Tradeweb (TW) MD adjusts equity holdings via RSU tax withholding

Rhea-AI Filing Summary

Tradeweb Markets Inc. executive Enrico Bruni, MD and Co-Head of Global Markets, reported routine equity compensation-related activity in Class A common stock. On March 17, 2026, 1,511 shares were disposed of at $126.17 per share to cover tax withholding tied to the settlement of restricted stock units (RSUs). He also acquired 6 shares at no cost through the settlement of dividend equivalent rights connected to previously granted RSUs. Following these transactions, Bruni directly holds 108,234 Class A shares, a figure that includes multiple tranches of unvested RSUs scheduled to vest between March 2027 and March 2029, subject to continued employment. The filing reflects compensation and tax mechanics rather than open-market buying or selling.

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

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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^*

Bruni Enrico

(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)
	MD, Co-Head of Global Markets

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)		1,511	D	$126.17	108,228(2)	D
Class A common stock	03/17/2026		A(3)		6	A	$0	108,234(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) 3,371 unvested RSUs in respect of Class A Common Stock that are scheduled to vest on March 15, 2027, (ii) 6,425 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) 11,752 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, Attorney-in-Fact for Enrico Bruni	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) executive Enrico Bruni report?

Enrico Bruni reported a tax-related share disposition and a small share acquisition. On March 17, 2026, 1,511 Class A shares were withheld for RSU tax obligations, and 6 shares were acquired via dividend equivalent rights tied to previously granted RSUs.

Was Enrico Bruni’s Tradeweb Form 4 a market sale of TW shares?

No, the filing shows a tax-withholding disposition, not an open-market sale. The 1,511 Class A shares were withheld by Tradeweb to satisfy taxes on RSU settlement, which is a compensation mechanism rather than a discretionary stock sale.

How many Tradeweb Class A shares does Enrico Bruni hold after these transactions?

After the reported transactions, Enrico Bruni directly holds 108,234 shares of Tradeweb Class A common stock. This amount includes several tranches of unvested RSUs scheduled to vest between March 2027 and March 2029, subject to his continued employment.

What are the key RSU vesting schedules mentioned for Tradeweb (TW) executive Bruni?

The filing notes 3,371 unvested RSUs scheduled to vest on March 15, 2027; 6,425 unvested RSUs vesting equally on March 17, 2027 and March 17, 2028; and 11,752 unvested RSUs vesting on March 15, 2027, March 15, 2028 and March 15, 2029.

What do the 6 Tradeweb shares acquired by Enrico Bruni represent?

The 6 acquired Class A shares represent settlement of dividend equivalent rights. These rights were granted in connection with previously awarded RSUs and settled in shares of Class A common stock when the underlying RSUs were settled, adding a small number of shares to his holdings.

Does this Tradeweb Form 4 indicate significant changes to Bruni’s ownership stake?

The changes are minor relative to Bruni’s overall holdings. With 1,511 shares withheld for taxes and 6 shares added from dividend equivalents, his post-transaction direct position is 108,234 Class A shares, reflecting routine compensation and tax treatment rather than a major ownership shift.