Tradeweb (NASDAQ: TW) CLO logs RSU tax withholding and DER share award

Rhea-AI Filing Summary

Tradeweb Markets Inc. Chief Legal Officer Douglas Friedman reported routine share movements tied to equity compensation, not open-market trading. On the RSU settlement date, 619 shares of Class A common stock were withheld by the company at a price of $126.17 per share to cover tax obligations.

On the same day, Friedman also acquired 1 share of Class A common stock at no cost through the settlement of dividend equivalent rights linked to previously granted RSUs. After these transactions, he directly holds 16,732 shares, in addition to unvested RSUs that are scheduled to vest between March 2027 and March 2029, subject to continued employment.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Friedman Douglas

(Last) (First) (Middle)

TRADEWEB MARKETS INC.

245 PARK AVENUE

(Street)

NEW YORK NEW YORK 10167

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Tradeweb Markets Inc. [ TW ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Legal Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/17/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A common stock	03/17/2026		F(1)		619	D	$126.17	16,731(2)	D
Class A common stock	03/17/2026		A(3)		1	A	$0	16,732(2)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents shares withheld by the issuer to satisfy the tax withholding obligation associated with the settlement of restricted stock units ("RSUs") in respect of the issuer's Class A common stock ("Class A Common Stock") held by the reporting person.

2. This amount includes (i) 1,990 unvested RSUs in respect of Class A Common Stock that are scheduled to vest on March 15, 2027, (ii) 2,421 unvested RSUs in respect of Class A Common Stock that are scheduled to vest in equal installments on March 17, 2027 and March 17, 2028 and (iii) 6,510 unvested RSUs in respect of Class A Common Stock that are scheduled to vest on March 15, 2027, March 15, 2028 and March 15, 2029, in each case, subject to the reporting person's continued employment through the applicable vesting date.

3. Represents shares of Class A Common Stock acquired in connection with the settlement of certain dividend equivalent rights (the "DERs"). The DERs were granted in connection with previously awarded RSUs, and settled in shares of Class A Common Stock in connection with the settlement of the RSUs to which they relate.

Remarks:

	/s/ Douglas Friedman	03/19/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transactions did Tradeweb (TW) Chief Legal Officer Douglas Friedman report?

Douglas Friedman reported compensation-related share movements, not market trades. 619 shares of Class A common stock were withheld to pay taxes on RSU settlement, and 1 share was acquired via dividend equivalent rights tied to previously granted RSUs.

How many Tradeweb (TW) shares were withheld for Douglas Friedman’s taxes and at what price?

The company withheld 619 shares of Tradeweb Class A common stock from Douglas Friedman at $126.17 per share. These shares satisfied tax withholding obligations associated with the settlement of his restricted stock units, a standard, non-discretionary compensation mechanism.

Did Douglas Friedman make any open-market purchases or sales of Tradeweb (TW) stock in this filing?

No open-market purchases or sales were reported. The disposition was coded F, indicating shares withheld by the issuer for tax obligations, and the acquisition was coded A, reflecting a grant or award, not a market trade initiated by Friedman.

What does the 1 Tradeweb (TW) share acquired by Douglas Friedman represent?

The single share of Class A common stock reflects settlement of dividend equivalent rights tied to earlier RSU awards. These rights accumulate value as if dividends were paid and then settle in shares when the related restricted stock units vest and settle.

How many Tradeweb (TW) shares does Douglas Friedman hold after these transactions?

Following the reported transactions, Douglas Friedman directly holds 16,732 shares of Tradeweb Class A common stock. In addition, he has several tranches of unvested restricted stock units scheduled to vest between March 2027 and March 2029, contingent on continued employment.

What unvested RSUs does Douglas Friedman have related to Tradeweb (TW) stock?

His holdings include 1,990 unvested RSUs scheduled to vest on March 15, 2027, 2,421 unvested RSUs vesting in installments on March 17, 2027 and March 17, 2028, and 6,510 unvested RSUs vesting on March 15 in 2027, 2028, and 2029, subject to continued employment.