<SEC-DOCUMENT>0001567619-19-008435.txt : 20190404
<SEC-HEADER>0001567619-19-008435.hdr.sgml : 20190404
<ACCEPTANCE-DATETIME>20190404173624
ACCESSION NUMBER:		0001567619-19-008435
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190404
FILED AS OF DATE:		20190404
DATE AS OF CHANGE:		20190404

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Friedman Douglas
		CENTRAL INDEX KEY:			0001771193

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38860
		FILM NUMBER:		19733046

	MAIL ADDRESS:	
		STREET 1:		TRADEWEB MARKETS INC.
		STREET 2:		1177 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Tradeweb Markets Inc.
		CENTRAL INDEX KEY:			0001758730
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES [6200]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	BUSINESS ADDRESS:	
		STREET 1:		1177 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		646-430-6000

	MAIL ADDRESS:	
		STREET 1:		1177 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
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<DESCRIPTION>FORM 3
<TEXT>
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<ownershipDocument>

    <schemaVersion>X0206</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2019-04-04</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001758730</issuerCik>
        <issuerName>Tradeweb Markets Inc.</issuerName>
        <issuerTradingSymbol>TW</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001771193</rptOwnerCik>
            <rptOwnerName>Friedman Douglas</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>TRADEWEB MARKETS INC.</rptOwnerStreet1>
            <rptOwnerStreet2>1177 AVENUE OF THE AMERICAS</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10036</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>General Counsel and Secretary</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Class A common stock</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>42508</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Class D common stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F2"/>
                <footnoteId id="F3"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F2"/>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F2"/>
                <footnoteId id="F3"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class C common stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>19400</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Non-voting common units of Tradeweb Markets LLC</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F3"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F3"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A common stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>19400</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>20.59</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F4"/>
            </exerciseDate>
            <expirationDate>
                <value>2028-10-26</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A common stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>181159</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The reporting person was granted two awards of restricted stock units under the terms of the Amended and Restated Tradeweb Markets Inc. PRSU Plan consisting of (i) a grant of 19,641 restricted stock units which will vest on January 1, 2020, and (ii) a grant of 22,867 restricted stock units which will vest on January 1, 2021, each subject to the reporting person's continued employment on such date. Each grant of restricted stock units represents a contingent right to receive one share of Class A common stock of the issuer (&quot;Class A Common Stock&quot;).</footnote>
        <footnote id="F2">Shares of Class D common stock of the issuer (&quot;Class D Common Stock&quot;) have ten votes per share but no economic rights (including rights to dividends or, other than their par value, any distribution upon liquidation) and are issued in an equal amount to the number of non-voting common units of Tradeweb Markets LLC, a subsidiary of the issuer (&quot;LLC Units&quot;), held. Shares of Class D Common Stock are exchangeable for shares of the issuer's Class C common stock (&quot;Class C Common Stock&quot;), which have one vote per share but no economic rights (other than their par value upon liquidation), on a one-for-one basis at the discretion of the holder. These exchange rights do not expire.</footnote>
        <footnote id="F3">Pursuant to the terms of the limited liability company agreement for Tradeweb Markets LLC, LLC Units may be exchanged for shares of Class A Common Stock or Class B common stock of the issuer, in each case, on a one-for-one basis at the discretion of the holder. Upon such an exchange, a corresponding number of shares of Class D Common Stock (or shares of Class C Common Stock, in the event the reporting person exchanged their shares of Class D Common Stock as described in footnote 2 to this Form 3) will be canceled.  These exchange rights do not expire.</footnote>
        <footnote id="F4">The reporting person owns an option to purchase 181,159 shares of Class A Common Stock, which is vested as to 144,928 of the shares subject thereto as of the date hereof. The remainder of the option will vest on January 1, 2020, subject to the reporting person's continued employment on such date.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Scott Zucker, Attorney-in-Fact for Douglas Friedman</signatureName>
        <signatureDate>2019-04-04</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
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<FILENAME>ss3-poa_friedman.htm
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    <div style="text-align: center;">POWER OF ATTORNEY</div>
    <div style="text-align: center;"> <br>
    </div>
    <div style="text-align: left; text-indent: 36pt; margin-bottom: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Know all by these presents, that the undersigned hereby constitutes and appoints Scott Zucker and Scott
        Wells, and each of them, with full power of substitution, the undersigned&#8217;s true and lawful attorneys-in-fact to:</font></div>
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      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 9pt; width: 100%;" class="DSPFListTable" id="z1040119631f04ff2a0beb9982e83dd6a" cellpadding="0" cellspacing="0">

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              <div style="text-align: left; margin-left: 36pt; margin-bottom: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1)</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: left; margin-bottom: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">execute for and on behalf of the undersigned, in the undersigned&#8217;s capacity as executive officer, director and/or
                  beneficial owner of equity securities of Tradeweb Markets Inc. (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Company</u></font>&#8221;), (i) any forms required to be filed by the undersigned pursuant to
                  Rule 144 under the Securities Act of 1933, as amended (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Securities Act</u></font>&#8221;), (ii) Forms 3, 4, and 5 in accordance with Section 16(a) of the
                  Exchange Act, (iii) Schedules 13D and 13G in accordance with Section 13 of the Exchange Act, and (iv) and any other forms or reports the undersigned may be required to file in connection with the undersigned&#8217;s ownership, acquisition, or
                  disposition of securities of the Company;</font></div>
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              <div style="text-align: left; margin-left: 36pt; margin-bottom: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2)</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: left; margin-bottom: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">do and perform any and all acts for and on behalf of the undersigned which may be necessary or desirable to
                  complete and execute any such (i) form required to be filed by the undersigned pursuant to Rule 144 under the Securities Act, (ii) Form 3, 4, or 5 under Section 16(a) of the Exchange Act, (iii) Schedule 13D or 13G under Section 13 of the
                  Exchange Act, or (iv) other form or report, including, without limitation, all forms or reports necessary to obtain EDGAR Identification Numbers, and timely file such form or report with the United States Securities and Exchange
                  Commission and any stock exchange or similar authority; and</font></div>
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              <div style="text-align: left; margin-left: 36pt; margin-bottom: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3)</font></div>
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              <div style="text-align: left; margin-bottom: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">take any other action of any type whatsoever in connection with the foregoing which, in the opinion of any such
                  attorney-in-fact, may be of benefit to, in the best interests of, or legally required by, the undersigned, it being understood that the documents executed by such attorney-in-fact on behalf of the undersigned pursuant to this Power of
                  Attorney shall be in such form and shall contain such terms and conditions as such attorney-in-fact may approve in such attorney-in-fact&#8217;s discretion.</font></div>
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    <div style="text-align: left; text-indent: 36pt; margin-bottom: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The undersigned hereby grants to each such attorney-in-fact full power and authority to do and perform
        any and every act and thing whatsoever requisite, necessary, or proper to be done in the exercise of any of the rights and powers herein granted, as fully to all intents and purposes as the undersigned might or could do if personally present, with
        full power of substitution or revocation, hereby ratifying and confirming all that such attorney-in-fact, or such attorney-in-fact&#8217;s substitute or substitutes, shall lawfully do or cause to be done by virtue of this Power of Attorney and the rights
        and powers herein granted. The undersigned acknowledges that the foregoing attorneys-in-fact, in serving in such capacity at the request of the undersigned, are not assuming any of the undersigned&#8217;s responsibilities to comply with Rule 144 under
        the Securities Act or Sections 13 or 16 of the Exchange Act.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-bottom: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Power of Attorney shall remain in full force and effect until the undersigned is no longer required
        to file any form required to be filed by the undersigned pursuant to Rule 144 under the Securities Act, any Form 3, 4, or 5 under Section 16(a) of the Exchange Act, or any Schedule 13D or 13G under Section 13 of the Exchange Act with respect to the
        undersigned&#8217;s holdings of and transactions in securities issued by the Company, unless earlier revoked by the undersigned in a signed writing delivered to the foregoing attorneys-in-fact.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-bottom: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be executed as of this 18<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day of March, 2019.</font></div>
    <div><br>
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          <td style="width: 46.56%; vertical-align: top;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">/s/ Douglas Friedman</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Douglas Friedman</font></div>
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