Tradeweb Markets (TW) 10-K 7 Feb 25 2024 FY Annual report Financial data

Cover

Cover - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2024	Jan. 31, 2025	Jun. 28, 2024
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-38860
Entity Registrant Name	Tradeweb Markets Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-2456358
Entity Address, Address Line One	1177 Avenue of the Americas
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
City Area Code	646
Local Phone Number	430-6000
Title of 12(b) Security	Class A common stock, par value $0.00001
Trading Symbol	TW
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 12.2
Documents Incorporated by Reference	Part III of this Annual Report on Form 10-K incorporates by reference portions of the Registrant’s Proxy Statement for its 2025 Annual Meeting of Stockholders. The Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended December 31, 2024.
Entity Central Index Key	0001758730
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Class A Common Stock, par value $0.00001 per share
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		116,163,963
Class B Common Stock, par value $0.00001 per share
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		96,933,192
Class C Common Stock, par value $0.00001 per share
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		18,000,000
Class D Common Stock, par value $0.00001 per share
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		5,073,538

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Audit Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	New York, New York

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 1,340,302	$ 1,706,468
Restricted cash	1,000	1,000
Receivable from brokers and dealers and clearing organizations	67,805	381,178
Deposits with clearing organizations	54,702	36,806
Accounts receivable, net of allowance for credit losses of $447 and $284 at December 31, 2024 and 2023, respectively	222,268	168,407
Furniture, equipment, purchased software and leasehold improvements, net of accumulated depreciation and amortization	45,973	33,559
Lease right-of-use assets	33,550	25,206
Software development costs, net of accumulated amortization	296,721	131,332
Goodwill	3,150,112	2,815,524
Intangible assets, net of accumulated amortization	1,280,892	1,004,797
Receivable and due from affiliates	8,094	192
Deferred tax asset	659,203	684,250
Other assets	107,371	70,819
Total assets	7,267,993	7,059,538
Liabilities
Securities sold under agreements to repurchase	0	21,612
Payable to brokers and dealers and clearing organizations	67,816	351,864
Accrued compensation	222,959	164,329
Deferred revenue	30,800	25,746
Accounts payable, accrued expenses and other liabilities	95,290	57,501
Lease liabilities	35,748	27,463
Payable and due to affiliates	763	1,327
Deferred tax liability	42,893	20,767
Tax receivable agreement liability	372,839	457,523
Total liabilities	869,108	1,128,132
Commitments and contingencies (Note 17)
Equity
Preferred stock, $0.00001 par value; 250,000,000 shares authorized; none issued or outstanding	0	0
Additional paid-in capital	4,813,408	4,738,758
Accumulated other comprehensive income (loss)	(9,981)	(5,389)
Retained earnings	996,763	640,384
Total stockholders’ equity attributable to Tradeweb Markets Inc.	5,800,192	5,373,755
Non-controlling interests	598,693	557,651
Total equity	6,398,885	5,931,406
Total liabilities and equity	7,267,993	7,059,538
Class A common stock
Equity
Common stock	1	1
Class B common stock
Equity
Common stock	1	1
Class C common stock
Equity
Common stock	0	0
Class D common stock
Equity
Common stock	$ 0	$ 0

Consolidated Statements of Fi_2

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accounts receivable, allowance for credit losses	$ 447	$ 284
Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Preferred stock, shares authorized (in shares)	250,000,000	250,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Class A common stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	115,977,551	115,090,787
Common stock, shares outstanding (in shares)	115,977,551	115,090,787
Class B common stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	450,000,000	450,000,000
Common stock, shares issued (in shares)	96,933,192	96,933,192
Common stock, shares outstanding (in shares)	96,933,192	96,933,192
Class C common stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	350,000,000	350,000,000
Common stock, shares issued (in shares)	18,000,000	18,000,000
Common stock, shares outstanding (in shares)	18,000,000	18,000,000
Class D common stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	5,073,538	5,077,973
Common stock, shares outstanding (in shares)	5,073,538	5,077,973

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues
Total revenue		$ 1,725,949	$ 1,338,219	$ 1,188,781
Expenses
Employee compensation and benefits		592,690	460,305	432,421
Depreciation and amortization		219,999	185,350	178,879
Technology and communications		98,568	77,506	65,857
General and administrative		56,317	51,495	46,561
Professional fees		60,132	42,364	37,764
Occupancy		20,215	15,930	14,726
Total expenses		1,047,921	832,950	776,208
Operating income		678,028	505,269	412,573
Tax receivable agreement liability adjustment	[1]	7,730	(9,517)	13,653
Interest income		74,037	67,397	13,712
Interest expense		(4,279)	(2,047)	(1,805)
Other income (loss), net		(1,114)	(13,122)	(1,000)
Income before taxes		754,402	547,980	437,133
Provision for income taxes		(184,439)	(128,477)	(77,520)
Net income		569,963	419,503	359,613
Less: Net income attributable to non-controlling interests		68,456	54,637	50,275
Net income attributable to Tradeweb Markets Inc.		$ 501,507	$ 364,866	$ 309,338
Earnings per share attributable to Tradeweb Markets Inc. Class A and B common stockholders:
Basic (in dollars per share)		$ 2.35	$ 1.73	$ 1.50
Diluted (in dollars per share)		$ 2.33	$ 1.71	$ 1.48
Weighted average shares outstanding:
Basic (in shares)		213,030,056	210,796,802	205,576,637
Diluted (in shares)		214,924,763	212,668,808	208,400,040
Transaction fees and commissions
Revenues
Total revenue		$ 1,423,547	$ 1,078,344	$ 950,269
Subscription fees
Revenues
Total revenue		206,659	183,972	165,922
LSEG market data fees
Revenues
Total revenue		82,145	64,336	62,721
Other
Revenues
Total revenue		$ 13,598	$ 11,567	$ 9,869
[1] See Note 10 – Tax Receivable Agreement.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 569,963	$ 419,503	$ 359,613
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments, with no tax benefit for each of the years ended December 31, 2024, 2023 and 2022	(5,088)	5,419	(13,242)
Other comprehensive income (loss), net of tax	(5,088)	5,419	(13,242)
Comprehensive income	564,875	424,922	346,371
Less: Net income attributable to non-controlling interests	68,456	54,637	50,275
Less: Foreign currency translation adjustments attributable to non-controlling interests	(498)	569	(1,833)
Comprehensive income attributable to Tradeweb Markets Inc.	$ 496,917	$ 369,716	$ 297,929

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax benefit	$ 0	$ 0	$ 0

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock Class A common stock	Common Stock Class B common stock	Common Stock Class C common stock	Common Stock Class D common stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Non- Controlling Interests
Beginning balance at Dec. 31, 2021	$ 5,308,943	$ 1	$ 1	$ 0	$ 0	$ 4,401,366	$ 1,604	$ 242,623	$ 663,348
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from equity incentive plans	10,190					10,190
Share repurchases pursuant to share repurchase programs	(99,323)							(99,323)
Tax receivable agreement liability and deferred taxes arising from LLC Interest ownership exchanges and the issuance of common stock from equity incentive plans	88,230					88,230
Adjustments to non-controlling interests	0					108,679	(308)		(108,371)
Distributions to non-controlling interests	(10,894)								(10,894)
Dividends	(66,006)							(66,006)
Stock-based compensation expense	67,380					67,380
Payroll taxes paid for stock-based compensation	(101,675)					(101,675)
Net income	359,613							309,338	50,275
Foreign currency translation adjustments	(13,242)						(11,409)		(1,833)
Other - See Note 14	3,100					3,100
Ending balance at Dec. 31, 2022	5,546,316	1	1	0	0	4,577,270	(10,113)	386,632	592,525
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from equity incentive plans	15,238					15,238
Share repurchases pursuant to share repurchase programs	(35,205)							(35,205)
Tax receivable agreement liability and deferred taxes arising from LLC Interest ownership exchanges and the issuance of common stock from equity incentive plans	53,395					53,395
Adjustments to non-controlling interests	0					77,767	(126)		(77,641)
Distributions to non-controlling interests	(12,439)								(12,439)
Dividends	(75,909)							(75,909)
Stock-based compensation expense	66,607					66,607
Payroll taxes paid for stock-based compensation	(51,519)					(51,519)
Net income	419,503							364,866	54,637
Foreign currency translation adjustments	5,419						4,850		569
Ending balance at Dec. 31, 2023	5,931,406	1	1	0	0	4,738,758	(5,389)	640,384	557,651
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from equity incentive plans	6,743					6,743
Issuance of common stock for business acquisitions	40,025					40,025
Share repurchases pursuant to share repurchase programs	(59,896)							(59,896)
Tax receivable agreement liability and deferred taxes arising from LLC Interest ownership exchanges and the issuance of common stock from equity incentive plans	(15,326)					(15,326)
Adjustments to non-controlling interests	0					(849)	(2)		851
Distributions to non-controlling interests	(27,767)								(27,767)
Dividends	(85,232)							(85,232)
Stock-based compensation expense	92,009					92,009
Payroll taxes paid for stock-based compensation	(47,952)					(47,952)
Net income	569,963							501,507	68,456
Foreign currency translation adjustments	(5,088)						(4,590)		(498)
Ending balance at Dec. 31, 2024	$ 6,398,885	$ 1	$ 1	$ 0	$ 0	$ 4,813,408	$ (9,981)	$ 996,763	$ 598,693

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends (in dollars per share)	$ 0.40	$ 0.36	$ 0.32

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Net income		$ 569,963	$ 419,503	$ 359,613
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization		219,999	185,350	178,879
Stock-based compensation expense		89,649	65,128	66,644
Deferred tax expense		32,314	89,896	52,863
Tax receivable agreement liability adjustment	[1]	(7,730)	9,517	(13,653)
Other (income) loss, net		1,114	13,122	1,000
(Increase) decrease in operating assets:
Receivable from/payable to brokers and dealers and clearing organizations, net		29,325	(28,946)	(368)
Deposits with clearing organizations		(17,352)	(12,799)	(3,597)
Accounts receivable		(44,221)	(21,081)	(17,228)
Receivable and due from affiliates/payable and due to affiliates, net		(8,538)	(4,241)	3,135
Deferred tax asset as a result of transferable tax credit purchase		(23,857)	0	0
Other assets		(12,107)	(3,919)	(2,120)
Increase (decrease) in operating liabilities:
Securities sold under agreements to repurchase		(21,612)	21,612	0
Accrued compensation		56,459	7,964	(552)
Deferred revenue		4,577	2,796	(1,989)
Accounts payable, accrued expenses and other liabilities		29,758	2,187	10,195
Net cash provided by operating activities		897,741	746,089	632,822
Cash flows from investing activities
Cash paid for acquisitions, net of cash acquired		(860,126)	(69,712)	0
Cash paid for foreign currency call option, net of sale proceeds		0	(1,289)	0
Cash paid for investments		(20,195)	0	0
Purchases of furniture, equipment, software and leasehold improvements		(40,960)	(18,529)	(23,214)
Capitalized software development costs		(47,909)	(43,235)	(36,882)
Net cash used in investing activities		(969,190)	(132,765)	(60,096)
Cash flows from financing activities
Share repurchases pursuant to share repurchase programs		(59,052)	(35,205)	(99,323)
Proceeds from stock-based compensation exercises		6,743	15,238	10,190
Deferred financing costs		0	(2,794)	0
Dividends		(85,232)	(75,909)	(66,006)
Distributions to non-controlling interests		(27,767)	(12,439)	(10,894)
Payroll taxes paid for stock-based compensation		(47,997)	(51,341)	(101,675)
Payments on tax receivable agreement liability		(76,956)	(5,724)	(8,995)
Net cash used in financing activities		(290,261)	(168,174)	(276,703)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(4,456)	4,089	(10,842)
Net increase (decrease) in cash, cash equivalents and restricted cash		(366,166)	449,239	285,181
Cash, cash equivalents and restricted cash
Beginning of period		1,707,468	1,258,229	973,048
End of period		1,341,302	1,707,468	1,258,229
Supplemental disclosure of cash flow information:
Income taxes paid, net of (refunds)		152,012	28,641	13,198
Cash paid for interest		2,574	1,305	1,470
Non-cash investing and financing activities:
Issuance of common stock for business acquisitions		40,025	0	0
Furniture, equipment, software and leasehold improvement additions included in accounts payable		162	1,834	3,632
Unsettled share repurchases included in other liabilities		844	0	0
Withholding taxes payable relating to stock-based compensation settlements included in accrued compensation		133	178	0
Lease right-of-use assets obtained in exchange for lease liabilities, net of modifications and terminations		19,718	10,395	9,122
Stock-based compensation expense capitalized to software development costs		2,344	1,474	928
Other - See Note 14		0	0	3,100
Reconciliation of cash, cash equivalents and restricted cash as shown on the statements of financial condition:
Cash and cash equivalents		1,340,302	1,706,468	1,257,229
Restricted cash		1,000	1,000	1,000
Cash, cash equivalents and restricted cash shown in the statement of cash flows		1,341,302	1,707,468	1,258,229
Adjusted For Refinitiv Transaction
Non-cash investing and financing activities:
Establishment of liabilities under tax receivable agreement		3	28,006	35,923
Deferred tax asset		$ (15,323)	$ 81,401	$ 124,154
[1] See Note 10 – Tax Receivable Agreement.

Organization

Organization	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Tradeweb Markets Inc. (the “Corporation”) was incorporated as a Delaware corporation on November 7, 2018 to carry on the business of Tradeweb Markets LLC (“TWM LLC”) following the completion of a series of reorganization transactions on April 4, 2019 (the “Reorganization Transactions”), in connection with Tradeweb Markets Inc.’s initial public offering (the “IPO”), which closed on April 8, 2019. Following the Reorganization Transactions, Refinitiv ( as defined below) owned an indirect majority ownership interest in the Company (as defined below). On January 29, 2021, London Stock Exchange Group plc (“LSEG”) completed its acquisition of the Refinitiv business from a consortium, including certain investment funds affiliated with The Blackstone Group Inc. (f/k/a The Blackstone Group L.P.) (“Blackstone”) as well as Thomson Reuters Corporation (“TR”), in an all share transaction (the “LSEG Transaction”). In connection with the LSEG Transaction, the Corporation became a consolidating subsidiary of LSEG. Prior to the LSEG Transaction, the Corporation was a consolidating subsidiary of BCP York Holdings (“BCP”), a company owned by certain investment funds affiliated with Blackstone, through BCP’s previous majority ownership interest in Refinitiv. As used herein, “Refinitiv,” prior to the LSEG Transaction, means Refinitiv Holdings Limited, and unless otherwise stated or the context otherwise requires, all of its direct and indirect subsidiaries, and subsequent to the LSEG Transaction, refers to Refinitiv Parent Limited, and unless otherwise stated or the context otherwise requires, all of its subsidiaries. Refinitiv owns substantially all of the former financial and risk business of Thomson Reuters (as defined below), including, prior to and following the completion of the Reorganization Transactions, an indirect majority ownership interest in the Company. The Refinitiv business was rebranded by LSEG as LSEG Data & Analytics during the fourth quarter of 2023. The Corporation is a holding company whose principal asset is LLC Interests (as defined below) of TWM LLC. As the sole manager of TWM LLC, the Corporation operates and controls all of the business and affairs of TWM LLC and, through TWM LLC and its subsidiaries, conducts the Corporation’s business. As a result of this control, and because the Corporation has a substantial financial interest in TWM LLC, the Corporation consolidates the financial results of TWM LLC and reports a non-controlling interest in the Corporation’s consolidated financial statements. As of December 31, 2024 and 2023, Tradeweb Markets Inc. owned 90.2% of TWM LLC and the non-controlling interest holders owned the remaining 9.8% of TWM LLC. References to LLC Interests held by Tradeweb Markets Inc. and comparable terminology refer to LLC Interests held by Tradeweb Markets Inc. directly as well as indirectly through direct, wholly-owned subsidiaries of Tradeweb Markets Inc. (which are holding companies with no independent operations). Unless the context otherwise requires, references to the “Company” refer to Tradeweb Markets Inc. and its consolidated subsidiaries, including TWM LLC, following the completion of the Reorganization Transactions, and TWM LLC and its consolidated subsidiaries prior to the completion of the Reorganization Transactions. A majority interest of Refinitiv (formerly the Thomson Reuters Financial & Risk Business) was acquired by BCP on October 1, 2018 (the “Refinitiv Transaction”) from TR. The Refinitiv Transaction resulted in a new basis of accounting for certain of the Company’s assets and liabilities beginning on October 1, 2018. See Note 2 – Significant Accounting Policies for a description of pushdown accounting applied as a result of the Refinitiv Transaction. In connection with the Reorganization Transactions, TWM LLC’s limited liability company agreement (the “TWM LLC Agreement”) was amended and restated to, among other things, (i) provide for a new single class of common membership interests in TWM LLC (the “LLC Interests”), (ii) exchange all of the then existing membership interests in TWM LLC for LLC Interests and (iii) appoint the Corporation as the sole manager of TWM LLC. LLC Interests, other than those held by the Corporation, are redeemable or exchangeable in accordance with the TWM LLC Agreement for shares of Class A common stock, par value $0.00001 per share, of the Corporation (the “Class A common stock”) or Class B common stock, par value $0.00001 per share, of the Corporation (the “Class B common stock”), as the case may be, on a one-for-one basis. As used herein, references to “Continuing LLC Owners” refer collectively to (i) those owners of TWM LLC prior to the Reorganization Transactions (the “Original LLC Owners”) , incl uding an indirect subsidiary of Refinitiv, certain investment and commercial banks (collectively, the “Bank Stockholders”), and members of management, that contin ued to own LLC Interests after the completion of the IPO and Reorganization Transactions and that received shares of Class C common stock, par value $0.00001 per share, of the Corporation (the “Class C common stock”), shares of Class D common stock, par value $0.00001 per share, of the Corporation (the “Class D common stock”) or a combination of both, as the case may be, in connection with the completion of the Reorganization Transactions, (ii) any subsequent transferee of any Original LLC Owner that has executed a joinder agreement to the TWM LLC Agreement and (iii) solely with respect to the Tax Receivable Agreement (as defined in Note 10 – Tax Receivable Agreement), (x) those Original LLC Owners, including certain of the Bank Stockholders, that disposed of all of their LLC Interests for cash in connection with the IPO and (y) any party that has executed a joinder agreement to the Tax Receivable Agreement in accordance with the Tax Receivable Agreement. The Company is a leader in building and operating electronic marketplaces for a global network of clients across the institutional, wholesale, retail and corporates client sectors. The Company’s principal subsidiaries include: • Tradeweb LLC (“TWL”), a registered broker-dealer under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), a member of the Financial Industry Regulatory Authority (“FINRA”), a member of the Municipal Securities Rulemaking Board (“MSRB”), a registered independent introducing broker with the Commodities Future Trading Commission (“CFTC”) and a member of the National Futures Association (“NFA”). • Dealerweb Inc. (“DW”) (formerly known as Hilliard Farber & Co., Inc.), a registered broker-dealer under the Exchange Act and a member of FINRA and MSRB. DW is also registered as an introducing broker with the CFTC and a member of the NFA. Effective on January 2, 2025, Dealerweb Inc. merged with and into Dealerweb LLC, with Dealerweb LLC being the surviving entity. • Tradeweb Direct LLC (“TWD”) (formerly known as BondDesk Trading LLC), a registered broker-dealer under the Exchange Act and a member of FINRA and MSRB. • Institutional Cash Distributors, LLC (“ICDLC”), acquired on August 1, 2024, a registered broker-dealer under the Exchange Act and a member of FINRA. • Tradeweb Europe Limited (“TEL”), a MiFID Investment Firm regulated by the Financial Conduct Authority (the “FCA”) in the UK and certain other global regulators and that maintains branches in Asia. • TW SEF LLC (“TW SEF”), a Swap Execution Facility (“SEF”) regulated by the CFTC and certain other global regulators. • DW SEF LLC (“DW SEF”), a SEF regulated by the CFTC and certain other global regulators. • Tradeweb Japan K.K. (“TWJ”), a security house regulated by the Japanese Financial Services Agency (“JFSA”) and the Japan Securities Dealers Association (“JSDA”). • Tradeweb EU B.V. (“TWEU”), a MiFID Investment Firm regulated by the Netherlands Authority for the Financial Markets (“AFM”), the De Nederlandsche Bank (“DNB”) and certain other global regulators and that maintains a branch in France. • Tradeweb Execution Services Limited (“TESL”), an Investment Firm (“BIPRU Firm”) regulated by the FCA in the UK with an exemption from the Australian Securities & Investments Commission (“ASIC”) from having to hold an Australian financial services license. • Tradeweb Information Technology Services (Shanghai) Co., Ltd is a wholly-owned foreign enterprise (WOFE) in China. Its business scope includes information, data and technology related services including development, sales, import and export and consulting. The Tradeweb offshore electronic trading platform is recognized by the People’s Bank of China (“PBOC”) for the provision of Bond Connect, CIBM Direct RFQ and Swap Connect. • Tradeweb Execution Services B.V. (“TESBV”), a MiFID Investment Firm authorized and regulated by the AFM, with permission to trade on a matched principal basis. • Tradeweb Australia Pty Ltd (formerly Yieldbroker Pty Limited) (“YB” or “Yieldbroker”), acquired in August 2023, a Tier 1 Australian Markets Licensee in Australia, regulated by ASIC, that also maintains a branch in Singapore that is regulated by the Monetary Authority of Singapore (“MAS”) as a Regulated Market Operator. • Tradeweb (DIFC) Limited (“TDIFC”), an Authorized Firm regulated by the Dubai Financial Services Authority (“DFSA”) with a license for “arranging deals in investments” for users to access the Company’s various trading venues that are also separately recognized by the DFSA. • TW Technology and Trading Private Limited (“TTTL”), a private limited company incorporated in Mumbai, India which is pending regulatory approval from the Reserve Bank of India as an Electronic Trading Platform for the trading of Indian Government Bonds and other local securities. • Tradeweb Brasil Ltda (“TWB”), a limited liability company incorporated in Sao Paulo, Brazil. • Institutional Cash Distributors Limited (“ICDLT”), acquired on August 1, 2024, a firm engaged in the provision of intermediary services authorized and regulated by the FCA in the UK. • ICD Europa - Empresa de Investimento, S.A. (“ICDEU”), acquired on August 1, 2024, an investment firm regulated by the Comissão do Mercado de Valores Mobiliários (“CMVM”) in Portugal. On April 5, 2024, the Company entered into a definitive agreement for TWM LLC to acquire Institutional Cash Distributors (“ICD”) by purchasing all of the outstanding equity interests of each of ICD Intermediate Holdco 1, LLC, SCIC - ICD Blocker 1, Inc. and Parthenon Investors V ICD Blocker, Inc. (the “ICD Acquisition”). The ICD Acquisition closed on August 1, 2024, following the satisfaction of closing conditions and regulatory reviews. ICD is an institutional investment technology provider for corporate treasury organizations trading short-term investments. ICD’s flagship products include ICD Portal and ICD Portfolio Analytics. The portal is a one-stop shop to research, trade, analyze and report on investments across more than 40 available investment providers primarily offering money market funds and access to other short term products including deposits, fixed term funds and separately managed accounts (“SMAs”) (collectively referred to herein as “money market funds”). Portfolio Analytics is an AI-driven cloud solution for aggregating positions across a corporate treasury’s entire portfolio for analysis and reporting. With the acquisition of ICD and its proprietary technology, the Company has added a new client channel, “corporates”, serving corporate treasury professionals, complementing the Company’s existing focus on institutional, wholesale and retail clients. In November 2023, TWM LLC and the Corporation entered into a definitive agreement for TWM LLC to acquire all of the outstanding equity interests of R8FIN Holdings LP (together with its subsidiaries, “r8fin”). The acquisition closed on January 19, 2024, following the satisfaction of closing conditions and regulatory reviews (the “r8fin Acquisition”). r8fin provides a suite of algorithmic-based tools as well as a thin-client execution management system (“EMS”) trading application to facilitate futures and cash trades. The solutions complement Tradeweb’s existing Dealerweb Active Streams, Dealerweb Central Limit Order Book (“CLOB”), Tradeweb Request-for-Quote (“RFQ”) and Tradeweb Automated Intelligent Execution (“AiEX”) offerings. In August 2023, the Company acquired Yieldbroker, a leading Australian trading platform for Australian and New Zealand government bonds and interest rate derivatives, covering the institutional and wholesale client sector (the “Yieldbroker Acquisition”). This acquisition combined Australia and New Zealand’s highly attractive, fast-growing markets with Tradeweb’s international reach and scale. See Note 4 – Acquisitions for additional details on 2024 and 2023 acquisitions. In June 2021, the Company acquired Nasdaq’s U.S. fixed income electronic trading platform, formerly known as eSpeed (the “NFI Acquisition”), which is a fully executable central limit order book (CLOB) for electronic trading in on-the-run (OTR) U.S. government bonds. As of December 31, 2024: • The public investors collectively owned 115,977,551 shares of Class A common stock, representing 10.0% of the combined voting power of Tradeweb Markets Inc.’s issued and outstanding common stock and indirectly, through Tradeweb Markets Inc., owned 49.1% of the economic interest in TWM LLC; • Refinitiv collectively owned 96,933,192 shares of Class B common stock, 18,000,000 shares of Class C common stock and 4,988,329 shares of Class D common stock, representing 89.9% of the combined voting power of Tradeweb Markets Inc.’s issued and outstanding common stock and directly and indirectly, through Tradeweb Markets Inc., owned 50.8% of the economic interest in TWM LLC; and • Other stockholders that continued to own LLC Interests also collectively owned 85,209 shares of Class D common stock, representing less than 0.1% of the combined voting power of Tradeweb Markets Inc.’s issued and outstanding common stock. Collectively, these stockholders directly owned less than 0.1% of the economic interest in TWM LL C. In addition, the Company’s basic and diluted earnings per share calculations for year ended December 31, 2024 were impacted by 165,565 of weighted average shares resulting from unvested or unsettled vested stock awards that were considered participating securities for purposes of calculating earnings per share in accordance with the two-class method. The Company’s diluted earnings per share calculation for year ended December 31, 2024 also includes 1,894,707 of weighted average shares resulting from the dilutive effect of its equity incentive plans. See Note 18 – Earnings Per Share for additional details.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies The following is a summary of significant accounting policies: Basis of Presentation The consolidated financial statements have been presented in conformity with accounting principles generally accepted in the United States of America (“GAAP” or “U.S. GAAP”). The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. As discussed in Note 1 – Organization, as a result of the Reorganization Transactions, Tradeweb Markets Inc. consolidates TWM LLC and its subsidiaries and TWM LLC is considered to be the predecessor to Tradeweb Markets Inc. for financial reporting purposes. Tradeweb Markets Inc. had no business transactions or activities and no substantial assets or liabilities prior to the Reorganization Transactions. The consolidated financial statements represent the financial condition and results of operations of the Company and report a non-controlling interest related to the LLC Interests held by Continuing LLC Owners. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the difference may be material to the consolidated financial statements. Business Combinations Business combinations are accounted for under the purchase method of accounting pursuant to Accounting Standards Codification (“ASC”) 805, Business Combinations (“ASC 805”) . The total cost of an acquisition is allocated to the underlying net assets based on their respective estimated fair values. The excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. The fair value of assets acquired and liabilities assumed is determined based on assumptions that reasonable market participants would use in the principal (or most advantageous) market for the asset or liability. Determining the fair value of certain assets acquired and liabilities assumed is judgmental in nature and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash flows, discount rates, growth rates, customer attrition rates and asset lives. Transaction costs incurred to effect a business combination are expensed as incurred and are included as a component of professional fees or general and administrative expenses in the consolidated statements of income. Pushdown Accounting In connection with the Refinitiv Transaction, a majority interest of Refinitiv was acquired by BCP on October 1, 2018 from TR. The Refinitiv Transaction was accounted for by Refinitiv in accordance with the acquisition method of accounting pursuant to ASC 805 , and pushdown accounting was applied to Refinitiv to record the fair value of the assets and liabilities of Refinitiv as of October 1, 2018, the date of the Refinitiv Transaction. The Company, as a consolidating subsidiary of Refinitiv, also accounted for the Refinitiv Transaction using pushdown accounting which resulted in a new fair value basis of accounting for certain of the Company’s assets and liabilities beginning on October 1, 2018. Under the pushdown accounting applied, the excess of the fair value of the Company above the fair value accounting basis of the net assets and liabilities of the Company as of October 1, 2018 was recorded as goodwill. The fair value of assets acquired and liabilities assumed was determined based on assumptions that reasonable market participants would use in the principal (or most advantageous) market for the asset or liability. The adjusted valuations primarily affected the values of the Company’s long-lived and indefinite-lived intangible assets, including software development costs. Cash and Cash Equivalents Cash and cash equivalents consists of cash and highly liquid investments with remaining maturities at the time of purchase of three months or less. Allowance for Credit Losses The Company continually monitors collections and payments from its clients and maintains an allowance for credit losses. The allowance for credit losses is based on an estimate of the amount of potential credit losses in existing accounts receivable, as determined from a review of aging schedules, past due balances, historical collection experience and other specific account data. Careful analysis of the financial condition of the Company’s counterparties is also performed. Additions to the allowance for credit losses are charged to credit loss expense, which is included in general and administrative expenses in the consolidated statements of income. Aged balances that are determined to be uncollectible are written off against the allowance for credit losses. An allowance for credit losses is also recognized for any credit impairment for available-for-sale debt securities. See Note 16 – Credit Risk for additional information. Receivable from and Payable to Brokers and Dealers and Clearing Organizations Receivable from and payable to brokers and dealers and clearing organizations consists of proceeds from transactions executed on the Company’s wholesale platform which failed to settle due to the inability of a transaction party to deliver or receive the transacted security. These securities transactions are generally collateralized by those securities. Until the failed transaction settles, a receivable from (and a matching payable to) brokers and dealers and clearing organizations is recognized for the proceeds from the unsettled transaction. Deposits with Clearing Organizations Deposits with clearing organizations are comprised of cash deposits. Furniture, Equipment, Purchased Software and Leasehold Improvements Furniture, equipment, purchased software and leasehold improvements are carried at cost less accumulated depreciation. Depreciation for furniture, equipment and purchased software is computed on a straight-line basis over the estimated useful lives of the related assets, ranging from three Furniture, equipment, purchased software and leasehold improvements are tested for impairment whenever events or changes in circumstances suggest that an asset’s carrying value may not be fully recoverable. As of December 31, 2024 and 2023, accumulated depreciation related to furniture, equipment, purchased software and leasehold improvements totaled $92.0 million and $95.8 million, respectively. Depreciation expense for furniture, equipment, purchased software and leasehold improvements for the years ended December 31, 2024, 2023 and 2022 was $22.7 million, $21.3 million and $19.5 million, respectively. Software Development Costs The Company capitalizes costs associated with the development of internal use software at the point at which the conceptual formulation, design and testing of possible software project alternatives have been completed. The Company capitalizes employee compensation and related benefits and third party consulting costs incurred during the application development stage which directly contribute to such development. Such costs are amortized on a straight-line basis over three years. Software development costs acquired as part of the ICD Acquisition are amortized over eight years, software development costs acquired as part of the r8fin Acquisition are amortized over seven years and software development costs acquired as part of the Yieldbroker Acquisition and NFI Acquisition were both amortized over one year. Costs capitalized as part of the Refinitiv Transaction pushdown accounting allocation are amortized over nine years. The Company reviews the amounts capitalized for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable, or that their useful lives are shorter than originally expected. Non-capitalized software costs and routine maintenance costs are expensed as incurred. Goodwill Goodwill includes the excess of the fair value of the Company above the fair value accounting basis of the net assets and liabilities of the Company as previously applied under pushdown accounting in connection with the Refinitiv Transaction. Goodwill also includes the cost of acquired companies in excess of the fair value of identifiable net assets at the acquisition date, including the ICD Acquisition, the r8fin Acquisition, the Yieldbroker Acquisition and the NFI Acquisition. Goodwill is not amortized, but is tested for impairment annually on October 1st and between annual tests, whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. Goodwill is tested at the reporting unit level, which is defined as an operating segment or one level below the operating segment. The Company consists of one reporting unit for goodwill impairment testing purposes. An impairment loss is recognized if the estimated fair value of a reporting unit is less than its net book value. Such loss is calculated as the difference between the estimated fair value of goodwill and its carrying value. Goodwill was last tested for impairment on October 1, 2024 and no impairment of goodwill was identified. Intangible Assets Intangible assets with a finite life are amortized over the estimated lives, ranging from four Investments in Available-for-Sale Debt Securities Investments in available-for-sale debt securities are carried at fair value with unrealized gains or losses excluded from earnings and reported in accumulated other comprehensive loss in the consolidated statements of financial condition until realized. On a quarterly basis, the Company assesses whether an impairment loss on its available-for-sale debt securities has occurred due to declines in fair value or other market conditions. When the amortized cost basis of an available-for-sale debt security exceeds its fair value, the security is deemed to be impaired. The portion of an impairment related to credit losses is determined by comparing the present value of cash flows expected to be collected from the security with the amortized cost basis of the security and is recorded as a charge in the consolidated statements of operations. The remainder of an impairment is recognized in accumulated other comprehensive loss if the Company does not intend to sell the security and it is more likely than not that the Company will not be required to sell the security prior to recovery. Investments in available-for-sale debt securities are included as a component of other assets on the consolidated statements of financial condition. Equity Investments Without Readily Determinable Fair Values Equity investments without a readily determinable fair value are measured at cost, less impairment, plus or minus observable price changes (in orderly transactions) of an identical or similar investment of the same issuer. If the Company determines that the equity investment is impaired on the basis of a qualitative assessment, the Company will recognize an impairment loss equal to the amount by which the investment’s carrying amount exceeds its fair value. Equity investments are included as a component of other assets on the consolidated statements of financial condition. Investments in Digital Assets - Canton Coins The Company performs services as a Super Validator and Validator on the Global Synchronizer, the Canton Network’s decentralized interoperability infrastructure. The Canton Network is a public-permissioned blockchain network designed with privacy and controls to facilitate the exchange of regulated financial assets. The Canton Network’s Global Synchronizer includes a utility token, a digital asset called the Canton Coin, which is used to pay traffic fees for using the Global Synchronizer. The Company earns Canton Coins, for its function as a Super Validator and Validator on the Canton Network, and then generally holds the Canton Coins on its balance sheet for investment purposes and to pay any fees associated with its Canton Network activity. The cost basis of the Canton Coins received is initially recorded at fair value on the date of receipt, as a component of other assets on the consolidated statements of financial condition and other revenue on the consolidated statements of income. The Canton Coins are then remeasured to fair market value at the end of each reporting period, through an adjustment to unrealized gain/(loss), included as a component of other income (loss), net on the consolidated statements of income. The Company employs the first-in-first-out (“FIFO”) method to determine the cost basis of its Canton Coins for the computation of gains and losses on its disposal or sale. Realized gain (loss) on sale of Canton Coins are included as a component of other income (loss), net in the consolidated statements of operations. Securities Sold Under Agreements to Repurchase From time to time, the Company sells securities under agreements to repurchase in order to facilitate the clearance of securities. Securities sold under agreements to repurchase are treated as collateralized financings and are presented in the consolidated statements of financial condition at the amounts of cash received. Receivables and payables arising from these agreements are not offset in the consolidated statements of financial condition. Leases At lease commencement, a right-of-use asset and a lease liability are recognized for all leases with an initial term in excess of 12 months based on the initial present value of the fixed lease payments over the lease term. The lease right-of-use asset also reflects the present value of any initial direct costs, prepaid lease payments and lease incentives. The Company’s leases do not provide a readily determinable implicit discount rate. Therefore, management estimates the Company’s incremental borrowing rate used to discount the lease payments based on the information available at lease commencement. The Company includes the term covered by an option to extend a lease when the option is reasonably certain to be exercised. The Company has elected not to separate non-lease components from lease components for all leases. Significant assumptions and judgments in calculating the lease right-of-use assets and lease liabilities include the determination of the applicable borrowing rate for each lease. Operating lease expense is recognized on a straight-line basis over the lease term and included as a component of occupancy expense in the consolidated statements of income. Revenue Recognition The Company’s classification of revenues in the consolidated statements of income represents revenues from contracts with customers disaggregated by type of revenue. See Note 8 – Revenue for additional details regarding revenue types and the Company’s policies regarding revenue recognition. Translation of Foreign Currency and Foreign Exchange Derivative Contracts Revenues, expenses, assets and liabilities denominated in non-functional currencies are recorded in the appropriate functional currency for the legal entity at the rate of exchange prevailing at the transaction date. Monetary assets and liabilities that are denominated in non-functional currencies are then remeasured at the end of each reporting period at the exchange rate prevailing at the end of the reporting period. Foreign currency remeasurement gains or losses on monetary assets and liabilities in nonfunctional currencies are recognized in the consolidated statements of income within general and administrative expenses. The realized and unrealized gains/losses totaled a loss of $4.5 million, $1.6 million and $2.3 million for the years ended December 31, 2024, 2023 and 2022, respectively. Since the consolidated financial statements are presented in U.S. dollars, the Company also translates all non-U.S. dollar functional currency revenues, expenses, assets and liabilities into U.S. dollars. All non-U.S. dollar functional currency revenue and expense amounts are translated into U.S. dollars monthly at the average exchange rate for the month. All non-U.S. dollar functional currency assets and liabilities are translated at the rate prevailing at the end of the reporting period. Gains or losses on translation in the financial statements, when the functional currency is other than the U.S. dollar, are included as a component of other comprehensive income. The Company enters into foreign currency forward contracts to mitigate its U.S. dollar and British pound sterling versus euro exposure, generally with a duration of less than 12 months. In June 2023, the Company also entered into a foreign currency call option on Australian dollars, see Note 15 – Fair Value of Financial Instruments and Other Assets for additional details. The Company’s foreign exchange derivative contracts are not designated as hedges for accounting purposes. Changes in the fair value during the period of foreign currency forward contracts, which were entered into for foreign exchange risk management purposes relating to operating activities, are recognized in the consolidated statements of income within general and administrative expenses and related cash flows are included in cash flows from operating activities. Changes in the fair value during the period of the foreign currency call option on Australian dollars, which was entered into for foreign exchange risk management purposes relating to investing activities, are recognized in the consolidated statements of income within other income/loss and related cash flows are included in cash flows from investing activities. The Company does not use derivative instruments for trading or speculative purposes. Realized and unrea lized gains/losses on foreig n currency forward contract s totaled a gain of $15.0 million, $0.8 million and $4.9 million for the years ended December 31, 2024, 2023 and 2022, respectively. Realized losses on the foreign currency call option on the Australian dollar du ring the year ended December 31, 2023 totaled $1.3 million. As of December 31, 2024 and 2023, the counterparty on each of the foreign exchange derivative contracts was an affiliate of LSEG and therefore the corresponding assets or liabilities on such contracts were included in receivable and due from affiliates or payable and due to affiliates, respectively, on the accompanying consolidated statements of financial condition. See Note 15 – Fair Value of Financial Instruments and Other Assets for additional details on the Company’s derivative instruments. Income Tax The Corporation is subject to U.S. federal, state and local income taxes with respect to its taxable income, including its allocable share of any taxable income of TWM LLC, and is taxed at prevailing corporate tax rates. TWM LLC is a multiple member limited liability company taxed as a partnership and accordingly any taxable income generated by TWM LLC is passed through to and included in the taxable income of its members, including the Corporation. Income taxes also include unincorporated business taxes on income earned or losses incurred for conducting business in certain state and local jurisdictions, income taxes on income earned or losses incurred in foreign jurisdictions on certain operations and federal and state income taxes on income earned or losses incurred, both current and deferred, on subsidiaries that are taxed as corporations for U.S. tax purposes. The Company records deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities. The Company measures deferred taxes using the enacted tax rates and laws that will be in effect when such temporary differences are expected to reverse. The Company evaluates the need for valuation allowances based on the weight of positive and negative evidence. The Company records valuation allowances wherever management believes it is more likely than not that the Company will not be able to realize its deferred tax assets in the foreseeable future. The Company records uncertain tax positions on the basis of a two-step process whereby (i) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to income taxes within the provision for income taxes in the consolidated statements of income. Accrued interest and penalties are included within accounts payable, accrued expenses and other liabilities in the consolidated statements of financial condition. The Company has elected to treat taxes due on future U.S. inclusions in taxable income under the global intangible low-taxed income (“GILTI”) provision of the Tax Cuts and Jobs Act of 2017 as a current period expense when incurred. On August 16, 2022, former President Biden signed the Inflation Reduction Act of 2022 (“IRA”) into law. The IRA establishes a 15% corporate alternative minimum tax (“CAMT”) effective for taxable years beginning after December 31, 2022, and imposes a 1% excise tax on the repurchase after December 31, 2022 of stock by publicly traded U.S. corporations. The 1% excise tax did not have an impact to our financial condition, results of operations and cash flows as of and for the years ended December 31, 2024 and 2023. The Company is subject to the current 15% CAMT. However, it is not expected to have a material impact on the Company’s effective tax rate. On October 8, 2021, the Organization for Economic Cooperation and Development announced an accord endorsing and providing an implementation plan focused on global profit allocation, and implementing a global minimum tax rate of at least 15% for large multinational corporations on a jurisdiction-by-jurisdiction basis, known as the “Two Pillar Plan.” On December 15, 2022, the European Council formally adopted a European Union directive on the implementation of the plan which became effective for the Company beginning on January 1, 2024. The Company falls under the provisions of the Two Pillar Plan and related tax impacts per local country adoption as it is a consolidating subsidiary of LSEG. The Company does not anticipate a material impact to its financial condition, results of operations and cash flows from the Two Pillar Plan. Stock-Based Compensation The stock-based payments received by the employees of the Company are accounted for as equity awards. The Company measures and recognizes the cost of employee services received in exchange for awards of equity instruments based on their estimated fair values measured as of the grant date. These costs are recognized as an expense over the requisite service period, with an offsetting increase to additional paid-in capital. The grant-date fair value of stock-based awards that do not require future service (i.e., vested awards) are expensed immediately. Forfeitures of stock-based compensation awards are recognized as they occur. For grants made during the post-IPO period, the fair value of the equity instruments is determined based on the price of the Class A common stock on the grant date. Prior to the IPO, the Company awarded options to management and other employees (collectively, the “Special Option Award”) under the Amended and Restated Tradeweb Markets Inc. Option Plan (the “Option Plan”). The significant assumptions used to estimate the fair value as of grant date of the options awarded prior to the IPO did not reflect changes that would have occurred to these assumptions as a result of the IPO. The non-cash stock-based compensation expense associated with the Special Option Award began being expensed in the second quarter of 2019. The Company uses the Black-Scholes pricing model to value some of its option awards. Determining the appropriate fair value model and calculating the fair value of the option awards requires the input of highly subjective assumptions, including the expected life of the option awards and the stock price volatility. For performance-based restricted stock units that vest based on market conditions, the Company recognizes stock-based compensation based on the estimated grant date fair value of the awards computed with the assistance of a valuation specialist using a Monte Carlo simulation on a binomial model. The significant assumptions used to estimate the fair value of the performance-based restricted stock units that vest based on market conditions are years of maturity, annualized volatility and the risk-free interest rate. The maturity period represents the period of time that the award granted was modeled into the future, the risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of measurement corresponding with the maturity period of the award and the expected volatility is based upon historical volatility of the Company’s Class A common stock. Earnings Per Share Basic and diluted earnings per share are computed in accordance with the two-class method as unvested or unsettled vested stock awards issued to certain retired or terminated employees are entitled to non-forfeitable dividend equivalent rights and are considered participating securities prior to being issued and outstanding shares of common stock. The two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that otherwise would have been available to common shareholders. Basic earnings per share is computed by dividing the net income attributable to the Company’s outstanding shares of Class A and Class B common stock by the weighted-average number of the Company’s shares outstanding during the period. For purposes of computing diluted earnings per share, the weighted-average number of the Company’s shares reflects the dilutive effect that could occur if all potentially dilutive securities were converted into or exchanged or exercised for the Company’s Class A or Class B common stock. The dilutive effect of stock options and other stock-based payment awards is calculated using the treasury stock method, which assumes the proceeds from the exercise of these instruments are used to purchase common shares at the average market price for the period. The dilutive effect of LLC Interests held by non-controlling interests is evaluated under the if-converted method, where the securities are assumed to be converted at the beginning of the period, and the resulting common shares are included in the denominator of the diluted earnings per share calculation for the entire period presented. Performance-based awards are considered contingently issuable shares and their dilutive effect is included in the denominator of the diluted earnings per share calculation for the entire period, if those shares would be issuable as of the end of the reporting period, assuming the end of the reporting period was also the end of the contingency period. Shares of Class C and Class D common stock do not have economic rights in Tradeweb Markets Inc. and, therefore, are not included in the calculation of basic earnings per share. Fair Value Measurement Fair value represents 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). Financial instruments that the Company owns (long positions) are marked to bid prices, and instruments that the Company has sold, but not yet purchased (short positions) are marked to offer prices. Fair value measurements do not include transaction costs. The fair value hierarchy under ASC 820, Fair Value Measurement (“ASC 820”) , prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described below. Basis of Fair Value Measurement An asset or liability’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 for which all significant inputs are observable, either directly or indirectly; • Level 3 : Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. Recent Accounting Pronouncements In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 requires the disaggregation of certain costs and expenses in the notes to the financial statements to provide enhanced transparency into the expense captions presented on the face of the income statement. ASU 2024-03 is effective for the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2027 and for interim periods beginning in 2028. The guidance may be applied on a prospective or retrospective basis and early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2024-03 on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation and income taxes paid. ASU 2023-09 is effective for the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2025. The guidance may be applied on a prospective or retrospective basis and early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2023-09 on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-08, Intangibles-Goodwill and Other-Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets (“ASU 2023-08”), which addresses the accounting and disclosure requirements for certain crypto assets. ASU 2023-08 requires entities to measure crypto assets that meet specific criteria at fair value, with changes recognized in net income each reporting period. ASU 2023-08 is effective for annual periods beginning after December 15, 2024, including interim periods within those years, with early adoption permitted. The Company began receiving and holding digital assets, in the form of Canton Coins, during the third quarter of 2024 and early adopted ASU 2023-08. This adoption became effective with the commencement of the Company’s initial holdings of these digital assets, which fall within the scope of ASU 2023-08. See Note 15 – Fair Value of Financial Instruments and Other Assets for digital asset disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly reviewed by the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items and interim disclosures of a reportable segment’s profit or loss and assets. ASU 2023-07 also allows, in addition to the measure that is most consistent with U.S. GAAP, the disclosure of additional measures of segment profit or loss that are used by the CODM in assessing segment performance and deciding how to allocate resources. ASU 2023-07 also requires the disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. All disclosure requirements under ASU 2023-07 and

Restricted Cash

Restricted Cash	12 Months Ended
	Dec. 31, 2024
Restricted Cash Equivalents [Abstract]
Restricted Cash	Restricted Cash Cash has been segregated in a special reserve bank account for the benefit of brokers and dealers under SEC Rule 15c3-3. The Company computes the proprietary accounts of broker-dealers (“PAB”) reserve, which requires the Company to maintain minimum segregated cash in the amount of excess total credits per the reserve computation. As of both December 31, 2024 and 2023, 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.

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions	Acquisitions ICD On August 1, 2024, the Company completed its acquisition of ICD. Pursuant to the terms of the purchase agreement, TWM LLC was required to pay $785 million in cash, subject to customary working capital and other adjustments, for the acquisition. In connection with the acquisition closing, the Corporation was also required to issue and sell $4.5 million of shares of its Class A common stock in reliance on Section 4(a)(2) of the Securities Act, to an equityholder of the ICD seller, who was also an employee of ICD and is currently an employee of the Company. These shares of Class A common stock were issued and sold as restricted stock (“RSAs”), subject to vesting and forfeiture terms, pursuant to the Tradeweb Markets Inc. 2019 Omnibus Equity Incentive Plan. During the fourth quarter of 2024, the Company recorded final working capital and purchase price adjustments which resulted in immaterial adjustments to the assets acquired and liabilities assumed. The total purchase consideration for the ICD business combination, net of cash acquired, was $774.2 million. The 41,705 RSAs issued at closing, had a fair market value of $4.7 million as of the acquisition date, and will cliff vest at the end of a two-year service period. Of the $4.7 million in RSAs issued, $3.3 million was allocated to consideration transferred for the business combination, relating to the pre-combination service period completed before the acquisition date, and $1.3 million will be amortized into stock-based compensation expense over the two - year service period required subsequent to the acquisition date. Cash paid at closing, net of $23.3 million in cash acquired and net of the proceeds from the $4.5 million sale of RSAs, totaled $773.8 million. Of this amount, $770.9 million was determined to be the net cash consideration transferred for the business combination, $1.4 million was recorded as compensation expense during the year ended December 31, 2024, related to the acceleration of vesting on the acquisition date of previously unvested stock awards issued by the ICD seller, and $1.4 million was recorded as a prepaid asset, to be recognized as compensation expense over a two-year required service period, relating to sale proceeds held in escrow for certain key executives, who are required to remain employed by the Company during that service period in order to receive the escrow portion of their sale proceeds. ICD is an institutional investment technology provider for corporate treasury organizations trading short-term investments and with the acquisition of ICD and its proprietary technology, the Company has added a new client channel, “corporates”, serving corporate treasury professionals, complementing the Company’s existing focus on institutional, wholesale and retail clients. r8fin On January 19, 2024, the Company completed its acquisition of r8fin in exchange for total consideration of $125.9 million, consisting of $89.2 million in cash paid at closing (net of cash acquired) and the issuance of 374,601 shares of Class A common stock of the Corporation valued as of the acquisition date at $36.7 million. r8fin provides a suite of algorithmic-based tools as well as a thin-client execution management system (“EMS”) trading application to facilitate futures and cash trades. The solutions complement Tradeweb’s existing Dealerweb Active Streams, Dealerweb Central Limit Order Book (“CLOB”), Tradeweb Request-for-Quote (“RFQ”) and Tradeweb Automated Intelligent Execution (“AiEX”) offerings. Yieldbroker On August 31, 2023, the Company completed its acquisition of all of the outstanding equity interests of Tradeweb Australia Pty Ltd (Tradeweb Australia Pty Ltd changed its name from Yieldbroker Pty Limited in January 2024). The all-cash purchase price of A$123.6 million ($80.1 million U.S. dollars as translated as of August 31, 2023) was net of cash acquired and prior to working capital and other closing adjustments. Tradeweb Australia Pty Ltd operates a leading Australian trading platform for Australian and New Zealand government bonds and interest rate derivatives, covering the institutional and wholesale client sectors. Business Combinations The ICD, r8fin and Yieldbroker acquisitions were accounted for as business combinations and the Company utilized the assistance of a third-party valuation specialist to determine the fair value of the assets acquired and liabilities assumed at the date of the closing of each respective acquisition. The fair values were determined based on assumptions that reasonable market participants would use in the principal (or most advantageous) market and primarily included significant unobservable inputs (Level 3). Customer relationships were valued using the income approach, specifically a multi-period excess earnings method. The excess earnings method examines the economic returns contributed by the identified tangible and intangible assets of a company, and then examines the excess return that is attributable to the intangible asset being valued. The discount rate used reflects the amount of risk associated with the hypothetical cash flows for the customer relationships relative to the overall business. In developing a discount rate for the customer relationships, the Company estimated a weighted-average cost of capital for the overall business and employed an intangible asset risk premium to this rate when discounting the excess earnings related to customer relationships. The resulting discounted cash flows were then tax-affected at the applicable statutory rate. The acquired developed technology, included in the consolidated balance sheet as software development costs, was valued using the income approach, specifically the relief-from-royalty method (“RFRM”). The RFRM is used to estimate the cost savings that accrue to the owner of an intangible asset who would otherwise have to pay royalties or license fees on revenues earned through the use of the asset. The royalty rate is applied to the projected revenue over the expected remaining life of the intangible asset to estimate royalty savings. The net after-tax royalty savings are calculated for each year in the remaining economic life of the technology and discounted to present value. The discount rate used reflects the amount of risk associated with the hypothetical cash flows for the developed technology relative to the overall business as discussed above relating to the customer relationships. The final purchase price allocations for ICD, r8fin and Yieldbroker were as follows: Year Ended December 31, 2024 2023 ICD r8fin Total 2024 Business Combinations Yieldbroker Purchase Price Allocation (dollars in thousands) Cash and cash equivalents $ 23,321 $ 1,397 $ 24,718 $ 12,753 Deposits with clearing organizations 596 — 596 — Accounts receivable 10,625 139 10,764 1,900 Equipment 360 — 360 384 Lease right-of-use assets 316 — 316 1,453 Software development costs 160,000 28,000 188,000 588 Goodwill 292,399 42,189 334,588 35,265 Intangible assets – Customer relationships 340,000 56,500 396,500 39,746 Intangible assets – Tradename 4,000 — 4,000 492 Deferred tax asset — — — 3,361 Other assets 1,445 179 1,624 693 Accrued compensation (3,390) — (3,390) (3,577) Deferred revenue (311) (219) (530) (72) Accounts payable, accrued expenses and other liabilities (6,579) (886) (7,465) (9,025) Lease liabilities (340) — (340) (1,496) Deferred tax liabilities (24,872) — (24,872) — Total purchase consideration - cash paid and stock issued 797,570 127,299 924,869 82,465 Less: Cash acquired (23,321) (1,397) (24,718) (12,753) Purchase consideration, net of cash acquired $ 774,249 $ 125,902 $ 900,151 $ 69,712 The acquired software development costs will be amortized over a useful life of eight years for ICD and seven years for r8fin and were amortized over one year for Yieldbroker. The acquired trade names of ICD and Yieldbroker will both be amortized over a useful life of four years. Customer relationships will be amortized over a useful life of 15 years for ICD and 13 years for both r8fin and Yieldbroker. The goodwill recognized in connection with the ICD, r8fin and Yieldbroker acquisitions is primarily attributable to the acquisition of an assembled workforce and expected future customers, future technology and synergies from the integration of the operations of the acquisitions into the Company's operations and its single business segment. Approximately $238 million of the goodwill recognized in connection with the ICD Acquisition and all of the goodwill recognized in connection with the r8fin and Yieldbroker acquisitions are expected to be deductible for income tax purposes. During the years ended December 31, 2024 and 2023, the Company recognized $16.9 million and $4.6 million, respectively, in transaction costs incurred to effect the ICD, r8fin and Yieldbroker acquisitions, which are included as a component of professional fees in the accompanying consolidated statements of income. During the years ended December 31, 2024 and 2023, the Company recognized $2.2 million and $0.9 million, respectively, in transaction costs incurred to effect the ICD, r8fin and Yieldbroker acquisitions, which are included as a component of general and administrative expenses in the accompanying consolidated statements of income. There were no acquisitions completed during the year ended December 31, 2022. From the date of the ICD Acquisition through December 31, 2024, ICD revenues of $43.2 million and operating income of $2.1 million, including $18.4 million of depreciation and amortization from acquired assets, were included in the Company’s consolidated statements of income for the year ended December 31, 2024. The r8fin and Yieldbroker acquisitions were not material to the Company's consolidated financial statements and therefore pro forma and current period results of these acquisitions have not been presented. Supplemental Pro Forma Information (Unaudited) The financial information in the table below summarizes the combined results of operations of Tradeweb Markets Inc. and ICD, on a pro forma basis, as though the companies had been combined as of the beginning of the prior comparative period presented, which is January 1, 2023. The unaudited supplemental pro forma information is presented for informational purposes only and is not indicative of the actual results of operations that would have been achieved if the ICD Acquisition had taken place on January 1, 2023 or of future results. Such unaudited pro forma financial information is based on the historical financial statements of Tradeweb Markets Inc. and ICD. The unaudited pro forma financial information is based on estimates and assumptions that have been made solely for the purpose of developing such unaudited pro forma financial information, including, without limitation, purchase accounting adjustments, acquisition related transaction costs, the removal of historical ICD interest expense and intangible asset amortization and the addition of intangible asset amortization and incremental stock-based compensation expense related to this acquisition, together with their consequential tax effects. The pro forma adjustments are based upon currently available information and certain assumptions that the Company believes are reasonable under the circumstances. The unaudited pro forma financial information does not reflect any anticipated synergies or operating cost reductions that may be achieved from integrating ICD into the rest of the Company. The unaudited supplemental pro forma financial information for periods presented herein are as follows: Year Ended December 31, 2024 2023 (dollars in thousands) Revenue $ 1,780,366 $ 1,423,362 Operating income $ 689,203 $ 478,629 Net income attributable to Tradeweb Markets Inc. $ 508,042 $ 346,494

Software Development Costs

Software Development Costs	12 Months Ended
	Dec. 31, 2024
Research and Development [Abstract]
Software Development Costs	Software Development Costs The components of total software development costs, net of accumulated amortization are as follows: December 31, 2024 December 31, 2023 Cost Accumulated Net Carrying Cost Accumulated Net Carrying (dollars in thousands) Software development costs – Refinitiv Transaction $ 168,500 $ (117,014) $ 51,486 $ 168,500 $ (98,292) $ 70,208 Software development costs – Other 423,524 (178,289) 245,235 185,290 (124,166) 61,124 Total software development costs $ 592,024 $ (295,303) $ 296,721 $ 353,790 $ (222,458) $ 131,332 Capitalized software development costs and amortization expense are as follows: Year Ended December 31, 2024 2023 2022 (dollars in thousands) Software development costs capitalized (1) $ 50,236 $ 44,720 $ 37,810 Amortization expense related to capitalized software development costs $ 72,848 $ 55,810 $ 52,180 (1) Software development costs capitalized does not include the $188.0 million in software development costs acquired in connection with the ICD and r8fin acquisitions during the year ended December 31, 2024 and the $0.6 million in software development costs acquired in connection with the Yieldbroker acquisition during the year ended December 31, 2023. See Note 4 – Acquisitions. Non-capitalized software costs and routine maintenance costs are expensed as incurred and are included in employee compensation and benefits and professional fees on the consolidated statements of income. The estimated annual future amortization for software development costs as of December 31, 2024 through December 31, 2029 is as follows: Amount (dollars in thousands) 2025 $ 80,339 2026 $ 66,502 2027 $ 46,092 2028 $ 24,056 2029 $ 24,000

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill Goodwill includes the following activity during the years ended December 31, 2024 and 2023: December 31, 2024 2023 (dollars in thousands) Balance at beginning of period $ 2,815,524 $ 2,780,259 Goodwill recognized in connection with acquisitions 334,588 35,265 Balance at end of period $ 3,150,112 $ 2,815,524 The components of goodwill are as follows: December 31, 2024 2023 (dollars in thousands) Goodwill – Refinitiv Transaction $ 2,694,797 $ 2,694,797 Goodwill – Acquisitions and other 455,315 120,727 Total $ 3,150,112 $ 2,815,524 Intangible Assets Intangible assets with an indefinite useful life consisted of the following: December 31, 2024 2023 (dollars in thousands) Licenses – Refinitiv Transaction $ 168,800 $ 168,800 Tradename – Refinitiv Transaction 154,300 154,300 Total $ 323,100 $ 323,100 Intangible assets that are subject to amortization consisted of the following: Amortization Period December 31, 2024 December 31, 2023 Cost Accumulated Net Carrying Cost Accumulated Net Carrying (dollars in thousands) Customer relationships – Refinitiv Transaction 12 years $ 928,200 $ (483,438) $ 444,762 $ 928,200 $ (406,088) $ 522,112 Customer relationships – Acquisitions 13-15 years 537,531 (44,955) 492,576 141,031 (20,497) 120,534 Content and data – Refinitiv Transaction 7 years 154,400 (137,857) 16,543 154,400 (115,800) 38,600 Tradename – Acquisitions 4 years 4,492 (581) 3,911 492 (41) 451 Total $ 1,624,623 $ (666,831) $ 957,792 $ 1,224,123 $ (542,426) $ 681,697 Amortization expense for definite-lived intangible assets during the years ended December 31, 2024, 2023 and 2022 was $124.4 million, $108.3 million and $107.2 million, respectively . The estimated annual future amortization for definite-lived intangible assets as of December 31, 2024 through December 31, 2029 is as follows: Amount (dollars in thousands) 2025 $ 132,877 2026 $ 116,334 2027 $ 116,293 2028 $ 115,795 2029 $ 115,211

Leases

Leases	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Leases	Leases The Company has operating leases for corporate offices and data centers with initial lease terms ranging from one December 31, 2024 2023 (dollars in thousands) Operating lease right-of-use assets $ 33,550 $ 25,206 Operating lease liabilities $ 35,748 $ 27,463 Activity related to the Company’s leases for the years ended December 31, 2024, 2023 and 2022 is as follows: Year Ended December 31, 2024 2023 2022 (dollars in thousands) Operating lease expense included as a component of occupancy expense on the accompanying consolidated statements of income $ 13,941 $ 11,768 $ 10,842 Cash paid for amounts included in the measurement of operating lease liability $ 14,145 $ 12,548 $ 11,940 At December 31, 2024 and 2023, the weighted average borrowing rate and weighted average remaining lease term are as follows: December 31, 2024 2023 Weighted average borrowing rate 4.9 % 4.6 % Weighted average remaining lease term (years) 3.5 3.7 The following table presents the future minimum lease payments and the maturity of lease liabilities as of December 31, 2024: Amount (dollars in thousands) 2025 $ 13,439 2026 9,560 2027 9,003 2028 3,623 2029 3,318 Thereafter 215 Total future lease payments 39,158 Less imputed interest (3,410) Lease liability $ 35,748 The lease payments above exclude $159.2 million of future minimum lease payments for a lease signed but not yet commenced as of December 31, 2024. This lease, for the Company’s New York City headquarters, is expected to commence in mid-2025 and has an expected initial lease term of approximately 16 years.

Revenue

Revenue	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Revenue Recognition The Company enters into contracts with its clients to provide a stand-ready connection to its electronic marketplaces, which facilitates the execution of trades by its clients. The access to the Company’s electronic marketplaces includes market data, continuous pricing data refreshes and the processing and reporting of trades thereon, which are highly interrelated services. The stand-ready connection to the electronic marketplaces is considered a single performance obligation satisfied over time as the client simultaneously receives and consumes the benefit from the Company’s performance as access is provided. This performance obligation constitutes a series of services that are substantially the same in nature and are provided over time using the same measure of progress. For its services, the Company may earn subscription fees for granting access to its electronic marketplaces. Subscription fees, which are generally fixed fees, are recognized as revenue on a monthly basis, in the period that access is provided. The frequency of subscription fee billings varies from monthly to annually, depending on contract terms. The Company also earns transaction fees and/or commissions from transactions executed on the Company’s electronic marketplaces, including the basis point commissions earned on the monthly average daily balance (“ADB”) of money market fund investments made through its ICD Portal, and commission revenue from its electronic and voice brokerage services on a riskless principal basis. Riskless principal revenues are derived on matched principal transactions where revenues are earned on the spread between the buy and sell price of the transacted product. Transaction fees and commissions are generated both on a variable and fixed price basis and vary by geographic region, product type and trade size. Fixed monthly transaction fees and commissions, or monthly transaction fees and commission minimums, are earned on a monthly basis in the period the stand-ready trading services are provided and are generally billed monthly. For variable transaction fees and commissions, the Company charges its clients amounts calculated based on the mix of products traded and the volume of transactions executed. Variable transaction fee and commission revenue associated with a particular trade is recognized and recorded on a trade-date basis when the individual trade occurs and is generally billed when the trade settles or is billed monthly. Variable commission revenue based upon a clients’ ADB invested in money market funds during a calendar month is recorded monthly and the rates billed may vary by money market fund and by the total level of funds invested. Variable discounts or rebates on transaction fees and commissions are earned and applied monthly or quarterly, resolved within the same reporting period and are recorded as a reduction to revenue in the period the relevant trades occur. The Company also earns fees from an affiliate of LSEG relating to the sale of market data to LSEG, which distributes that data. Included in these fees, which are billed quarterly, are real-time market data fees which are recognized monthly on a straight-line basis, as LSEG receives and consumes the benefit evenly over the contract period, as the data is provided. Also included in these fees are fees for historical data sets, which are recognized when the historical data set is provided to LSEG. Significant judgments used in accounting for the Company’s market data agreement with LSEG include the following determinations: • The provision of real-time market data feeds and historical data sets are distinct performance obligations. • The performance obligations under this contract are recognized over time from the initial delivery of the data feeds until the end of the contract term or at a point in time upon delivery of each historical data set. • The transaction prices for the performance obligations were determined by using an adjusted market assessment analysis. Inputs in this analysis included publicly available price lists for data sets provided by other companies, planned internal pricing strategies and other market data points and adjustments obtained through consultations with market data industry experts regarding estimating a standalone selling price for each performance obligation. Some revenues earned by the Company have fixed fee components, such as monthly minimums or fixed monthly fees, and variable components, such as transaction-based fees and commissions. The breakdown of revenues between fixed and variable revenues for the years ended December 31, 2024, 2023 and 2022 is as follows: Year Ended Year Ended Year Ended December 31, 2024 December 31, 2023 December 31, 2022 (dollars in thousands) Variable Fixed Variable Fixed Variable Fixed Revenues Transaction fees and commissions $ 1,274,636 $ 148,911 $ 930,247 $ 148,097 $ 803,465 $ 146,804 Subscription fees 1,762 204,897 1,855 182,117 1,873 164,049 LSEG market data fees — 82,145 — 64,336 — 62,721 Other 2,366 11,232 1,112 10,455 862 9,007 Total revenue $ 1,278,764 $ 447,185 $ 933,214 $ 405,005 $ 806,200 $ 382,581 Deferred Revenue Fees received by the Company which are not yet earned are included in deferred revenue on the consolidated statements of financial condition until the revenue recognition criteria have been met. The revenue recognized and the remaining deferred revenue balances are shown below: Amount (dollars in thousands) Deferred revenue balance - December 31, 2023 $ 25,746 New billings 157,805 Revenue recognized (153,259) Deferred revenue acquired in connection with acquisitions 530 Effect of foreign currency exchange rate changes (22) Deferred revenue balance - December 31, 2024 $ 30,800

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Corporation is subject to U.S. federal, state and local income taxes with respect to its taxable income, including its allocable share of any taxable income of TWM LLC, and is taxed at prevailing corporate tax rates. The Company’s actual effective tax rate will be impacted by the Corporation’s ownership share of TWM LLC, which will continue to increase as Continuing LLC Owners that continue to hold LLC Interests redeem or exchange their LLC Interests for shares of Class A common stock or Class B common stock, as applicable, or the Corporation purchases LLC Interests from such Continuing LLC Owners. The Company’s consolidated effective tax rate will also vary from period to period depending on changes in the mix of earnings, tax legislation and tax rates in various jurisdictions. The Company’s provision for income taxes includes U.S., federal, state, local and foreign taxes. For the year ended December 31, 2024, total income before the provision for income taxes amounted to $754.4 million, consisting of $720.6 million in the United States and $33.8 million in foreign locations. The provision for income taxes consists of the following: Year Ended December 31, 2024 2023 2022 (dollars in thousands) Current: Federal $ 95,266 $ 15,168 $ 7,260 State and Local 42,453 20,748 16,243 Foreign 14,406 2,665 1,154 Total current tax expense 152,125 38,581 24,657 Deferred: Federal 20,225 79,264 66,591 State and local 9,852 9,707 (11,384) Foreign 2,237 925 (2,344) Total deferred tax expense 32,314 89,896 52,863 Total provision for income taxes $ 184,439 $ 128,477 $ 77,520 A reconciliation of the U.S. federal statutory tax rate to the effective rate is as follows: Year Ended December 31, 2024 2023 2022 Statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % State and local income taxes, net of federal income tax benefit 6.1 6.3 5.3 Non-controlling interest (1.7) (1.9) (2.1) Tax Receivable Agreement adjustment (0.2) 0.4 (0.7) Rate change — (1.6) (4.1) Equity Compensation (0.5) (0.5) (2.1) Other (0.3) (0.3) 0.4 Effective income tax rate 24.4 % 23.4 % 17.7 % The effective tax rate for the year ended December 31, 2024 was approximately 24.4%, compared with 23.4% for the year ended December 31, 2023 and 17.7% for the year ended December 31, 2022. The effective tax rate for the years ended December 31, 2024 and 2023 differed from the U.S. federal statutory rate of 21.0% primarily due to state and local taxes net of the benefit related to the effect of non-controlling interests. The effective tax rates for the year ended December 31, 2022 differed from the U.S. federal statutory rate of 21.0% primarily due to state and local taxes including the tax impact of state apportionment rates changes on total tax expense as a result of the remeasurement of the Company’s net tax deferred asset, the effect of non-controlling interests and the tax impact of the exercise of equity compensation. The components of the Company’s net deferred tax asset (liability) are as follows: December 31, 2024 2023 (dollars in thousands) Deferred tax assets: Investment in partnership $ 516,665 $ 602,936 Net operating losses 2,311 3,806 Tax Receivable Agreement - Interest 16,939 16,799 Employee compensation 74,465 52,029 Transferable tax credits 23,857 — Other tax credits 4,743 5,099 Other 5,950 6,722 Deferred tax assets, gross 644,930 687,391 Valuation Allowance (1,654) — Total deferred tax assets, net 643,276 687,391 Deferred tax liabilities Goodwill and Intangibles (26,966) (23,908) Total deferred tax liabilities (26,966) (23,908) Total net deferred tax asset (liability) $ 616,310 $ 663,483 The Company has obtained, and expects to obtain, an increase in its share of the tax basis of the assets of TWM LLC when LLC Interests are redeemed or exchanged by Continuing LLC Owners and in connection with certain other qualifying transactions. This increase in tax basis has had, and may in the future have, the effect of reducing the amounts that the Corporation would otherwise pay in the future to various tax authorities. Pursuant to the Tax Receivable Agreement, the Corporation is required to make cash payments to the Continuing LLC Owners equal to 50% of the amount of U.S. federal, state and local income or franchise tax savings, if any, that the Corporation actually realizes (or in some circumstances are deemed to realize) as a result of certain future tax benefits to which the Corporation may become entitled. The Corporation expects to benefit from the remaining 50% of tax benefits, if any, that the Corporation may actually realize. See Note 10 – Tax Receivable Agreement for further details. The tax benefit has been recognized in deferred tax assets on the consolidated statements of financial condition. As of December 31, 2024, the Company had no tax effected U.S. federal net operating loss carryforwards for income tax purposes, state and local net operating loss carryforwards of $1.0 million, and foreign net operating loss carryforwards of $1.2 million. If not utilized, the state and local net operating loss carryforwards will begin to expire in 2035. The foreign net operating loss carryforwards can be carried forward indefinitely. The components of the Company’s uncertain tax positions are as follows: Amount (dollars in thousands) Gross unrecognized tax benefits as of January 1, 2024 $ 10,515 Increase in current year tax positions 9,774 Increase in prior year tax positions 1,176 Decrease in prior year tax positions (2,591) Acquired tax positions 742 Settlements — Gross unrecognized tax benefits as of December 31, 2024 $ 19,616 The Company recognizes interest and penalties related to income taxes within the provision for income taxes in the consolidated statements of income. Accrued interest and penalties are included within accounts payable, accrued expenses and other liabilities in the consolidated statements of financial condition. The total amount of interest and penalties payable as of December 31, 2024 was $1.7 million and $0.1 million, respectively. In connection with the Reorganization Transactions, a Refinitiv entity was contributed to the Corporation, pursuant to which the Corporation received 96,933,192 LLC Interests and Refinitiv received 96,933,192 shares of Class B common stock (“Refinitiv Contribution”). As a result of the Refinitiv Contribution, the Company assumed the tax liabilities of the contributed entity and the Company was indemnified by Refinitiv for these tax liabilities assumed. During the year ended December 31, 2023, the contributed entity reached an audit settlement with the State of New Jersey for the tax years 2008 - 2015 and paid $2.0 million in full settlement of the matter and the prior liabilities assumed. Also during the year ended December 31, 2023, Refinitiv reimbursed the Company for the $2.0 million paid to the State of New Jersey pursuant to the indemnification agreement. As of December 31, 2024 and 2023, there were no remaining tax liabilities accrued associated with the Refinitiv Contribution. The above tax positions were recognized using the best estimate of the amount expected to be paid based on available information and assessment of all relevant factors. Due to the uncertainty associated with tax audits, it is possible that at some future date liabilities resulting from these audits could vary significantly from these positions. Nevertheless, based on currently enacted legislation and information currently known to us, the Company believes that the ultimate resolution of these audits will not have a material adverse impact on the Company’s financial condition taken as a whole. Furthermore, based on currently available information, the Company does not anticipate any material changes to net uncertain tax benefits within the next twelve months.

Tax Receivable Agreement

Tax Receivable Agreement	12 Months Ended
	Dec. 31, 2024
Tax Receivable Agreement
Tax Receivable Agreement	Tax Receivable Agreement In connection with the Reorganization Transactions, the Corporation entered into a tax receivable agreement (the “Tax Receivable Agreement”) with TWM LLC and the Continuing LLC Owners, which provides for the payment by the Corporation to a Continuing LLC Owner of 50% of the amount of U.S. federal, state and local income or franchise tax savings, if any, that the Corporation actually realizes (or in some circumstances is deemed to realize) as a result of (i) increases in the tax basis of TWM LLC’s assets resulting from (a) the purchase of LLC Interests from such Continuing LLC Owner, including with the net proceeds from the IPO and any subsequent offerings or (b) redemptions or exchanges by such Continuing LLC Owner of LLC Interests for shares of Class A common stock or Class B common stock or for cash, as applicable, and (ii) certain other tax benefits related to the Corporation making payments under the Tax Receivable Agreement. Payments under the Tax Receivable Agreement are due within 150 days after the filing of the tax return based on the actual tax savings realized by the Corporatio n, and estimated payments may be made in advance. The first payment of the Tax Receivable Agreement was made in January 2021. Substantially all payments due under the Tax Receivable Agreement are payable over fifteen years following the purchase of LLC Interests from Continuing LLC Owners or redemption or exchanges by Continuing LLC Owners of LLC Interests. The Corporation accounts for the income tax effects resulting from taxable redemptions or exchanges of LLC Interests by Continuing LLC Owners for shares of Class A common stock or Class B common stock or cash, as the case may be, and purchases by the Corporation of LLC Interests from Continuing LLC Owners by recognizing an increase in deferred tax assets, based on enacted tax rates at the date of each redemption, exchange, or purchase, as the case may be. Further, the Corporation evaluates the likelihood that it will realize the benefit represented by the deferred tax asset, and, to the extent that the Corporation estimates that it is more likely than not that it will not realize the benefit, it reduces the carrying amount of the deferred tax asset with a valuation allowance. The impact of any changes in the total projected obligations recorded under the Tax Receivable Agreement as a result of actual changes in the mix of the Company’s earnings, tax legislation and tax rates in various jurisdictions, or other factors that may impact the Corporation’s actual tax savings realized, are reflected in income before taxes on the consolidated statements of income in the period in which the change occurs. As of December 31, 2024 and 2023, the tax receivable agreement liability on the consolidated statements of financial condition totaled $372.8 million and $457.5 million, respectively. During the years ended December 31, 2024, 2023 and 2022, the Company recognized a tax receivable agreement liability adjustment o f $7.7 million of income, $9.5 million of expense and $13.7 million of income , respectively, in the consolidated statements of income due to changes in the tax receivable agreement liability recorded in the consolidated statements of financial condition.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2024
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock Each share of Class A common stock and Class C common stock entitles its holder to one vote on all matters presented to the Corporation’s stockholders generally. Each share of Class B common stock and Class D common stock entitles its holder to ten votes on all matters presented to the Corporation’s stockholders generally. The holders of Class C common stock and Class D common stock have no economic interests in the Corporation (where “economic interests” means the right to receive any dividends or distributions, whether cash or stock, in connection with common stock). These attributes are summarized in the following table: Class of Common Stock Par Value Votes Economic Rights Class A common stock $ 0.00001 1 Yes Class B common stock $ 0.00001 10 Yes Class C common stock $ 0.00001 1 No Class D common stock $ 0.00001 10 No Holders of outstanding shares of Class A common stock, Class B common stock, Class C common stock and Class D common stock will vote together as a single class on all matters presented to the Corporation’s stockholders for their vote or approval, except as otherwise required by applicable law. Holders of Class B common stock may from time to time exchange all or a portion of their shares of Class B common stock for newly issued shares of Class A common stock on a one-for-one basis (in which case their shares of Class B common stock will be cancelled on a one-for-one basis upon any such issuance). Continuing LLC Owners that hold shares of Class D common stock may from time to time exchange all or a portion of their shares of Class D common stock for newly issued shares of Class C common stock on a one-for-one basis (in which case their shares of Class D common stock will be cancelled on a one-for-one basis upon such issuance). Each share of Class B common stock will automatically convert into one share of Class A common stock and each share of Class D common stock will automatically convert into one share of Class C common stock (i) immediately prior to any sale or other transfer of such share by a holder or its permitted transferees to a non-permitted transferee or (ii) once Refinitiv no longer beneficially owns a number of shares of common stock and LLC Interests that together entitle them to at least 10% of TWM LLC’s economic interest. Holders of LLC Interests that receive shares of Class C common stock upon any such conversion may continue to elect to have their LLC Interests redeemed for newly issued shares of Class A common stock as described below (in which case their shares of Class C common stock will be cancelled on a one-for-one basis upon such issuance). In addition, the Corporation’s board of directors adopted the Omnibus Equity Plan, under which equity awards may be made in respect of shares of Class A common stock. It also assumed sponsorship of the Option Plan and a PRSU plan formerly sponsored by TWM LLC. See Note 13 – Stock-Based Compensation Plans for further details. The following table details the movement in the Company’s outstanding shares of common stock during the period: Class A Class B Class C Class D Total Balance at December 31, 2021 106,286,821 96,933,192 1,654,825 28,873,139 233,747,977 Activities related to exchanges of LLC Interests 4,184,083 — 1,596,352 (5,780,435) — Issuance of common stock from equity incentive plans 1,622,769 — — — 1,622,769 Share repurchases pursuant to share repurchase programs (1,347,067) — — — (1,347,067) Balance at December 31, 2022 110,746,606 96,933,192 3,251,177 23,092,704 234,023,679 Activities related to exchanges of LLC Interests 3,265,908 — 14,748,823 (18,014,731) — Issuance of common stock from equity incentive plans 1,564,003 — — — 1,564,003 Share repurchases pursuant to share repurchase programs (485,730) — — — (485,730) Balance at December 31, 2023 115,090,787 96,933,192 18,000,000 5,077,973 235,101,952 Activities related to exchanges of LLC Interests 4,435 — — (4,435) — Issuance of common stock from equity incentive plans 944,938 — — — 944,938 Issuance of common stock for business acquisitions (1)(2) 416,306 — — — 416,306 Share repurchases pursuant to share repurchase programs (478,915) — — — (478,915) Balance at December 31, 2024 115,977,551 96,933,192 18,000,000 5,073,538 235,984,281 (1) On January 19, 2024, the Corporation issued 374,601 unregistered shares of Class A common stock as partial consideration for the r8fin Acquisition (the “r8fin Acquisition Shares”), in reliance on Section 4(a)(2) of the Securities Act. The r8fin Acquisition Shares are considered issued and outstanding subsequent to their January 19, 2024 issuance, but remain subject to a lock-up that restricts the sale, transfer or disposal of these shares for the two year period following the January 19, 2024 acquisition date of the r8fin Acquisition. See Note 4 – Acquisitions for additional details on this acquisition. (2) On August 1, 2024, the Corporation issued and sold 41,705 unregistered shares of Class A common stock in connection with the closing of the ICD Acquisition, in reliance on Section 4(a)(2) of the Securities Act. These shares of Class A common stock (or “RSAs”) were issued and sold as restricted stock, subject to vesting and forfeiture terms, pursuant to the Tradeweb Markets Inc. 2019 Omnibus Equity Incentive Plan. Although the RSAs and dividends payable on the RSAs during the vesting period are subject to a two-year cliff vesting service requirement and forfeiture terms, they are considered issued and outstanding shares of Class A common stock subsequent to their August 1, 2024 issuance. TWM LLC will issue corresponding LLC Interests to the Corporation only if, when and to the extent the RSAs vest. See Note 4 – Acquisitions for additional details on this acquisition. LLC Interests The TWM LLC Agreement requires that TWM LLC at all times maintain (i) a one-to-one ratio between the number of shares of Class A common stock and Class B common stock issued by the Corporation and the number of LLC Interests owned by the Corporation (subject to certain exceptions contained in the TWM LLC Agreement) and (ii) a one-to-one ratio between the number of shares of Class C common stock and Class D common stock issued by the Corporation and the number of LLC Interests owned by the holders of such Class C common stock and Class D common stock. In August 2024, the Corporation issued 41,705 shares of Class A common stock as restricted stock, subject to vesting and forfeiture terms, pursuant to the Tradeweb Markets Inc. 2019 Omnibus Equity Incentive Plan. TWM LLC will issue corresponding LLC Interests to the Corporation only if, when and to the extent the restricted shares of Class A common stock vest. See Note 4 – Acquisitions. LLC Interests held by Continuing LLC Owners are redeemable in accordance with the TWM LLC Agreement, at the election of such holders, for newly issued shares of Class A common stock or Class B common stock, as the case may be, on a one-for-one basis (and such holders’ shares of Class C common stock or Class D common stock, as the case may be, will be cancelled on a one-for-one basis upon any such issuance). In the event of such election by a Continuing LLC Owner, the Corporation may, at its option, effect a direct exchange of Class A common stock or Class B common stock for such LLC Interests of such Continuing LLC Owner in lieu of such redemption. In addition, the Corporation’s board of directors may, at its option, instead of the foregoing redemptions or exchanges of LLC Interests, cause the Corporation to make a cash payment equal to the volume weighted average market price of one share of Class A common stock for each LLC Interest redeemed or exchanged (subject to customary adjustments, including for stock splits, stock dividends and reclassifications) in accordance with the terms of the TWM LLC Agreement. Redemptions and Exchanges of LLC Interests Continuing LLC Owners may, from time to time, exercise their redemption rights under the TWM LLC Agreement, pursuant to which LLC Interests are exchanged for newly-issued shares of Class A common stock. Simultaneously, and in connection with these exchanges, shares of Class C and/or Class D common stock are surrendered by Continuing LLC Owners and cancelled. In connection with these exchanges, Tradeweb Markets Inc. receives LLC Interests, increasing its total ownership interest in TWM LLC. Share Repurchase Programs On February 4, 2021, the Company announced that its board of directors authorized a share repurchase program (the “2021 Share Repurchase Program”), primarily to offset annual dilution from stock-based compensation plans. The 2021 Share Repurchase Program authorized the purchase of up to $150.0 million of the Company’s Class A common stock at the Company’s discretion through the end of fiscal year 2023. The 2021 Share Repurchase Program was effected through regular open-market purchases (which included repurchase plans designed to comply with Rule 10b5-1). The amounts and timing of the repurchases were subject to general market conditions and the prevailing price and trading volumes of the Company’s Class A common stock. The 2021 Share Repurchase Program did not require the Company to acquire a specific number of shares and was able to be suspended, amended or discontinued at any time. The Company began buying back shares pursuant to the 2021 Share Repurchase Program during the second quarter of 2021. During the year ended December 31, 2022, the Company acquired a total of 959,869 shares of Class A common stock, respectively, at an average price of $77.43, for purchases totaling $74.3 million, which completed the authorized repurchases pursuant to the 2021 Share Repurchase Program. On December 5, 2022, the Company announced that its board of directors authorized a new share repurchase program (the “2022 Share Repurchase Program”), to continue to offset annual dilution from stock-based compensation plans, as well as to opportunistically repurchase the Company’s Class A common stock. The 2022 Share Repurchase Program authorizes the purchase of up to $300.0 million of the Company’s Class A common stock at the Company’s discretion and has no termination date. The 2022 Share Repurchase Program can be effected through regular open-market purchases (which may include repurchase plans designed to comply with Rule 10b-18 or Rule 10b5-1), through privately negotiated transactions or through accelerated share repurchases, each in accordance with applicable securities laws and other restrictions. The amounts, timing and manner of the repurchases will be subject to general market conditions, the prevailing price and trading volumes of the Company’s Class A common stock and other factors. The 2022 Share Repurchase Program does not require the Company to acquire a specific number of shares and may be suspended, amended or discontinued at any time. During the years ended December 31, 2024, 2023 and 2022, the Company acquired a total of 478,915, 485,730 and 387,198 shares of Class A common stock, at an average price of $125.07, $72.48 and $64.57, respectively, for purchases totaling $59.9 million, $35.2 million and $25.0 million, respectively, pursuant to the 2022 Share Repurchase Program. Each share of Class A common stock repurchased pursuant to the 2021 and 2022 Share Repurchase Programs was funded with the proceeds, on a dollar-for-dollar basis, from the repurchase by Tradeweb Markets LLC of an LLC Interest directly from the Corporation in order to maintain (subject to certain exceptions) the one-to-one ratio between outstanding shares of the Class A common stock and Class B common stock and the LLC Interests owned by the Corporation. Subsequent to their repurchase, the shares of Class A common stock and the LLC Interests were all cancelled and retired. As of December 31, 2024, a total of $179.9 million remained available for repurchase pursuant to the 2022 Share Repurchase Program. For shares repurchased pursuant to the 2021 and 2022 Share Repurchase Programs, the excess of the repurchase price paid over the par value of the Class A common stock is recorded as a reduction to retained earnings. Other Share Repurchases During the years ended December 31, 2024, 2023 and 2022, the Company withheld 485,745, 715,101 and 1,074,467 shares, respectively, of Class A common stock from employee stock option, PRSU and RSU awards, at an average price per share of $98.72, $72.02 and $94.64, respectively, and an aggregate value of $48.0 million, $51.5 million and $101.7 million, respectively, based on the price of the Class A common stock on the date the relevant withholding occurred. These shares are withheld in order for the Company to cover the employee payroll tax withholding obligations upon the exercise of stock options and settlement of RSUs and PRSUs and such shares were not withheld in connection with the share repurchase programs discussed above.

Non-Controlling Interests

Non-Controlling Interests	12 Months Ended
	Dec. 31, 2024
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 Continuing LLC Owners. 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 Continuing LLC Owners. The following table summarizes the ownership interest in Tradeweb Markets LLC: December 31, 2024 December 31, 2023 LLC Ownership LLC Ownership Number of LLC Interests held by Tradeweb Markets Inc. 212,869,038 90.2 % 212,023,979 90.2 % Number of LLC Interests held by non-controlling interests 23,073,538 9.8 % 23,077,973 9.8 % Total LLC Interests outstanding 235,942,576 100.0 % 235,101,952 100.0 % 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 common stock or Class B common stock, as applicable, on a one-for-one basis or, at the Company’s option, a cash payment in accordance with the terms of the TWM LLC Agreement. The following table summarizes the impact on Tradeweb Market Inc.’s equity due to changes in the Corporation’s ownership interest in TWM LLC: Net Income Attributable to Tradeweb Markets Inc. and Transfers (to) from the Non-Controlling Interests Year Ended December 31, 2024 2023 2022 (dollars in thousands) Net income attributable to Tradeweb Markets Inc. $ 501,507 $ 364,866 $ 309,338 Transfers (to) from non-controlling interests: Increase/(decrease) in Tradeweb Markets Inc.’s additional paid-in capital as a result of ownership changes in TWM LLC (849) 77,767 108,679 Net transfers (to) from non-controlling interests (849) 77,767 108,679 Change from net income attributable to Tradeweb Markets Inc. and transfers (to) from non-controlling interests $ 500,658 $ 442,633 $ 418,017

Stock-Based Compensation Plans

Stock-Based Compensation Plans	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation Plans	Stock-Based Compensation Plans Under the Tradeweb Markets Inc. 2019 Omnibus Equity Incentive Plan, the Company is authorized to issue up to 8,841,864 new shares of Class A common stock to employees, officers and non-employee directors. Under this plan, the Company may grant awards in respect of shares of Class A common stock, including stock options, restricted stock units (“RSUs”), RSAs and dividend equivalent rights. The awards may have performance-based and/or time-based vesting conditions. Stock options have a maximum contractual term of 10 years. In connection with organizational changes, on June 17, 2024, the Company determined that the employment of Thomas Pluta, former President of the Company, would terminate effective September 30, 2024. As of June 17, 2024, there was approximately $4.4 million in total unamortized stock-based compensation associated with equity awards previously granted to Mr. Pluta that was accelerated and amortized into expense over a revised estimated service period ending on September 30, 2024. Of this amount, $1.7 million represented regularly scheduled amortization that would have been recognized from June 17, 2024 through September 30, 2024 if Mr. Pluta’s employment was not terminated and $2.7 million represented accelerated stock-based compensation expense. On February 16, 2022, the Company announced that Mr. Olesky would retire as Chief Executive Officer of the Company, effective December 31, 2022, resulting in an acceleration of the total unamortized stock-based compensation associated with equity awards granted to him. The unamortized expense was accelerated over a revised estimated service period that ended on August 11, 2022, representing Mr. Olesky’s required six month notice period under the Company’s 2019 Omnibus Equity Incentive Plan. In addition, in December 2022, $5.5 million in stock-based compensation awards, relating to 2022 performance, were granted to Mr. Olesky and immediately recognized into expense upon grant. During the year ended December 31, 2022 , the Company recorded a total of $15.0 million in accelerated stock-based compensation expenses and related payroll that would not have been recognized if Mr. Olesky had not announced his retirement . PRSU Performance-based restricted stock units that are promises to issue actual shares of Class A common stock based on the financial performance of the Company are referred to as “PRSUs”. PRSUs generally cliff vest on January 1 of the third calendar year from the calendar year of the date of grant. The fair value of PRSUs is calculated on the grant date using the stock price of the Class A common stock. The number of shares a participant will receive upon vesting is determined by a performance modifier, which is adjusted as a result of the financial performance of the Company. For PRSU awards granted during 2024, the financial performance of the Company will be determined based on the compound annual growth rate over a three-year performance period beginning on January 1 in the year of grant. For PRSU awards granted during 2023 and prior, the financial performance of the Company was determined based on the financial performance of the Company in the grant year, and any earned awards that remain outstanding are subject to time-based vesting conditions. The performance modifier for PRSUs can vary between 0% (minimum) and 250% (maximum) of the target (100%) award amount for PRSU awards granted during 2024 and 2023. PRSUs granted during 2022 and prior had a 200% maximum performance modifier. Compensation expense for PRSUs that cliff vest is recognized on a straight-line basis over the vesting period for the entire award. The number of shares included in expense each period is based on management’s estimate of the probable final performance modifier for those grants, with such estimate updated each period until the performance modifier is finalized. A summary of the Company’s outstanding PRSUs is presented below: PRSUs Weighted PRSUs outstanding at December 31, 2023 1,271,913 $ 74.34 Granted 201,546 $ 104.66 Vested (396,518) $ 74.30 Performance adjustment (408) $ 69.56 Forfeited (34,995) $ 80.10 PRSUs outstanding at December 31, 2024 1,041,538 $ 80.03 The following table summarizes information about PRSU awards: Year Ended December 31, 2024 2023 2022 (dollars in thousands) PRSU compensation expense $ 35,707 $ 26,506 $ 30,645 Income tax benefit $ (9,960) $ (10,767) $ (34,711) The weighted-average grant-date fair value of PRSUs granted during the years ended December 31, 2023 and 2022 was $69.56 and $83.74, respectively. The total fair value of PRSUs vested during the years ended December 31, 2024, 2023 and 2022 was $35.4 million, $46.2 million and $152.8 million, respectively. PSU Performance-based restricted stock units that are promises to issue actual shares of Class A common stock based on market conditions are referred to as “PSUs”. PSUs cliff vest on January 1 of the third calendar year from the calendar year of the date of grant. The number of shares a participant will receive upon vesting is determined by a performance modifier, which is adjusted as a result of the Company’s total shareholder return over a three-year performance period. The performance modifier for PSUs can vary between 0% (minimum) and 250% (maximum) of the target (100%) award amount. The grant date fair value of the PSUs granted on March 15, 2024 and 2023 was estimated using the Monte Carlo simulation model and is recognized as compensation expense on a straight-line basis over the vesting period for the entire award, regardless of the number of shares received by the participant at vesting. A summary of the Company’s outstanding PSUs is presented below: PSUs Weighted PSUs outstanding at December 31, 2023 251,113 $ 98.33 Granted 86,592 $ 149.00 Vested — $ — Performance adjustment — $ — Forfeited (25,647) $ 118.97 PSUs outstanding at December 31, 2024 312,058 $ 110.69 The following table summarizes information about PSU awards: Year Ended December 31, 2024 2023 2022 (dollars in thousands) PSU compensation expense $ 12,213 $ 7,043 $ — Income tax benefit $ (2,999) $ (1,714) $ — The weighted-average grant-date fair value of PSUs granted during the year ended December 31, 2023 was $98.33. There were no PSUs granted during the year ended December 31, 2022. There were no PSUs vested during the years ended December 31, 2023 and 2022. The significant assumptions used to estimate the fair value of PSUs estimated using the Monte Carlo simulation model were as follows: March 15, 2024 PSU Grant March 15, 2023 PSU Grant Maturity (years) 2.8 2.8 Annualized Volatility 26.63 % 28.81 % Risk-Free Interest Rate 4.44 % 3.77 % Options Prior to the IPO, the Company granted the Special Option Award to management and other employees and granted additional options subsequent to the IPO in July 2019 and December 2019, in each case under the Option Plan (the “July 2019 Grants” and the “December 2019 Grants,” respectively). Each option award vests one half based solely on the passage of time and one half only if the Company achieves certain performance targets. The options have a four-year graded vesting schedule, with accelerated vesting for the time-based Special Option Award options originally scheduled to vest in years three four The grant-date fair value of the time-based options related to the Special Option Award and the July 2019 Grants are amortized into expense over the requisite service period on a straight-line basis, with each tranche separately measured. The grant-date fair value of the time - based December 2019 Grants are amortized into expense on a straight-line basis over the requisite service period for the entire award. For the portion of all awards that require both future service and the achievement of Company performance-based conditions, the grant-date fair value for each tranche is separately amortized into expense over the requisite service period for the requisite performance - based condition. If in a reporting period it is determined that the achievement of a performance target for a performance - based tranche is not probable, then no expense is recognized for that tranche and any expenses already recognized relating to that tranche in prior reporting periods are reversed in the current reporting period. The Company can elect to net - settle exercised options by reducing the shares of Class A common stock to be issued upon such exercise by the number of shares of Class A common stock having a fair market value on the date of exercise equal to the aggregate option price and withholding taxes payable in respect of the number of options exercised. The Company may then pay these employee payroll taxes from the Company’s cash. A summary of the Company’s outstanding options is presented below: Options Weighted Weighted Average Exercise Price Options outstanding at December 31, 2023 1,012,176 $ 3.21 $ 24.37 Granted — $ — $ — Exercised (669,165) $ 3.87 $ 26.31 Forfeited — $ — $ — Expired — $ — $ — Options outstanding at December 31, 2024 343,011 $ 1.93 $ 20.59 All options outstanding as of December 31, 2024 were fully vested and exercisable. The following table summarizes information about options awards: Year Ended December 31, 2024 2023 2022 (dollars in thousands) Options compensation expense $ 133 $ 1,264 $ 2,097 Income tax benefit $ (11,984) $ (18,073) $ (12,894) There were no options granted during the years ended December 31, 2023 and 2022. The total intrinsic value of options exercised during the years ended December 31, 2024, 2023 and 2022 was $53.3 million, $77.4 million and $59.3 million, respectively. The total intrinsic value of all options outstanding as of December 31, 2024 was $37.8 million. The weighted average remaining contractual life of all options outstanding as of December 31, 2024 was 3.8 years. RSUs and RSAs RSUs are promises to issue shares of Class A common stock at the end of a vesting period. RSAs are issued shares of restricted Class A common stock that are released to an employee at the end of a vesting period. RSUs granted to employees generally vest one-third each year over a three-year period. RSAs vest at the end of a two-year period. RSUs granted to non-employee directors generally vest after one year. The fair value of RSUs and RSAs is calculated on the grant date using the stock price of the Class A common stock. The grant-date fair value of RSUs and RSAs is amortized into expense on a straight-line basis over the requisite service period for the entire award, with compensation cost recognized to date at least equal to the measured cost of vested tranches. A summary of the Company’s outstanding RSUs and RSAs is presented below: RSU and RSAs Weighted RSUs outstanding at December 31, 2023 1,023,384 $ 73.35 Granted 1 610,477 $ 106.45 Vested (467,214) $ 74.52 Forfeited (2,748) $ 86.00 RSUs and RSAs outstanding at December 31, 2024 1,163,899 $ 90.21 (1) In connection with the closing of the ICD Acquisition, on August 1, 2024, the Corporation issued and sold 41,705 RSAs with a grant date fair value of $111.68 per share. The RSAs issued will cliff vest at the end of a two-year service period. Of the $4.7 million in RSAs issued, $3.3 million was allocated to consideration transferred for the business combination, relating to the pre-combination service period completed before the acquisition date, and $1.3 million will be amortized into stock-based compensation expense over the two-year service period required subsequent to the acquisition date. The following table summarizes information about RSU and RSA awards: Year Ended December 31, 2024 2023 2022 (dollars in thousands) RSU and RSA compensation expense $ 41,596 $ 30,315 $ 33,902 Income tax benefit $ (12,781) $ (7,952) $ (10,096) The weighted-average grant-date fair value of RSUs granted during the years ended December 31, 2023 and 2022 was $69.70 and $80.27, respectively. There were no RSAs granted during the years ended December 31, 2023 and 2022. The total fair value of RSUs vested during the years ended December 31, 2024, 2023 and 2022 was $48.2 million, $30.7 million and $25.6 million, respectively. There were no RSAs vested during the years ended December 31, 2024, 2023 and 2022. Compensation Expense The Company records stock-based compensation expense for employees and directors in the consolidated statements of income, as a component of employee compensation and benefits. A summary of the Company’s total stock-based compensation expense relating to its PRSUs, PSUs, RSUs, RSAs and options, including the accelerated stock-based compensation expense discussed above, is presented below: Year Ended December 31, 2024 2023 2022 (dollars in thousands) Total stock-based compensation expense $ 89,649 $ 65,128 $ 66,644 The stock-based compensation expense above excludes $2.3 million, $1.5 million and $0.9 million of stock-based compensation expense capitalized to software development costs during the years ended December 31, 2024, 2023 and 2022, respectively. As of December 31, 2024, total unrecognized compensation expense related to unvested stock-based compensation arrangements and the expected recognition period are as follows: PRSUs PSUs Options RSUs (dollars in thousands) Total unrecognized compensation cost $ 48,108 $ 15,285 $ — $ 58,207 Weighted-average recognition period (in years) 1.7 1.5 0.0 1.9

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company enters into transactions with its affiliates from time to time which are considered to be related party transactions. As of December 31, 2024 and 2023, the following balances with such affiliates were included in the consolidated statements of financial condition in the following line items: December 31, 2024 2023 (dollars in thousands) Accounts receivable $ 786 $ 688 Receivable and due from affiliates 8,094 192 Other assets 7 17 Accounts payable, accrued expenses and other liabilities 1,469 1,044 Deferred revenue 6,459 6,508 Payable and due to affiliates 763 1,327 The following balances with such affiliates were included in the consolidated statements of income in the following line items: Year Ended December 31, 2024 2023 2022 (dollars in thousands) Revenue: Subscription fees $ 1,180 $ 2,380 $ 1,308 LSEG market data fees (1) 82,145 64,336 62,721 Other fees 677 601 464 Expenses: (2) Employee compensation and benefits — 17 613 Technology and communications 6,386 5,747 4,713 General and administrative 10 7 291 Professional fees 95 30 46 Occupancy 72 67 — (1) The Company maintains a market data license agreement with an affiliate of LSEG. Under the agreement, the Company delivers to LSEG certain market data feeds which LSEG distributes to its customers. The Company earns license fees and royalties for these feeds. (2) The Company maintains agreements with LSEG to provide the Company with certain market data, office space, finance, human resources and other administrative services. During the year ended December 31, 2022, $3.1 million of previously accrued expenses payable to affiliates of LSEG were waived and the liabilities were reversed through an increase to additional paid-in capital. There were no reversals of accrued expenses payable to affiliates during the years ended December 31, 2024 and 2023.

Fair Value of Financial Instrum

Fair Value of Financial Instruments and Other Assets	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments and Other Assets	Fair Value of Financial Instruments and Other Assets Financial Instruments and Other Assets Measured at Fair Value The Company’s financial instruments and other assets measured at fair value on the consolidated statements of financial condition as of December 31, 2024 and 2023 have been categorized based upon the fair value hierarchy as follows: Quoted Prices in active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total As of December 31, 2024 (dollars in thousands) Assets Cash equivalents – Money market funds and other highly liquid investments $ 1,117,133 $ — $ — $ 1,117,133 Receivable and due from affiliates – Foreign exchange derivative contracts — 7,844 — 7,844 Other assets – Digital Assets – Canton Coins — — 852 852 Other assets – Investment in available for sale debt securities — — 10,354 10,354 Total assets measured at fair value $ 1,117,133 $ 7,844 $ 11,206 $ 1,136,183 As of December 31, 2023 Assets Cash equivalents – Money market funds and other highly liquid investments $ 1,543,644 $ — $ — $ 1,543,644 Total assets measured at fair value $ 1,543,644 $ — $ — $ 1,543,644 Liabilities Payable and due to affiliates – Foreign exchange derivative contracts $ — $ 775 $ — $ 775 Total liabilities measured at fair value $ — $ 775 $ — $ 775 Cash Equivalents The Company’s cash equivalents are classified within level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets. Investments in Available-for-Sale Debt Securities In April 2024, the Company made an investment in a convertible note with a principal amount and original amortized cost basis of $10.0 million. The note accrues interest at a rate of 5% per annum, compounded annually, and matures on the earliest to occur of January 19, 2027, an event of default or a change in control as each term is defined in the convertible note. The note and accrued interest will convert to equity securities of the issuer on January 19, 2027, if not previously repaid or converted upon certain defined financing events. The convertible note is accounted for as an available-for-sale debt security and the convertible note and accrued interest is included within other assets on the accompanying consolidated statements of financial condition at a fair value and amortized cost basis of $10.4 million as of December 31, 2024 . There were no fair value adjustments or credit losses recorded on the convertible note during the year ended December 31, 2024. T he convertible note is classified within level 3 of the fair value hierarchy because the valuation requires assumptions that are both significant and unobservable. The primary methods used to estimate the fair value of the convertible note were a discounted cash flow analysis and a probability-weighted expected return model which incorporated the credit risk of the issuer and scenarios in which the note would convert into equity, the estimated equity value of the issuer and the conversion terms outlined in the convertible note agreement. Significant unobservable inputs included a discount rate of 15%. Significant increases or decreases in the discount rate would have resulted in a significantly lower or higher fair value measurement. Digital Assets - Canton Coins The Canton Network is a public-permissioned blockchain network designed with privacy and controls to facilitate the exchange of regulated financial assets. The Canton Network’s Global Synchronizer includes a utility token, a digital asset called the Canton Coin, which is used to pay traffic fees for using the Global Synchronizer, the Canton Network’s decentralized interoperability infrastructure. Beginning in 2024, the Company earns Canton Coins for its function as a Super Validator and Validator on the Global Synchronizer, and then generally holds the Canton Coins on its balance sheet for investment purposes and to pay any fees associated with its Canton Network activity. As of December 31, 2024 , Canton Coins may only be transferred to other approved participants on the Canton Network and there is no public market for Canton Coins. The following table presents the Company’s Canton Coin holdings as of December 31, 2024 : December 31, 2024 Quantity Cost Basis Fair Value (number of coins and dollars in thousands) Canton coins 1,189,928 $ 666 $ 852 The Company’s Canton Coin holdings are classified within level 3 of the fair value hierarchy because the valuation requires assumptions that are both significant and unobservable. The Company utilized the assistance of a third-party valuation specialist to determine the fair value of its Canton Coins. Because of the lack of a public market, the fair value was determined using a combination of a development cost approach and a market approach. The Company’s valuation of its Canton Coins is highly subjective. As the Company held 1.2 billion Canton Coins as of December 31, 2024, a significant increase or decrease in either the estimated development costs or market price, the weighting of the development cost versus the market approaches, or the discount for lack of marketability applied could have resulted in a significant change to the fair value measurement. Level 3 Roll forward The table below presents a summary of the changes in fair value for level 3 assets: Year Ended December 31, 2024 Investment in Available for Sale Debt Securities Digital Assets Total (dollars in thousands) Balance - December 31, 2023 $ — $ — $ — Additions 10,354 666 11,020 Dispositions — — — Total realized and unrealized gains included in other income (loss), net — 186 186 Total realized and unrealized gains (losses) included in other comprehensive income — — — Balance - December 31, 2024 $ 10,354 $ 852 $ 11,206 During the year ended December 31, 2024, the Company recognized unrealized gains relating to level 3 assets held at December 31, 2024 totaling $0.2 million, included as a component of other income (loss) There were no material realized gains or realized losses recorded on the disposition of digital assets during the year ended December 31, 2024. There was no digital asset activity during 2023. Foreign Exchange Derivative Contracts The Company enters into foreign currency forward contracts to mitigate its U.S. dollar and British pound sterling versus euro exposure, generally with a duration of less than 12 months. The valuations for the Company’s foreign currency forward contracts are primarily based on the difference between the exchange rate associated with the contract and the exchange rate at the current period end for the tenor of the contract. Foreign currency forward contracts are categorized as Level 2 in the fair value hierarchy. As of December 31, 2024 and 2023 , the counterparty on each of these foreign exchange derivative contracts was an affiliate of LSEG and therefore the corresponding assets or liabilities on such contracts were included in receivable and due from affiliates or payable and due to affiliates, respectively, on the accompanying consolidated statements of financial condition. The following table summarizes the aggregate U.S. d ollar equivalent notional amount of the Company’s foreign exchange derivative contracts not designated as hedges for accounting purposes: December 31, 2024 2023 (dollars in thousands) Foreign currency forward contracts – Gross notional amount $ 238,182 $ 192,877 The Company’s foreign exchange derivative contracts are not designated as hedges for accounting purposes and changes in the fair value of these contracts during the period are recognized in the consolidated statements of income. The total realized and unrealized gains (losses) on foreign exchange derivative contracts recorded within the consolidated statements of income are as follows: Year Ended December 31, 2024 2023 2022 (dollars in thousands) Foreign currency forward contracts not designated in accounting hedge relationship – General and administrative (expenses)/income $ 14,966 $ 792 $ 4,871 Foreign currency call option contract not designated in accounting hedge relationship – Other income/(loss) (1) $ — $ (1,289) $ — (1) On June 1, 2023, the Company entered into a foreign currency call option on Australian dollars, giving the Company an option to buy A$120.7 million, in order to partially mitigate the Company’s U.S. dollar versus Australian dollar foreign exchange exposure on the then-anticipated payment of the Australian dollar denominated purchase price for the Yieldbroker Acquisition. The counterparty on the foreign currency call option contract was an affiliate of LSEG. On August 25, 2023, the Company unwound the out-of-the-money foreign currency call option and received $1.1 million from an affiliate of LSEG. Financial Instruments Not Measured at Fair Value The Company’s financial instruments not measured at fair value on the consolidated statements of financial condition as of December 31, 2024 and 2023 have been categorized based upon the fair value hierarchy as follows: Carrying Value Quoted Prices in Significant Observable Inputs (Level 2) Significant Total Fair Value As of December 31, 2024 (dollars in thousands) Assets Cash and restricted cash $ 224,169 $ 224,169 $ — $ — $ 224,169 Receivable from brokers and dealers and clearing organizations 67,805 — 67,805 — 67,805 Deposits with clearing organizations 54,702 54,702 — — 54,702 Accounts receivable 222,268 — 222,268 — 222,268 Other assets – Memberships in clearing organizations 2,918 — — 2,918 2,918 Total $ 571,862 $ 278,871 $ 290,073 $ 2,918 $ 571,862 Liabilities Payable to brokers and dealers and clearing organizations $ 67,816 $ — $ 67,816 $ — $ 67,816 Total $ 67,816 $ — $ 67,816 $ — $ 67,816 As of December 31, 2023 Assets Cash and restricted cash $ 163,824 $ 163,824 $ — $ — $ 163,824 Receivable from brokers and dealers and clearing organizations 381,178 — 381,178 — 381,178 Deposits with clearing organizations 36,806 36,806 — — 36,806 Accounts receivable 168,407 — 168,407 — 168,407 Other assets – Memberships in clearing organizations 2,426 — — 2,426 2,426 Total $ 752,641 $ 200,630 $ 549,585 $ 2,426 $ 752,641 Liabilities Securities sold under agreements to repurchase (1) $ 21,612 $ — $ 21,612 $ — $ 21,612 Payable to brokers and dealers and clearing organizations 351,864 — 351,864 — 351,864 Total $ 373,476 $ — $ 373,476 $ — $ 373,476 (1) As of December 31, 2023, Treasury securities with a fair value of $21.6 million collateralized the securities sold under agreements to repurchase liability. The liability amounts presented represent the gross liability and are not offset on the consolidated statement of financial condition. The securities sold under agreements to repurchase liability were subsequently settled on January 2, 2024. The carrying value of financial instruments not measured at fair value classified within level 1 or level 2 of the fair value hierarchy approximates fair value because of the relatively short term nature of the underlying assets or liabilities. The memberships in clearing organizations, which are included in other assets on the consolidated statements of financial condition, are classified within level 3 of the fair value hierarchy because the valuation requires assumptions that are both significant and unobservable. Non-recurring Fair Value Measurements The Company measures certain assets and liabilities, such as assets acquired in a business combination, at fair value as of the acquisition date. See Note 4 – Acquisitions for further details regarding these non-recurring fair value measurements. Financial Instruments Without Readily Determinable Fair Values Included in other assets on the consolidated statements of financial condition are equity investments without readily determinable fair values of $17.8 million and $8.9 million as of December 31, 2024 and 2023, respectively. These equity investments are subject to general contractual sale restrictions that prohibit the transfer or sale of the investment without prior consent of the investee. During the year ended December 31, 2024, and as of December 31, 2024, the Company recorded an impairment on a minority equity investment totaling $1.3 million, as the investment’s carrying amount exceeded its fair value. The investment impairment is included in other income (loss) in the consolidated statements of income. The investment’s fair value was determined using a discounted cash flow model, using primarily Level 3 inputs. Significant unobservable inputs included a discount rate of 20% and a perpetual growth rate of 3.0%. During the year ended December 31, 2023, and as of December 31, 2023, the Company recorded an impairment on a minority equity investment totaling $11.1 million, as the investment’s carrying amount exceeded its fair value. The investment impairment is included in other income (loss) in the consolidated statements of income. The investment’s fair value was determined using a discounted cash flow model, using primarily Level 3 inputs. Significant unobservable inputs included a discount rate of 20% and a perpetual growth rate of 3.0%.

Credit Risk

Credit Risk	12 Months Ended
	Dec. 31, 2024
Risks and Uncertainties [Abstract]
Credit Risk	Credit Risk Cash and cash equivalents includes cash and highly liquid investments held by a limited number of global financial institutions, including cash amounts in excess of federally insured limits. To mitigate this concentration of credit risk, the Company invests through high-credit-quality financial institutions, monitors the concentration of credit exposure of investments with any single obligor and diversifies as determined appropriate. In the normal course of business the Company, as agent, executes transactions with, and on behalf of, other brokers and dealers. If the agency transactions do not settle because of failure to perform by either counterparty, the Company will recognize a receivable from (and a matching payable to) brokers and dealers and clearing organizations for the proceeds from the unsettled transaction, until the failed transaction settles. The Company may be obligated to discharge the obligation of the non-performing party and, as a result, may incur a loss if the market value of the security is different from the contract amount of the transaction. However, from time to time, the Company enters into repurchase and/or reverse repurchase agreements to facilitate the clearance of securities relating to fails to deliver or receive. The Company seeks to manage credit exposure related to these agreements to repurchase (or reverse repurchase), including the risk related to a decline in market value of collateral (pledged or received), by entering into agreements to repurchase with overnight or short-term maturity dates and only entering into repurchase transactions with netting members of the Fixed Income Clearing Corporation (“FICC”). The FICC operates a continuous net settlement system, whereby as trades are submitted and compared, the FICC becomes the counterparty. Prior to November 2023, the Company had used ICBC, a wholly-owned subsidiary of the Industrial and Commercial Bank of China Limited, to clear U.S. Treasury trades executed by non-FICC members on the Company’s wholesale trading platform. Under that arrangement, ICBC submitted the Company’s trades from non-FICC members to the FICC under the ICBC netting account with the FICC. Following the November 2023 ransomware attack on some ICBC operating systems, including those used to clear U.S. Treasury and repurchase agreement financings, the Company has and may continue to self-clear these U.S. Treasury trades. As a result, this increased the number of trades that settle over the fed wire, instead of FICC clearing, and accordingly the Company has experienced and may continue to experience, an increase in the number of U.S. Treasury failed settlement transactions. As of December 31, 2024, the Company recorded a $67.8 million receivable and payable from/to brokers and dealers and clearing organizations related to failed settlement transactions. All of the failed settlement transactions outstanding as of December 31, 2024 were fully settled during January 2025. As of December 31, 2023, the Company recorded a $381.2 million receivable and a $351.9 million payable from/to brokers and dealers and clearing organizations related to failed settlement transactions, entered into a repurchase transaction in the amount of $21.6 million and the Company self-funded the remaining $7.7 million difference between the fail to deliver and fail to receive. All of the failed settlement transactions and the securities sold under agreements to repurchase outstanding as of December 31, 2023 were fully settled during January 2024. Additionally, in the normal course of business, the Company, as an introducing broker, executes transactions on behalf of or with clients of the Company, which are cleared by a clearing broker. As between the Company and the clearing broker, the Company is responsible for losses that may result from the clearing broker’s rejection, reversal or cancellation of a transaction. If there are temporary errors or delays in the processing or settlement of transactions, the clearing broker may require, usually with two business days notice, that the Company provide cash deposits until the errors are resolved. A substantial number of the Company’s transactions are collateralized and executed with, and on behalf of, a limited number of broker-dealers. The Company’s exposure to credit risk associated with the nonperformance of these clients in fulfilling their contractual obligations pursuant to securities transactions can be directly impacted by volatile trading markets which may impair the clients’ ability to satisfy their obligations to the Company. The Company does not expect nonperformance by counterparties in the above situations. However, the Company’s policy is to monitor its market exposure and counterparty risk. In addition, the Company has a policy of reviewing, as considered necessary, the credit standing of each counterparty with which it conducts business. Allowance for Credit Losses The Company may be exposed to credit risk regarding its receivables, which are primarily receivables from financial institutions, including investment managers and broker-dealers. The Company maintains an allowance for credit losses based upon an estimate of the amount of potential credit losses in existing accounts receivable, as determined from a review of aging schedules, past due balances, historical collection experience and other specific account data. Careful analysis of the financial condition of the Company’s counterparties is also performed. Account balances are pooled based on the following risk characteristics: • Geographic location • Transaction fee type (billing type) • Legal entity An allowance for credit losses is also recognized for any credit impairment for available-for-sale debt securities. Write-Offs Once determined uncollectible, aged balances are written off against the allowance for credit losses. This determination is based on careful analysis of individual receivables and aging schedules, which are disaggregated based on the risk characteristics described above. Based on current policy, this generally occurs when the receivable is 360 days past due. As of December 31, 2024 and 2023, the Company maintained an allowance for credit losses with regard to its receivables of $0.4 million and $0.3 million, respectively. For both of the years ended December 31, 2024 and 2023, credit loss expense was $0.2 million. For the year ended December 31, 2022, recoveries resulted in a reversal of credit loss expense of $14,000.

Commitments and Contingencies

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

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table summarizes the calculations of basic and diluted earnings per share of Class A and Class B common stock for Tradeweb Markets Inc.: Year Ended December 31, 2024 2023 2022 (dollars in thousands, except per share amounts) Numerator: Net income attributable to Tradeweb Markets Inc. $ 501,507 $ 364,866 $ 309,338 Less: Distributed and undistributed earnings allocated to participating securities (1) (389) (467) (244) Net income attributable to outstanding shares of Class A and Class B common stock - Basic and Diluted 501,118 364,399 309,094 Denominator: Weighted average shares of Class A and Class B common stock outstanding - Basic 213,030,056 210,796,802 205,576,637 Dilutive effect of PRSUs 589,171 458,343 770,726 Dilutive effect of options 428,926 1,150,159 1,810,956 Dilutive effect of RSUs and RSAs 415,957 257,076 241,721 Dilutive effect of PSUs 460,653 6,428 — Weighted average shares of Class A and Class B common stock outstanding - Diluted 214,924,763 212,668,808 208,400,040 Earnings per share - Basic $ 2.35 $ 1.73 $ 1.50 Earnings per share - Diluted $ 2.33 $ 1.71 $ 1.48 (1) During the years ended December 31, 2024, 2023 and 2022, there was a total of 165,565, 270,249 and 193,441, respectively, weighted average unvested or unsettled vested stock awards that were considered a participating security for purposes of calculating earnings per share in accordance with the two-class method. LLC Interests held by Continuing LLC Owners are redeemable in accordance with the TWM LLC Agreement, at the election of such holders, for shares of Class A or Class B common stock, as applicable, of Tradeweb Markets Inc. The potential dilutive effect of LLC Interests held by Continuing LLC Owners are evaluated under the if-converted method. The potential dilutive effect of PRSUs, shares underlying options, RSUs, RSAs and PSUs are evaluated under the treasury stock method. The following table summarizes the PRSUs, shares underlying options, RSUs, RSAs, PSUs and weighted-average LLC Interests held by Continuing LLC Owners that were anti-dilutive for the periods indicated. As a result, these shares, which were outstanding, were excluded from the computation of diluted earnings per share for the periods indicated: Year Ended December 31, 2024 2023 2022 Anti - dilutive Shares: PRSUs — — — Options — — — RSUs and RSAs — — 19,551 PSUs — — — LLC Interests 23,076,373 23,902,379 28,830,686 Shares of Class C and Class D common stock do not have economic rights in Tradeweb Markets Inc. and, therefore, are not included in the calculation of basic earnings per share and are not participating securities for purposes of the computation of diluted earnings per share.

Regulatory Capital Requirements

Regulatory Capital Requirements	12 Months Ended
	Dec. 31, 2024
Broker-Dealer [Abstract]
Regulatory Capital Requirements	Regulatory Capital Requirements TWL, DW, TWD and ICDLC are subject to the Uniform Net Capital Rule 15c3-1 under the Exchange Act. TEL, TESL and ICDLT are subject to certain financial resource requirements with the FCA in the UK, TWJ is subject to certain financial resource requirements with the FCA in Japan, TWEU and TESBV are subject to certain financial resource requirements with the AFM in the Netherlands, ICDEU is subject to certain financial resource requirements with the CMVM in Portugal, YB is subject to certain financial resource requirements with ASIC in Australia and TDIFC is subject to certain financial resource requirements with DFSA in the Dubai International Financial Centre. At December 31, 2024 and 2023, the regulatory capital requirements and regulatory capital for these entities are as follows: December 31, 2024 December 31, 2023 Regulatory Capital Regulatory Capital Requirement Excess Regulatory Capital Regulatory Capital Regulatory Capital Requirement Excess Regulatory Capital (dollars in thousands) TWL $ 63,532 $ 3,646 $ 59,886 $ 50,243 $ 2,856 $ 47,387 DW 204,134 4,359 199,775 156,318 3,579 152,739 TWD 52,808 1,208 51,600 46,976 850 46,126 TEL 56,152 32,499 23,653 78,127 37,907 40,220 TWJ 3,589 2,841 748 6,963 2,029 4,934 TWEU 8,073 6,838 1,235 11,912 5,447 6,465 TESL 5,755 942 4,813 1,813 955 858 TESBV 1,591 1,377 214 1,683 843 840 YB 11,677 — 11,677 5,261 1,070 4,191 TDIFC 250 30 220 250 39 211 ICDLC 20,845 594 20,251 — — — ICDLT 6,504 2,997 3,507 — — — ICDEU 523 150 373 — — — As SEFs, TW SEF and DW SEF are required to maintain adequate financial resources and liquid financial assets in accordance with CFTC regulations. The required and maintained financial resources and liquid financial assets at December 31, 2024 and 2023 are as follows: December 31, 2024 December 31, 2023 Financial Resources Required Financial Resources Excess Financial Resources Financial Resources Required Financial Resources Excess Financial Resources (dollars in thousands) TW SEF $ 50,974 $ 16,500 $ 34,474 $ 43,286 $ 12,500 $ 30,786 DW SEF 14,083 9,062 5,021 13,309 8,669 4,640 December 31, 2024 December 31, 2023 Liquid Financial Assets Required Liquid Financial Assets Excess Liquid Financial Assets Liquid Financial Assets Required Liquid Financial Assets Excess Liquid Financial Assets (dollars in thousands) TW SEF $ 28,163 $ 4,125 $ 24,038 $ 22,068 $ 3,125 $ 18,943 DW SEF 9,956 2,266 7,690 7,935 2,167 5,768

Business Segment and Geographic

Business Segment and Geographic Information	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Business Segment and Geographic Information	Business Segment and Geographic Information Operating segments are defined as components of an entity for which separate discrete financial information is available and is regularly reviewed by the Chief Operating Decision Maker (the “CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its Chief Executive Officer. 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 access to the Company’s electronic marketplaces includes market data, continuous pricing data refreshes and the processing and reporting of trades thereon, which are highly interrelated services. Through its electronic marketplaces, the Company facilitates trading by clients across the institutional, wholesale, retail and corporates client sectors and builds comprehensive market data sets that it is able to separately sell to customers, primarily LSEG, as incremental market data revenue. The Company’s client sectors continue to become more interwoven and the Company benefits from these cross-marketplace network effects. For example, many of the Company’s asset manager, hedge fund, insurance, central bank/sovereign entity and regional dealer clients actively trade multiple products on its platforms. In addition, many of the global commercial banks and dealers providing liquidity on the Company’s institutional platform are also active traders on the Company’s wholesale platform, and provide odd-lot inventory for the Company’s retail client sector. Because of the highly integrated nature of these marketplaces and services and the global financial markets in which the Company competes, the CODM reviews financial information on a global consolidated basis for purposes of making operating decisions, allocating resources and evaluating financial performance. As such, the Company has determined it operates as one operating segment and one reportable segment. The CODM uses Adjusted EBITDA and consolidated net income to set budgets, evaluate margins, review actual results and in deciding whether to reinvest profits into the business, pursue acquisitions, pay dividends and/or engage in other capital management transactions. Consolidated net income is the measure of segment profit most consistent with U.S. GAAP that is regularly reviewed by the CODM to allocate resources and assess performance. Significant expense categories included in consolidated net income that are regularly provided to the CODM include employee compensation and benefits, technology and communications, general and administrative, professional fees and occupancy, each as presented on the accompanying consolidated statements of income. Information regarding revenue from external customers by client sector, significant segment expenses and consolidated net income is as follows: Year Ended December 31, 2024 2023 2022 (dollars in thousands) Revenues Institutional $ 1,035,775 $ 797,038 $ 719,211 Wholesale 385,673 312,586 273,189 Retail 143,247 134,521 110,468 Corporates 43,234 — — Market Data 118,020 94,074 85,913 Total revenue 1,725,949 1,338,219 1,188,781 Less: Employee compensation and benefits 592,690 460,305 432,421 Technology and communications 98,568 77,506 65,857 General and administrative 56,317 51,495 46,561 Professional fees 60,132 42,364 37,764 Occupancy 20,215 15,930 14,726 Other segment items (1) 328,064 271,116 231,839 Net income $ 569,963 $ 419,503 $ 359,613 (1) Other segment items include depreciation and amortization, the tax receivable agreement liability adjustment, interest income, interest expense, other (income) loss, net and provision for income taxes, each as presented on the accompanying consolidated statements of income. The Company operates in the U.S. and internationally, primarily in the Europe, Asia and Australia regions. Variable revenues are generally attributed to geographic area based on the jurisdiction where the underlying transactions take place. The attribution of fixed revenues may vary by revenue and contract type. Given the global nature of the financial markets in which we operate and our clients’ worldwide businesses and contracts, the results by geographic region and allocation of revenues to individual countries are not necessarily meaningful in understanding the Company’s business. The measure of segment assets is reported on the accompanying consolidated statements of financial condition as total consolidated assets. Total expenditures for additions to long-lived assets are as reported on the accompanying consolidated statements of cash flows. Long-lived assets are attributed to the geographic area based on the location of the particular subsidiary. The following table provides revenue by geographic area: Year Ended December 31, 2024 2023 2022 (dollars in thousands) Revenues U.S. $ 1,060,697 $ 850,338 $ 760,642 International 665,252 487,881 428,139 Total revenue $ 1,725,949 $ 1,338,219 $ 1,188,781 The following table provides information on the attribution of long-lived assets by geographic area: December 31, 2024 2023 2022 (dollars in thousands) Long-lived assets U.S. $ 4,777,770 $ 3,990,070 $ 4,044,230 International 29,478 20,348 13,026 Total $ 4,807,248 $ 4,010,418 $ 4,057,256

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On February 6, 2025, the board of directors of Tradeweb Markets Inc. declared a cash dividend of $0.12 per share of Class A common stock and Class B common stock for the first quarter of 2025. This dividend will be payable on March 17, 2025 to stockholders of record as of March 3, 2025. On February 6, 2025, 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 $75.8 million, as adjusted by required state and local tax withholdings that will be determined prior to the record date of March 3, 2025, payable on March 13, 2025.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income attributable to Tradeweb Markets Inc.	$ 501,507	$ 364,866	$ 309,338

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	12 Months Ended
	Dec. 31, 2024 shares	Dec. 31, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Enrico Bruni [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		The following table describes trading plans intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act, as defined in Item 408 of Regulation S-K (“Rule 10b5-1 trading arrangements”), adopted, modified or terminated by our executive officers and directors during the three months ended December 31, 2024. Name and Title Action Date Aggregate Number of Securities to be Purchased or Sold Scheduled Expiration Date (1) Enrico Bruni Co-Head of Global Markets Adoption December 13, 2024 Sale of up to 6,293 shares of Class A Common Stock. April 14, 2025 (1) The Rule 10b5-1 trading arrangement may also expire on such earlier date as all such transactions under the trading arrangement are completed or at such time as such trading arrangement is otherwise terminated in accordance with its terms.
Name	Enrico Bruni
Title	Co-Head of Global Markets
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 13, 2024
Expiration Date	April 14, 2025
Arrangement Duration	122 days
Aggregate Available	6,293	6,293

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy We operate in an environment where cybersecurity risk is dynamic and evolving. We are committed to appropriately managing and minimizing the impact of cybersecurity risk on the achievement of our business objectives. We view cybersecurity risk management as a fundamental business process essential to our overall success. As such, we have integrated our cybersecurity program into our comprehensive Risk Framework, which is in place to support the management and oversight of risk across our organization. The Risk Framework establishes a consistent approach for identifying, assessing, measuring, mitigating, and reporting on material risks, including cybersecurity risks. The Risk Framework is composed of process components such as risk governance, risk identification and assessment, risk measurement, risk response and remediation and risk analysis and reporting. The general objectives for our cybersecurity program are to protect our information systems from cyber threats and to protect the confidentiality, integrity and availability of systems and information used, owned, or managed by Tradeweb and our customers. This involves a comprehensive and ongoing effort to protect against, detect, and respond to cybersecurity threats and vulnerabilities. Our cybersecurity program includes a number of components, such as: • conducting regular risk assessments to identify potential vulnerabilities and threats; • implementing strong cybersecurity frameworks by adopting policies, standards and guidelines derived from a combination of ISO/IEC 27001 principles, the National Institute of Standards and Technology Cybersecurity Framework and industry best practices; • enforcing strict access control policies as appropriate; • implementing strong encryption protocols; • utilizing advanced threat detection systems; • conducting regular security audits and penetration testing; • conducting thorough security assessments of third-party vendors and service providers on an ongoing basis; and • continuous monitoring of our and third-party systems. As part of our cybersecurity program, we have robust incident response and business continuity plans designed to provide a framework for quick and effective remediation of cyber issues, which are tested periodically throughout the year. Additionally, we have worked to create a culture of security by providing regular cybersecurity training to employees to raise awareness about various cyber threats like phishing, social engineering, and insider threats. We provide additional targeted training to individuals responsible for managing our information systems. We also maintain cyber insurance coverage intended to mitigate certain costs associated with certain cybersecurity events. In addition, each year, we undergo System and Organization Controls (“SOC”) 1 and SOC 2 audit reviews performed by an independent third-party firm to test our information technology systems internal controls. We also regularly engage additional assessors, auditors and service providers in connection with the implementation, assessment, enhancement and evaluation of our cybersecurity program, including our risk management processes. We have not been a victim of a cyber attack or other cybersecurity incident that has had a material impact on us, our business strategy, results of operations or financial condition; however, we have from time to time experienced non-significant cybersecurity events, including attempted denial of service attacks, malware infections, phishing, subversion of internal security controls and other information technology events that are typical for an electronic financial services company of our size. An actual, threatened or perceived cyber attack or breach of our security could materially affect us, including our business strategy, results of operations and financial condition in many ways, including through the loss of clients or client confidence, expenditure of significant costs to repair system, network or infrastructure damages as well as to protect against future cyber attacks, security breaches or harm and potential litigation or other claims or actions, including from regulatory agencies. These risks extend to the third parties we rely on to provide certain services, including technology services, to us. Please see Part I, Item 1A. —“Risk Factors—Risks Relating to the Operation and Performance of Our Business—We rely on third parties to perform certain key functions, and their failure to perform those functions could result in the interruption of our operations and systems and could result in significant costs and reputational damage to us.” For additional information regarding risks related to cybersecurity threats, see also Part I, Item 1A. – “Risk Factors — Risks Relating to Cybersecurity and Intellectual Property Actual or perceived security vulnerabilities in our systems, networks and infrastructure, breaches of security controls, unauthorized access to confidential or personal information or cyber attacks could harm our business, reputation and results of operations” and “— Systems failures, interruptions, delays in service, catastrophic events and resulting interruptions in the availability of our platforms or solutions could materially harm our business and reputation.”
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We are committed to appropriately managing and minimizing the impact of cybersecurity risk on the achievement of our business objectives. We view cybersecurity risk management as a fundamental business process essential to our overall success. As such, we have integrated our cybersecurity program into our comprehensive Risk Framework, which is in place to support the management and oversight of risk across our organization.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Role of our Board of Directors
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit and Risk Committee of the Board reviews guidelines and policies governing the process by which senior management assesses and manages our exposure to risk, including our major financial and operational risk exposures including those derived from cybersecurity risk, and the steps management takes to monitor and control such exposures.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board of Directors of Tradeweb Markets Inc. exercises direct oversight of the strategic risks to the Company. The Audit and Risk Committee of the Board reviews guidelines and policies governing the process by which senior management assesses and manages our exposure to risk, including our major financial and operational risk exposures including those derived from cybersecurity risk, and the steps management takes to monitor and control such exposures. Our Board and our Audit and Risk Committee each receive periodic reports from our Chief Information Security Officer, Chief Risk Officer and Chief Administrative Officer to assess key cybersecurity risks for the Company and the measures implemented to mitigate them, as well as updates regarding changes to our cybersecurity risk profile or newly identified significant risks. In addition, the Audit and Risk Committee reports to the Board on these matters at each regularly scheduled Board meeting. The Board and Audit and Risk Committee provide feedback and recommendations accordingly.
Cybersecurity Risk Role of Management [Text Block]	Role of Management
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Chief Information Security Officer leads a highly qualified cybersecurity team in assessing, managing and reducing material risks from cybersecurity threats to protect critical operations and delivery of service.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our Chief Information Security Officer has over 25 years of industry experience, with more than a decade of CISO experience at various financial institutions.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our Board and our Audit and Risk Committee each receive periodic reports from our Chief Information Security Officer, Chief Risk Officer and Chief Administrative Officer to assess key cybersecurity risks for the Company and the measures implemented to mitigate them, as well as updates regarding changes to our cybersecurity risk profile or newly identified significant risks. In addition, the Audit and Risk Committee reports to the Board on these matters at each regularly scheduled Board meeting. The Board and Audit and Risk Committee provide feedback and recommendations accordingly.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements have been presented in conformity with accounting principles generally accepted in the United States of America (“GAAP” or “U.S. GAAP”). The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. As discussed in Note 1 – Organization, as a result of the Reorganization Transactions, Tradeweb Markets Inc. consolidates TWM LLC and its subsidiaries and TWM LLC is considered to be the predecessor to Tradeweb Markets Inc. for financial reporting purposes. Tradeweb Markets Inc. had no business transactions or activities and no substantial assets or liabilities prior to the Reorganization Transactions. The consolidated financial statements represent the financial condition and results of operations of the Company and report a non-controlling interest related to the LLC Interests held by Continuing LLC Owners.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the difference may be material to the consolidated financial statements.
Business Combinations	Business Combinations Business combinations are accounted for under the purchase method of accounting pursuant to Accounting Standards Codification (“ASC”) 805, Business Combinations (“ASC 805”) . The total cost of an acquisition is allocated to the underlying net assets based on their respective estimated fair values. The excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. The fair value of assets acquired and liabilities assumed is determined based on assumptions that reasonable market participants would use in the principal (or most advantageous) market for the asset or liability. Determining the fair value of certain assets acquired and liabilities assumed is judgmental in nature and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash flows, discount rates, growth rates, customer attrition rates and asset lives.
Pushdown Accounting	Pushdown Accounting In connection with the Refinitiv Transaction, a majority interest of Refinitiv was acquired by BCP on October 1, 2018 from TR. The Refinitiv Transaction was accounted for by Refinitiv in accordance with the acquisition method of accounting pursuant to ASC 805 , and pushdown accounting was applied to Refinitiv to record the fair value of the assets and liabilities of Refinitiv as of October 1, 2018, the date of the Refinitiv Transaction. The Company, as a consolidating subsidiary of Refinitiv, also accounted for the Refinitiv Transaction using pushdown accounting which resulted in a new fair value basis of accounting for certain of the Company’s assets and liabilities beginning on October 1, 2018. Under the pushdown accounting applied, the excess of the fair value of the Company above the fair value accounting basis of the net assets and liabilities of the Company as of October 1, 2018 was recorded as goodwill. The fair value of assets acquired and liabilities assumed was determined based on assumptions that reasonable market participants would use in the principal (or most advantageous) market for the asset or liability. The adjusted valuations primarily affected the values of the Company’s long-lived and indefinite-lived intangible assets, including software development costs.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consists of cash and highly liquid investments with remaining maturities at the time of purchase of three months or less.
Allowance for Credit Losses	Allowance for Credit Losses The Company continually monitors collections and payments from its clients and maintains an allowance for credit losses. The allowance for credit losses is based on an estimate of the amount of potential credit losses in existing accounts receivable, as determined from a review of aging schedules, past due balances, historical collection experience and other specific account data. Careful analysis of the financial condition of the Company’s counterparties is also performed.
Receivable from and Payable to Brokers and Dealers and Clearing Organizations	Receivable from and Payable to Brokers and Dealers and Clearing Organizations Receivable from and payable to brokers and dealers and clearing organizations consists of proceeds from transactions executed on the Company’s wholesale platform which failed to settle due to the inability of a transaction party to deliver or receive the transacted security. These securities transactions are generally collateralized by those securities. Until the failed transaction settles, a receivable from (and a matching payable to) brokers and dealers and clearing organizations is recognized for the proceeds from the unsettled transaction.
Deposits with Clearing Organizations	Deposits with Clearing Organizations
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 Furniture, equipment, purchased software and leasehold improvements are tested for impairment whenever events or changes in circumstances suggest that an asset’s carrying value may not be fully recoverable.
Software Development Costs	Software Development Costs The Company capitalizes costs associated with the development of internal use software at the point at which the conceptual formulation, design and testing of possible software project alternatives have been completed. The Company capitalizes employee compensation and related benefits and third party consulting costs incurred during the application development stage which directly contribute to such development. Such costs are amortized on a straight-line basis over three years. Software development costs acquired as part of the ICD Acquisition are amortized over eight years, software development costs acquired as part of the r8fin Acquisition are amortized over seven years and software development costs acquired as part of the Yieldbroker Acquisition and NFI Acquisition were both amortized over one year. Costs capitalized as part of the Refinitiv Transaction pushdown accounting allocation are amortized over nine years. The Company reviews the amounts capitalized for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable, or that their useful lives are shorter than originally expected. Non-capitalized software costs and routine maintenance costs are expensed as incurred.
Goodwill	Goodwill Goodwill includes the excess of the fair value of the Company above the fair value accounting basis of the net assets and liabilities of the Company as previously applied under pushdown accounting in connection with the Refinitiv Transaction. Goodwill also includes the cost of acquired companies in excess of the fair value of identifiable net assets at the acquisition date, including the ICD Acquisition, the r8fin Acquisition, the Yieldbroker Acquisition and the NFI Acquisition. Goodwill is not amortized, but is tested for impairment annually on October 1st and between annual tests, whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. Goodwill is tested at the reporting unit level, which is defined as an operating segment or one level below the operating segment. The Company consists of one reporting unit for goodwill impairment testing purposes. An impairment loss is recognized if the estimated fair value of a reporting unit is less than its net book value. Such loss is calculated as the difference between the estimated fair value of goodwill and its carrying value.
Intangible Assets	Intangible Assets Intangible assets with a finite life are amortized over the estimated lives, ranging from four
Investments in Available-for-Sale Debt Securities	Investments in Available-for-Sale Debt Securities Investments in available-for-sale debt securities are carried at fair value with unrealized gains or losses excluded from earnings and reported in accumulated other comprehensive loss in the consolidated statements of financial condition until realized. On a quarterly basis, the Company assesses whether an impairment loss on its available-for-sale debt securities has occurred due to declines in fair value or other market conditions. When the amortized cost basis of an available-for-sale debt security exceeds its fair value, the security is deemed to be impaired. The portion of an impairment related to credit losses is determined by comparing the present value of cash flows expected to be collected from the security with the amortized cost basis of the security and is recorded as a charge in the consolidated statements of operations. The remainder of an impairment is recognized in accumulated other comprehensive loss if the Company does not intend to sell the security and it is more likely than not that the Company will not be required to sell the security prior to recovery. Investments in available-for-sale debt securities are included as a component of other assets on the consolidated statements of financial condition.
Equity Investments Without Readily Determinable Fair Values	Equity Investments Without Readily Determinable Fair Values
Investments in Digital Assets - Canton Coins	Investments in Digital Assets - Canton Coins The Company performs services as a Super Validator and Validator on the Global Synchronizer, the Canton Network’s decentralized interoperability infrastructure. The Canton Network is a public-permissioned blockchain network designed with privacy and controls to facilitate the exchange of regulated financial assets. The Canton Network’s Global Synchronizer includes a utility token, a digital asset called the Canton Coin, which is used to pay traffic fees for using the Global Synchronizer. The Company earns Canton Coins, for its function as a Super Validator and Validator on the Canton Network, and then generally holds the Canton Coins on its balance sheet for investment purposes and to pay any fees associated with its Canton Network activity. The cost basis of the Canton Coins received is initially recorded at fair value on the date of receipt, as a component of other assets on the consolidated statements of financial condition and other revenue on the consolidated statements of income. The Canton Coins are then remeasured to fair market value at the end of each reporting period, through an adjustment to unrealized gain/(loss), included as a component of other income (loss), net on the consolidated statements of income. The Company employs the first-in-first-out (“FIFO”) method to determine the cost basis of its Canton Coins for the computation of gains and losses
Securities Sold Under Agreements to Repurchase	Securities Sold Under Agreements to Repurchase From time to time, the Company sells securities under agreements to repurchase in order to facilitate the clearance of securities. Securities sold under agreements to repurchase are treated as collateralized financings and are presented in the consolidated statements of financial condition at the amounts of cash received. Receivables and payables arising from these agreements are not offset in the consolidated statements of financial condition.
Leases	Leases At lease commencement, a right-of-use asset and a lease liability are recognized for all leases with an initial term in excess of 12 months based on the initial present value of the fixed lease payments over the lease term. The lease right-of-use asset also reflects the present value of any initial direct costs, prepaid lease payments and lease incentives. The Company’s leases do not provide a readily determinable implicit discount rate. Therefore, management estimates the Company’s incremental borrowing rate used to discount the lease payments based on the information available at lease commencement. The Company includes the term covered by an option to extend a lease when the option is reasonably certain to be exercised. The Company has elected not to separate non-lease components from lease components for all leases. Significant assumptions and judgments in calculating the lease right-of-use assets and lease liabilities include the determination of the applicable borrowing rate for each lease. Operating lease expense is recognized on a straight-line basis over the lease term and included as a component of occupancy expense in the consolidated statements of income.
Revenue Recognition	Revenue Recognition
Translation of Foreign Currency and Foreign Currency Forward Contracts	Translation of Foreign Currency and Foreign Exchange Derivative Contracts Revenues, expenses, assets and liabilities denominated in non-functional currencies are recorded in the appropriate functional currency for the legal entity at the rate of exchange prevailing at the transaction date. Monetary assets and liabilities that are denominated in non-functional currencies are then remeasured at the end of each reporting period at the exchange rate prevailing at the end of the reporting period. Foreign currency remeasurement gains or losses on monetary assets and liabilities in nonfunctional currencies are recognized in the consolidated statements of income within general and administrative expenses. The realized and unrealized gains/losses totaled a loss of $4.5 million, $1.6 million and $2.3 million for the years ended December 31, 2024, 2023 and 2022, respectively. Since the consolidated financial statements are presented in U.S. dollars, the Company also translates all non-U.S. dollar functional currency revenues, expenses, assets and liabilities into U.S. dollars. All non-U.S. dollar functional currency revenue and expense amounts are translated into U.S. dollars monthly at the average exchange rate for the month. All non-U.S. dollar functional currency assets and liabilities are translated at the rate prevailing at the end of the reporting period. Gains or losses on translation in the financial statements, when the functional currency is other than the U.S. dollar, are included as a component of other comprehensive income. The Company enters into foreign currency forward contracts to mitigate its U.S. dollar and British pound sterling versus euro exposure, generally with a duration of less than 12 months. In June 2023, the Company also entered into a foreign currency call option on Australian dollars, see Note 15 – Fair Value of Financial Instruments and Other Assets for additional details. The Company’s foreign exchange derivative contracts are not designated as hedges for accounting purposes. Changes in the fair value during the period of foreign currency forward contracts, which were entered into for foreign exchange risk management purposes relating to operating activities, are recognized in the consolidated statements of income within general and administrative expenses and related cash flows are included in cash flows from operating activities. Changes in the fair value during the period of the foreign currency call option on Australian dollars, which was entered into for foreign exchange risk management purposes relating to investing activities,
Income Tax	Income Tax The Corporation is subject to U.S. federal, state and local income taxes with respect to its taxable income, including its allocable share of any taxable income of TWM LLC, and is taxed at prevailing corporate tax rates. TWM LLC is a multiple member limited liability company taxed as a partnership and accordingly any taxable income generated by TWM LLC is passed through to and included in the taxable income of its members, including the Corporation. Income taxes also include unincorporated business taxes on income earned or losses incurred for conducting business in certain state and local jurisdictions, income taxes on income earned or losses incurred in foreign jurisdictions on certain operations and federal and state income taxes on income earned or losses incurred, both current and deferred, on subsidiaries that are taxed as corporations for U.S. tax purposes. The Company records deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities. The Company measures deferred taxes using the enacted tax rates and laws that will be in effect when such temporary differences are expected to reverse. The Company evaluates the need for valuation allowances based on the weight of positive and negative evidence. The Company records valuation allowances wherever management believes it is more likely than not that the Company will not be able to realize its deferred tax assets in the foreseeable future. The Company records uncertain tax positions on the basis of a two-step process whereby (i) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to income taxes within the provision for income taxes in the consolidated statements of income. Accrued interest and penalties are included within accounts payable, accrued expenses and other liabilities in the consolidated statements of financial condition. The Company has elected to treat taxes due on future U.S. inclusions in taxable income under the global intangible low-taxed income (“GILTI”) provision of the Tax Cuts and Jobs Act of 2017 as a current period expense when incurred. On August 16, 2022, former President Biden signed the Inflation Reduction Act of 2022 (“IRA”) into law. The IRA establishes a 15% corporate alternative minimum tax (“CAMT”) effective for taxable years beginning after December 31, 2022, and imposes a 1% excise tax on the repurchase after December 31, 2022 of stock by publicly traded U.S. corporations. The 1% excise tax did not have an impact to our financial condition, results of operations and cash flows as of and for the years ended December 31, 2024 and 2023. The Company is subject to the current 15% CAMT. However, it is not expected to have a material impact on the Company’s effective tax rate. On October 8, 2021, the Organization for Economic Cooperation and Development announced an accord endorsing and providing an implementation plan focused on global profit allocation, and implementing a global minimum tax rate of at least 15% for large multinational corporations on a jurisdiction-by-jurisdiction basis, known as the “Two Pillar Plan.” On December 15, 2022, the European Council formally adopted a European Union directive on the implementation of the plan which became effective for the Company beginning on January 1, 2024. The Company falls under the provisions of the Two Pillar Plan and related tax impacts per local country adoption as it is a consolidating subsidiary of LSEG. The Company does not anticipate a material impact to its financial condition, results of operations and cash flows from the Two Pillar Plan.
Stock-Based Compensation	Stock-Based Compensation The stock-based payments received by the employees of the Company are accounted for as equity awards. The Company measures and recognizes the cost of employee services received in exchange for awards of equity instruments based on their estimated fair values measured as of the grant date. These costs are recognized as an expense over the requisite service period, with an offsetting increase to additional paid-in capital. The grant-date fair value of stock-based awards that do not require future service (i.e., vested awards) are expensed immediately. Forfeitures of stock-based compensation awards are recognized as they occur. For grants made during the post-IPO period, the fair value of the equity instruments is determined based on the price of the Class A common stock on the grant date. Prior to the IPO, the Company awarded options to management and other employees (collectively, the “Special Option Award”) under the Amended and Restated Tradeweb Markets Inc. Option Plan (the “Option Plan”). The significant assumptions used to estimate the fair value as of grant date of the options awarded prior to the IPO did not reflect changes that would have occurred to these assumptions as a result of the IPO. The non-cash stock-based compensation expense associated with the Special Option Award began being expensed in the second quarter of 2019. The Company uses the Black-Scholes pricing model to value some of its option awards. Determining the appropriate fair value model and calculating the fair value of the option awards requires the input of highly subjective assumptions, including the expected life of the option awards and the stock price volatility. For performance-based restricted stock units that vest based on market conditions, the Company recognizes stock-based compensation based on the estimated grant date fair value of the awards computed with the assistance of a valuation specialist using a Monte Carlo simulation on a binomial model. The significant assumptions used to estimate the fair value of the performance-based restricted stock units that vest based on market conditions are years of maturity, annualized volatility and the risk-free interest rate. The maturity period represents the period of time that the award granted was modeled into the future, the risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of measurement corresponding with the maturity period of the award and the expected volatility is based upon historical volatility of the Company’s Class A common stock.
Earnings Per Share	Earnings Per Share Basic and diluted earnings per share are computed in accordance with the two-class method as unvested or unsettled vested stock awards issued to certain retired or terminated employees are entitled to non-forfeitable dividend equivalent rights and are considered participating securities prior to being issued and outstanding shares of common stock. The two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that otherwise would have been available to common shareholders. Basic earnings per share is computed by dividing the net income attributable to the Company’s outstanding shares of Class A and Class B common stock by the weighted-average number of the Company’s shares outstanding during the period. For purposes of computing diluted earnings per share, the weighted-average number of the Company’s shares reflects the dilutive effect that could occur if all potentially dilutive securities were converted into or exchanged or exercised for the Company’s Class A or Class B common stock. The dilutive effect of stock options and other stock-based payment awards is calculated using the treasury stock method, which assumes the proceeds from the exercise of these instruments are used to purchase common shares at the average market price for the period. The dilutive effect of LLC Interests held by non-controlling interests is evaluated under the if-converted method, where the securities are assumed to be converted at the beginning of the period, and the resulting common shares are included in the denominator of the diluted earnings per share calculation for the entire period presented. Performance-based awards are considered contingently issuable shares and their dilutive effect is included in the denominator of the diluted earnings per share calculation for the entire period, if those shares would be issuable as of the end of the reporting period, assuming the end of the reporting period was also the end of the contingency period. Shares of Class C and Class D common stock do not have economic rights in Tradeweb Markets Inc. and, therefore, are not included in the calculation of basic earnings per share.
Fair Value Measurement	Fair Value Measurement Fair value represents 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). Financial instruments that the Company owns (long positions) are marked to bid prices, and instruments that the Company has sold, but not yet purchased (short positions) are marked to offer prices. Fair value measurements do not include transaction costs. The fair value hierarchy under ASC 820, Fair Value Measurement (“ASC 820”) , prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described below. Basis of Fair Value Measurement An asset or liability’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 for which all significant inputs are observable, either directly or indirectly; • Level 3 : Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 requires the disaggregation of certain costs and expenses in the notes to the financial statements to provide enhanced transparency into the expense captions presented on the face of the income statement. ASU 2024-03 is effective for the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2027 and for interim periods beginning in 2028. The guidance may be applied on a prospective or retrospective basis and early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2024-03 on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation and income taxes paid. ASU 2023-09 is effective for the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2025. The guidance may be applied on a prospective or retrospective basis and early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2023-09 on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-08, Intangibles-Goodwill and Other-Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets (“ASU 2023-08”), which addresses the accounting and disclosure requirements for certain crypto assets. ASU 2023-08 requires entities to measure crypto assets that meet specific criteria at fair value, with changes recognized in net income each reporting period. ASU 2023-08 is effective for annual periods beginning after December 15, 2024, including interim periods within those years, with early adoption permitted. The Company began receiving and holding digital assets, in the form of Canton Coins, during the third quarter of 2024 and early adopted ASU 2023-08. This adoption became effective with the commencement of the Company’s initial holdings of these digital assets, which fall within the scope of ASU 2023-08. See Note 15 – Fair Value of Financial Instruments and Other Assets for digital asset disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly reviewed by the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items and interim disclosures of a reportable segment’s profit or loss and assets. ASU 2023-07 also allows, in addition to the measure that is most consistent with U.S. GAAP, the disclosure of additional measures of segment profit or loss that are used by the CODM in assessing segment performance and deciding how to allocate resources. ASU 2023-07 also requires the disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. All disclosure requirements under ASU 2023-07 and existing segment disclosures in ASC 280, Segment Reporting are also required for public entities with a single reportable segment. ASU 2023-07 was effective for this Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and subsequent interim periods and was applied retrospectively to all periods presented in the financial statements. The additional required disclosures are included in Note 20 – Business Segment and Geographic Information. In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”), which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value and that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. ASU 2022-03 also requires the disclosure of the fair value, as reflected in the statement of financial condition, of equity securities subject to contractual sale restrictions and the nature and the disclosure of the remaining duration of those restrictions. On January 1, 2024, the Company adopted ASU 2022-03 on a prospective basis, which resulted in additional disclosures regarding contractual sale restrictions on investments, as disclosed in Note 15 – Fair Value of Financial Instruments and Other Assets and did not have a material impact on the Company’s consolidated financial statements.

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Final Purchase Price Allocations	The final purchase price allocations for ICD, r8fin and Yieldbroker were as follows: Year Ended December 31, 2024 2023 ICD r8fin Total 2024 Business Combinations Yieldbroker Purchase Price Allocation (dollars in thousands) Cash and cash equivalents $ 23,321 $ 1,397 $ 24,718 $ 12,753 Deposits with clearing organizations 596 — 596 — Accounts receivable 10,625 139 10,764 1,900 Equipment 360 — 360 384 Lease right-of-use assets 316 — 316 1,453 Software development costs 160,000 28,000 188,000 588 Goodwill 292,399 42,189 334,588 35,265 Intangible assets – Customer relationships 340,000 56,500 396,500 39,746 Intangible assets – Tradename 4,000 — 4,000 492 Deferred tax asset — — — 3,361 Other assets 1,445 179 1,624 693 Accrued compensation (3,390) — (3,390) (3,577) Deferred revenue (311) (219) (530) (72) Accounts payable, accrued expenses and other liabilities (6,579) (886) (7,465) (9,025) Lease liabilities (340) — (340) (1,496) Deferred tax liabilities (24,872) — (24,872) — Total purchase consideration - cash paid and stock issued 797,570 127,299 924,869 82,465 Less: Cash acquired (23,321) (1,397) (24,718) (12,753) Purchase consideration, net of cash acquired $ 774,249 $ 125,902 $ 900,151 $ 69,712
Schedule Of Unaudited Supplemental Pro Forma Financial Information	The unaudited supplemental pro forma financial information for periods presented herein are as follows: Year Ended December 31, 2024 2023 (dollars in thousands) Revenue $ 1,780,366 $ 1,423,362 Operating income $ 689,203 $ 478,629 Net income attributable to Tradeweb Markets Inc. $ 508,042 $ 346,494

Software Development Costs (Tab

Software Development Costs (Tables)	12 Months Ended
	Dec. 31, 2024
Research and Development [Abstract]
Schedule of Components of Software Development Costs	The components of total software development costs, net of accumulated amortization are as follows: December 31, 2024 December 31, 2023 Cost Accumulated Net Carrying Cost Accumulated Net Carrying (dollars in thousands) Software development costs – Refinitiv Transaction $ 168,500 $ (117,014) $ 51,486 $ 168,500 $ (98,292) $ 70,208 Software development costs – Other 423,524 (178,289) 245,235 185,290 (124,166) 61,124 Total software development costs $ 592,024 $ (295,303) $ 296,721 $ 353,790 $ (222,458) $ 131,332
Schedule of Non-capitalized Software Costs and Routine Maintenance Costs	Capitalized software development costs and amortization expense are as follows: Year Ended December 31, 2024 2023 2022 (dollars in thousands) Software development costs capitalized (1) $ 50,236 $ 44,720 $ 37,810 Amortization expense related to capitalized software development costs $ 72,848 $ 55,810 $ 52,180 (1) Software development costs capitalized does not include the $188.0 million in software development costs acquired in connection with the ICD and r8fin acquisitions during the year ended December 31, 2024 and the $0.6 million in software development costs acquired in connection with the Yieldbroker acquisition during the year ended December 31, 2023. See Note 4 – Acquisitions.
Schedule of Estimated Annual Future Amortization for Existing Intangible Assets	The estimated annual future amortization for software development costs as of December 31, 2024 through December 31, 2029 is as follows: Amount (dollars in thousands) 2025 $ 80,339 2026 $ 66,502 2027 $ 46,092 2028 $ 24,056 2029 $ 24,000 The estimated annual future amortization for definite-lived intangible assets as of December 31, 2024 through December 31, 2029 is as follows: Amount (dollars in thousands) 2025 $ 132,877 2026 $ 116,334 2027 $ 116,293 2028 $ 115,795 2029 $ 115,211

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	Goodwill includes the following activity during the years ended December 31, 2024 and 2023: December 31, 2024 2023 (dollars in thousands) Balance at beginning of period $ 2,815,524 $ 2,780,259 Goodwill recognized in connection with acquisitions 334,588 35,265 Balance at end of period $ 3,150,112 $ 2,815,524 The components of goodwill are as follows: December 31, 2024 2023 (dollars in thousands) Goodwill – Refinitiv Transaction $ 2,694,797 $ 2,694,797 Goodwill – Acquisitions and other 455,315 120,727 Total $ 3,150,112 $ 2,815,524
Schedule of Intangible Assets Which Have an Indefinite Useful Life	Intangible assets with an indefinite useful life consisted of the following: December 31, 2024 2023 (dollars in thousands) Licenses – Refinitiv Transaction $ 168,800 $ 168,800 Tradename – Refinitiv Transaction 154,300 154,300 Total $ 323,100 $ 323,100
Schedule of Intangible Assets That are Subject to Amortization	Intangible assets that are subject to amortization consisted of the following: Amortization Period December 31, 2024 December 31, 2023 Cost Accumulated Net Carrying Cost Accumulated Net Carrying (dollars in thousands) Customer relationships – Refinitiv Transaction 12 years $ 928,200 $ (483,438) $ 444,762 $ 928,200 $ (406,088) $ 522,112 Customer relationships – Acquisitions 13-15 years 537,531 (44,955) 492,576 141,031 (20,497) 120,534 Content and data – Refinitiv Transaction 7 years 154,400 (137,857) 16,543 154,400 (115,800) 38,600 Tradename – Acquisitions 4 years 4,492 (581) 3,911 492 (41) 451 Total $ 1,624,623 $ (666,831) $ 957,792 $ 1,224,123 $ (542,426) $ 681,697
Schedule of Estimated Annual Future Amortization for Existing Intangible Assets	The estimated annual future amortization for software development costs as of December 31, 2024 through December 31, 2029 is as follows: Amount (dollars in thousands) 2025 $ 80,339 2026 $ 66,502 2027 $ 46,092 2028 $ 24,056 2029 $ 24,000 The estimated annual future amortization for definite-lived intangible assets as of December 31, 2024 through December 31, 2029 is as follows: Amount (dollars in thousands) 2025 $ 132,877 2026 $ 116,334 2027 $ 116,293 2028 $ 115,795 2029 $ 115,211

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Schedule of Activity Related to the Company's Leases	The following is a summary of lease right-of-use assets and lease liabilities related to operating leases as of December 31, 2024 and 2023: December 31, 2024 2023 (dollars in thousands) Operating lease right-of-use assets $ 33,550 $ 25,206 Operating lease liabilities $ 35,748 $ 27,463 Activity related to the Company’s leases for the years ended December 31, 2024, 2023 and 2022 is as follows: Year Ended December 31, 2024 2023 2022 (dollars in thousands) Operating lease expense included as a component of occupancy expense on the accompanying consolidated statements of income $ 13,941 $ 11,768 $ 10,842 Cash paid for amounts included in the measurement of operating lease liability $ 14,145 $ 12,548 $ 11,940 At December 31, 2024 and 2023, the weighted average borrowing rate and weighted average remaining lease term are as follows: December 31, 2024 2023 Weighted average borrowing rate 4.9 % 4.6 % Weighted average remaining lease term (years) 3.5 3.7
Schedule of Maturity of Lease Liabilities and Future Minimum Lease Payments	The following table presents the future minimum lease payments and the maturity of lease liabilities as of December 31, 2024: Amount (dollars in thousands) 2025 $ 13,439 2026 9,560 2027 9,003 2028 3,623 2029 3,318 Thereafter 215 Total future lease payments 39,158 Less imputed interest (3,410) Lease liability $ 35,748

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Breakdown of Revenues Between Fixed and Variable Revenues	The breakdown of revenues between fixed and variable revenues for the years ended December 31, 2024, 2023 and 2022 is as follows: Year Ended Year Ended Year Ended December 31, 2024 December 31, 2023 December 31, 2022 (dollars in thousands) Variable Fixed Variable Fixed Variable Fixed Revenues Transaction fees and commissions $ 1,274,636 $ 148,911 $ 930,247 $ 148,097 $ 803,465 $ 146,804 Subscription fees 1,762 204,897 1,855 182,117 1,873 164,049 LSEG market data fees — 82,145 — 64,336 — 62,721 Other 2,366 11,232 1,112 10,455 862 9,007 Total revenue $ 1,278,764 $ 447,185 $ 933,214 $ 405,005 $ 806,200 $ 382,581
Schedule of Recognized Revenue and Remaining Deferred Revenue Balance	The revenue recognized and the remaining deferred revenue balances are shown below: Amount (dollars in thousands) Deferred revenue balance - December 31, 2023 $ 25,746 New billings 157,805 Revenue recognized (153,259) Deferred revenue acquired in connection with acquisitions 530 Effect of foreign currency exchange rate changes (22) Deferred revenue balance - December 31, 2024 $ 30,800

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Components of Provisions for Income Taxes	The provision for income taxes consists of the following: Year Ended December 31, 2024 2023 2022 (dollars in thousands) Current: Federal $ 95,266 $ 15,168 $ 7,260 State and Local 42,453 20,748 16,243 Foreign 14,406 2,665 1,154 Total current tax expense 152,125 38,581 24,657 Deferred: Federal 20,225 79,264 66,591 State and local 9,852 9,707 (11,384) Foreign 2,237 925 (2,344) Total deferred tax expense 32,314 89,896 52,863 Total provision for income taxes $ 184,439 $ 128,477 $ 77,520
Schedule of Reconciliation of the Statutory Tax Rate	A reconciliation of the U.S. federal statutory tax rate to the effective rate is as follows: Year Ended December 31, 2024 2023 2022 Statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % State and local income taxes, net of federal income tax benefit 6.1 6.3 5.3 Non-controlling interest (1.7) (1.9) (2.1) Tax Receivable Agreement adjustment (0.2) 0.4 (0.7) Rate change — (1.6) (4.1) Equity Compensation (0.5) (0.5) (2.1) Other (0.3) (0.3) 0.4 Effective income tax rate 24.4 % 23.4 % 17.7 %
Schedule of Components of Deferred Tax Assets (Liabilities)	The components of the Company’s net deferred tax asset (liability) are as follows: December 31, 2024 2023 (dollars in thousands) Deferred tax assets: Investment in partnership $ 516,665 $ 602,936 Net operating losses 2,311 3,806 Tax Receivable Agreement - Interest 16,939 16,799 Employee compensation 74,465 52,029 Transferable tax credits 23,857 — Other tax credits 4,743 5,099 Other 5,950 6,722 Deferred tax assets, gross 644,930 687,391 Valuation Allowance (1,654) — Total deferred tax assets, net 643,276 687,391 Deferred tax liabilities Goodwill and Intangibles (26,966) (23,908) Total deferred tax liabilities (26,966) (23,908) Total net deferred tax asset (liability) $ 616,310 $ 663,483
Schedule of Components of Uncertain Tax Positions	The components of the Company’s uncertain tax positions are as follows: Amount (dollars in thousands) Gross unrecognized tax benefits as of January 1, 2024 $ 10,515 Increase in current year tax positions 9,774 Increase in prior year tax positions 1,176 Decrease in prior year tax positions (2,591) Acquired tax positions 742 Settlements — Gross unrecognized tax benefits as of December 31, 2024 $ 19,616

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2024
Stockholders' Equity Note [Abstract]
Schedule of Class of Common Stock Par Value, Votes and Economic Rights	These attributes are summarized in the following table: Class of Common Stock Par Value Votes Economic Rights Class A common stock $ 0.00001 1 Yes Class B common stock $ 0.00001 10 Yes Class C common stock $ 0.00001 1 No Class D common stock $ 0.00001 10 No
Schedule of Company’s Outstanding Shares of Common Stock	The following table details the movement in the Company’s outstanding shares of common stock during the period: Class A Class B Class C Class D Total Balance at December 31, 2021 106,286,821 96,933,192 1,654,825 28,873,139 233,747,977 Activities related to exchanges of LLC Interests 4,184,083 — 1,596,352 (5,780,435) — Issuance of common stock from equity incentive plans 1,622,769 — — — 1,622,769 Share repurchases pursuant to share repurchase programs (1,347,067) — — — (1,347,067) Balance at December 31, 2022 110,746,606 96,933,192 3,251,177 23,092,704 234,023,679 Activities related to exchanges of LLC Interests 3,265,908 — 14,748,823 (18,014,731) — Issuance of common stock from equity incentive plans 1,564,003 — — — 1,564,003 Share repurchases pursuant to share repurchase programs (485,730) — — — (485,730) Balance at December 31, 2023 115,090,787 96,933,192 18,000,000 5,077,973 235,101,952 Activities related to exchanges of LLC Interests 4,435 — — (4,435) — Issuance of common stock from equity incentive plans 944,938 — — — 944,938 Issuance of common stock for business acquisitions (1)(2) 416,306 — — — 416,306 Share repurchases pursuant to share repurchase programs (478,915) — — — (478,915) Balance at December 31, 2024 115,977,551 96,933,192 18,000,000 5,073,538 235,984,281 (1) On January 19, 2024, the Corporation issued 374,601 unregistered shares of Class A common stock as partial consideration for the r8fin Acquisition (the “r8fin Acquisition Shares”), in reliance on Section 4(a)(2) of the Securities Act. The r8fin Acquisition Shares are considered issued and outstanding subsequent to their January 19, 2024 issuance, but remain subject to a lock-up that restricts the sale, transfer or disposal of these shares for the two year period following the January 19, 2024 acquisition date of the r8fin Acquisition. See Note 4 – Acquisitions for additional details on this acquisition. (2)

Non-Controlling Interests (Tabl

Non-Controlling Interests (Tables)	12 Months Ended
	Dec. 31, 2024
Noncontrolling Interest [Abstract]
Schedule of the Ownership Interest in Noncontrolling Interest	The following table summarizes the ownership interest in Tradeweb Markets LLC: December 31, 2024 December 31, 2023 LLC Ownership LLC Ownership Number of LLC Interests held by Tradeweb Markets Inc. 212,869,038 90.2 % 212,023,979 90.2 % Number of LLC Interests held by non-controlling interests 23,073,538 9.8 % 23,077,973 9.8 % Total LLC Interests outstanding 235,942,576 100.0 % 235,101,952 100.0 %
Schedule of the Impact on Equity Due to Changes in the Company’s Ownership Interest in Noncontrolling Interest	The following table summarizes the impact on Tradeweb Market Inc.’s equity due to changes in the Corporation’s ownership interest in TWM LLC: Net Income Attributable to Tradeweb Markets Inc. and Transfers (to) from the Non-Controlling Interests Year Ended December 31, 2024 2023 2022 (dollars in thousands) Net income attributable to Tradeweb Markets Inc. $ 501,507 $ 364,866 $ 309,338 Transfers (to) from non-controlling interests: Increase/(decrease) in Tradeweb Markets Inc.’s additional paid-in capital as a result of ownership changes in TWM LLC (849) 77,767 108,679 Net transfers (to) from non-controlling interests (849) 77,767 108,679 Change from net income attributable to Tradeweb Markets Inc. and transfers (to) from non-controlling interests $ 500,658 $ 442,633 $ 418,017

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Equity-Settled PRSUs Issued	A summary of the Company’s outstanding PRSUs is presented below: PRSUs Weighted PRSUs outstanding at December 31, 2023 1,271,913 $ 74.34 Granted 201,546 $ 104.66 Vested (396,518) $ 74.30 Performance adjustment (408) $ 69.56 Forfeited (34,995) $ 80.10 PRSUs outstanding at December 31, 2024 1,041,538 $ 80.03 A summary of the Company’s outstanding PSUs is presented below: PSUs Weighted PSUs outstanding at December 31, 2023 251,113 $ 98.33 Granted 86,592 $ 149.00 Vested — $ — Performance adjustment — $ — Forfeited (25,647) $ 118.97 PSUs outstanding at December 31, 2024 312,058 $ 110.69
Schedule of Unrecognized Compensation Expense	The following table summarizes information about PRSU awards: Year Ended December 31, 2024 2023 2022 (dollars in thousands) PRSU compensation expense $ 35,707 $ 26,506 $ 30,645 Income tax benefit $ (9,960) $ (10,767) $ (34,711) The following table summarizes information about PSU awards: Year Ended December 31, 2024 2023 2022 (dollars in thousands) PSU compensation expense $ 12,213 $ 7,043 $ — Income tax benefit $ (2,999) $ (1,714) $ — The following table summarizes information about options awards: Year Ended December 31, 2024 2023 2022 (dollars in thousands) Options compensation expense $ 133 $ 1,264 $ 2,097 Income tax benefit $ (11,984) $ (18,073) $ (12,894) As of December 31, 2024, total unrecognized compensation expense related to unvested stock-based compensation arrangements and the expected recognition period are as follows: PRSUs PSUs Options RSUs (dollars in thousands) Total unrecognized compensation cost $ 48,108 $ 15,285 $ — $ 58,207 Weighted-average recognition period (in years) 1.7 1.5 0.0 1.9
Schedule of Significant Assumptions Used To Estimate The Fair Value of PSUs	The significant assumptions used to estimate the fair value of PSUs estimated using the Monte Carlo simulation model were as follows: March 15, 2024 PSU Grant March 15, 2023 PSU Grant Maturity (years) 2.8 2.8 Annualized Volatility 26.63 % 28.81 % Risk-Free Interest Rate 4.44 % 3.77 %
Schedule of Options Issued	A summary of the Company’s outstanding options is presented below: Options Weighted Weighted Average Exercise Price Options outstanding at December 31, 2023 1,012,176 $ 3.21 $ 24.37 Granted — $ — $ — Exercised (669,165) $ 3.87 $ 26.31 Forfeited — $ — $ — Expired — $ — $ — Options outstanding at December 31, 2024 343,011 $ 1.93 $ 20.59
Schedule of Outstanding RSUs	A summary of the Company’s outstanding RSUs and RSAs is presented below: RSU and RSAs Weighted RSUs outstanding at December 31, 2023 1,023,384 $ 73.35 Granted 1 610,477 $ 106.45 Vested (467,214) $ 74.52 Forfeited (2,748) $ 86.00 RSUs and RSAs outstanding at December 31, 2024 1,163,899 $ 90.21 (1) In connection with the closing of the ICD Acquisition, on August 1, 2024, the Corporation issued and sold 41,705 RSAs with a grant date fair value of $111.68 per share. The RSAs issued will cliff vest at the end of a two-year service period. Of the $4.7 million in RSAs issued, $3.3 million was allocated to consideration transferred for the business combination, relating to the pre-combination service period completed before the acquisition date, and $1.3 million will be amortized into stock-based compensation expense over the two-year service period required subsequent to the acquisition date.
Schedule of RSU Activity	The following table summarizes information about RSU and RSA awards: Year Ended December 31, 2024 2023 2022 (dollars in thousands) RSU and RSA compensation expense $ 41,596 $ 30,315 $ 33,902 Income tax benefit $ (12,781) $ (7,952) $ (10,096)
Schedule of Total Stock-based Compensation Expense	A summary of the Company’s total stock-based compensation expense relating to its PRSUs, PSUs, RSUs, RSAs and options, including the accelerated stock-based compensation expense discussed above, is presented below: Year Ended December 31, 2024 2023 2022 (dollars in thousands) Total stock-based compensation expense $ 89,649 $ 65,128 $ 66,644

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Schedule of Balances From Transactions with Affiliates Included in the Consolidated Statements	As of December 31, 2024 and 2023, the following balances with such affiliates were included in the consolidated statements of financial condition in the following line items: December 31, 2024 2023 (dollars in thousands) Accounts receivable $ 786 $ 688 Receivable and due from affiliates 8,094 192 Other assets 7 17 Accounts payable, accrued expenses and other liabilities 1,469 1,044 Deferred revenue 6,459 6,508 Payable and due to affiliates 763 1,327 The following balances with such affiliates were included in the consolidated statements of income in the following line items: Year Ended December 31, 2024 2023 2022 (dollars in thousands) Revenue: Subscription fees $ 1,180 $ 2,380 $ 1,308 LSEG market data fees (1) 82,145 64,336 62,721 Other fees 677 601 464 Expenses: (2) Employee compensation and benefits — 17 613 Technology and communications 6,386 5,747 4,713 General and administrative 10 7 291 Professional fees 95 30 46 Occupancy 72 67 — (1) The Company maintains a market data license agreement with an affiliate of LSEG. Under the agreement, the Company delivers to LSEG certain market data feeds which LSEG distributes to its customers. The Company earns license fees and royalties for these feeds. (2) The Company maintains agreements with LSEG to provide the Company with certain market data, office space, finance, human resources and other administrative services.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments and Other Assets (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value Measurements	The Company’s financial instruments and other assets measured at fair value on the consolidated statements of financial condition as of December 31, 2024 and 2023 have been categorized based upon the fair value hierarchy as follows: Quoted Prices in active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total As of December 31, 2024 (dollars in thousands) Assets Cash equivalents – Money market funds and other highly liquid investments $ 1,117,133 $ — $ — $ 1,117,133 Receivable and due from affiliates – Foreign exchange derivative contracts — 7,844 — 7,844 Other assets – Digital Assets – Canton Coins — — 852 852 Other assets – Investment in available for sale debt securities — — 10,354 10,354 Total assets measured at fair value $ 1,117,133 $ 7,844 $ 11,206 $ 1,136,183 As of December 31, 2023 Assets Cash equivalents – Money market funds and other highly liquid investments $ 1,543,644 $ — $ — $ 1,543,644 Total assets measured at fair value $ 1,543,644 $ — $ — $ 1,543,644 Liabilities Payable and due to affiliates – Foreign exchange derivative contracts $ — $ 775 $ — $ 775 Total liabilities measured at fair value $ — $ 775 $ — $ 775
Schedule of Canton Coin	The following table presents the Company’s Canton Coin holdings as of December 31, 2024 : December 31, 2024 Quantity Cost Basis Fair Value (number of coins and dollars in thousands) Canton coins 1,189,928 $ 666 $ 852
Schedule of Changes in Fair Value	The table below presents a summary of the changes in fair value for level 3 assets: Year Ended December 31, 2024 Investment in Available for Sale Debt Securities Digital Assets Total (dollars in thousands) Balance - December 31, 2023 $ — $ — $ — Additions 10,354 666 11,020 Dispositions — — — Total realized and unrealized gains included in other income (loss), net — 186 186 Total realized and unrealized gains (losses) included in other comprehensive income — — — Balance - December 31, 2024 $ 10,354 $ 852 $ 11,206
Schedule of Derivative Values	The following table summarizes the aggregate U.S. d ollar equivalent notional amount of the Company’s foreign exchange derivative contracts not designated as hedges for accounting purposes: December 31, 2024 2023 (dollars in thousands) Foreign currency forward contracts – Gross notional amount $ 238,182 $ 192,877 Year Ended December 31, 2024 2023 2022 (dollars in thousands) Foreign currency forward contracts not designated in accounting hedge relationship – General and administrative (expenses)/income $ 14,966 $ 792 $ 4,871 Foreign currency call option contract not designated in accounting hedge relationship – Other income/(loss) (1) $ — $ (1,289) $ —
Schedule of Financial Instruments Not Measured at Fair Value	The Company’s financial instruments not measured at fair value on the consolidated statements of financial condition as of December 31, 2024 and 2023 have been categorized based upon the fair value hierarchy as follows: Carrying Value Quoted Prices in Significant Observable Inputs (Level 2) Significant Total Fair Value As of December 31, 2024 (dollars in thousands) Assets Cash and restricted cash $ 224,169 $ 224,169 $ — $ — $ 224,169 Receivable from brokers and dealers and clearing organizations 67,805 — 67,805 — 67,805 Deposits with clearing organizations 54,702 54,702 — — 54,702 Accounts receivable 222,268 — 222,268 — 222,268 Other assets – Memberships in clearing organizations 2,918 — — 2,918 2,918 Total $ 571,862 $ 278,871 $ 290,073 $ 2,918 $ 571,862 Liabilities Payable to brokers and dealers and clearing organizations $ 67,816 $ — $ 67,816 $ — $ 67,816 Total $ 67,816 $ — $ 67,816 $ — $ 67,816 As of December 31, 2023 Assets Cash and restricted cash $ 163,824 $ 163,824 $ — $ — $ 163,824 Receivable from brokers and dealers and clearing organizations 381,178 — 381,178 — 381,178 Deposits with clearing organizations 36,806 36,806 — — 36,806 Accounts receivable 168,407 — 168,407 — 168,407 Other assets – Memberships in clearing organizations 2,426 — — 2,426 2,426 Total $ 752,641 $ 200,630 $ 549,585 $ 2,426 $ 752,641 Liabilities Securities sold under agreements to repurchase (1) $ 21,612 $ — $ 21,612 $ — $ 21,612 Payable to brokers and dealers and clearing organizations 351,864 — 351,864 — 351,864 Total $ 373,476 $ — $ 373,476 $ — $ 373,476 (1) As of December 31, 2023, Treasury securities with a fair value of $21.6 million collateralized the securities sold under agreements to repurchase liability. The liability amounts presented represent the gross liability and are not offset on the consolidated statement of financial condition. The securities sold under agreements to repurchase liability were subsequently settled on January 2, 2024.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share	The following table summarizes the calculations of basic and diluted earnings per share of Class A and Class B common stock for Tradeweb Markets Inc.: Year Ended December 31, 2024 2023 2022 (dollars in thousands, except per share amounts) Numerator: Net income attributable to Tradeweb Markets Inc. $ 501,507 $ 364,866 $ 309,338 Less: Distributed and undistributed earnings allocated to participating securities (1) (389) (467) (244) Net income attributable to outstanding shares of Class A and Class B common stock - Basic and Diluted 501,118 364,399 309,094 Denominator: Weighted average shares of Class A and Class B common stock outstanding - Basic 213,030,056 210,796,802 205,576,637 Dilutive effect of PRSUs 589,171 458,343 770,726 Dilutive effect of options 428,926 1,150,159 1,810,956 Dilutive effect of RSUs and RSAs 415,957 257,076 241,721 Dilutive effect of PSUs 460,653 6,428 — Weighted average shares of Class A and Class B common stock outstanding - Diluted 214,924,763 212,668,808 208,400,040 Earnings per share - Basic $ 2.35 $ 1.73 $ 1.50 Earnings per share - Diluted $ 2.33 $ 1.71 $ 1.48 (1) During the years ended December 31, 2024, 2023 and 2022, there was a total of 165,565, 270,249 and 193,441, respectively, weighted average unvested or unsettled vested stock awards that were considered a participating security for purposes of calculating earnings per share in accordance with the two-class method.
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table summarizes the PRSUs, shares underlying options, RSUs, RSAs, PSUs and weighted-average LLC Interests held by Continuing LLC Owners that were anti-dilutive for the periods indicated. As a result, these shares, which were outstanding, were excluded from the computation of diluted earnings per share for the periods indicated: Year Ended December 31, 2024 2023 2022 Anti - dilutive Shares: PRSUs — — — Options — — — RSUs and RSAs — — 19,551 PSUs — — — LLC Interests 23,076,373 23,902,379 28,830,686

Regulatory Capital Requiremen_2

Regulatory Capital Requirements (Tables)	12 Months Ended
	Dec. 31, 2024
Broker-Dealer [Abstract]
Schedule of Regulatory Capital Requirements	At December 31, 2024 and 2023, the regulatory capital requirements and regulatory capital for these entities are as follows: December 31, 2024 December 31, 2023 Regulatory Capital Regulatory Capital Requirement Excess Regulatory Capital Regulatory Capital Regulatory Capital Requirement Excess Regulatory Capital (dollars in thousands) TWL $ 63,532 $ 3,646 $ 59,886 $ 50,243 $ 2,856 $ 47,387 DW 204,134 4,359 199,775 156,318 3,579 152,739 TWD 52,808 1,208 51,600 46,976 850 46,126 TEL 56,152 32,499 23,653 78,127 37,907 40,220 TWJ 3,589 2,841 748 6,963 2,029 4,934 TWEU 8,073 6,838 1,235 11,912 5,447 6,465 TESL 5,755 942 4,813 1,813 955 858 TESBV 1,591 1,377 214 1,683 843 840 YB 11,677 — 11,677 5,261 1,070 4,191 TDIFC 250 30 220 250 39 211 ICDLC 20,845 594 20,251 — — — ICDLT 6,504 2,997 3,507 — — — ICDEU 523 150 373 — — —
Schedule of Financial Resources and Liquid Financial Resources	The required and maintained financial resources and liquid financial assets at December 31, 2024 and 2023 are as follows: December 31, 2024 December 31, 2023 Financial Resources Required Financial Resources Excess Financial Resources Financial Resources Required Financial Resources Excess Financial Resources (dollars in thousands) TW SEF $ 50,974 $ 16,500 $ 34,474 $ 43,286 $ 12,500 $ 30,786 DW SEF 14,083 9,062 5,021 13,309 8,669 4,640 December 31, 2024 December 31, 2023 Liquid Financial Assets Required Liquid Financial Assets Excess Liquid Financial Assets Liquid Financial Assets Required Liquid Financial Assets Excess Liquid Financial Assets (dollars in thousands) TW SEF $ 28,163 $ 4,125 $ 24,038 $ 22,068 $ 3,125 $ 18,943 DW SEF 9,956 2,266 7,690 7,935 2,167 5,768

Business Segment and Geograph_2

Business Segment and Geographic Information (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of Information Regarding Revenue from External Customers by Client Sector	Information regarding revenue from external customers by client sector, significant segment expenses and consolidated net income is as follows: Year Ended December 31, 2024 2023 2022 (dollars in thousands) Revenues Institutional $ 1,035,775 $ 797,038 $ 719,211 Wholesale 385,673 312,586 273,189 Retail 143,247 134,521 110,468 Corporates 43,234 — — Market Data 118,020 94,074 85,913 Total revenue 1,725,949 1,338,219 1,188,781 Less: Employee compensation and benefits 592,690 460,305 432,421 Technology and communications 98,568 77,506 65,857 General and administrative 56,317 51,495 46,561 Professional fees 60,132 42,364 37,764 Occupancy 20,215 15,930 14,726 Other segment items (1) 328,064 271,116 231,839 Net income $ 569,963 $ 419,503 $ 359,613
Schedule of Revenue and Long-Lived Assets by Geographic Location	The following table provides revenue by geographic area: Year Ended December 31, 2024 2023 2022 (dollars in thousands) Revenues U.S. $ 1,060,697 $ 850,338 $ 760,642 International 665,252 487,881 428,139 Total revenue $ 1,725,949 $ 1,338,219 $ 1,188,781 The following table provides information on the attribution of long-lived assets by geographic area: December 31, 2024 2023 2022 (dollars in thousands) Long-lived assets U.S. $ 4,777,770 $ 3,990,070 $ 4,044,230 International 29,478 20,348 13,026 Total $ 4,807,248 $ 4,010,418 $ 4,057,256

Organization (Details)

Organization (Details)	12 Months Ended
	Dec. 31, 2024 $ / shares shares	Dec. 31, 2023 $ / shares shares	Dec. 31, 2022 shares
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Stock split ratio, common stock	1
Weighted average unvested RSUs and unsettled vested PRSUs that were considered participating securities (in shares)	165,565	270,249	193,441
Additional dilutive shares (in shares)	1,894,707
Class A common stock
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Common stock, par value (in dollars per share) | $ / shares	$ 0.00001	$ 0.00001
Class B common stock
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Common stock, par value (in dollars per share) | $ / shares	0.00001	0.00001
Class C common stock
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Common stock, par value (in dollars per share) | $ / shares	0.00001	0.00001
Class D common stock
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Common stock, par value (in dollars per share) | $ / shares	$ 0.00001	$ 0.00001
Tradeweb Markets Inc | Refinitiv
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership interest	89.90%
Tradeweb Markets Inc | Public Investors
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Voting power percentage	10%
Tradeweb Markets Inc | Class A common stock | Public Investors
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of share owned (in shares)	115,977,551
Tradeweb Markets Inc | Class B common stock | Refinitiv
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of share owned (in shares)	96,933,192
Tradeweb Markets Inc | Class C common stock | Refinitiv
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of share owned (in shares)	18,000,000
Tradeweb Markets Inc | Class D common stock | Refinitiv
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of share owned (in shares)	4,988,329
Tradeweb Markets Inc | Class D common stock | Other Stockholders
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of share owned (in shares)	85,209
Voting power percentage	0.10%
Tradeweb Markets LLC
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership interest	90.20%	90.20%
Ownership percentage, continuing LLC Owners	9.80%	9.80%
Tradeweb Markets LLC | Refinitiv
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership interest	50.80%
Tradeweb Markets LLC | Public Investors
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage, continuing LLC Owners	49.10%
Tradeweb Markets LLC | Class D common stock | Other Stockholders
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage, continuing LLC Owners	0.10%

Significant Accounting Polici_3

Significant Accounting Policies - Furniture, Equipment, Purchased Software, Leasehold Improvements and Software Development Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Aug. 01, 2024	Jan. 19, 2024
Software development costs
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life of intangible assets	3 years
Amortization of pushdown accounting allocation	9 years
Software development costs | ICD Acquisition
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life of intangible assets				8 years
Software development costs | R8Fin Acquisition
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life of intangible assets					7 years
Software development costs | NFI Acquisition
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life of intangible assets	1 year
Software development costs | YB
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life of intangible assets	1 year			1 year
Minimum
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life of intangible assets	4 years
Maximum
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life of intangible assets	15 years
Furniture, Equipment, Purchased Software and Leasehold Improvements
Furniture, Equipment, Purchased Software and Leasehold Improvements
Accumulated depreciation and amortization	$ 92	$ 95.8
Depreciation expense	$ 22.7	$ 21.3	$ 19.5
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

Significant Accounting Polici_4

Significant Accounting Policies - Goodwill (Details)		12 Months Ended
	Oct. 01, 2024 USD ($)	Dec. 31, 2024 reporting_unit
Accounting Policies [Abstract]
Number of reporting units | reporting_unit		1
Impairment of goodwill | $	$ 0

Significant Accounting Polici_5

Significant Accounting Policies - Intangible Assets (Details)	Dec. 31, 2024
Minimum
Intangible Assets
Useful life of intangible assets	4 years
Maximum
Intangible Assets
Useful life of intangible assets	15 years

Significant Accounting Polici_6

Significant Accounting Policies - Translation of Foreign Currency and Foreign Currency Forward Contracts (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Foreign currency transaction loss, before tax		$ 4,500	$ 1,600	$ 2,300
Foreign currency forward contracts – Gross notional amount | Selling, General and Administrative Expenses
Derivative [Line Items]
Realized and unrealized gains (losses) on foreign currency forward contracts		14,966	792	4,871
Foreign currency call option | Other Operating Income (Expense)
Derivative [Line Items]
Realized and unrealized gains (losses) on foreign currency forward contracts	$ (1,300)	$ 0	$ (1,289)	$ 0

Restricted Cash (Details)

Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restricted Cash Equivalents [Abstract]
Restricted cash	$ 1,000	$ 1,000	$ 1,000

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) $ in Thousands, $ in Millions					1 Months Ended	5 Months Ended	12 Months Ended
	Aug. 01, 2024 USD ($) shares	Jan. 19, 2024 USD ($) shares	Aug. 31, 2023 USD ($)	Aug. 31, 2023 AUD ($)	Aug. 31, 2024 shares	Dec. 31, 2024 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) business
Business Acquisition [Line Items]
Fair market value							$ 40,025
Cash paid for acquisition, net of cash acquired							$ 860,126	$ 69,712	$ 0
Number of businesses acquired | business									0
Software development costs
Business Acquisition [Line Items]
Useful life of intangible assets						3 years	3 years
Tradename
Business Acquisition [Line Items]
Useful life of intangible assets						4 years	4 years	4 years
ICD, r8fin, and Yieldbroker Acquisitions | Professional Fees
Business Acquisition [Line Items]
Transaction costs							$ 16,900	$ 4,600
ICD, r8fin, and Yieldbroker Acquisitions | General and Administrative Expense
Business Acquisition [Line Items]
Transaction costs							2,200	$ 900
ICD Acquisition
Business Acquisition [Line Items]
All-cash acquisition	$ 785,000
Net cash acquired	774,249
Cash acquired from acquisition	23,300
Consideration transferred, net of equity issued	773,800
Cash paid for acquisition, net of cash acquired	770,900
Share-based payment arrangement, accelerated cost							$ 1,400
Prepaid expense	1,400
Goodwill recognized expected to be tax deductible	$ 238,000
Revenues						$ 43,200
Operating income						2,100
Business acquisition depreciation and amortization						$ 18,400
ICD Acquisition | Software development costs
Business Acquisition [Line Items]
Useful life of intangible assets	8 years
ICD Acquisition | Tradename
Business Acquisition [Line Items]
Useful life of intangible assets			4 years	4 years
ICD Acquisition | Customer relationships
Business Acquisition [Line Items]
Useful life of intangible assets	15 years
ICD Acquisition | Class A common stock
Business Acquisition [Line Items]
Equity interests issued and issuable	$ 4,500
ICD Acquisition | Class A common stock | Restricted Stock
Business Acquisition [Line Items]
Common stock shares issued by corporation (in shares) | shares	41,705				41,705
Fair market value	$ 4,700
Award requisite service period	2 years
Issuance, allocated to consideration transferred for the business combination	$ 3,300
Issuance, amortized into stock-based compensation expense	$ 1,300
R8Fin Acquisition
Business Acquisition [Line Items]
Net cash acquired		$ 125,902
Cash paid for acquisition, net of cash acquired		$ 89,200
R8Fin Acquisition | Software development costs
Business Acquisition [Line Items]
Useful life of intangible assets		7 years
R8Fin Acquisition | Customer relationships
Business Acquisition [Line Items]
Useful life of intangible assets		13 years
R8Fin Acquisition | Class A common stock
Business Acquisition [Line Items]
Equity interests issued and issuable		$ 36,700
Common stock shares issued by corporation (in shares) | shares		374,601
Yieldbroker
Business Acquisition [Line Items]
Net cash acquired			$ 69,712
Cash paid for acquisition, net of cash acquired			$ 80,100	$ 123.6
Yieldbroker | Software development costs
Business Acquisition [Line Items]
Useful life of intangible assets	1 year					1 year	1 year
Yieldbroker | Tradename
Business Acquisition [Line Items]
Useful life of intangible assets			4 years	4 years
Yieldbroker | Customer relationships
Business Acquisition [Line Items]
Useful life of intangible assets			13 years	13 years
NFI Acquisition | Software development costs
Business Acquisition [Line Items]
Useful life of intangible assets						1 year	1 year

Acquisitions - Schedule of Fina

Acquisitions - Schedule of Final Purchase Price (Details) - USD ($) $ in Thousands				12 Months Ended
	Aug. 01, 2024	Jan. 19, 2024	Aug. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Goodwill				$ 3,150,112	$ 2,815,524	$ 2,780,259
Total 2024 Business Combinations
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Cash and cash equivalents				24,718
Deposits with clearing organizations				596
Accounts receivable				10,764
Equipment				360
Lease right-of-use assets				316
Goodwill				334,588
Deferred tax asset				0
Other assets				1,624
Accrued compensation				(3,390)
Deferred revenue				(530)
Accounts payable, accrued expenses and other liabilities				(7,465)
Lease liabilities				(340)
Deferred tax liabilities				(24,872)
Total purchase consideration - cash paid and stock issued				924,869
Less: Cash acquired				(24,718)
Purchase consideration, net of cash acquired				900,151
Total 2024 Business Combinations | Software development costs
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets				188,000
Total 2024 Business Combinations | Customer relationships
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets				396,500
Total 2024 Business Combinations | Tradename
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets				$ 4,000
ICD Acquisition
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Cash and cash equivalents	$ 23,321
Deposits with clearing organizations	596
Accounts receivable	10,625
Equipment	360
Lease right-of-use assets	316
Goodwill	292,399
Deferred tax asset	0
Other assets	1,445
Accrued compensation	(3,390)
Deferred revenue	(311)
Accounts payable, accrued expenses and other liabilities	(6,579)
Lease liabilities	(340)
Deferred tax liabilities	(24,872)
Total purchase consideration - cash paid and stock issued	797,570
Less: Cash acquired	(23,321)
Purchase consideration, net of cash acquired	774,249
ICD Acquisition | Software development costs
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets	160,000
ICD Acquisition | Customer relationships
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets	340,000
ICD Acquisition | Tradename
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets	4,000
R8Fin Acquisition
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Cash and cash equivalents		$ 1,397
Deposits with clearing organizations		0
Accounts receivable		139
Equipment		0
Lease right-of-use assets		0
Goodwill		42,189
Deferred tax asset	$ 0
Other assets		179
Accrued compensation		0
Deferred revenue		(219)
Accounts payable, accrued expenses and other liabilities		(886)
Lease liabilities		0
Deferred tax liabilities		0
Total purchase consideration - cash paid and stock issued		127,299
Less: Cash acquired		(1,397)
Purchase consideration, net of cash acquired		125,902
R8Fin Acquisition | Software development costs
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets		28,000
R8Fin Acquisition | Customer relationships
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets		56,500
R8Fin Acquisition | Tradename
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets		$ 0
Yieldbroker Acquisition
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Cash and cash equivalents			$ 12,753
Deposits with clearing organizations			0
Accounts receivable			1,900
Equipment			384
Lease right-of-use assets			1,453
Goodwill			35,265
Deferred tax asset			3,361
Other assets			693
Accrued compensation			(3,577)
Deferred revenue			(72)
Accounts payable, accrued expenses and other liabilities			(9,025)
Lease liabilities			(1,496)
Deferred tax liabilities			0
Total purchase consideration - cash paid and stock issued			82,465
Less: Cash acquired			(12,753)
Purchase consideration, net of cash acquired			69,712
Yieldbroker Acquisition | Software development costs
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets			588		$ 600
Yieldbroker Acquisition | Customer relationships
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets			39,746
Yieldbroker Acquisition | Tradename
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets			$ 492

Acquisitions - Unaudited Supple

Acquisitions - Unaudited Supplemental Pro Forma Financial Information (Details) - ICD Acquisition - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Revenue	$ 1,780,366	$ 1,423,362
Operating income	689,203	478,629
Net income attributable to Tradeweb Markets Inc.	$ 508,042	$ 346,494

Software Development Costs - Sc

Software Development Costs - Schedule of Components of Software Development Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Intangible assets that are subject to amortization
Cost	$ 592,024	$ 353,790
Accumulated Amortization	(295,303)	(222,458)
Net Carrying Amount	296,721	131,332
Software development costs
Intangible assets that are subject to amortization
Cost	423,524	185,290
Accumulated Amortization	(178,289)	(124,166)
Net Carrying Amount	245,235	61,124
Refinitiv | Software development costs
Intangible assets that are subject to amortization
Cost	168,500	168,500
Accumulated Amortization	(117,014)	(98,292)
Net Carrying Amount	$ 51,486	$ 70,208

Software Development Costs - _2

Software Development Costs - Schedule of Non-capitalized Software Costs and Routine Maintenance Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Aug. 31, 2023
Intangible assets that are subject to amortization
Software development costs capitalized	$ 50,236	$ 44,720	$ 37,810
Amortization expense related to capitalized software development costs	72,848	55,810	$ 52,180
ICD and R8Fin | Software development costs
Intangible assets that are subject to amortization
Intangible assets	$ 188,000
Yieldbroker | Software development costs
Intangible assets that are subject to amortization
Intangible assets		$ 600		$ 588

Software Development Costs - Es

Software Development Costs - Estimated Annual Future Amortization (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Estimated annual future amortization for existing intangibles assets
2025	$ 132,877
2026	116,334
2027	116,293
2028	115,795
2029	115,211
Software development costs
Estimated annual future amortization for existing intangibles assets
2025	80,339
2026	66,502
2027	46,092
2028	24,056
2029	$ 24,000

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Balance at beginning of period	$ 2,815,524	$ 2,780,259
Goodwill recognized in connection with acquisitions	334,588	35,265
Balance at end of period	$ 3,150,112	$ 2,815,524

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Components of Goodwill (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Intangible assets that are subject to amortization
Goodwill	$ 3,150,112	$ 2,815,524	$ 2,780,259
Refinitiv
Intangible assets that are subject to amortization
Goodwill	2,694,797	2,694,797
Acquisitions and Other
Intangible assets that are subject to amortization
Goodwill	$ 455,315	$ 120,727

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Indefinite Lived Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Intangible assets with indefinite useful lives
Indefinite-lived intangible assets	$ 323,100	$ 323,100
Refinitiv | Licenses – Refinitiv Transaction
Intangible assets with indefinite useful lives
Indefinite-lived intangible assets	168,800	168,800
Refinitiv | Tradename – Refinitiv Transaction
Intangible assets with indefinite useful lives
Indefinite-lived intangible assets	$ 154,300	$ 154,300

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Finite Lived Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Intangible assets that are subject to amortization
Cost	$ 1,624,623	$ 1,224,123
Accumulated Amortization	(666,831)	(542,426)
Net Carrying Amount	$ 957,792	$ 681,697
Minimum
Intangible assets that are subject to amortization
Amortization Period	4 years
Maximum
Intangible assets that are subject to amortization
Amortization Period	15 years
Refinitiv
Intangible assets that are subject to amortization
Amortization Period		7 years
Customer relationships
Intangible assets that are subject to amortization
Cost	$ 537,531	$ 141,031
Accumulated Amortization	(44,955)	(20,497)
Net Carrying Amount	$ 492,576	$ 120,534
Customer relationships | Minimum
Intangible assets that are subject to amortization
Amortization Period	13 years	13 years
Customer relationships | Maximum
Intangible assets that are subject to amortization
Amortization Period	15 years	15 years
Customer relationships | Refinitiv
Intangible assets that are subject to amortization
Amortization Period	12 years	12 years
Cost	$ 928,200	$ 928,200
Accumulated Amortization	(483,438)	(406,088)
Net Carrying Amount	$ 444,762	522,112
Content and data – Refinitiv Transaction
Intangible assets that are subject to amortization
Amortization Period	7 years
Content and data – Refinitiv Transaction | Refinitiv
Intangible assets that are subject to amortization
Cost	$ 154,400	154,400
Accumulated Amortization	(137,857)	(115,800)
Net Carrying Amount	$ 16,543	$ 38,600
Tradename
Intangible assets that are subject to amortization
Amortization Period	4 years	4 years
Cost	$ 4,492	$ 492
Accumulated Amortization	(581)	(41)
Net Carrying Amount	$ 3,911	$ 451

Goodwill and Intangible Asset_6

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 124.4	$ 108.3	$ 107.2

Goodwill and Intangible Asset_7

Goodwill and Intangible Assets - Future Amortization (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Estimated annual future amortization for existing intangibles assets
2025	$ 132,877
2026	116,334
2027	116,293
2028	115,795
2029	$ 115,211

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Future minimum lease payments for a lease signed but not yet commenced	$ 159.2
Operating lease expected initial lease term	16 years
Revolving Credit Facility
Lessee, Lease, Description [Line Items]
Letters of credit outstanding	$ 0.5	$ 0.5
Minimum
Lessee, Lease, Description [Line Items]
Initial term of lease	1 year
Maximum
Lessee, Lease, Description [Line Items]
Initial term of lease	10 years

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease right-of-use assets	$ 33,550	$ 25,206
Operating lease liabilities	35,748	27,463
Operating lease expense included as a component of occupancy expense on the accompanying consolidated statements of income	13,941	11,768	$ 10,842
Cash paid for amounts included in the measurement of operating lease liability	$ 14,145	$ 12,548	$ 11,940
Weighted average borrowing rate	4.90%	4.60%
Weighted average remaining lease term (years)	3 years 6 months	3 years 8 months 12 days

Leases - Maturity of Lease Liab

Leases - Maturity of Lease Liabilities and Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2025	$ 13,439
2026	9,560
2027	9,003
2028	3,623
2029	3,318
Thereafter	215
Total future lease payments	39,158
Less imputed interest	(3,410)
Lease liability	$ 35,748	$ 27,463

Revenue - Breakdown of Revenues

Revenue - Breakdown of Revenues Between Fixed and Variable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues
Total revenue	$ 1,725,949	$ 1,338,219	$ 1,188,781
Transaction fees and commissions
Revenues
Total revenue	1,423,547	1,078,344	950,269
LSEG market data fees
Revenues
Total revenue	82,145	64,336	62,721
Other
Revenues
Total revenue	13,598	11,567	9,869
Variable
Revenues
Total revenue	1,278,764	933,214	806,200
Variable | Transaction fees and commissions
Revenues
Total revenue	1,274,636	930,247	803,465
Variable | Subscription fees
Revenues
Total revenue	1,762	1,855	1,873
Variable | LSEG market data fees
Revenues
Total revenue	0	0	0
Variable | Other
Revenues
Total revenue	2,366	1,112	862
Fixed
Revenues
Total revenue	447,185	405,005	382,581
Fixed | Transaction fees and commissions
Revenues
Total revenue	148,911	148,097	146,804
Fixed | Subscription fees
Revenues
Total revenue	204,897	182,117	164,049
Fixed | LSEG market data fees
Revenues
Total revenue	82,145	64,336	62,721
Fixed | Other
Revenues
Total revenue	$ 11,232	$ 10,455	$ 9,007

Revenue - Recognized Revenue an

Revenue - Recognized Revenue and Remaining Balances (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Change in Contract with Customer
Deferred revenue balance - beginning of period	$ 25,746
New billings	157,805
Revenue recognized	(153,259)
Deferred revenue acquired in connection with acquisitions	530
Effect of foreign currency exchange rate changes	(22)
Deferred revenue balance - end of period	$ 30,800

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue recognized that was previously deferred	$ 25.7	$ 22.8

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)		12 Months Ended
	Apr. 08, 2019	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Line Items]
Income before taxes		$ 754,402,000	$ 547,980,000	$ 437,133,000
Effective tax rate		24.40%	23.40%	17.70%
Remaining percentage of tax benefits		50%
Interest payable		$ 1,700,000
Penalties payable		100,000
Affiliated Entity
Income Tax Disclosure [Line Items]
Decrease in tax liability			$ 2,000,000
Tax liability		$ 0	$ 0
Class B common stock
Income Tax Disclosure [Line Items]
Common stock, shares issued (in shares)		96,933,192	96,933,192
Refinitiv Direct Owner
Income Tax Disclosure [Line Items]
Shares contributed by Refinitiv Owner (in shares)	96,933,192
Refinitiv Direct Owner | Class B common stock
Income Tax Disclosure [Line Items]
Common stock, shares issued (in shares)	96,933,192
United States
Income Tax Disclosure [Line Items]
Income before taxes		$ 720,600,000
Net operating loss carryforwards		0
State and local
Income Tax Disclosure [Line Items]
Net operating loss carryforwards		1,000,000
Foreign
Income Tax Disclosure [Line Items]
Income before taxes		33,800,000
Net operating loss carryforwards		$ 1,200,000

Income Taxes - Components of Pr

Income Taxes - Components of Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current:
Federal	$ 95,266	$ 15,168	$ 7,260
State and Local	42,453	20,748	16,243
Foreign	14,406	2,665	1,154
Total current tax expense	152,125	38,581	24,657
Deferred:
Federal	20,225	79,264	66,591
State and local	9,852	9,707	(11,384)
Foreign	2,237	925	(2,344)
Total deferred tax expense	32,314	89,896	52,863
Total provision for income taxes	$ 184,439	$ 128,477	$ 77,520

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of the Statutory Rate (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of the statutory tax rate
Statutory U.S. federal income tax rate	21%	21%	21%
State and local income taxes, net of federal income tax benefit	6.10%	6.30%	5.30%
Non-controlling interest	(1.70%)	(1.90%)	(2.10%)
Tax Receivable Agreement adjustment	(0.20%)	0.40%	(0.70%)
Rate change	0%	(1.60%)	(4.10%)
Equity Compensation	(0.50%)	(0.50%)	(2.10%)
Other	(0.30%)	(0.30%)	0.40%
Effective income tax rate	24.40%	23.40%	17.70%

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Asset (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Investment in partnership	$ 516,665	$ 602,936
Net operating losses	2,311	3,806
Tax Receivable Agreement - Interest	16,939	16,799
Employee compensation	74,465	52,029
Transferable tax credits	23,857	0
Other tax credits	4,743	5,099
Other	5,950	6,722
Deferred tax assets, gross	644,930	687,391
Valuation Allowance	(1,654)	0
Total deferred tax assets, net	643,276	687,391
Deferred tax liabilities
Goodwill and Intangibles	(26,966)	(23,908)
Total deferred tax liabilities	(26,966)	(23,908)
Total net deferred tax asset (liability)	$ 616,310	$ 663,483

Income Taxes - Uncertain Tax Po

Income Taxes - Uncertain Tax Position (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Gross unrecognized tax benefits as of January 1, 2024	$ 10,515
Increase in current year tax positions	9,774
Increase in prior year tax positions	1,176
Decrease in prior year tax positions	(2,591)
Acquired tax positions	742
Settlements	0
Gross unrecognized tax benefits as of December 31, 2024	$ 19,616

Tax Receivable Agreement (Detai

Tax Receivable Agreement (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Tax Receivable Agreement
Percentage of amount of U.S. federal, state and local income or franchise tax savings		50%
Tax receivable agreement, payment term		15 years
Tax receivable agreement liability		$ 372,839	$ 457,523
Tax receivable agreement liability adjustment	[1]	$ 7,730	$ (9,517)	$ 13,653
[1] See Note 10 – Tax Receivable Agreement.

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details)		1 Months Ended	12 Months Ended
	Aug. 01, 2024 shares	Aug. 31, 2024 shares	Dec. 31, 2024 vote shares
Tradeweb Markets LLC
Class of Stock [Line Items]
Threshold percentage of economic interest for conversion			10%
Cancellation ratio			1
Class A common stock
Class of Stock [Line Items]
Number of votes per common stock			1
Conversion ratio			1
Conversion of common stock (in shares) | shares			1
Class A common stock | Restricted Stock | ICD Acquisition
Class of Stock [Line Items]
Common stock shares issued by corporation (in shares) | shares	41,705	41,705
Class B common stock
Class of Stock [Line Items]
Number of votes per common stock			10
Conversion ratio			1
Class C common stock
Class of Stock [Line Items]
Number of votes per common stock			1
Conversion ratio			1
Conversion of common stock (in shares) | shares			1
Class D common stock
Class of Stock [Line Items]
Number of votes per common stock			10
Conversion ratio			1

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Class of Common Stock Par Value, Votes and Economic Rights (Details)	12 Months Ended
	Dec. 31, 2024 vote $ / shares	Dec. 31, 2023 $ / shares
Class A common stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares	$ 0.00001	$ 0.00001
Number of votes per common stock | vote	1
Class B common stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares	$ 0.00001	0.00001
Number of votes per common stock | vote	10
Class C common stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares	$ 0.00001	0.00001
Number of votes per common stock | vote	1
Class D common stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares	$ 0.00001	$ 0.00001
Number of votes per common stock | vote	10

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Company’s Outstanding Shares of Common Stock (Details) - shares			1 Months Ended	12 Months Ended
	Aug. 01, 2024	Jan. 19, 2024	Aug. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance ( in shares)				235,101,952	234,023,679	233,747,977
Activities related to exchanges of LLC Interests (in shares)				0	0	0
Issuance of common stock from equity incentive plans (in shares)				944,938	1,564,003	1,622,769
Issuance of common stock for business acquisitions (in shares)				416,306
Share repurchases pursuant to the share repurchase programs (in shares)				(478,915)	(485,730)	(1,347,067)
Ending balance (in shares)				235,984,281	235,101,952	234,023,679
Common stock shares issued by corporation (in shares)				416,306
Class A common stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance ( in shares)				115,090,787
Ending balance (in shares)				115,977,551	115,090,787
Class A common stock | R8Fin Acquisition
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock for business acquisitions (in shares)		374,601
Common stock shares issued by corporation (in shares)		374,601
Class A common stock | ICD Acquisition | Restricted Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock for business acquisitions (in shares)	41,705		41,705
Common stock shares issued by corporation (in shares)	41,705		41,705
Award requisite service period	2 years
Class A common stock | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance ( in shares)				115,090,787	110,746,606	106,286,821
Activities related to exchanges of LLC Interests (in shares)				4,435	3,265,908	4,184,083
Issuance of common stock from equity incentive plans (in shares)				944,938	1,564,003	1,622,769
Issuance of common stock for business acquisitions (in shares)				416,306
Share repurchases pursuant to the share repurchase programs (in shares)				(478,915)	(485,730)	(1,347,067)
Ending balance (in shares)				115,977,551	115,090,787	110,746,606
Common stock shares issued by corporation (in shares)				416,306
Class B common stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance ( in shares)				96,933,192
Ending balance (in shares)				96,933,192	96,933,192
Class B common stock | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance ( in shares)				96,933,192	96,933,192	96,933,192
Activities related to exchanges of LLC Interests (in shares)				0	0	0
Issuance of common stock from equity incentive plans (in shares)				0	0	0
Issuance of common stock for business acquisitions (in shares)				0
Share repurchases pursuant to the share repurchase programs (in shares)				0	0	0
Ending balance (in shares)				96,933,192	96,933,192	96,933,192
Common stock shares issued by corporation (in shares)				0
Class C common stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance ( in shares)				18,000,000
Ending balance (in shares)				18,000,000	18,000,000
Class C common stock | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance ( in shares)				18,000,000	3,251,177	1,654,825
Activities related to exchanges of LLC Interests (in shares)				0	14,748,823	1,596,352
Issuance of common stock from equity incentive plans (in shares)				0	0	0
Issuance of common stock for business acquisitions (in shares)				0
Share repurchases pursuant to the share repurchase programs (in shares)				0	0	0
Ending balance (in shares)				18,000,000	18,000,000	3,251,177
Common stock shares issued by corporation (in shares)				0
Class D common stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance ( in shares)				5,077,973
Ending balance (in shares)				5,073,538	5,077,973
Class D common stock | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance ( in shares)				5,077,973	23,092,704	28,873,139
Activities related to exchanges of LLC Interests (in shares)				(4,435)	(18,014,731)	(5,780,435)
Issuance of common stock from equity incentive plans (in shares)				0	0	0
Issuance of common stock for business acquisitions (in shares)				0
Share repurchases pursuant to the share repurchase programs (in shares)				0	0	0
Ending balance (in shares)				5,073,538	5,077,973	23,092,704
Common stock shares issued by corporation (in shares)				0

Stockholders' Equity - Share Re

Stockholders' Equity - Share Repurchase (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 05, 2022 USD ($)	Feb. 04, 2021 USD ($)
Class of Stock [Line Items]
Average price per share (in dollars per share) | $ / shares	$ 98.72	$ 72.02	$ 94.64
Number of shares withheld (in shares) | shares	485,745	715,101	1,074,467
Share-based payment arrangement, decrease for tax withholding obligation	$ 47,952,000	$ 51,519,000	$ 101,675,000
Class A common stock
Class of Stock [Line Items]
Conversion ratio	1
Class A common stock | 2021 Share Repurchase Program
Class of Stock [Line Items]
Share repurchase program, amount authorized					$ 150,000,000
Common stock repurchased (in shares) | shares			959,869
Average price per share (in dollars per share) | $ / shares			$ 77.43
Aggregate value of share repurchase			$ 74,300,000
Class A common stock | 2022 Share Repurchase Program
Class of Stock [Line Items]
Share repurchase program, amount authorized				$ 300,000,000
Common stock repurchased (in shares) | shares	478,915	485,730	387,198
Average price per share (in dollars per share) | $ / shares	$ 125.07	$ 72.48	$ 64.57
Aggregate value of share repurchase	$ 59,900,000	$ 35,200,000	$ 25,000,000
Stock repurchase program, remaining authorized repurchase amount	$ 179,900,000
Class B common stock
Class of Stock [Line Items]
Conversion ratio	1

Non-Controlling Interests - Sch

Non-Controlling Interests - Schedule of Ownership Interest (Details) - Tradeweb Markets LLC - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Non-Controlling Interests
Number of LLC Interests held by Tradeweb Markets Inc. (in shares)	212,869,038	212,023,979
Number of LLC Interests held by non-controlling interests (in shares)	23,073,538	23,077,973
Total LLC Interests outstanding (in shares)	235,942,576	235,101,952
Number of LLC Interests held by Tradeweb Markets Inc.	90.20%	90.20%
Number of LLC Interests held by non-controlling interests	9.80%	9.80%
Total LLC Interests outstanding	100%	100%

Non-Controlling Interests - Nar

Non-Controlling Interests - Narrative (Details)	12 Months Ended
	Dec. 31, 2024
Class A common stock
Non-Controlling Interests
Conversion ratio	1
Class B common stock
Non-Controlling Interests
Conversion ratio	1

Non-Controlling Interests - S_2

Non-Controlling Interests - Schedule of Equity Changes Due to Changes in Corporation Ownership (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Noncontrolling Interest [Abstract]
Net income attributable to Tradeweb Markets Inc.	$ 501,507	$ 364,866	$ 309,338
Increase/(decrease) in Tradeweb Markets Inc.’s additional paid-in capital as a result of ownership changes in TWM LLC	(849)
Increase/(decrease) in Tradeweb Markets Inc.’s additional paid-in capital as a result of ownership changes in TWM LLC		77,767	108,679
Net transfers (to) from non-controlling interests	(849)	77,767	108,679
Change from net income attributable to Tradeweb Markets Inc. and transfers (to) from non-controlling interests	$ 500,658	$ 442,633	$ 418,017

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended	12 Months Ended
	Aug. 01, 2024	Feb. 16, 2022	Sep. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jun. 17, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PRSU compensation expense				$ 89,649	$ 65,128	$ 66,644
Granted (in shares)				0	0	0
Intrinsic value of options exercised during the year				$ 53,300	$ 77,400	$ 59,300
Options outstanding intrinsic value				$ 37,800
Award, options, outstanding, weighted average remaining contractual term				3 years 9 months 18 days
Stock-based compensation expense capitalized to software development costs				$ 2,344	$ 1,474	928
ICD Acquisition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, accelerated cost				$ 1,400
President
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost							$ 4,400
PRSU compensation expense			$ 1,700
Share-based payment arrangement, accelerated cost			$ 2,700
Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost						5,500
Share-based payment arrangement, accelerated cost						$ 15,000
Retirement notice, term		6 months
2019 Omnibus Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)				8,841,864
Maximum contractual term				10 years
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)					0	0
Vested (in shares)				0	0	0
Restricted Stock | ICD Acquisition | Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share)	$ 111.68
RSUs and RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum contractual term				2 years
Total unrecognized compensation cost				$ 58,207
PRSU compensation expense				41,596	$ 30,315	$ 33,902
Granted (in dollars per share)					$ 69.70	$ 80.27
Fair value of vested				$ 48,200	$ 30,700	$ 25,600
Vesting percentage				33%
RSUs and RSAs | Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum contractual term				3 years
RSUs and RSAs | Non-employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum contractual term				1 year
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost				$ 48,108
PRSU compensation expense				$ 35,707	$ 26,506	$ 30,645
Granted (in dollars per share)				$ 104.66	$ 69.56	$ 83.74
Granted (in shares)				201,546
Vested (in shares)				396,518
Fair value of vested				$ 35,400	$ 46,200	$ 152,800
Performance period				3 years
Weighted-average grant-date fair value (in dollars per share)				$ 80.03	$ 74.34
PRSUs | Awarded During 2023 and 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum performance modifier, percent				0%
Maximum performance modifier, percent				250%
Target performance modifier, percent				100%
PRSUs | Awarded During 2022 And Prior
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum performance modifier, percent				200%
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost				$ 15,285
PRSU compensation expense				$ 12,213	$ 7,043	$ 0
Minimum performance modifier, percent				0%
Maximum performance modifier, percent				250%
Target performance modifier, percent				100%
Granted (in dollars per share)				$ 149
Granted (in shares)				86,592		0
Vested (in shares)				0	0	0
Performance period				3 years
Weighted-average grant-date fair value (in dollars per share)				$ 110.69	$ 98.33
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum contractual term				4 years
Total unrecognized compensation cost				$ 0
PRSU compensation expense				$ 133	$ 1,264	$ 2,097
Options | Passage of time
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				50%
Options | Achievement of certain performance targets
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				50%
Options | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum contractual term				3 years
Options | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum contractual term				4 years

Stock-Based Compensation Plan_3

Stock-Based Compensation Plans - PRSUs and PSUs (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
PRSUs
PRSUs
Balance outstanding at beginning of period (in shares)	1,271,913
Granted (in shares)	201,546
Vested (in shares)	(396,518)
Performance adjustment (in shares)	(408)
Forfeited (in shares)	(34,995)
Balance options outstanding at end of period (in shares)	1,041,538	1,271,913
Weighted Average Grant-Date Fair Value
Balance outstanding at end of period (in dollars per share)	$ 80.03	$ 74.34
Granted (in dollars per share)	104.66	$ 69.56	$ 83.74
Vested (in dollars per share)	74.30
Performance adjustment (in dollars per share)	69.56
Forfeited (in dollars per share)	80.10
Balance outstanding at beginning of period (in dollars per share)	$ 74.34
PSUs
PRSUs
Balance outstanding at beginning of period (in shares)	251,113
Granted (in shares)	86,592		0
Vested (in shares)	0	0	0
Performance adjustment (in shares)	0
Forfeited (in shares)	(25,647)
Balance options outstanding at end of period (in shares)	312,058	251,113
Weighted Average Grant-Date Fair Value
Balance outstanding at end of period (in dollars per share)	$ 110.69	$ 98.33
Granted (in dollars per share)	149
Vested (in dollars per share)	0
Performance adjustment (in dollars per share)	0
Forfeited (in dollars per share)	118.97
Balance outstanding at beginning of period (in dollars per share)	$ 98.33

Stock-Based Compensation Plan_4

Stock-Based Compensation Plans - Summary of PSRU and PSU Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PRSU compensation expense	$ 89,649	$ 65,128	$ 66,644
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PRSU compensation expense	35,707	26,506	30,645
Income tax benefit	(9,960)	(10,767)	(34,711)
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PRSU compensation expense	12,213	7,043	0
Income tax benefit	$ (2,999)	$ (1,714)	$ 0

Stock-Based Compensation Plan_5

Stock-Based Compensation Plans - Schedule of Significant Assumptions Used to Estimate the Fair Value of PSUs (Details) - PSUs	Mar. 15, 2024	Mar. 15, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maturity (years)	2 years 9 months 18 days	2 years 9 months 18 days
Annualized Volatility	26.63%	28.81%
Risk-Free Interest Rate	4.44%	3.77%

Stock-Based Compensation Plan_6

Stock-Based Compensation Plans - Outstanding Options (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Options
Options outstanding at beginning of period (in shares)	1,012,176
Granted (in shares)	0	0	0
Exercised (in shares)	(669,165)
Forfeited (in shares)	0
Expired (in shares)	0
Options outstanding at end of period (in shares)	343,011	1,012,176
Weighted Average Grant-Date Fair Value
Options outstanding at beginning of period (in dollars per share)	$ 3.21
Granted (in dollars per share)	0
Exercised (in dollars per share)	3.87
Forfeited (in dollars per share)	0
Expired (in dollars per share)	0
Options outstanding at end of period (in dollars per share)	1.93	$ 3.21
Weighted Average Exercise Price
Options outstanding at beginning of period (in dollars per share)	24.37
Grants (in dollars per share)	0
Exercises (in dollars per share)	26.31
Forfeited (in dollars per share)	0
Expired (in dollars per share)	0
Options outstanding at end of period (in dollars per share)	$ 20.59	$ 24.37

Stock-Based Compensation Plan_7

Stock-Based Compensation Plans - Option Award Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options compensation expense	$ 89,649	$ 65,128	$ 66,644
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options compensation expense	133	1,264	2,097
Income tax benefit	$ (11,984)	$ (18,073)	$ (12,894)

Stock-Based Compensation Plan_8

Stock-Based Compensation Plans - Schedule of Outstanding RSUs and RSAs (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	12 Months Ended
	Aug. 01, 2024	Aug. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Weighted Average Grant-Date Fair Value
Fair market value			$ 40,025
RSUs and RSAs
RSU and RSAs
Balance outstanding at beginning of period (in shares)			1,023,384
Granted (in shares)			610,477
Vested (in shares)			(467,214)
Forfeited (in shares)			(2,748)
Balance options outstanding at end of period (in shares)			1,163,899	1,023,384
Weighted Average Grant-Date Fair Value
Balance outstanding at beginning of period (in dollars per share)			$ 73.35
Granted (in dollars per share)			106.45
Vested (in dollars per share)			74.52
Forfeited (in dollars per share)			86
Balance outstanding at end of period (in dollars per share)			$ 90.21	$ 73.35
Restricted Stock
RSU and RSAs
Granted (in shares)				0	0
Vested (in shares)			0	0	0
Restricted Stock | ICD Acquisition | Class A common stock
Weighted Average Grant-Date Fair Value
Granted (in dollars per share)	$ 111.68
Common stock shares issued by corporation (in shares)	41,705	41,705
Fair market value	$ 4,700
Issuance, allocated to consideration transferred for the business combination	3,300
Issuance, amortized into stock-based compensation expense	$ 1,300
Award requisite service period	2 years

Stock-Based Compensation Plan_9

Stock-Based Compensation Plans - Schedule of RSU Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 89,649	$ 65,128	$ 66,644
RSUs and RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	41,596	30,315	33,902
Income tax benefit	$ (12,781)	$ (7,952)	$ (10,096)

Stock-Based Compensation Pla_10

Stock-Based Compensation Plans - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Total stock-based compensation expense	$ 89,649	$ 65,128	$ 66,644

Stock-Based Compensation Pla_11

Stock-Based Compensation Plans - Unrecognized Compensation Expense (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost	$ 48,108
Weighted-average recognition period (in years)	1 year 8 months 12 days
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost	$ 15,285
Weighted-average recognition period (in years)	1 year 6 months
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost	$ 0
Weighted-average recognition period (in years)	0 years
RSUs and RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost	$ 58,207
Weighted-average recognition period (in years)	1 year 10 months 24 days

Related Party Transactions - Ba

Related Party Transactions - Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Related Party Transactions
Accounts receivable	$ 222,268	$ 168,407
Receivable and due from affiliates	8,094	192
Other assets	107,371	70,819
Accounts payable, accrued expenses and other liabilities	95,290	57,501
Deferred revenue	30,800	25,746
Payable and due to affiliates	763	1,327
Affiliated Entity
Related Party Transactions
Accounts receivable	786	688
Receivable and due from affiliates	8,094	192
Other assets	7	17
Accounts payable, accrued expenses and other liabilities	1,469	1,044
Deferred revenue	6,459	6,508
Payable and due to affiliates	$ 763	$ 1,327

Related Party Transactions - Co

Related Party Transactions - Consolidated Statements of Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue:
Total revenue	$ 1,725,949	$ 1,338,219	$ 1,188,781
Expenses
Employee compensation and benefits	592,690	460,305	432,421
Technology and communications	98,568	77,506	65,857
General and administrative	56,317	51,495	46,561
Professional fees	60,132	42,364	37,764
Occupancy	20,215	15,930	14,726
Affiliated Entity
Expenses
Employee compensation and benefits	0	17	613
Technology and communications	6,386	5,747	4,713
General and administrative	10	7	291
Professional fees	95	30	46
Occupancy	72	67	0
Subscription fees
Revenue:
Total revenue	206,659	183,972	165,922
Subscription fees | Affiliated Entity
Revenue:
Total revenue	1,180	2,380	1,308
LSEG market data fees
Revenue:
Total revenue	82,145	64,336	62,721
LSEG market data fees | Affiliated Entity
Revenue:
Total revenue	82,145	64,336	62,721
Other fees
Revenue:
Total revenue	13,598	11,567	9,869
Other fees | Affiliated Entity
Revenue:
Total revenue	$ 677	$ 601	$ 464

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transactions
Other - See Note 14			$ (3,100,000)
Additional Paid-In Capital
Related Party Transactions
Other - See Note 14			(3,100,000)
Additional Paid-In Capital | Affiliated Entity
Related Party Transactions
Other - See Note 14	$ 0	$ 0	$ (3,100,000)

Fair Value of Financial Instr_3

Fair Value of Financial Instruments and Other Assets - Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value of Financial Instruments
Cash equivalents – Money market funds and other highly liquid investments	$ 1,117,133	$ 1,543,644
Receivable and due from affiliates – Foreign exchange derivative contracts	7,844
Other assets – Digital Assets – Canton Coins	852
Other assets – Investment in available for sale debt securities	10,354
Total assets measured at fair value	$ 1,136,183	1,543,644
Payable and due to affiliates – Foreign exchange derivative contracts		775
Total liabilities measured at fair value		$ 775
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Receivables
Derivative Liability, Statement of Financial Position [Extensible Enumeration]		Other Liabilities
Quoted Prices in active Markets for Identical Assets (Level 1)
Fair Value of Financial Instruments
Cash equivalents – Money market funds and other highly liquid investments	$ 1,117,133	$ 1,543,644
Receivable and due from affiliates – Foreign exchange derivative contracts	0
Other assets – Digital Assets – Canton Coins	0
Other assets – Investment in available for sale debt securities	0
Total assets measured at fair value	1,117,133	1,543,644
Payable and due to affiliates – Foreign exchange derivative contracts		0
Total liabilities measured at fair value		0
Significant Observable Inputs (Level 2)
Fair Value of Financial Instruments
Cash equivalents – Money market funds and other highly liquid investments	0	0
Receivable and due from affiliates – Foreign exchange derivative contracts	7,844
Other assets – Digital Assets – Canton Coins	0
Other assets – Investment in available for sale debt securities	0
Total assets measured at fair value	7,844	0
Payable and due to affiliates – Foreign exchange derivative contracts		775
Total liabilities measured at fair value		775
Significant Unobservable Inputs (Level 3)
Fair Value of Financial Instruments
Cash equivalents – Money market funds and other highly liquid investments	0	0
Receivable and due from affiliates – Foreign exchange derivative contracts	0
Other assets – Digital Assets – Canton Coins	852
Other assets – Investment in available for sale debt securities	10,354
Total assets measured at fair value	$ 11,206	0
Payable and due to affiliates – Foreign exchange derivative contracts		0
Total liabilities measured at fair value		$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments and Other Assets - Narrative (Details) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2024 USD ($) canton_coin	Dec. 31, 2024 USD ($) canton_coin	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Apr. 30, 2024 USD ($)	Jun. 01, 2023 AUD ($)
Fair Value of Financial Instruments
Principal amount	$ 10,400,000	$ 10,400,000			$ 10,000,000
Fair value adjustments or credit losses	$ 0
Quantity (canton coins) | canton_coin	1,189,928,000	1,189,928,000
Unrealize gain relating to level 3 assets held		$ 200,000
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]		Other income (loss), net
Equity investment without readily determinable fair value	$ 17,800,000	$ 17,800,000	$ 8,900,000
Equity investment impairment		$ 1,300,000	$ 11,100,000
Loss on write-off of investment that was uncollectible				$ 1,000,000
Canton coins
Fair Value of Financial Instruments
Quantity (canton coins) | canton_coin	1,200,000,000	1,200,000,000
Convertible Notes Payable
Fair Value of Financial Instruments
Interest rate					5%
Foreign currency call option
Fair Value of Financial Instruments
Gross notional amount						$ 120.7
Measurement Input, Discount Rate
Fair Value of Financial Instruments
Significant unobservable input					0.15
Fair value, measurement input	20%	20%	20%
Measurement Input, Perpetual Growth Rate
Fair Value of Financial Instruments
Fair value, measurement input	3%	3%	3%

Fair Value of Financial Instr_5

Fair Value of Financial Instruments and Other Assets - Canton Coin (Details) $ in Thousands	Dec. 31, 2024 USD ($) canton_coin
Crypto Asset, Holding [Line Items]
Quantity (canton coins) | canton_coin	1,189,928,000
Fair Value	$ 852
Canton coins
Crypto Asset, Holding [Line Items]
Quantity (canton coins) | canton_coin	1,200,000,000
Cost Basis	$ 666
Fair Value	$ 852

Fair Value of Financial Instr_6

Fair Value of Financial Instruments and Other Assets - Changes in Fair Value (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 0
Additions	11,020
Dispositions	0
Total realized and unrealized gains included in other income (loss), net	186
Total realized and unrealized gains (losses) included in other comprehensive income	0
Ending balance	$ 11,206
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other income (loss), net
Investment in Available for Sale Debt Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 0
Additions	10,354
Dispositions	0
Total realized and unrealized gains included in other income (loss), net	0
Total realized and unrealized gains (losses) included in other comprehensive income	0
Ending balance	10,354
Digital Assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0
Additions	666
Dispositions	0
Total realized and unrealized gains included in other income (loss), net	186
Total realized and unrealized gains (losses) included in other comprehensive income	0
Ending balance	$ 852

Fair Value of Financial Instr_7

Fair Value of Financial Instruments and Other Assets - Foreign Currency Forward Contracts (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Foreign currency forward contracts – Gross notional amount | Not Designated as Hedging Instrument
Derivative [Line Items]
Gross notional amount	$ 238,182	$ 192,877

Fair Value of Financial Instr_8

Fair Value of Financial Instruments and Other Assets - Unrealized Gains (Losses) on Foreign Currency Forwards (Details) $ in Thousands, $ in Millions		3 Months Ended	12 Months Ended
	Aug. 25, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 01, 2023 AUD ($)
Foreign currency forward contracts – Gross notional amount | Selling, General and Administrative Expenses
Derivative [Line Items]
Foreign currency forward contracts not designated in accounting hedge relationship – General and administrative (expenses)/income			$ 14,966	$ 792	$ 4,871
Foreign currency call option
Derivative [Line Items]
Gross notional amount						$ 120.7
Proceeds from unwinding of out-of-the-money derivative	$ 1,100
Foreign currency call option | Other Operating Income (Expense)
Derivative [Line Items]
Foreign currency forward contracts not designated in accounting hedge relationship – General and administrative (expenses)/income		$ (1,300)	$ 0	$ (1,289)	$ 0

Fair Value of Financial Instr_9

Fair Value of Financial Instruments and Other Assets - Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets
Receivable from brokers and dealers and clearing organizations	$ 67,805	$ 381,178
Deposits with clearing organizations	54,702	36,806
Accounts receivable	222,268	168,407
Total assets measured at fair value	1,136,183	1,543,644
Liabilities
Securities sold under agreements to repurchase	0	21,612
Payable to brokers and dealers and clearing organizations	67,816	351,864
Total liabilities measured at fair value		775
Securities sold under agreements to repurchase	0	21,612
Fair Value, Nonrecurring
Assets
Cash and restricted cash	224,169	163,824
Receivable from brokers and dealers and clearing organizations	67,805	381,178
Deposits with clearing organizations	54,702	36,806
Accounts receivable	222,268	168,407
Other assets – Memberships in clearing organizations	2,918	2,426
Total assets measured at fair value	571,862	752,641
Liabilities
Securities sold under agreements to repurchase		21,612
Payable to brokers and dealers and clearing organizations	67,816	351,864
Total liabilities measured at fair value	67,816	373,476
Securities sold under agreements to repurchase		21,612
Total Fair Value | Fair Value, Nonrecurring
Assets
Cash and restricted cash	224,169	163,824
Receivable from brokers and dealers and clearing organizations	67,805	381,178
Deposits with clearing organizations	54,702	36,806
Accounts receivable	222,268	168,407
Other assets – Memberships in clearing organizations	2,918	2,426
Total assets measured at fair value	571,862	752,641
Liabilities
Securities sold under agreements to repurchase		21,612
Payable to brokers and dealers and clearing organizations	67,816	351,864
Total liabilities measured at fair value	67,816	373,476
Securities sold under agreements to repurchase		21,612
Quoted Prices in active Markets for Identical Assets (Level 1)
Assets
Total assets measured at fair value	1,117,133	1,543,644
Liabilities
Total liabilities measured at fair value		0
Quoted Prices in active Markets for Identical Assets (Level 1) | Fair Value, Nonrecurring
Assets
Cash and restricted cash	224,169	163,824
Receivable from brokers and dealers and clearing organizations	0	0
Deposits with clearing organizations	54,702	36,806
Accounts receivable	0	0
Other assets – Memberships in clearing organizations	0	0
Total assets measured at fair value	278,871	200,630
Liabilities
Securities sold under agreements to repurchase		0
Payable to brokers and dealers and clearing organizations	0	0
Total liabilities measured at fair value	0	0
Securities sold under agreements to repurchase		0
Significant Observable Inputs (Level 2)
Assets
Total assets measured at fair value	7,844	0
Liabilities
Total liabilities measured at fair value		775
Significant Observable Inputs (Level 2) | Fair Value, Nonrecurring
Assets
Cash and restricted cash	0	0
Receivable from brokers and dealers and clearing organizations	67,805	381,178
Deposits with clearing organizations	0	0
Accounts receivable	222,268	168,407
Other assets – Memberships in clearing organizations	0	0
Total assets measured at fair value	290,073	549,585
Liabilities
Securities sold under agreements to repurchase		21,612
Payable to brokers and dealers and clearing organizations	67,816	351,864
Total liabilities measured at fair value	67,816	373,476
Securities sold under agreements to repurchase		21,612
Significant Unobservable Inputs (Level 3)
Assets
Total assets measured at fair value	11,206	0
Liabilities
Total liabilities measured at fair value		0
Significant Unobservable Inputs (Level 3) | Fair Value, Nonrecurring
Assets
Cash and restricted cash	0	0
Receivable from brokers and dealers and clearing organizations	0	0
Deposits with clearing organizations	0	0
Accounts receivable	0	0
Other assets – Memberships in clearing organizations	2,918	2,426
Total assets measured at fair value	2,918	2,426
Liabilities
Securities sold under agreements to repurchase		0
Payable to brokers and dealers and clearing organizations	0	0
Total liabilities measured at fair value	$ 0	0
Securities sold under agreements to repurchase		$ 0

Credit Risk (Details)

Credit Risk (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Risks and Uncertainties [Abstract]
Receivable from brokers and dealers and clearing organizations	$ 67,805	$ 381,178
Payable to brokers and dealers and clearing organizations	67,816	351,864
Securities sold under agreements to repurchase	0	21,612
Broker-dealer, self-funded remaining difference between the fail to deliver and fail to receive		7,700
Allowance for doubtful accounts	447	284
Credit loss expense (reversal)	$ 200	$ 200	$ (14)

Commitments and Contingencies (

Commitments and Contingencies (Details)		1 Months Ended
	Nov. 21, 2023 USD ($)	Mar. 31, 2021 class_action_case	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Nov. 20, 2023 USD ($)
Commitments and Contingencies
Number of claims dismissed | class_action_case		2
Revolving Credit Facility
Commitments and Contingencies
Revolving credit facility, term	5 years
Maximum borrowing capacity	$ 500,000,000				$ 500,000,000
Letter of credit issued	0		$ 0	$ 0
Penalties due	0
Penalties to be paid	0
Accordion feature	$ 250,000,000
Letters of credit outstanding			$ 500,000	$ 500,000
Commitment fee, percentage	0.25%
Revolving Credit Facility | Fed Funds Effective Rate
Commitments and Contingencies
Spread	0.50%
Revolving Credit Facility | One Month Secured Overnight Financing Rate
Commitments and Contingencies
Spread	1%
Credit adjustment spread	0.10%
Revolving Credit Facility | One Month Secured Overnight Financing Rate | Minimum
Commitments and Contingencies
Additional adjustment	0.25%
Revolving Credit Facility | One Month Secured Overnight Financing Rate | Maximum
Commitments and Contingencies
Additional adjustment	0.75%
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)
Commitments and Contingencies
Credit adjustment spread	0.10%
Debt instrument floor rate	0%
Revolving Credit Facility | EURIBOR
Commitments and Contingencies
Debt instrument floor rate	0%
Revolving Credit Facility | EURIBOR | Minimum
Commitments and Contingencies
Additional adjustment	1.25%
Revolving Credit Facility | EURIBOR | Maximum
Commitments and Contingencies
Additional adjustment	1.75%
Revolving Credit Facility | Letter of Credit
Commitments and Contingencies
Maximum borrowing capacity	$ 5,000,000
Letters of credit outstanding	500,000
Revolving Credit Facility | Bridge Loan
Commitments and Contingencies
Maximum borrowing capacity	$ 50,000,000

Earnings Per Share - Basic and

Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net income attributable to Tradeweb Markets Inc.	$ 501,507	$ 364,866	$ 309,338
Less: Distributed and undistributed earnings allocated to participating securities	(389)	(467)	(244)
Net income attributable to outstanding shares of Class A and Class B common stock - Basic	501,118	364,399	309,094
Net income attributable to outstanding shares of Class A and Class B common stock - Diluted	$ 501,118	$ 364,399	$ 309,094
Denominator:
Weighted average shares of Class A and Class B common stock outstanding - Basic (in shares)	213,030,056	210,796,802	205,576,637
Dilutive effect (in shares)	1,894,707
Weighted average shares of Class A and Class B common stock outstanding - Diluted (in shares)	214,924,763	212,668,808	208,400,040
Earnings per share - Basic (in dollars per share)	$ 2.35	$ 1.73	$ 1.50
Earnings per share - Diluted (in dollars per share)	$ 2.33	$ 1.71	$ 1.48
Weighted average unvested RSUs and unsettled vested PRSUs that were considered participating securities (in shares)	165,565	270,249	193,441
PRSUs
Denominator:
Dilutive effect (in shares)	589,171	458,343	770,726
Options
Denominator:
Dilutive effect (in shares)	428,926	1,150,159	1,810,956
RSUs and RSAs
Denominator:
Dilutive effect (in shares)	415,957	257,076	241,721
PSUs
Denominator:
Dilutive effect (in shares)	460,653	6,428	0

Earnings Per Share - Antidiluti

Earnings Per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
PRSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	0	0	0
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	0	0	0
RSUs and RSAs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	0	0	19,551
PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	0	0	0
LLC Interests
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	23,076,373	23,902,379	28,830,686

Regulatory Capital Requiremen_3

Regulatory Capital Requirements (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
TWL
Regulatory Capital Requirements
Regulatory Capital	$ 63,532	$ 50,243
Regulatory Capital Requirement	3,646	2,856
Excess Regulatory Capital	59,886	47,387
DW
Regulatory Capital Requirements
Regulatory Capital	204,134	156,318
Regulatory Capital Requirement	4,359	3,579
Excess Regulatory Capital	199,775	152,739
TWD
Regulatory Capital Requirements
Regulatory Capital	52,808	46,976
Regulatory Capital Requirement	1,208	850
Excess Regulatory Capital	51,600	46,126
TEL
Regulatory Capital Requirements
Regulatory Capital	56,152	78,127
Regulatory Capital Requirement	32,499	37,907
Excess Regulatory Capital	23,653	40,220
TWJ
Regulatory Capital Requirements
Regulatory Capital	3,589	6,963
Regulatory Capital Requirement	2,841	2,029
Excess Regulatory Capital	748	4,934
TWEU
Regulatory Capital Requirements
Regulatory Capital	8,073	11,912
Regulatory Capital Requirement	6,838	5,447
Excess Regulatory Capital	1,235	6,465
TESL
Regulatory Capital Requirements
Regulatory Capital	5,755	1,813
Regulatory Capital Requirement	942	955
Excess Regulatory Capital	4,813	858
TESBV
Regulatory Capital Requirements
Regulatory Capital	1,591	1,683
Regulatory Capital Requirement	1,377	843
Excess Regulatory Capital	214	840
YB
Regulatory Capital Requirements
Regulatory Capital	11,677	5,261
Regulatory Capital Requirement	0	1,070
Excess Regulatory Capital	11,677	4,191
TDIFC
Regulatory Capital Requirements
Regulatory Capital	250	250
Regulatory Capital Requirement	30	39
Excess Regulatory Capital	220	211
ICDLC
Regulatory Capital Requirements
Regulatory Capital	20,845	0
Regulatory Capital Requirement	594	0
Excess Regulatory Capital	20,251	0
ICDLT
Regulatory Capital Requirements
Regulatory Capital	6,504	0
Regulatory Capital Requirement	2,997	0
Excess Regulatory Capital	3,507	0
ICDEU
Regulatory Capital Requirements
Regulatory Capital	523	0
Regulatory Capital Requirement	150	0
Excess Regulatory Capital	373	0
TW SEF
Regulatory Capital Requirements
Financial Resources	50,974	43,286
Required Financial Resources	16,500	12,500
Excess Financial Resources	34,474	30,786
Liquid Financial Assets	28,163	22,068
Required Liquid Financial Assets	4,125	3,125
Excess Liquid Financial Assets	24,038	18,943
DW SEF
Regulatory Capital Requirements
Financial Resources	14,083	13,309
Required Financial Resources	9,062	8,669
Excess Financial Resources	5,021	4,640
Liquid Financial Assets	9,956	7,935
Required Liquid Financial Assets	2,266	2,167
Excess Liquid Financial Assets	$ 7,690	$ 5,768

Business Segment and Geograph_3

Business Segment and Geographic Information - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 segment
Revenue from Contract with Customer [Abstract]
Number of operating segments	1
Number of reportable segments	1

Business Segment and Geograph_4

Business Segment and Geographic Information - Revenue from External Customers by Client Sector (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Segment and Geographic Information
Total revenue	$ 1,725,949	$ 1,338,219	$ 1,188,781
Employee compensation and benefits	592,690	460,305	432,421
Technology and communications	98,568	77,506	65,857
General and administrative	56,317	51,495	46,561
Professional fees	60,132	42,364	37,764
Occupancy	20,215	15,930	14,726
Net income	569,963	419,503	359,613
Reportable Segment
Business Segment and Geographic Information
Total revenue	1,725,949	1,338,219	1,188,781
Employee compensation and benefits	592,690	460,305	432,421
Technology and communications	98,568	77,506	65,857
General and administrative	56,317	51,495	46,561
Professional fees	60,132	42,364	37,764
Occupancy	20,215	15,930	14,726
Other segment items	328,064	271,116	231,839
Net income	569,963	419,503	359,613
Institutional | Reportable Segment
Business Segment and Geographic Information
Total revenue	1,035,775	797,038	719,211
Wholesale | Reportable Segment
Business Segment and Geographic Information
Total revenue	385,673	312,586	273,189
Retail | Reportable Segment
Business Segment and Geographic Information
Total revenue	143,247	134,521	110,468
Corporates | Reportable Segment
Business Segment and Geographic Information
Total revenue	43,234	0	0
Market Data | Reportable Segment
Business Segment and Geographic Information
Total revenue	$ 118,020	$ 94,074	$ 85,913

Business Segment and Geograph_5

Business Segment and Geographic Information - Revenue and Long-lived Assets by Geographic Region (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Segment and Geographic Information
Total revenue	$ 1,725,949	$ 1,338,219	$ 1,188,781
Long-lived assets	4,807,248	4,010,418	4,057,256
U.S.
Business Segment and Geographic Information
Total revenue	1,060,697	850,338	760,642
Long-lived assets	4,777,770	3,990,070	4,044,230
International
Business Segment and Geographic Information
Total revenue	665,252	487,881	428,139
Long-lived assets	$ 29,478	$ 20,348	$ 13,026

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Feb. 06, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Cash dividend declared (in dollars per share)		$ 0.40	$ 0.36	$ 0.32
Subsequent Event | TWM LLC
Subsequent Event [Line Items]
Dividends payable	$ 75.8
Class A common stock | Subsequent Event
Subsequent Event [Line Items]
Cash dividend declared (in dollars per share)	$ 0.12
Class B common stock | Subsequent Event
Subsequent Event [Line Items]
Cash dividend declared (in dollars per share)	$ 0.12