Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-08-18

Tradeweb Markets (TW)

CEO Billy Hult was paid $20,620,952 in fiscal year 2025, ↑ up 23.2% from fiscal year 2024, the 79th percentile of its disclosed peer group (SEC filing 0001758730-26-000084 ↗): 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
79th
CEO pay percentile vs peers
87:1
CEO-to-median pay ratio
98.69%
Say-on-pay support, latest vote

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TW's next annual pay disclosure, estimated March 25, 2027.est. Filing ↗

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 FY2024→2025
Billy Hult$20,620,952$16,737,931$14,307,658↑ +3,883,021
Sara Furber7,895,4806,752,2978,593,932↑ +1,143,183
Justin Peterson5,350,7954,612,0107,152,333↑ +738,785

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

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Companies that benchmark against TW
11 companies name TW as a compensation peer

The list of companies that name TW as a peer is temporarily unavailable — recheck shortly.

01b

Executives — the named officers

One page per officer: the same table above, read for one person at a time — his own figure and every fiscal year the register holds.

ExecutiveRoleFY2025 total
Billy HultCEO$20,620,952
Justin PetersonCTO$5,350,795
Sara FurberCFO$7,895,480
01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Balbir BakhshiDirector—
Catherine JohnsonDirector—
Daniel MaguireDirector—
Jacques AigrainIndependent Director$511,654
Lisa OpokuIndependent Director$298,434
Paula MadoffLead Independent Director$415,142
Rana YaredIndependent Director$299,867
Rich RepettoIndependent Director$332,919
Scott GanelesDirector$296,467
Steven BernsIndependent Director$318,686
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 ↗
Jacques AigrainDirector2026-05-19A2,66800CommonForm 4 ↗
Scott GanelesDirector2026-05-19A1,64500CommonForm 4 ↗
Steven BernsDirector2026-05-19A1,64500CommonForm 4 ↗
Lisa OpokuDirector2026-05-19A1,64500CommonForm 4 ↗
Paula MadoffDirector2026-05-19A1,91200CommonForm 4 ↗
Rana YaredDirector2026-05-19A1,64500CommonForm 4 ↗
Steven BernsDirector2026-05-26D42510544,736CommonForm 4 ↗
Justin PetersonChief Technology Officer2026-06-01D21,2211022,164,542CommonForm 4 ↗
Troy DixonMD, Co-Head of Global Markets2026-08-14D54610657,734CommonForm 4 ↗
Troy DixonMD, Co-Head of Global Markets2026-08-17D2,584106274,059CommonForm 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 FurberRSU2025-03-17——9,860—$1,338,989
Justin PetersonPSU2025-03-17—6,728—16,820913,662
Enrico BruniPSU2025-03-17—9,638—24,0951,308,840
Billy HultPSU2025-03-17—30,682—76,7054,166,616
Sara FurberPSU2025-03-17—9,860—24,6501,338,988
Enrico BruniRSU2025-03-17——9,638—1,308,840
Troy DixonRSU2025-02-03——31,520—3,999,887
Justin PetersonRSU2025-03-17——6,728—913,662
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
Justin PetersonPSU23,671—$2,545,579
Sara FurberPSU34,690—3,730,563
Justin PetersonRSU29,466—3,168,774
Billy HultPSU122,766—13,202,256
Billy HultPSU107,948—11,608,728
Billy HultPSU104,922—11,283,312
Billy HultRSU92,567—9,954,655
Sara FurberPSU90,932—9,778,827
Justin PetersonPSU90,932—9,778,827
Sara FurberRSU40,110—4,313,429
Sara FurberPSU39,061—4,200,620
Billy HultRSU30,682—3,299,542
Justin PetersonPSU26,783—2,880,244
Billy HultRSU23,356—2,511,704
Sara FurberRSU9,860—1,060,344
Sara FurberRSU7,431—799,130
Justin PetersonRSU6,728—723,529
Justin PetersonRSU5,095—547,916
Billy HultOption144,90020.59—
05

Incentive-plan design — the Compensation Discussion & Analysis

The Company's compensation program is designed to attract and retain highly qualified executives, align executive interests with stockholders, and reward performance.

CEO STI target (% of salary)300%
CEO LTI target (% of salary)—
Independent consultantClearBridge
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 · Compensation Committee (Chair) · Nominating and Corporate Governance Committee$211,736$299,918$0$0$0$511,654
Paula MadoffIndependent · Lead Independent Director · Audit and Risk Committee · Compensation Committee · Nominating and Corporate Governance Committee (Chair)180,167214,9750020,000415,142
Rich RepettoIndependent · Audit and Risk Committee89,944222,9750020,000332,919
Steven BernsIndependent · Audit and Risk Committee (Chair)133,819184,867000318,686
Rana YaredIndependent · Audit and Risk Committee115,000184,867000299,867
Lisa OpokuIndependent · Compensation Committee · Nominating and Corporate Governance Committee113,567184,867000298,434
Scott GanelesNot independent · Governance111,600184,867000296,467
Catherine JohnsonNot independent · Governance000000
Billy HultEmployee director · Governance000—00
Balbir BakhshiNot independent · Governance000000
Daniel MaguireNot independent · Governance000000
09

Board fee structure and ownership guideline

Annual cash retainer$100,000
Annual equity retainer$185,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)35,000 / 25,000 / 25,000
Stock ownership guideline$750,000
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
6BGC Group, Inc.2025Gregory Heckman1,400,00012,767,72204,112,64018,945,479
7Cboe Global Markets, Inc.2025Craig Donohue846,97014,742,57402,553,69918,347,037
8Virtu Financial, Inc.2025Aaron Simons850,0006,246,62501,065,25016,727,125
9BILL Holdings, Inc.2025René Lacerte550,00014,861,4810688,05016,139,836
10Guidewire Software, Inc.2025Mike Rosenbaum750,00012,280,2030975,00014,012,061
11SEI Investments Company2025Ryan Hicke850,0002,150,0326,599,9422,200,00011,819,204
12Q2 Holdings, Inc.2025Matthew Flake520,00010,372,9980552,87911,492,510
13FactSet Research Systems Inc.2025F. Philip Snow775,0003,750,1623,750,0931,171,3769,460,930
14Morningstar, Inc.2025Kunal Kapoor650,0006,251,74302,150,5779,070,695
15MarketAxess Holdings Inc.2025Christopher Concannon750,0003,599,8811,208,6461,525,0007,101,027

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
BGC Group, Inc.not disclosedPBRSU 60 · TBRSU 40Yes — 3-Year RTSRSemler Brossy
BILL Holdings, Inc.125.1%RSU 50 · PSU 40Yes — 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%RSU 50 · PRSU 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%not disclosedYes — Absolute TSR CAGRSemler Brossy
Nasdaq, Inc.149%not disclosedYes — TSR relative to S&P 500 companiesExequity
Q2 Holdings, Inc.106.3%PSU 50 · RSU 50Yes — Relative TSRMercer
SEI Investments Company110%not disclosednot disclosedSemler Brossy Consulting Group, LLC
Virtu Financial, Inc.not disclosednot disclosedNonot 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.

10d

Frequently asked questions

Who was the highest-paid executive at Tradeweb Markets in fiscal 2025?
As disclosed, Billy Hult (Chief Executive Officer) was the highest-paid executive at Tradeweb Markets in fiscal 2025, with total compensation of $20,620,952.
How does Tradeweb Markets's chief executive pay compare to its disclosed peer group?
As disclosed, Billy Hult's total compensation ranked at the 79th percentile of Tradeweb Markets's disclosed peer group.
What is Tradeweb Markets's CEO-to-median employee pay ratio?
As disclosed, Tradeweb Markets's CEO-to-median employee pay ratio was 87:1.
How did shareholders vote on Tradeweb Markets's executive compensation?
As disclosed, 98.69% of shareholders supported Tradeweb Markets's executive compensation in the latest say-on-pay vote.
How much does Tradeweb Markets spend in total on board compensation for fiscal 2025?
As disclosed, Tradeweb Markets reported total board compensation of $2,473,169 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

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, 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
7Section 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
8Section 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
9Section 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
10Section 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
11Section 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
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 ↗
14Section 08, Paula MadoffDEF 14A2026-03-260001758730-26-000084Section “Director Compensation”. As printed: 415,142. Filing ↗
15Section 08, Rich RepettoDEF 14A2026-03-260001758730-26-000084Section “Director Compensation”. As printed: 332,919. Filing ↗
16Section 08, Steven BernsDEF 14A2026-03-260001758730-26-000084Section “Director Compensation”. As printed: 318,686. Filing ↗
17Section 08, Rana YaredDEF 14A2026-03-260001758730-26-000084Section “Director Compensation”. As printed: 299,867. Filing ↗
18Section 08, Lisa OpokuDEF 14A2026-03-260001758730-26-000084Section “Director Compensation”. As printed: 298,434. Filing ↗
19Section 08, Scott GanelesDEF 14A2026-03-260001758730-26-000084Section “Director Compensation”. As printed: 296,467. Filing ↗
20Section 08, Catherine JohnsonDEF 14A2026-03-260001758730-26-000084Section “Director Compensation”. As printed: 0. Filing ↗
21Section 08, Billy HultDEF 14A2026-03-260001758730-26-000084Section “Director Compensation”. As printed: 0. Filing ↗
22Section 08, Balbir BakhshiDEF 14A2026-03-260001758730-26-000084Section “Director Compensation”. As printed: 0. Filing ↗
23Section 08, Daniel MaguireDEF 14A2026-03-260001758730-26-000084Section “Director Compensation”. As printed: 0. Filing ↗
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, Jacques Aigrain 2026-05-19Form 42026-05-200001758730-26-000122Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Scott Ganeles 2026-05-19Form 42026-05-200001758730-26-000119Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Steven Berns 2026-05-19Form 42026-05-200001758730-26-000120Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Lisa Opoku 2026-05-19Form 42026-05-200001758730-26-000118Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Paula Madoff 2026-05-19Form 42026-05-200001758730-26-000121Insider 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 02, Troy Dixon 2026-08-14Form 42026-08-180001758730-26-000136Insider equity transaction reported since the proxy statement. Filing ↗
35Section 02, Troy Dixon 2026-08-17Form 42026-08-180001758730-26-000136Insider equity transaction reported since the proxy statement. Filing ↗
36Section 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 ↗
37Section 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 ↗
38Section 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 ↗
39Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
40Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
41Section 09b board cost (computed)Computed——Cash 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
42Fair 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
43MSCI 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
44Nasdaq, 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
45Tradeweb 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
46Interactive 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
47BGC Group, Inc., Section 10b CEO totalDEF 14A2026-04-100001628280-26-024588CEO total compensation as printed in BGC Group, Inc.'s own proxy. As printed: 18,945,479. Filing ↗
48Cboe 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
49Virtu 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
50BILL 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
51Guidewire 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
52SEI 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
53Q2 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
54FactSet 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
55Morningstar, 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
56MarketAxess 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
57Section 10a, Interactive Brokers Group, Inc. reciprocityDEF 14A—0001140361-25-007437Interactive Brokers Group, Inc.'s most recent proxy was read; its disclosed peer group does not include Tradeweb Markets. Filing ↗
58Section 10a, BGC Group, Inc. reciprocityDEF 14A—0001628280-26-024588BGC Group, Inc.'s most recent proxy was read; its disclosed peer group does not include Tradeweb Markets. Filing ↗
59Section 10a, BILL Holdings, Inc. reciprocityDEF 14A—0001193125-25-251571BILL Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include Tradeweb Markets. Filing ↗
60Section 10a, Virtu Financial, Inc. reciprocityDEF 14A—0001104659-25-037735Virtu Financial, Inc.'s most recent proxy was read; its disclosed peer group does not include Tradeweb Markets. Filing ↗
61Section 10a, Cboe Global Markets, Inc. reciprocityDEF 14A—0001628280-26-022939Cboe Global Markets, Inc.'s most recent proxy was read; its disclosed peer group does not include Tradeweb Markets. Filing ↗
62Section 10a, Guidewire Software, Inc. reciprocityDEF 14A—0001528396-25-000233Guidewire Software, Inc.'s most recent proxy was read; its disclosed peer group does not include Tradeweb Markets. Filing ↗
63Section 10a, MarketAxess Holdings Inc. reciprocityDEF 14A—0001193125-26-191601MarketAxess Holdings Inc. names Tradeweb Markets in its own disclosed peer group (read from its most recent proxy). Filing ↗
64Section 10a, MSCI Inc. reciprocityDEF 14A—0001408198-26-000023MSCI Inc. names Tradeweb Markets in its own disclosed peer group (read from its most recent proxy). Filing ↗
65Section 10a, Nasdaq, Inc. reciprocityDEF 14A—0001628280-26-027245Nasdaq, Inc.'s most recent proxy was read; its disclosed peer group does not include Tradeweb Markets. Filing ↗
66Section 10a, Q2 Holdings, Inc. reciprocityDEF 14A—0001410384-26-000029Q2 Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include Tradeweb Markets. Filing ↗

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