Wellington Discloses Passive 5.9% Stake in Tradeweb Markets (TW)

Rhea-AI Filing Summary

Wellington Management Group LLP and affiliated Wellington entities report beneficial ownership of 6,863,618 shares of Tradeweb Markets Inc. common stock, representing approximately 5.9% of the class. The filing discloses shared voting power of 5,957,551 shares and shared dispositive power of 6,863,618 for most reporting entities, while Wellington Management Company LLP separately reports shared voting power of 5,671,225 and shared dispositive power of 6,279,031.

The filing states these securities are owned of record by clients of the Wellington investment advisers and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer. The document identifies each reporting entity and its place of organization and includes the standard certification attesting to the accuracy of the statement.

Positive

• Reporting of a material institutional stake of 6,863,618 shares, representing approximately 5.9% of Tradeweb Markets common stock
• Clear statement that the shares are owned of record by clients and held in the ordinary course, indicating a passive investment posture rather than an intent to influence control

Negative

• None.

Insights

Financial Analyst

TL;DR Wellington and affiliates hold a material passive stake in Tradeweb, roughly 5.9% of outstanding common stock.

Wellington's Schedule 13G/A shows an aggregate beneficial position of 6,863,618 shares, which crosses the regulatory 5% reporting threshold and therefore is material from a disclosure standpoint. The filing characterizes the holdings as client-owned and held in the ordinary course, indicating a passive investment posture rather than an activist or control-seeking intent. For investors, the key facts are the stake size and the lack of sole voting or dispositive power, which imply influence is limited and consistent with portfolio management activity.

Corporate Governance Expert

TL;DR A significant institutional stake is disclosed but the filing affirms passive ownership and no intent to influence control.

From a governance perspective, Wellington and its related entities report shared voting and dispositive powers rather than sole control. The statement that securities are owned of record by clients of the Wellington investment advisers and are held in the ordinary course suggests the position is fiduciary and not aimed at board control or corporate action. The disclosure satisfies Rule 13d requirements for transparency while signaling no announced corporate governance initiatives tied to this stake.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

Tradeweb Markets Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

892672106

(CUSIP Number)

06/30/2025

(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

Wellington Management Group LLP

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

MASSACHUSETTS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 5,957,551.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,863,618.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,863,618.00

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)

5.9 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. 892672106

1

Names of Reporting Persons

Wellington Group Holdings LLP

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 5,957,551.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,863,618.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,863,618.00

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)

5.9 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. 892672106

1

Names of Reporting Persons

Wellington Investment Advisors Holdings LLP

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 5,957,551.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,863,618.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,863,618.00

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)

5.9 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. 892672106

1

Names of Reporting Persons

Wellington Management Company LLP

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 5,671,225.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,279,031.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,863,618.00

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)

5.4 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Tradeweb Markets Inc.
(b)	Address of issuer's principal executive offices: 1177 Avenue of the Americas, New York NY 10036
Item 2.
(a)	Name of person filing: Wellington Management Group LLP Wellington Group Holdings LLP Wellington Investment Advisors Holdings LLP Wellington Management Company LLP
(b)	Address or principal business office or, if none, residence: c/o Wellington Management Company LLP, 280 Congress Street, Boston MA 02210
(c)	Citizenship: Wellington Management Group LLP - Massachusetts Wellington Group Holdings LLP - Delaware Wellington Investment Advisors Holdings LLP - Delaware Wellington Management Company LLP - Delaware
(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: See the responses to Item 9 on the attached cover pages.
(b)	Percent of class: 5.89 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: See the responses to Item 6 on the attached cover pages.
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: See the responses to Item 8 on the attached cover pages.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The securities as to which this Schedule is filed are owned of record by clients of one or more investment advisers identified in Item 7 directly or indirectly owned by Wellington Management Group LLP. Those clients have the right to receive, or the power to direct the receipt of, dividends from, or the proceeds from the sale of, such securities. No such client is known to have such right or power with respect to more than five percent of this class of securities, except as follows: 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.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. Pursuant to the instructions in Item 7 of Schedule 13G, the following lists the identity and Item 3 classification of each relevant entity that beneficially owns shares of the security class being reported on this Schedule 13G. Wellington Group Holdings LLP - HC Wellington Investment Advisors LLP - HC Wellington Management Global Holdings, Ltd. - HC One or more of the following investment advisers (the "Wellington Investment Advisers"): Wellington Management Company LLP - IA Wellington Management Canada LLC - IA Wellington Management Singapore Pte Ltd - IA Wellington Management Hong Kong Ltd - IA Wellington Management International Ltd - IA Wellington Management Japan Pte Ltd - IA Wellington Management Australia Pty Ltd - IA The securities as to which this Schedule is filed by Wellington Management Group LLP, as parent holding company of certain holding companies and the Wellington Investment Advisers, are owned of record by clients of the Wellington Investment Advisers. Wellington Investment Advisors Holdings LLP controls directly, or indirectly through Wellington Management Global Holdings, Ltd., the Wellington Investment Advisers. Wellington Investment Advisors Holdings LLP is owned by Wellington Group Holdings LLP. Wellington Group Holdings LLP is owned by Wellington Management Group LLP.
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.

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.

Wellington Management Group LLP

Signature:	Taisia Lowe
Name/Title:	Regulatory Analyst
Date:	08/12/2025

Wellington Group Holdings LLP

Signature:	Taisia Lowe
Name/Title:	Regulatory Analyst
Date:	08/12/2025

Wellington Investment Advisors Holdings LLP

Signature:	Taisia Lowe
Name/Title:	Regulatory Analyst
Date:	08/12/2025

Wellington Management Company LLP

Signature:	Taisia Lowe
Name/Title:	Regulatory Analyst
Date:	08/12/2025

FAQ

How many Tradeweb Markets (TW) shares does Wellington report owning?

The filing reports beneficial ownership of 6,863,618 shares.

What percentage of Tradeweb Markets (TW) does Wellington and affiliates hold?

The aggregate position represents approximately 5.9% of the class.

Does Wellington claim sole voting or dispositive power over the TW shares?

No; the filing shows 0 sole voting power and lists shared voting and dispositive powers.

Are the shares held to influence control of Tradeweb (TW)?

The filing certifies the securities are held in the ordinary course of business and were not acquired to change or influence control of the issuer.

Who actually owns the reported TW shares according to the filing?

The securities are owned of record by clients of the Wellington Investment Advisers identified in the filing.