Tradeweb Markets Inc. Files 2024 10-K

TL;DR

Tradeweb filed its 2024 10-K. All systems go.

AI Summary

Tradeweb Markets Inc. filed its 2024 10-K on February 7, 2025, reporting on its fiscal year ending December 31, 2024. The company, a major player in the securities and commodity brokerage sector, is incorporated in Delaware and headquartered in New York City. The filing covers various financial details and business operations for the period.

Why It Matters

This 10-K filing provides a comprehensive overview of Tradeweb Markets Inc.'s financial performance and business activities for the fiscal year 2024, crucial for investors and stakeholders to assess the company's health and future prospects.

Risk Assessment

Risk Level: low — This is a standard annual financial filing with no immediate red flags or unusual disclosures.

Key Numbers

• 10-K — Form Type (Annual report filed with the SEC)
• 2024 — Fiscal Year (Period covered by the report)

Key Players & Entities

• Tradeweb Markets Inc. (company) — Filer of the 10-K
• 0001758730-25-000038 (dollar_amount) — Accession Number for the filing
• 20241231 (date) — Fiscal year end date
• 20250207 (date) — Filing date
• 1177 AVENUE OF THE AMERICAS, NEW YORK, NY 10036 (company) — Business and mailing address

FAQ

Key Financial Figures

• $0.00001 — tered Class A common stock, par value $0.00001 TW Nasdaq Global Select Market Secu
• $500.0 million — sult of covenant restrictions under our $500.0 million senior unsecured revolving credit facil

Filing Documents

• tw-20241231.htm (10-K) — 3208KB
• twm-2024x12x31xexx191.htm (EX-19.1) — 119KB
• twm-2024x12x31xexx211.htm (EX-21.1) — 29KB
• twm-2024x12x31xexx231.htm (EX-23.1) — 2KB
• twm-2024x12x31xexx311.htm (EX-31.1) — 10KB
• twm-2024x12x31xexx312.htm (EX-31.2) — 10KB
• twm-2024x12x31xexx321.htm (EX-32.1) — 4KB
• twm-2024x12x31xexx322.htm (EX-32.2) — 4KB
• tw-20241231_g1.jpg (GRAPHIC) — 107KB
• tw-20241231_g2.jpg (GRAPHIC) — 112KB
• tw-20241231_g3.jpg (GRAPHIC) — 247KB
• 0001758730-25-000038.txt ( ) — 16746KB
• tw-20241231.xsd (EX-101.SCH) — 89KB
• tw-20241231_cal.xml (EX-101.CAL) — 124KB
• tw-20241231_def.xml (EX-101.DEF) — 631KB
• tw-20241231_lab.xml (EX-101.LAB) — 1053KB
• tw-20241231_pre.xml (EX-101.PRE) — 889KB
• tw-20241231_htm.xml (XML) — 2442KB

Business

Business 9 Item 1A.

Risk Factors

Risk Factors 32 Item 1B. Unresolved Staff Comments 64 Item 1C . Cybersecurity 64 Item 2.

Properties

Properties 66 Item 3.

Legal Proceedings

Legal Proceedings 67 Item 4. Mine Safety Disclosures 68 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 69 Item 6. Reserved 71 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 72 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 98 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 102 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 154 Item 9A.

Controls and Procedures

Controls and Procedures 154 Item 9B. Other Information 154 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 155 PART III Item 10. Directors, Executive Officers and Corporate Governance 156 Item 11.

Executive Compensation

Executive Compensation 156 Item 12. Securities Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 156 Item 13. Certain Relationships and Related Transactions, and Director Independence 156 Item 14. Principal Accountant Fees and Services 156 PART IV Item 15. Exhibits and Financial Statement Schedules 157 Item 16. Form 10-K Summary 159 2 Table of Contents INTRODUCTORY NOTE Basis of Presentation The financial statements and other disclosures contained in this Annual Report on Form 10-K include those of Tradeweb Markets Inc., which is the registrant, and those of its consolidating subsidiaries, including Tradeweb Markets LLC, which became the principal operating subsidiary of Tradeweb Markets Inc. on April 4, 2019 in a series of reorganization transactions (the "Reorganization Transactions") that were completed in connection with Tradeweb Markets Inc.'s initial public offering (the "IPO"), which closed on April 8, 2019. As a result of the Reorganization Transactions completed in connection with the IPO, Tradeweb Markets Inc. became a holding company whose only material assets consist of its equity interest in Tradeweb Markets LLC and related deferred tax assets. As the sole manager of Tradeweb Markets LLC, Tradeweb Markets Inc. operates and controls all of the business and affairs of Tradeweb Markets LLC and, through Tradeweb Markets LLC and its subsidiaries, conducts its business. As a result of this control, and because Tradeweb Markets Inc. has a substantial financial interest in Tradeweb Markets LLC, Tradeweb Markets Inc. consolidates the financial results of Tradeweb Markets LLC and its subsidiaries. As used in this Annual Report on Form 10-K, unless the context otherwise requires, references to: "We," "us," "our," the "Company," "Tradeweb" and similar references refer: (i) on or prior to the completion of the Reorganization Transactions to Tradeweb Markets LLC, which we refer to as "TWM LLC," and

View Full Filing

View this 10-K filing on SEC EDGAR