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• It's like the Nasdaq or NYSE, but for institutional trading of bonds, derivatives, and other fixed-income assets.
• It's like an Amazon or eBay, but for institutional investors and banks to trade complex financial instruments online.

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• Electronic Marketplaces: Tradeweb builds and operates electronic marketplaces that facilitate trading across a range of asset classes including rates, credit, money markets, and equities.
• Dealerweb Platform: This platform provides electronic, voice, and hybrid trading solutions specifically for dealers and financial institutions.
• Tradeweb Direct Platform: This platform offers trading solutions tailored for financial advisory firms and traders.
• Pre-Trade Services: The company offers data and analytics to assist clients before executing trades.
• Trade Execution Services: Tradeweb provides systems and platforms to facilitate the actual execution of trades.
• Trade Processing Services: This service handles the processing and administrative tasks associated with completed trades.
• Post-Trade Services: The company offers data, analytics, and reporting services for activities occurring after a trade has been executed.

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Major Customers of Tradeweb Markets (TW)

Tradeweb Markets Inc. primarily serves other companies and financial institutions rather than individual consumers directly. The background information describes the following categories of its major customers:

• Institutional Investors: This broad category includes asset managers, hedge funds, insurance companies, central banks, banks, and proprietary trading firms.
• Wholesale Dealers and Financial Institutions: The company serves approximately 300 dealers and financial institutions through its Dealerweb platform, as well as regional dealers.
• Retail Brokerage and Financial Advisory Firms: These firms utilize Tradeweb's platforms, such as Tradeweb Direct, to serve their own clients (traders and individual investors).

The provided background information does not list specific names of customer companies, therefore, no company symbols can be provided.

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• London Stock Exchange Group (LSEG)

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Billy Hult, Chief Executive Officer

Billy Hult became Chief Executive Officer of Tradeweb Markets in 2023, having previously served as the company's President since 2008. He joined Tradeweb in 2000 from Société Générale. Mr. Hult has been instrumental in Tradeweb's evolution as a global operator of electronic marketplaces and has spearheaded the development of successful marketplaces, including mortgages and wholesale electronic trading. He was also pivotal in numerous Tradeweb acquisitions, such as Hilliard Farber (2008), Rafferty Capital Markets (2011), J.J. Kenny Drake (2011), Nasdaq's former eSpeed platform (2021), Yieldbroker (2023), r8fin and ICD (2024).

Sara Furber, Chief Financial Officer

Sara Furber was appointed Chief Financial Officer for Tradeweb Markets in 2021. She oversees all of the firm's finance activities and manages investor relations and strategic planning. Prior to joining Tradeweb, Ms. Furber served as CFO for IEX Group, where she led the company's finance function and oversaw its new business portfolio, including bringing in new significant investors. Before IEX, she held several senior executive positions at Morgan Stanley, including Chief Operating Officer for Wealth Management and a member of the company's Management Committee. She also served as Chief Operating Officer for Global Corporate and Investment Banking at Bank of America Merrill Lynch, after leading Investor Relations for Merrill Lynch through its merger with Bank of America.

Thomas Pluta, President

Thomas Pluta joined Tradeweb in 2022 and assumed the role of President in 2023, having previously served on the company's Board of Directors since 2017. Before Tradeweb, Mr. Pluta spent nearly 27 years at JP Morgan, where his roles included Global Head of Linear Rates Trading, Co-Head of North America Rates Trading, and Co-Head of Global Rates Trading. He also led the Corporate and Investment Bank's firm-wide LIBOR Transition Program at JP Morgan.

Enrico Bruni, Co-Head of Global Markets

Enrico Bruni was named Co-Head of Global Markets, effective January 2025. Prior to this appointment, he was Tradeweb's Managing Director and Head of Europe and Asia business since 2013. Mr. Bruni joined Tradeweb in 2002 and was instrumental in developing the company's interest rate swaps business in Europe and Asia. His earlier career included various business and product management roles at J.P. Morgan within the markets division, with a focus on e-trading strategy.

Troy Dixon, Co-Head of Global Markets

Troy Dixon was appointed Co-Head of Global Markets, effective January 2025. He joined Tradeweb from Hollis Park Partners, a firm he founded and where he served as Chief Investment Officer. Mr. Dixon was also a member of the Tradeweb Board of Directors and stepped down on December 31, 2024, to take on his new executive role.

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Key Risks to Tradeweb Markets (TW)

1. Cybersecurity Risks: As a technology-driven company operating electronic marketplaces, Tradeweb is highly exposed to cybersecurity risks. A successful cyberattack could lead to financial losses, operational disruptions, reputational damage, and erosion of client trust, necessitating continuous and significant investment in cybersecurity infrastructure.
2. Regulatory Compliance and Changes: Tradeweb operates in a heavily regulated global financial environment, subject to diverse and evolving regulatory requirements across multiple jurisdictions. Compliance with these regulations requires substantial financial and operational resources, and any changes in laws or regulations, or failure to comply, could materially impact the company's business and profitability through increased costs or potential penalties.
3. Competition and Evolving Market Dynamics: The financial trading landscape is constantly changing due to new trading capabilities from competitors, rapid technological advancements (including AI and blockchain), and shifts in overall market and economic conditions. Tradeweb must continuously innovate and invest to maintain its market share and adapt to these evolving industry standards and competitive pressures, which can strain resources and affect profitability. Furthermore, revenue and profitability are intrinsically linked to overall trading volumes, which can be significantly impacted by economic, political, and market conditions such as central bank policies and geopolitical events.

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Tradeweb Markets (NASDAQ: TW) is anticipated to drive future revenue growth over the next two to three years through several key initiatives and market trends:

1. Continued Electronification of Markets and Market Share Gains: Tradeweb expects to benefit from the ongoing shift towards electronic trading in fixed income and derivatives markets. This trend is leading to increased trading volumes and allowing Tradeweb to capture greater market share across its core asset classes, including rates (global government bonds, swaps, mortgages), credit (European credit, municipal bonds, CDS, emerging market credit), and money markets.
2. International Expansion: The company is focused on expanding its global footprint, particularly in Europe and Asia. This involves connecting its extensive global client base to local international markets, which has historically resulted in strong revenue growth from these regions.
3. New Product Launches, Advanced Automation, and Technology Investments: Tradeweb's commitment to "relentless innovation" and substantial investments in technology are expected to fuel growth. This includes launching new products, such as multi-asset package trading, and leveraging advanced automation, including AI-driven infrastructure, to enhance client offerings, improve trading efficiency, and deepen client integration.
4. Emerging Digital Initiatives and Tokenization: Tradeweb is actively exploring and investing in digital asset projects and tokenization efforts. Initiatives like the Canton Network, along with exploring tokenized trading for U.S. treasuries, are expected to contribute to "other revenues" and position the company for long-term growth in the evolving digital finance landscape.

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Share Repurchases

• Tradeweb Markets Inc. approved a new share repurchase program on February 5, 2026, authorizing the company to buy back up to $500 million of its Class A common stock. This program will commence once the existing $300 million program is fully utilized, which had $23.2 million remaining as of February 5, 2026.
• Annual share repurchases in 2025 amounted to $104.173 million.
• The company repurchased approximately 990,000 shares for $106 million in Q4 2025, and an additional 483,000 shares for $51 million in January 2026.

Outbound Investments

• In June 2021, Tradeweb Markets Inc. completed the acquisition of Nasdaq Fixed Income, Nasdaq's U.S. fixed income electronic trading platform.
• Tradeweb led a $31 million Series B funding round for Crossover Markets on March 4, 2026.
• Tradeweb made an investment in MAXEX in February 2026 to enhance access to the institutional marketplace for U.S. residential mortgages.

Capital Expenditures

• Tradeweb Markets Inc.'s capital expenditure for the trailing twelve months ending December 2025 was -$103.09 million.
• For Q1 2026, the company anticipates capital expenditures between $107 million and $117 million, with approximately 60% of this amount dedicated to software development.
• Planned investments for 2026 include continued focus on credit, rates, international markets, ICD, digital assets, and technology to support platform growth.