TW · 10-K filed 5 Feb 2026 · year to 31 Dec 2025

Tradeweb Markets

39 named things its latest annual report says its results depend on, each in the company's own words. 23 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Dealer clients

earns fromnamed as a risk

We rely on our dealer clients to provide liquidity on our trading platform by posting prices on our platform and responding to client inquiries, and certain of our dealer clients account for a significant portion of our total trading volume on our platform.Risk factors (Item 1A)

Suppliers

London Stock Exchange Group (LSEG)

depends onnamed as a risk

Certain of these third-party services are provided to us by LSEG pursuant to a shared services agreement.Risk factors (Item 1A)

London Stock Exchange Group (LSEG)

depends onnamed as a risk

In particular, we depend on LSEG to source certain reference data for products that trade on our platform.Risk factors (Item 1A)

Industrial and Commercial Bank of China (ICBC)

depends onnamed as a risk

Following the November 2023 ransomware attack on some ICBC operating systems, including those used to clear U.S. Treasury and repurchase agreement financings, we have and may continue to self-clear these U.S. Treasury trades.Risk factors (Item 1A)

Partners and platforms

London Stock Exchange Group (LSEG)

depends onnamed as a risk

In addition, pursuant to a market data license agreement, LSEG currently distributes a significant portion of our market data.Risk factors (Item 1A)

Digital Asset Holdings

named as a risk

Further, we have made strategic minority investments in tokenization and blockchain infrastructure firms, such as Securitize and Digital Asset.Risk factors (Item 1A)

FTSE Russell

Fixed income closing prices are administered as benchmarks by FTSE Russell and are derived from trading activity on our platform.Business (Item 1)

Also named by CBOE, CME, MSCI

Canton Network

depends on

Since the third quarter of 2024, we have been receiving Canton Coins, the Canton Network’s utility token, as compensation for our services as a Super Validator and Validator.Business (Item 1)

Other companies

London Stock Exchange Group (LSEG)

approximately 89.9% of the combined voting powernamed as a risk

As of December 31, 2025, Refinitiv controls approximately 89.9% of the combined voting power of our common stock as a result of its ownership of our Class B common stock and Class D common stock, each share of which is entitled to 10 votes on all matters submitted to a vote of our stockholders and its ownership of our Class C common stock, each share of which is entitled to 1 vote on all matters submitted to a vote of our stockholders.Risk factors (Item 1A)

Rates asset class

concentrated in · approximately 53% of our revenuenamed as a risk

As of December 31, 2025, we derived approximately 53% of our revenue from our Rates asset class.Risk factors (Item 1A)

Competitors

Intercontinental Exchange (ICE)

competes withnamed as a risk

For example, Bloomberg and ICE have trading platforms that compete with ours and also have data and analytics relationships with the vast majority of institutional, wholesale and retail market participants.Risk factors (Item 1A)

Also named by BGC, HSY

Bloomberg

competes withnamed as a risk

Also named by MSCI

MarketAxess

competes with

These include MarketAxess, Bloomberg, ICE (Bondpoint, TMC Bonds, Creditex), Trumid, TP ICAP (Liquidnet) and others in the credit and municipal markets; Bloomberg, Euronext (MTS), CME Group (NEX Group), BGC Partners (Fenics), MarketAxess (LiquidityEdge), GLMX and others in the rates and derivatives markets; MarketAxess (RFQ-hub) and Bloomberg and others in the equities and ETF markets; and BNY Mellon, State Street, J.P. Morgan (Morgan Money) and Goldman Sachs and others in the money market portal market.Business (Item 1)

Also named by BGC

Places

International operations

earns from · 42% of our revenuesnamed as a risk

For the year ended December 31, 2025, 42% of our revenues were derived from our international operations.Risk factors (Item 1A)

Also named by APG, AXP, CARR, COP, COST, DD, ECL, EQIX and 14 more

India

operates innamed as a risk

Our offshore operations are subject to local political, economic and regulatory conditions in India, including potential changes in labor laws, tax policy, data-protection requirements, and trade or foreign-exchange regulations.Risk factors (Item 1A)

Also named by A, AAPL, ACN, AJG, AKAM, AMZN, AOS, AVGO and 54 more

New York metro area

concentrated innamed as a risk

In addition, our U.S. operations are heavily concentrated in the New York metro area and our international operations are heavily concentrated in London, UK.Risk factors (Item 1A)

London, United Kingdom

concentrated innamed as a risk

In addition, our U.S. operations are heavily concentrated in the New York metro area and our international operations are heavily concentrated in London, UK.Risk factors (Item 1A)

Commodities and inputs

Euro

exposed to its price · 30%named as a risk

Revenue in foreign currencies is primarily denominated in euros.Market risk (Item 7A)

Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more

British pound sterling

exposed to its price · 16%named as a risk

Operating expenses in foreign currencies are primarily denominated in British pounds sterling.Market risk (Item 7A)

Also named by AMG, BGC, BKNG, CBRE, CTRE, FCFS, FDS, FIS and 31 more

Federal funds rate

exposed to its pricenamed as a risk

If the federal funds rates fall to near-zero levels, the amount of cash held by our corporate clients that is available for investment through the ICD Portal may significantly decline, or if our corporate clients decide to invest their available cash through alternative means, our business, financial condition and results of operations could be adversely affected.Risk factors (Item 1A)

Also named by COIN, DX, LPLA

Canton Coin

exposed to its pricenamed as a risk

Dramatic fluctuations in the price of Canton Coin could result in substantial realized and unrealized gains or losses that may negatively impact our balance sheet and produce meaningful volatility in our reported earnings, and, because the revenue we earn as a Validator and Super Validator is also sensitive to Canton Coin pricing, such fluctuations could also lead to volatility in our reported revenues and operating performance, all of which could adversely affect the market price of our Class A common stock.Risk factors (Item 1A)

Also named by BR

Regulators

U.S. Securities and Exchange Commission (SEC)

subject tonamed as a risk

Two of our broker-dealers operate alternative trading systems subject to the SEC’s Regulation ATS, which includes certain specific requirements and compliance responsibilities in addition to those faced by broker-dealers generally.Business (Item 1)

Also named by AB, ADSK, AMG, AMP, ARCC, ARES, BAM, BCSF and 44 more

Commodity Futures Trading Commission (CFTC)

subject tonamed as a risk

Our SEFs are subject to regulations that relate to trading and product requirements, governance and disciplinary requirements, operational capabilities, surveillance obligations and financial information and resource requirements, including the requirement that they maintain sufficient financial resources to cover operating costs for at least one year.Business (Item 1)

Also named by AB, ADM, AGNC, AMG, BAC, BGC, BMNR, C and 35 more

Financial Industry Regulatory Authority (FINRA)

subject tonamed as a risk

Accordingly, our U.S. broker-dealer subsidiaries are subject to both scheduled and unscheduled examinations by the SEC and FINRA.Business (Item 1)

Also named by AB, ADP, AGNC, AMG, AMP, BAM, BEN, BR and 23 more

Financial Conduct Authority (FCA)

subject to

The FCA is responsible for supervision of our conduct and prudential compliance.Business (Item 1)

Also named by AFRM, AJG, AMG, AMP, BGC, BRO, CBOE, COF and 17 more

Australian Securities and Investments Commission (ASIC)

subject to

Tradeweb Australia Pty Ltd (formerly Yieldbroker Pty Limited), acquired in August 2023, is a Tier 1 Australian Markets Licensee in Australia, regulated by the ASIC, that maintains an authorization in Singapore by the MAS as a Regulated Market Operator.Business (Item 1)

Also named by AFRM, AJG, SPGI, XYZ

People's Bank of China (PBOC)

subject to

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.Business (Item 1)

Also named by V

Capital Markets Authority (Saudi Arabia)

subject to

Tradeweb Company, a Joint Stock Company incorporated in the Kingdom of Saudi Arabia (“TWSA”), is authorized and regulated by the CMA to operate an ATS.Business (Item 1)

De Nederlandsche Bank (DNB) and Netherlands Authority for the Financial Markets (AFM)

subject to

Tradeweb EU B.V. is authorized and regulated by the DNB and AFM as a MiFID Investment Firm with permissions to operate an MTF and an OTF.Business (Item 1)

Laws and programs

Tax Receivable Agreement

$336.5 millionnamed as a risk

For example, as of December 31, 2025, we recorded a liability of $336.5 million related to our projected obligations under the Tax Receivable Agreement with respect to LLC Interests that were purchased by Tradeweb Markets Inc. using the net proceeds from the IPO and the October 2019 and the April 2020 follow-on offerings and LLC Interests that were subsequently exchanged by Continuing LLC Owners.Risk factors (Item 1A)

Also named by ARES, BWIN, DRVN, EVR, GPGI, OWL, SYM

2023 Revolving Credit Facility

$500.0 millionnamed as a risk

We are party to the 2023 Revolving Credit Facility, a $500.0 million senior unsecured revolving credit facility with a syndicate of banks.Risk factors (Item 1A)

General Data Protection Regulation (GDPR)

subject tonamed as a risk

We rely on a mixture of mechanisms to transfer personal data from our EU business to the U.S. and other Third Countries and we continue to evaluate what additional mechanisms may be required to establish adequate safeguards for personal information.Risk factors (Item 1A)

Also named by A, AB, ABNB, ADBE, ADP, AGX, AIOT, AJG and 100 more

EU Digital Operational Resilience Act (DORA)

subject tonamed as a risk

Also, the EU’s DORA, which was applied as of January 2025, is expected to subject our EU entities to enhanced governance, compliance and operational requirements, increased supervisory scrutiny and higher costs.Risk factors (Item 1A)

Also named by BKNG, BLK, CRM, CRWD, DDOG, EQIX, FDS, MCO and 3 more

Basel III

subject tonamed as a risk

In the United States, the implementation and potential recalibration of final Basel III capital rules may further restrict the ability of our U.S. bank and dealer clients to use balance sheet capacity for trading purposes.Risk factors (Item 1A)

Also named by BGC, GS, MS, WFC

SEC U.S. Treasury central clearing rule

subject tonamed as a risk

While this change may create greater electronification of trading, it could also negatively affect trading activity and liquidity in the markets in which we operate.Business (Item 1)

SEC Regulation Systems Compliance and Integrity (Reg SCI)

subject tonamed as a risk

For example, the SEC’s Regulation Systems Compliance and Integrity and the system safeguards regulations of the CFTC subject portions of our trading platform and other technological systems related to our SEFs to more extensive regulation and oversight.Risk factors (Item 1A)

OECD Pillar Two global minimum tax

subject to

We fall under the provisions of the Two Pillar Plan and related tax impacts per local country adoption as we are a consolidating subsidiary of LSEG.Risk factors (Item 1A)

Also named by ABNB, ACN, ADI, ADM, ADSK, AKAM, ALB, AMAT and 70 more

MiFID II

subject to

For example, our U.S.- and euro-denominated derivative products experienced increased rates of electronification and related revenue growth following the implementation of mandates under the Dodd-Frank Act in 2013 and MiFID II in 2018 and we saw strong electronification increases in U.S. corporate bonds, repurchase agreements and swaps during the COVID-19 pandemic.Business (Item 1)

Also named by BEN, BGC, CG, JEF, SF, SNEX, SPGI

Dodd-Frank Act Title VII

subject to

Title VII also requires the registration and regulation of certain market participants, including SEFs, and requires SEFs to maintain robust front-end and back-office information technology capabilities.Business (Item 1)

Also named by JXN