<SEC-DOCUMENT>0001104659-24-000882.txt : 20240103
<SEC-HEADER>0001104659-24-000882.hdr.sgml : 20240103
<ACCEPTANCE-DATETIME>20240103163444
ACCESSION NUMBER:		0001104659-24-000882
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20231229
FILED AS OF DATE:		20240103
DATE AS OF CHANGE:		20240103

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Refinitiv US PME LLC
		CENTRAL INDEX KEY:			0001772075
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38860
		FILM NUMBER:		24507186

	BUSINESS ADDRESS:	
		STREET 1:		C/O REFINITIV, 3 TIMES SQUARE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		646-223-4000

	MAIL ADDRESS:	
		STREET 1:		C/O REFINITIV, 3 TIMES SQUARE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Refinitiv Parent Ltd
		CENTRAL INDEX KEY:			0001771967
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38860
		FILM NUMBER:		24507181

	BUSINESS ADDRESS:	
		STREET 1:		C/O REFINITIV, 3 TIMES SQUARE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		646-223-4000

	MAIL ADDRESS:	
		STREET 1:		C/O REFINITIV, 3 TIMES SQUARE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Refinitiv US LLC
		CENTRAL INDEX KEY:			0001772073
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38860
		FILM NUMBER:		24507185

	BUSINESS ADDRESS:	
		STREET 1:		C/O REFINITIV, 3 TIMES SQUARE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		646-223-4000

	MAIL ADDRESS:	
		STREET 1:		C/O REFINITIV, 3 TIMES SQUARE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			LSEG US Holdco, Inc.
		CENTRAL INDEX KEY:			0002006452
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38860
		FILM NUMBER:		24507183

	BUSINESS ADDRESS:	
		STREET 1:		28 LIBERTY STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005
		BUSINESS PHONE:		646-508-1557

	MAIL ADDRESS:	
		STREET 1:		28 LIBERTY STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005

	FORMER NAME:	
		FORMER CONFORMED NAME:	LSEG US Holdco Inc.
		DATE OF NAME CHANGE:	20231229

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Refinitiv TW Holdings Ltd.
		CENTRAL INDEX KEY:			0001772096
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38860
		FILM NUMBER:		24507182

	BUSINESS ADDRESS:	
		STREET 1:		C/O REFINITIV, 3 TIMES SQUARE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		646-223-4000

	MAIL ADDRESS:	
		STREET 1:		C/O REFINITIV, 3 TIMES SQUARE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

	FORMER NAME:	
		FORMER CONFORMED NAME:	Refinitiv TW Holdings LLC
		DATE OF NAME CHANGE:	20190327

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			London Stock Exchange Group plc
		CENTRAL INDEX KEY:			0001842726
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			X0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38860
		FILM NUMBER:		24507180

	BUSINESS ADDRESS:	
		STREET 1:		10 PATERNOSTER SQUARE
		CITY:			LONDON
		STATE:			X0
		ZIP:			EC4M 7LS
		BUSINESS PHONE:		44 (0)20 7797 1000

	MAIL ADDRESS:	
		STREET 1:		10 PATERNOSTER SQUARE
		CITY:			LONDON
		STATE:			X0
		ZIP:			EC4M 7LS

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			LSEGA, Inc.
		CENTRAL INDEX KEY:			0001842891
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38860
		FILM NUMBER:		24507184

	BUSINESS ADDRESS:	
		STREET 1:		3411 SILVERSIDE ROAD
		STREET 2:		TATNALL BUILDING #104
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19810
		BUSINESS PHONE:		44 (0)20 7797 1000

	MAIL ADDRESS:	
		STREET 1:		28 LIBERTY ST.
		STREET 2:		58TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Tradeweb Markets Inc.
		CENTRAL INDEX KEY:			0001758730
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES [6200]
		ORGANIZATION NAME:           	02 Finance
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	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>
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<SEQUENCE>1
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    <documentType>4</documentType>

    <periodOfReport>2023-12-29</periodOfReport>

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    <issuer>
        <issuerCik>0001758730</issuerCik>
        <issuerName>Tradeweb Markets Inc.</issuerName>
        <issuerTradingSymbol>TW</issuerTradingSymbol>
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    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001772075</rptOwnerCik>
            <rptOwnerName>Refinitiv US PME LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>28 LIBERTY PLACE, 58TH FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10005</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001772073</rptOwnerCik>
            <rptOwnerName>Refinitiv US LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>28 LIBERTY PLACE, 58TH FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10005</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001842891</rptOwnerCik>
            <rptOwnerName>LSEGA, Inc.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>28 LIBERTY PLACE, 58TH FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10005</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0002006452</rptOwnerCik>
            <rptOwnerName>LSEG US Holdco, Inc.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>28 LIBERTY STREET, 58TH FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10005</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
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            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001772096</rptOwnerCik>
            <rptOwnerName>Refinitiv TW Holdings Ltd.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>FIVE CANADA SQUARE, CANARY WHARF</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>LONDON</rptOwnerCity>
            <rptOwnerState>X0</rptOwnerState>
            <rptOwnerZipCode>E14 5AQ</rptOwnerZipCode>
            <rptOwnerStateDescription>UNITED KINGDOM</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001771967</rptOwnerCik>
            <rptOwnerName>Refinitiv Parent Ltd</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>FIVE CANADA SQUARE, CANARY WHARF</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>LONDON</rptOwnerCity>
            <rptOwnerState>X0</rptOwnerState>
            <rptOwnerZipCode>E14 5AQ</rptOwnerZipCode>
            <rptOwnerStateDescription>UNITED KINGDOM</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
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            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001842726</rptOwnerCik>
            <rptOwnerName>London Stock Exchange Group plc</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>10 PATERNOSTER SQUARE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>LONDON</rptOwnerCity>
            <rptOwnerState>X0</rptOwnerState>
            <rptOwnerZipCode>EC4M 7LS</rptOwnerZipCode>
            <rptOwnerStateDescription>UNITED KINGDOM</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class C Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2023-12-29</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>C</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>18000000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>18000000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                    <footnoteId id="F4"/>
                    <footnoteId id="F5"/>
                    <footnoteId id="F6"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Class D Common Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2023-12-29</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>C</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>18000000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2021-01-29</value>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class C Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>18000000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>4988329</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                    <footnoteId id="F4"/>
                    <footnoteId id="F5"/>
                    <footnoteId id="F6"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">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, distributions 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="F2">These securities are directly held by Refinitiv US PME LLC.</footnote>
        <footnote id="F3">Refinitiv US LLC is the controlling member of Refinitiv US PME LLC. LSEGA, Inc. is the sole member of Refinitiv US LLC. Refinitiv Parent Limited is the sole shareholder of LSEG US Holdco, Inc., which is the sole shareholder of LSEGA, Inc. IAG US LLC is a member of Refinitiv US PME LLC. Refinitiv International Holdings S.a r.l. is the sole member of IAG US LLC. Refinitiv Netherlands Holdings BV is the sole shareholder of Refinitiv International Holdings S.a r.l.</footnote>
        <footnote id="F4">Refinitiv UK (Rest of World) Holdings Limited is the sole shareholder of Refinitiv Netherlands Holdings BV. Refinitiv UK Parent Limited is the sole shareholder of Refinitiv UK (Rest of World) Holdings Limited. LSEGA Jersey Limited is the sole shareholder of Refinitiv UK Parent Limited. Refinitiv Parent Limited is the sole shareholder of LSEGA Jersey Limited. London Stock Exchange Group plc is the controlling shareholder of Refinitiv Parent Limited. LSEGA Limited and LSEGA2 Limited are shareholders of Refinitiv Parent Limited and London Stock Exchange Group plc is the sole shareholder of each of LSEGA Limited and LSEGA2 Limited.</footnote>
        <footnote id="F5">Information with respect to each of the Reporting Persons is given solely by such Reporting Person, and no Reporting Person has responsibility for the accuracy or completeness of information supplied by another Reporting Person.</footnote>
        <footnote id="F6">Each of the Reporting Persons (other than to the extent it directly holds securities reported herein) disclaims beneficial ownership of the securities held by the other Reporting Persons, except to the extent of such Reporting Person's pecuniary interest therein, and, pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, each of the Reporting Persons (other than to the extent it directly holds securities reported herein) states that the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of all of the reported securities for purposes of Section 16 or for any other purpose.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Teresa Hogan, attorney-in-fact for REFINITIV US PME LLC</signatureName>
        <signatureDate>2024-01-03</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Teresa Hogan, attorney-in-fact for REFINITIV US LLC</signatureName>
        <signatureDate>2024-01-03</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Teresa Hogan, attorney-in-fact for LSEGA, INC.</signatureName>
        <signatureDate>2024-01-03</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Teresa Hogan, attorney-in-fact for LSEG US HOLDCO, INC.</signatureName>
        <signatureDate>2024-01-03</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Teresa Hogan, attorney-in-fact for REFINITIV TW HOLDINGS LTD.</signatureName>
        <signatureDate>2024-01-03</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Teresa Hogan, attorney-in-fact for REFINITIV PARENT LIMITED</signatureName>
        <signatureDate>2024-01-03</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Teresa Hogan, attorney-in-fact for LONDON STOCK EXCHANGE GROUP PLC</signatureName>
        <signatureDate>2024-01-03</signatureDate>
    </ownerSignature>
</ownershipDocument>
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