Tradeweb Markets (TW) legal chief sells shares via 10b5-1 plan

Rhea-AI Filing Summary

Tradeweb Markets Inc.’s Chief Legal Officer, Douglas Friedman, reported two open-market sales of Class A common stock on February 10, 2026, executed under a Rule 10b5-1 trading plan adopted on November 3, 2025. He sold 23,789 shares at a weighted average price of $115.4507 and a further 6,760 shares at a weighted average price of $115.4991.

Following these transactions, Friedman beneficially owned 13,128 shares of Class A common stock directly. This figure includes unvested restricted stock units: 2,516 RSUs scheduled to vest on March 15, 2026, 3,981 RSUs vesting in equal installments on March 15, 2026 and March 15, 2027, and 3,631 RSUs vesting in equal installments on March 17, 2026, March 17, 2027 and March 17, 2028, each subject to his continued employment.

Insider Trade Summary

Net Seller: 30,549 shares ($3,527,231)

Net Sell 2 txns

Insider Friedman Douglas

Role Chief Legal Officer

Sold 30,549 shs ($3.53M)

Type	Security	Shares	Price	Value
Sale	Class A common stock	23,789	$115.4507	$2.75M
Sale	Class A common stock	6,760	$115.4991	$781K

Holdings After Transaction: Class A common stock — 19,888 shares (Direct)

Footnotes (1)

1. This transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 3, 2025. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $113.525 to $116.86, inclusive. The reporting person undertakes to provide the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnotes 2 and 4 to this Form 4. This amount includes (i) 2,516 unvested restricted stock units ("RSUs") in respect of the issuer's Class A common stock ("Class A Common Stock") that are scheduled to vest on March 15, 2026, (ii) 3,981 unvested RSUs in respect of Class A Common Stock that are scheduled to vest in equal installments on March 15, 2026 and March 15, 2027, and (iii) 3,631 unvested RSUs in respect of Class A Common Stock that are scheduled to vest in equal installments on March 17, 2026, March 17, 2027 and March 17, 2028, in each case, subject to the reporting person's continued employment through the applicable vesting date. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $113.84 to $116.86, inclusive.

Form 4 Insider Transactions: What Each Field Means →

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).

X

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 NY 10167

(City) (State) (Zip)

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

3. Date of Earliest Transaction (Month/Day/Year)
02/10/2026

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

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

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

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	02/10/2026		S(1)		23,789	D	$115.4507(2)	19,888(3)	D
Class A common stock	02/10/2026		S(1)		6,760	D	$115.4991(4)	13,128(3)	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. This transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 3, 2025.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $113.525 to $116.86, inclusive. The reporting person undertakes to provide the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnotes 2 and 4 to this Form 4.

3. This amount includes (i) 2,516 unvested restricted stock units ("RSUs") in respect of the issuer's Class A common stock ("Class A Common Stock") that are scheduled to vest on March 15, 2026, (ii) 3,981 unvested RSUs in respect of Class A Common Stock that are scheduled to vest in equal installments on March 15, 2026 and March 15, 2027, and (iii) 3,631 unvested RSUs in respect of Class A Common Stock that are scheduled to vest in equal installments on March 17, 2026, March 17, 2027 and March 17, 2028, in each case, subject to the reporting person's continued employment through the applicable vesting date.

4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $113.84 to $116.86, inclusive.

Remarks:

	/s/ Douglas Friedman	02/12/2026
	** 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.

FAQ

What insider transaction did Tradeweb Markets (TW) report for Douglas Friedman?

Tradeweb’s Chief Legal Officer, Douglas Friedman, reported selling Class A common stock in two open-market transactions on February 10, 2026. The sales were executed under a pre-arranged Rule 10b5-1 trading plan he adopted on November 3, 2025, and involved tens of thousands of shares.

How many Tradeweb (TW) shares did the Chief Legal Officer sell and at what prices?

Douglas Friedman sold 23,789 Class A shares at a weighted average price of $115.4507 and 6,760 shares at a weighted average price of $115.4991. Both transactions were open-market sales, with individual trades executed within disclosed price ranges around those averages.

How many Tradeweb (TW) shares does Douglas Friedman own after the reported sales?

After the February 10, 2026 transactions, Douglas Friedman beneficially owned 13,128 shares of Tradeweb Class A common stock. This total includes both currently held shares and multiple tranches of unvested restricted stock units scheduled to vest between March 2026 and March 2028, subject to continued employment.

What is the Rule 10b5-1 trading plan mentioned in the Tradeweb (TW) Form 4?

The filing states Friedman’s sales were executed under a Rule 10b5-1 plan adopted on November 3, 2025. Such plans allow insiders to pre-schedule trades under set instructions, providing a structured framework for selling shares while managing potential concerns about the timing of insider transactions.

What restricted stock units (RSUs) are included in Douglas Friedman’s Tradeweb (TW) holdings?

His reported 13,128-share beneficial ownership includes 2,516 RSUs vesting March 15, 2026; 3,981 RSUs vesting in equal installments on March 15, 2026 and March 15, 2027; and 3,631 RSUs vesting in equal installments on March 17, 2026, March 17, 2027 and March 17, 2028, all contingent on continued employment.

What is Douglas Friedman’s role at Tradeweb Markets (TW) in this insider filing?

The filing identifies Douglas Friedman as an officer of Tradeweb Markets Inc. with the title of Chief Legal Officer. He is not listed as a director or 10% owner, and the reported transactions involve his direct ownership of Class A common stock in the company.