from non-controlling interests		379,374	(1,607,529)	424,817	(1,607,529)
Change from net income attributable to Tradeweb Markets Inc. and transfers (to) from non-controlling interests		$ 409,870	$ (1,594,701)	$ 499,241	$ (1,594,701)
Class A Common Stock
Non-Controlling Interests
Conversion ratio				1
Class B Common Stock
Non-Controlling Interests
Conversion ratio				1
Tradeweb Markets LLC
Non-Controlling Interests
Number of LLC Interests held by Tradeweb Markets Inc. (in shares) \| shares	142,933,192			187,575,300	142,933,192
Number of LLC Interests held by non-controlling interests (in shares) \| shares				39,513,246	79,289,005
Total LLC Interests outstanding (in shares) \| shares				227,088,546	222,222,197
Number of LLC Interests held by Tradeweb Markets Inc.	64.30%	82.60%	64.30%	82.60%	64.30%
Number of LLC Interests held by Tradeweb Markets Inc.		17.40%	35.70%	17.40%	35.70%
Total LLC Interests outstanding		100.00%	100.00%	100.00%	100.00%

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of performance modifier	100.00%
Exercise period following a change in control	15 days
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of performance modifier	0.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of performance modifier	200.00%
2019 Omnibus Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	8,841,864		8,841,864
Cliff vesting period			10 years
Vesting period			10 years
Equity-settled PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 46,400		$ 46,400
Expected weighted-average period			1 year 11 months 12 days
Cash Settled PSRUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	200		$ 200
Expected weighted-average period			6 months
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	5,700		$ 5,700
Expected weighted-average period			1 year 10 months 9 days
RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amount reclassified to members capital	1,675	$ 315
Unrecognized compensation expense	$ 17,300		$ 17,300
Expected weighted-average period			1 year 8 months 23 days

Stock-Based Compensation Plan_3

Stock-Based Compensation Plans - PSRUs-settled activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Equity-settled PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PRSUs (equity-settled) granted (in shares)	0	6,653	360,609	776,603
Weighted-average grant-date fair value, equity settled (in dollars per share)	$ 0	$ 22.19	$ 38.87	$ 22.19
PRSUs compensation expense	$ 7,392	$ 6,894	$ 12,799	$ 11,671
Cash Settled PSRUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PRSUs (cash-settled) granted (in shares)	0	0	0	0
Weighted-average grant-date fair value, cash settled (in dollars per share)	$ 0	$ 63,497	$ 0	$ 63,497
PRSUs compensation expense	$ 596	$ 419	$ 606	$ 519
RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PRSUs (equity-settled) granted (in shares)	28,656	0	493,878	0
Weighted-average grant-date fair value, equity settled (in dollars per share)	$ 39.87	$ 0	$ 39.79	$ 0
PRSUs compensation expense	$ 1,675	$ 0	$ 1,990	$ 0

Stock-Based Compensation Plan_4

Stock-Based Compensation Plans - Options (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)	0	0	0	181,115
Weighted-average grant-date fair value (in dollars per share)	$ 0	$ 0	$ 0	$ 1.85
Compensation expense	$ 1,279	$ 20,403	$ 3,528	$ 20,403
RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 1,675	$ 0	$ 1,990	$ 0
RSUs granted (in shares)	28,656	0	493,878	0
Weighted-average grant-date fair value (in dollars per share)	$ 39.87	$ 0	$ 39.79	$ 0

Related Party Transactions - Ba

Related Party Transactions - Balances (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Related Party Transactions [Abstract]
Accounts receivable	$ 2,459	$ 0
Receivable from affiliates	1,482	2,525
Other assets	2,721	2,721
Accounts payable, accrued expenses and other liabilities	537	0
Deferred revenue	4,235	4,733
Payable to affiliates	$ 3,164	$ 1,506

Related Party Transactions - Co

Related Party Transactions - Consolidated Statements of Income (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenue:
Revenue	$ 212,107,000	$ 190,485,000	$ 446,713,000	$ 377,277,000
Operating Income:
Interest income	(286,000)	175,000	413,000	1,033,000
Shared Services Fees:
Technology and communications	12,042,000	9,519,000	22,360,000	19,559,000
General and administrative	7,523,000	9,365,000	15,863,000	18,454,000
Occupancy	3,509,000	3,621,000	7,235,000	7,260,000
Affiliated Entity
Operating Income:
Interest income	0	0		858
Shared Services Fees:
Technology and communications	740,000	740,000	1,480	1,480
General and administrative	(620,000)	191,000	(596,000)	371,000
Occupancy	(31,000)	155,000	15	310
Transaction fees \| Affiliated Entity
Revenue:
Revenue	0	0		59,643
Subscription fees \| Affiliated Entity
Revenue:
Revenue	0	0		5,670
Commissions \| Affiliated Entity
Revenue:
Revenue	0	0		16,186
Refinitiv market data fees \| Affiliated Entity
Revenue:
Revenue	$ 14,565,000	$ 13,385,000	$ 29,193	$ 27,001

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Related Party Transactions
Consulting service fee for IPO			$ 1
Consulting service fee for follow on offering			0.5	$ 0.5
Adjustment to additional paid in capital due to consulting service fee			2
Refinitiv \| Operating Expense Reimbursement
Related Party Transactions
Related party expense	$ 0.9	$ 3.2	$ 1.2	$ 4.2

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Fair Value of Financial Instruments
Total assets measured at fair value	$ 474,845	$ 219,158
Money market funds
Fair Value of Financial Instruments
Money market funds	474,845	219,158
Quoted Prices in active Markets for Identical Assets (Level 1)
Fair Value of Financial Instruments
Total assets measured at fair value	474,845	219,158
Quoted Prices in active Markets for Identical Assets (Level 1) \| Money market funds
Fair Value of Financial Instruments
Money market funds	474,845	219,158
Significant Observable Inputs (Level 2)
Fair Value of Financial Instruments
Total assets measured at fair value	0	0
Significant Observable Inputs (Level 2) \| Money market funds
Fair Value of Financial Instruments
Money market funds	0	0
Significant Unobservable Inputs (Level 3)
Fair Value of Financial Instruments
Total assets measured at fair value	0	0
Significant Unobservable Inputs (Level 3) \| Money market funds
Fair Value of Financial Instruments
Money market funds	$ 0	$ 0

Credit Risk (Details)

Credit Risk (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Credit Risk
Total stockholder's equity	$ 4,014,242	$ 3,378,588
Excess Capital	10,000
Allowance for doubtful accounts	115	$ 195
Minimum
Credit Risk
Total stockholder's equity	$ 25,000

Credit Risk - Credit losses (De

Credit Risk - Credit losses (Details) $ in Thousands	6 Months Ended
Credit Risk - Credit losses (Details) $ in Thousands	Jun. 30, 2020USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance, prior to adoption of ASC 326 - December 31, 2019	$ 195
Current-period provision for expected credit losses	114
Write-offs charged against the allowance	(41)
Recoveries collected	(153)
Ending balance - March 31, 2020	$ 115

Commitments and Contingencies (

Commitments and Contingencies (Details) - Revolving credit facility - USD ($)	Apr. 08, 2019	Jun. 30, 2020
Commitments and Contingencies
Maximum borrowing capacity	$ 500,000,000
Commitment fee (as a percent)	0.25%
Amount outstanding		$ 0
One-month LIBOR
Commitments and Contingencies
Spread (as a percent)	1.00%
Base rate
Commitments and Contingencies
Spread (as a percent)	0.75%
LIBOR
Commitments and Contingencies
Spread (as a percent)	1.75%
Floor (as a percent)	0.00%
Fed Funds Effective Rate
Commitments and Contingencies
Spread (as a percent)	0.50%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($)		3 Months Ended		6 Months Ended
Earnings Per Share (Details) - USD ($)		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Denominator:
Weighted average shares of Class A and Class B common stock outstanding - Basic (in shares)	[1]	177,649,501	142,933,192	171,942,125
Weighted average shares of Class A and Class B common stock outstanding - Diluted (in shares)	[1]	185,489,824	150,847,183	180,008,891
Earnings per share - Basic (in dollars per share)	[1]	$ 0.17	$ 0.09	$ 0.43
Earnings per share - Diluted (in dollars per share)	[1]	$ 0.16	$ 0.09	$ 0.41
Weighted-average shares (in shares)		3,500	340	289,563	340
Potential Dilutive
Denominator:
Weighted-average shares (in shares)		48,132,630		52,888,588
Tradeweb Markets LLC
Numerator:
IPO net income					$ 42,352
Denominator:
Weighted average shares of Class A and Class B common stock outstanding - Basic (in shares)	[1]				222,222,197
Weighted average shares of Class A and Class B common stock outstanding - Diluted (in shares)	[1]				223,320,457
Earnings per share - Basic (in dollars per share)	[1]				$ 0.19
Earnings per share - Diluted (in dollars per share)	[1]				$ 0.19
Tradeweb Markets LLC \| PRSU
Denominator:
Dilutive effect (in shares)					1,098,260
Tradeweb Markets Inc
Numerator:
IPO net income		$ 30,496	$ 12,828	$ 74,424	$ 12,828
Denominator:
Weighted average shares of Class A and Class B common stock outstanding - Basic (in shares)		177,649,501	142,933,192	171,942,125	142,933,192	[2]
Weighted average shares of Class A and Class B common stock outstanding - Diluted (in shares)		185,489,824	150,847,183	180,008,891	150,847,183	[2]
Earnings per share - Basic (in dollars per share)		$ 0.17	$ 0.09	$ 0.43	$ 0.09	[2]
Earnings per share - Diluted (in dollars per share)		$ 0.16	$ 0.09	$ 0.41	$ 0.09	[2]
Tradeweb Markets Inc \| PRSU
Denominator:
Dilutive effect (in shares)		2,492,567	2,214,480	2,265,494	2,214,480
Tradeweb Markets Inc \| Options
Denominator:
Dilutive effect (in shares)		5,168,379	5,699,511	5,694,964	5,699,511
Tradeweb Markets Inc \| RSU
Denominator:
Dilutive effect (in shares)		179,377	0	106,308	0

[1]	Presents information for Tradeweb Markets Inc. (post-IPO period).
[2]	Presents information for Tradeweb Markets LLC (pre-IPO period).

Regulatory Capital Requiremen_3

Regulatory Capital Requirements (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
TWL
Regulatory Capital Requirements
Regulatory Capital	$ 68,860	$ 42,317
Regulatory Capital Requirement	1,373	2,396
Excess Regulatory Capital	67,487	39,921
DW
Regulatory Capital Requirements
Regulatory Capital	56,374	52,016
Regulatory Capital Requirement	1,506	2,026
Excess Regulatory Capital	54,868	49,990
TWD
Regulatory Capital Requirements
Regulatory Capital	23,037	33,807
Regulatory Capital Requirement	509	664
Excess Regulatory Capital	22,528	33,143
TEL
Regulatory Capital Requirements
Regulatory Capital	53,331	49,611
Regulatory Capital Requirement	20,331	21,856
Excess Regulatory Capital	33,000	27,755
TWJ
Regulatory Capital Requirements
Regulatory Capital	11,401	11,851
Regulatory Capital Requirement	6,559	8,565
Excess Regulatory Capital	4,842	3,286
TWEU
Regulatory Capital Requirements
Regulatory Capital	7,044	6,217
Regulatory Capital Requirement	1,704	1,701
Excess Regulatory Capital	5,340	4,516
TW SEF
Regulatory Capital Requirements
Financial Resources	28,776	21,303
Required Financial Resources	13,500	10,500
Excess Financial Resources	15,276	10,803
Liquid Financial Assets	16,572	18,168
Required Liquid Financial Assets	6,750	5,250
Excess Liquid Financial Assets	9,822	12,918
DW SEF
Regulatory Capital Requirements
Financial Resources	14,202	13,707
Required Financial Resources	5,629	5,505
Excess Financial Resources	8,573	8,202
Liquid Financial Assets	7,359	7,583
Required Liquid Financial Assets	2,815	2,753
Excess Liquid Financial Assets	$ 4,544	$ 4,830

Business Segment and Geograph_3

Business Segment and Geographic Information - Revenue by Client Sector (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Business Segment and Geographic Information
Gross revenue	$ 212,107	$ 190,485	$ 446,713	$ 377,277
Total revenue	212,107	190,485	446,713	377,277
Operating expenses	156,468	159,530	313,459	300,045
Operating income	55,639	30,955	133,254	77,232
Institutional
Business Segment and Geographic Information
Gross revenue	129,992	111,057	275,604	220,309
Wholesale
Business Segment and Geographic Information
Gross revenue	43,252	41,945	92,008	81,376
Retail
Business Segment and Geographic Information
Gross revenue	20,366	19,939	42,042	41,145
Market Data
Business Segment and Geographic Information
Gross revenue	$ 18,497	$ 17,544	$ 37,059	$ 34,447

Business Segment and Geograph_4

Business Segment and Geographic Information - Revenue and Long-lived Assets by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Business Segment and Geographic Information
Gross revenue	$ 212,107	$ 190,485	$ 446,713	$ 377,277
Long-lived assets	4,158,436		4,158,436		$ 4,214,233
U.S.
Business Segment and Geographic Information
Gross revenue	140,073	122,693	285,329	242,090
Long-lived assets	4,145,763		4,145,763		4,200,133
International
Business Segment and Geographic Information
Gross revenue	72,034	$ 67,792	161,384	$ 135,187
Long-lived assets	$ 12,673		$ 12,673		$ 14,100

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 11, 2020	Sep. 30, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020
Subsequent Event [Line Items]
Cash dividend declared (in dollars per share)					$ 0.08
Capital distributions			$ 100,000	$ 20,000
Subsequent Event
Subsequent Event [Line Items]
Capital distributions	$ 27,800
Subsequent Event \| Class B Common Stock
Subsequent Event [Line Items]
Cash dividend declared (in dollars per share)		$ 0.08
Subsequent Event \| Class A Common Stock
Subsequent Event [Line Items]
Cash dividend declared (in dollars per share)		$ 0.08