T. Rowe Price Holds 12.11M Shares of Tradeweb Markets; Schedule 13G/A

Rhea-AI Filing Summary

T. Rowe Price Associates, Inc. disclosed a 10.4% beneficial ownership in Tradeweb Markets Inc.-Class A common stock, reporting 12,113,073 shares held. The filing shows sole voting power over 11,445,546 shares and sole dispositive power over 12,110,367 shares, with no shared voting or dispositive powers. The statement is filed on a Schedule 13G/A and affirms the stake is held in the ordinary course of business and not to influence control of the issuer. The filing is signed by Ellen York, Vice President.

Positive

• Material institutional stake disclosed: 12,113,073 shares representing 10.4% of the class
• Clear voting/dispositive breakdown: sole voting power of 11,445,546 shares and sole dispositive power of 12,110,367
• Certification of ordinary-course holding: filer states shares were not acquired to influence control

Negative

• None.

Insights

Financial Analyst

TL;DR: Significant passive stake; 10.4% ownership signals a notable institutional position without control intent.

The Schedule 13G/A indicates T. Rowe Price holds a material minority stake in Tradeweb Markets (12.11 million shares, 10.4%). The split between voting and dispositive power shows near-complete sole control of voting and disposition, which simplifies proxy expectations. Because the filer certifies the holding is in the ordinary course and not intended to influence control, this is consistent with a long-only institutional position rather than an activist posture. The disclosure is material for shareholder composition and potential index/ETF ownership analysis.

Compliance/Risk Analyst

TL;DR: Filing appears procedurally complete and compliant; declarations limit interpretation of intent to influence control.

The Schedule 13G/A includes required issuer and filer details, CUSIP, addresses, and an explicit certification that the stake is held in the ordinary course of business and not to affect control. The document lists precise voting and dispositive counts and a signature with title and date, meeting typical SEC disclosure requirements for an investment adviser filing under Rule 13d-1(b). No statements suggest coordinated group activity or exemptions; absence of shared power reduces complexity around attribution risk.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 5)

TRADEWEB MARKETS INC-CLASS A

(Name of Issuer)

COMMON STOCK

(Title of Class of Securities)

892672106

(CUSIP Number)

08/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 892672106

1

Names of Reporting Persons

T. Rowe Price Associates, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

MARYLAND

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 11,445,546.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 12,110,367.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

12,113,073.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

10.4 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: TRADEWEB MARKETS INC-CLASS A
(b)	Address of issuer's principal executive offices: 1177 AVENUE OF THE AMERICAS, NEW YORK, NY, 10036
Item 2.
(a)	Name of person filing: T. Rowe Price Associates, Inc.
(b)	Address or principal business office or, if none, residence: 1307 Point Street, Baltimore, MD 21231
(c)	Citizenship: Maryland
(d)	Title of class of securities: COMMON STOCK
(e)	CUSIP No.: 892672106
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 12113073
(b)	Percent of class: 10.4 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 11445546
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 12110367
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. T. Rowe Price Associates, Inc. hereby declares and affirms that the filing of Schedule 13G shall not be construed as an admission that Price Associates is the beneficial owner of the securities referred to, which beneficial ownership is expressly denied.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

T. Rowe Price Associates, Inc.

Signature:	Ellen York
Name/Title:	Vice President
Date:	09/08/2025

FAQ

What stake does T. Rowe Price (TW) report in Tradeweb Markets?

The filing reports 12,113,073 shares, representing 10.4% of Tradeweb Markets Class A common stock.

How many shares does T. Rowe Price have sole voting power over?

T. Rowe Price reports sole voting power over 11,445,546 shares.

Does the filing indicate T. Rowe Price intends to influence control of Tradeweb?

No; the Schedule 13G/A includes a certification that the securities were acquired and are held in the ordinary course of business and not to influence control.

When was the Schedule 13G/A signed and by whom?

The filing is signed by Ellen York, Vice President, with signature date 09/08/2025.

What form and rule is this filing under?

This is a Schedule 13G/A filing; the filer indicates classification as an Investment Adviser (IA) under the applicable rule.