Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-02

Tradeweb Markets (TW)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$20,620,952
Billy Hult total, FY2025
CEO pay percentile vs peers
87:1
CEO-to-median pay ratio
98.69%
Say-on-pay support, latest vote
Companies that benchmark against TW
8 companies name TW as a compensation peer

Each company listed discloses TW in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named TW in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Billy Hult$1,000,000$0$15,082,345$0$4,500,000$0$38,607$20,620,952
Chief Executive Officer
Sara Furber600,0002,430,0004,846,81800018,6627,895,480
Chief Financial Officer
Justin Peterson400,0001,600,0003,307,27700043,5185,350,795
Chief Technology Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Billy Hult$20,620,952$14,307,658
Sara Furber7,895,4808,593,932
Justin Peterson5,350,7957,152,333

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Justin PetersonChief Technology Officer2026-04-15D21,221$121$2,560,496CommonForm 4 ↗
Rich RepettoDirector2026-05-19A1,64500CommonForm 4 ↗
Lisa OpokuDirector2026-05-19A1,64500CommonForm 4 ↗
Paula MadoffDirector2026-05-19A1,91200CommonForm 4 ↗
Scott GanelesDirector2026-05-19A1,64500CommonForm 4 ↗
Steven BernsDirector2026-05-19A1,64500CommonForm 4 ↗
Jacques AigrainDirector2026-05-19A2,66800CommonForm 4 ↗
Rana YaredDirector2026-05-19A1,64500CommonForm 4 ↗
Steven BernsDirector2026-05-26D42510544,736CommonForm 4 ↗
Justin PetersonChief Technology Officer2026-06-01D21,2211022,164,542CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Sara FurberRSU2025-03-179,860$1,338,989
Justin PetersonPSU2025-03-176,72816,820913,662
Sara FurberPSU2025-03-179,86024,6501,338,988
Enrico BruniPSU2025-03-179,63824,0951,308,840
Enrico BruniRSU2025-03-179,6381,308,840
Justin PetersonRSU2025-03-176,728913,662
Billy HultPSU2025-03-1730,68276,7054,166,616
Troy DixonRSU2025-02-0331,5203,999,887
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Sara Furber$1,338,989$1,338,988$050.0%
Justin Peterson913,662913,662050.0%
Enrico Bruni1,308,8401,308,840050.0%
Billy Hult04,166,6160100.0%
Troy Dixon3,999,887000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Sara FurberRSU7,431$799,130
Billy HultPSU122,76613,202,256
Sara FurberRSU40,1104,313,429
Justin PetersonRSU29,4663,168,774
Justin PetersonRSU5,095547,916
Billy HultPSU104,92211,283,312
Billy HultPSU107,94811,608,728
Sara FurberPSU39,0614,200,620
Justin PetersonPSU23,6712,545,579
Billy HultRSU23,3562,511,704
Sara FurberRSU9,8601,060,344
Justin PetersonRSU6,728723,529
Justin PetersonPSU26,7832,880,244
Sara FurberPSU90,9329,778,827
Billy HultOption144,90020.59
Justin PetersonPSU90,9329,778,827
Billy HultRSU92,5679,954,655
Sara FurberPSU34,6903,730,563
Billy HultRSU30,6823,299,542
05

Incentive-plan design — the Compensation Discussion & Analysis

Our compensation philosophy emphasizes creating an ownership mentality to align our executives interests with those of our stockholders. To that end, our total compensation program is guided by the following principles: Maintain a pay-for-performance culture, Foster long-term alignment with stockholders, Attraction and retention, Reflect internal equity considerations.

CEO STI target (% of salary)300%
CEO LTI target (% of salary)
Independent consultantClearBridge Compensation Group
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-191,124,762,30114,904,3319,13598.69%Passed
20252025-05-201,133,780,0329,131,67913,53599.2%Passed
20242024-05-101,129,171,35611,917,13210,57498.95%Passed
20212021-05-111,278,118,97214,107,879168,00798.9%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-1998.69%a
20252025-05-2099.2%b
20242024-05-1098.95%c

a. Approved under the standard stated in the filing — “For this matter, abstentions are counted as present at the Annual Meeting and entitled to vote and will have the effect of a vote "AGAINST" the Proposal.”.

b. Approved under the standard stated in the filing — “For this matter, abstentions are counted as present at the Annual Meeting and entitled to vote and will have the effect of a vote "AGAINST" the matter.”.

c. Approved under the standard stated in the filing — “For this matter, abstentions are counted as present at the Annual Meeting and entitled to vote and will have the effect of a vote "AGAINST" the matter.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)87 : 1
CEO total compensation$20,620,952
Median employee compensation$238,000
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Jacques AigrainIndependent · Board Chair · Compensation Committee (Chair)$211,736$299,918$0$0$511,654
Paula MadoffIndependent · Lead Independent Director · Nominating and Corporate Governance Committee (Chair)180,167214,9750020,000415,142
Rich RepettoIndependent · Audit and Risk Committee · Newly elected89,944222,9750020,000332,919
Steven BernsIndependent · Audit and Risk Committee (Chair)133,819184,86700318,686
Rana YaredIndependent · Audit and Risk Committee115,000184,86700299,867
Lisa OpokuIndependent · Compensation Committee · Nominating and Corporate Governance Committee113,567184,86700298,434
Scott GanelesNot independent · Capital · Executive111,600184,86700296,467
Billy HultEmployee director · Board Chair00000
Daniel MaguireNot independent · Executive000000
Balbir BakhshiNot independent · Executive000000
Catherine JohnsonNot independent · Executive (Chair) · Governance · Regulatory · Executive000000
09

Board fee structure and ownership guideline

Annual cash retainer$100,000
Annual equity retainer$300,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)35,000 / 25,000 / 25,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$955,833
Equity awards (grant-date value)$1,477,336
All other compensation$40,000
Total cost of the board$2,473,169

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Tradeweb Markets names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Tradeweb Markets.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Fair Isaac Corporation2025William Lansing$750,000$34,091,860$0$1,100,000$36,045,267
2MSCI Inc.2025Henry A. Fernandez1,000,0004,380,02425,220,3041,346,95033,320,590
3Nasdaq, Inc.2025Adena Friedman1,359,61617,491,32106,086,50925,014,550
4Tradeweb Markets2025Billy Hult1,000,00015,082,34504,500,00020,620,952
5Interactive Brokers Group, Inc.2025Milan Galik590,00014,550,0000019,669,486
6Cboe Global Markets, Inc.2025Craig Donohue846,97014,742,57402,553,69918,347,037
7Virtu Financial, Inc.2025Aaron Simons850,0006,246,62501,065,25016,727,125
8BILL Holdings, Inc.2025Ren Lacerte550,00014,861,4810688,05016,139,836
9Guidewire Software, Inc.2025Mike Rosenbaum750,00012,280,2030975,00014,012,061
10SEI Investments Company2025Ryan Hicke850,0002,150,0326,599,9422,200,00011,819,204
11Q2 Holdings, Inc.2025Matthew Flake520,00010,372,9980552,87911,492,510
12FactSet Research Systems Inc.2025F. Philip Snow775,0003,750,1623,750,0931,171,3769,460,930
13Morningstar, Inc.2025Kunal Kapoor650,0006,251,74302,150,5779,070,695
14MarketAxess Holdings Inc.2025Christopher Concannon750,0003,599,8811,208,6461,525,0007,101,027
15BGC Group, Inc.2024Sean Windeatt850,675003,047,8473,898,522

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Tradeweb Markets150%PSU 66 · RSU 33Yes — Cumulative Absolute TSRClearBridge Compensation Group
BGC Group, Inc.not disclosednot disclosednot disclosedKorn Ferry
BILL Holdings, Inc.125.1%RSU 50 · PSU 50Yes — Relative TSRSemler Brossy Consulting Group LLC
Cboe Global Markets, Inc.not disclosedRSU 50 · PSU 50YesMeridian
FactSet Research Systems Inc.101%Options 50 · PSU 50NoMeridian Compensation Partners
Fair Isaac Corporation147%PSU 33 · RSU 33 · Other 33NoCompensia, Inc.
Guidewire Software, Inc.130%PSU 50 · RSU 50NoSemler Brossy
Interactive Brokers Group, Inc.678%RSU 100not disclosedWe have not utilized the services of a compensation consultant to date
MarketAxess Holdings Inc.86%PSU 50 · RSU 25 · Options 25NoFW Cook
Morningstar, Inc.111.4%MSU 75 · RSU 25NoPay Governance LLC
MSCI Inc.96.21%PSO 70 · PSU 30Yes — Absolute TSR CAGRSemler Brossy
Nasdaq, Inc.not disclosednot disclosednot disclosednot disclosed
Q2 Holdings, Inc.106.3%PSU 50 · RSU 50Yes — Relative TSRMercer
SEI Investments Company110%not disclosednot disclosedSemler Brossy Consulting Group, LLC
Virtu Financial, Inc.200%RSU 100Nonot disclosed

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Billy HultDEF 14A2026-03-260001758730-26-000084Section “Summary Compensation Table”. As printed: 20,620,952. Filing ↗machine: t94 · r2 · c7 · span 1617062–1617072
2Section 01, Sara FurberDEF 14A2026-03-260001758730-26-000084Section “Summary Compensation Table”. As printed: 7,895,480. Filing ↗machine: r5 · c7 · span 1631471–1631480
3Section 01, Justin PetersonDEF 14A2026-03-260001758730-26-000084Section “Summary Compensation Table”. As printed: 5,350,795. Filing ↗machine: r12 · c7 · span 1667215–1667224
4Section 03, Sara Furber RSUDEF 14A2026-03-260001758730-26-000084Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t87 · r3 · c1 · span 1503737–1503742
5Section 03, Justin Peterson PSUDEF 14A2026-03-260001758730-26-000084Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t97 · r14 · c11 · span 1807445–1807452
6Section 03, Sara Furber PSUDEF 14A2026-03-260001758730-26-000084Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t97 · r7 · c11 · span 1760432–1760441
7Section 03, Enrico Bruni PSUDEF 14A2026-03-260001758730-26-000084Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t97 · r10 · c11 · span 1779333–1779342
8Section 03, Enrico Bruni RSUDEF 14A2026-03-260001758730-26-000084Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t87 · r4 · c1 · span 1508595–1508600
9Section 03, Justin Peterson RSUDEF 14A2026-03-260001758730-26-000084Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t87 · r5 · c1 · span 1513519–1513524
10Section 03, Billy Hult PSUDEF 14A2026-03-260001758730-26-000084Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t87 · r2 · c1 · span 1498681–1498687
11Section 03, Troy Dixon RSUDEF 14A2026-03-260001758730-26-000084Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t97 · r13 · c10 · span 1799854–1799860
12Section 07, pay ratioDEF 14A2026-03-260001758730-26-000084Section “CEO Pay Ratio”. As printed: 87 : 1. Filing ↗machine: span 2397845–2397849
13Section 08, Jacques AigrainDEF 14A2026-03-260001758730-26-000084Section “Director Compensation”. As printed: 511,654. Filing ↗machine: t119 · r2 · c4 · span 2604697–2604704
14Section 08, Paula MadoffDEF 14A2026-03-260001758730-26-000084Section “Director Compensation”. As printed: 415,142. Filing ↗machine: t119 · r7 · c4 · span 2620964–2620971
15Section 08, Rich RepettoDEF 14A2026-03-260001758730-26-000084Section “Director Compensation”. As printed: 332,919. Filing ↗machine: t119 · r10 · c4 · span 2630908–2630915
16Section 08, Steven BernsDEF 14A2026-03-260001758730-26-000084Section “Director Compensation”. As printed: 318,686. Filing ↗machine: t119 · r4 · c4 · span 2611208–2611215
17Section 08, Rana YaredDEF 14A2026-03-260001758730-26-000084Section “Director Compensation”. As printed: 299,867. Filing ↗machine: t119 · r11 · c4 · span 2634308–2634315
18Section 08, Lisa OpokuDEF 14A2026-03-260001758730-26-000084Section “Director Compensation”. As printed: 298,434. Filing ↗machine: t119 · r9 · c4 · span 2627473–2627480
19Section 08, Scott GanelesDEF 14A2026-03-260001758730-26-000084Section “Director Compensation”. As printed: 296,467. Filing ↗machine: t119 · r5 · c4 · span 2614451–2614458
20Section 08, Billy HultDEF 14A2026-03-260001758730-26-000084Section “Director Compensation”. As printed: 0. Filing ↗
21Section 08, Daniel MaguireDEF 14A2026-03-260001758730-26-000084Section “Director Compensation”. As printed: 0. Filing ↗machine: t119 · r8 · c4 · span 2623771–2623773
22Section 08, Balbir BakhshiDEF 14A2026-03-260001758730-26-000084Section “Director Compensation”. As printed: 0. Filing ↗machine: t119 · r3 · c4 · span 2607496–2607498
23Section 08, Catherine JohnsonDEF 14A2026-03-260001758730-26-000084Section “Director Compensation”. As printed: 0. Filing ↗machine: t119 · r6 · c4 · span 2617257–2617259
24Section 02, Justin Peterson 2026-04-15Form 42026-04-170001758730-26-000090Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, Rich Repetto 2026-05-19Form 42026-05-200001758730-26-000117Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Lisa Opoku 2026-05-19Form 42026-05-200001758730-26-000118Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Paula Madoff 2026-05-19Form 42026-05-200001758730-26-000121Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Scott Ganeles 2026-05-19Form 42026-05-200001758730-26-000119Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Steven Berns 2026-05-19Form 42026-05-200001758730-26-000120Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Jacques Aigrain 2026-05-19Form 42026-05-200001758730-26-000122Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, Rana Yared 2026-05-19Form 42026-05-200001758730-26-000124Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Steven Berns 2026-05-26Form 42026-05-270001758730-26-000126Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, Justin Peterson 2026-06-01Form 42026-06-020001758730-26-000128Insider equity transaction reported since the proxy statement. Filing ↗
34Section 06, 2026 voteForm 8-K2026-05-200001758730-26-000116Item 5.07 · say-on-pay result. As reported: 98.69% (votes for as printed: 1,124,762,301). Filing ↗
35Section 06, 2025 voteForm 8-K2025-05-210001758730-25-000145Item 5.07 · say-on-pay result. As reported: 99.2% (votes for as printed: 1,133,780,032). Filing ↗
36Section 06, 2024 voteForm 8-K2024-05-130001758730-24-000112Item 5.07 · say-on-pay result. As reported: 98.95% (votes for as printed: 1,129,171,356). Filing ↗
37Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
38Section 09b board cost (computed)ComputedcomputedCash 955,833 + equity 1,477,336 + all other 40,000 = 2,473,169, summed across the director compensation table rows.machine: formula: Σ = 2,473,169
39Fair Isaac Corporation, Section 10b CEO totalDEF 14A2026-01-270001193125-26-024403CEO total compensation as printed in Fair Isaac Corporation's own proxy. As printed: 36,045,267. Filing ↗machine: r3 · c35 · span 1413656–1413666
40MSCI Inc., Section 10b CEO totalDEF 14A2026-03-110001408198-26-000023CEO total compensation as printed in MSCI Inc.'s own proxy. As printed: 33,320,590. Filing ↗machine: r2 · c24 · span 1659848–1659858
41Nasdaq, Inc., Section 10b CEO totalDEF 14A2026-04-240001628280-26-027245CEO total compensation as printed in Nasdaq, Inc.'s own proxy. As printed: 25,014,550. Filing ↗machine: r3 · c7 · span 2441886–2441897
42Tradeweb Markets (subject), Section 10b CEO totalDEF 14A2026-03-260001758730-26-000084CEO total compensation as printed in Tradeweb Markets's own proxy. As printed: 20,620,952. Filing ↗machine: t94 · r2 · c7 · span 1617062–1617072
43Interactive Brokers Group, Inc., Section 10b CEO totalDEF 14A2026-03-110001381197-26-000066CEO total compensation as printed in Interactive Brokers Group, Inc.'s own proxy. As printed: 19,669,486. Filing ↗machine: t5 · r11 · c12 · span 421401–421411
44Cboe Global Markets, Inc., Section 10b CEO totalDEF 14A2026-04-020001628280-26-022939CEO total compensation as printed in Cboe Global Markets, Inc.'s own proxy. As printed: 18,347,037. Filing ↗machine: r2 · c14 · span 1788944–1788954
45Virtu Financial, Inc., Section 10b CEO totalDEF 14A2026-04-290001104659-26-051774CEO total compensation as printed in Virtu Financial, Inc.'s own proxy. As printed: 16,727,125. Filing ↗machine: span 454007–454017
46BILL Holdings, Inc., Section 10b CEO totalDEF 14A2025-10-270001193125-25-251571CEO total compensation as printed in BILL Holdings, Inc.'s own proxy. As printed: 16,139,836. Filing ↗machine: t222 · r3 · c34 · span 972693–972703
47Guidewire Software, Inc., Section 10b CEO totalDEF 14A2025-10-300001528396-25-000233CEO total compensation as printed in Guidewire Software, Inc.'s own proxy. As printed: 14,012,061. Filing ↗machine: r3 · c21 · span 777771–777781
48SEI Investments Company, Section 10b CEO totalDEF 14A2026-04-150000350894-26-000021CEO total compensation as printed in SEI Investments Company's own proxy. As printed: 11,819,204. Filing ↗machine: r2 · c7 · span 1080241–1080251
49Q2 Holdings, Inc., Section 10b CEO totalDEF 14A2026-04-290001410384-26-000029CEO total compensation as printed in Q2 Holdings, Inc.'s own proxy. As printed: 11,492,510. Filing ↗machine: span 684167–684177
50FactSet Research Systems Inc., Section 10b CEO totalDEF 14A2025-10-270001628280-25-046442CEO total compensation as printed in FactSet Research Systems Inc.'s own proxy. As printed: 9,460,930. Filing ↗machine: span 790783–790792
51Morningstar, Inc., Section 10b CEO totalDEF 14A2026-03-270001193125-26-129081CEO total compensation as printed in Morningstar, Inc.'s own proxy. As printed: 9,070,695. Filing ↗machine: span 881694–881703
52MarketAxess Holdings Inc., Section 10b CEO totalDEF 14A2026-04-290001193125-26-191601CEO total compensation as printed in MarketAxess Holdings Inc.'s own proxy. As printed: 7,101,027. Filing ↗machine: t49 · r4 · c22 · span 1439393–1439402
53BGC Group, Inc., Section 10b CEO totalDEF 14A2025-09-300001213900-25-093426CEO total compensation as printed in BGC Group, Inc.'s own proxy. As printed: 3,898,522. Filing ↗machine: span 888832–888841
54Section 10a, Guidewire Software, Inc. reciprocityDEF 14A0001528396-25-000233Guidewire Software, Inc.'s most recent proxy was read; its disclosed peer group does not include Tradeweb Markets. Filing ↗
55Section 10a, BGC Group, Inc. reciprocityDEF 14A0001213900-25-093426BGC Group, Inc. names Tradeweb Markets in its own disclosed peer group (read from its most recent proxy). Filing ↗
56Section 10a, MarketAxess Holdings Inc. reciprocityDEF 14A0001193125-26-191601MarketAxess Holdings Inc. names Tradeweb Markets in its own disclosed peer group (read from its most recent proxy). Filing ↗
57Section 10a, Cboe Global Markets, Inc. reciprocityDEF 14A0001628280-26-022939Cboe Global Markets, Inc.'s most recent proxy was read; its disclosed peer group does not include Tradeweb Markets. Filing ↗
58Section 10a, BILL Holdings, Inc. reciprocityDEF 14A0001193125-25-251571BILL Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include Tradeweb Markets. Filing ↗
59Section 10a, MSCI Inc. reciprocityDEF 14A0001408198-26-000023MSCI Inc.'s most recent proxy was read; its disclosed peer group does not include Tradeweb Markets. Filing ↗
60Section 10a, Q2 Holdings, Inc. reciprocityDEF 14A0001410384-26-000029Q2 Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include Tradeweb Markets. Filing ↗