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Tradeweb Markets Inc. – ‘10-K’ for 12/31/23 – ‘EX-31.2’

On:  Friday, 2/9/24, at 4:03pm ET   ·   For:  12/31/23   ·   Accession #:  1758730-24-25   ·   File #:  1-38860

Previous ‘10-K’:  ‘10-K’ on 2/24/23 for 12/31/22   ·   Latest ‘10-K’:  This Filing   ·   13 References:   

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  As Of               Filer                 Filing    For·On·As Docs:Size

 2/09/24  Tradeweb Markets Inc.             10-K       12/31/23  129:14M

Annual Report   —   Form 10-K   —   SEA’34

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML   2.96M 
 2: EX-10.36    Material Contract                                   HTML    328K 
 3: EX-21.1     Subsidiaries List                                   HTML     39K 
 4: EX-23.1     Consent of Expert or Counsel                        HTML     33K 
 9: EX-97.1     Clawback Policy re: Recovery of Erroneously         HTML     49K 
                Awarded Compensation                                             
 5: EX-31.1     Certification -- §302 - SOA'02                      HTML     38K 
 6: EX-31.2     Certification -- §302 - SOA'02                      HTML     38K 
 7: EX-32.1     Certification -- §906 - SOA'02                      HTML     34K 
 8: EX-32.2     Certification -- §906 - SOA'02                      HTML     34K 
15: R1          Cover                                               HTML    109K 
16: R2          Audit Information                                   HTML     39K 
17: R3          Consolidated Statements of Financial Condition      HTML    166K 
18: R4          Consolidated Statements of Financial Condition      HTML     66K 
                (Parenthetical)                                                  
19: R5          Consolidated Statements of Income                   HTML    135K 
20: R6          Consolidated Statements of Comprehensive Income     HTML     68K 
21: R7          Consolidated Statements of Comprehensive Income     HTML     37K 
                (Parenthetical)                                                  
22: R8          Consolidated Statements of Changes in Equity        HTML    107K 
23: R9          Consolidated Statements of Changes in Equity        HTML     36K 
                (Parenthetical)                                                  
24: R10         Consolidated Statements of Cash Flows               HTML    165K 
25: R11         Organization                                        HTML     56K 
26: R12         Significant Accounting Policies                     HTML     83K 
27: R13         Restricted Cash                                     HTML     36K 
28: R14         Acquisitions                                        HTML     58K 
29: R15         Software Development Costs                          HTML     66K 
30: R16         Goodwill and Intangible Assets                      HTML     84K 
31: R17         Leases                                              HTML     59K 
32: R18         Revenue                                             HTML     74K 
33: R19         Income Taxes                                        HTML    104K 
34: R20         Tax Receivable Agreement                            HTML     39K 
35: R21         Stockholders' Equity                                HTML     94K 
36: R22         Non-Controlling Interests                           HTML     59K 
37: R23         Stock-Based Compensation Plans                      HTML    135K 
38: R24         Related Party Transactions                          HTML     66K 
39: R25         Fair Value of Financial Instruments                 HTML    150K 
40: R26         Credit Risk                                         HTML     41K 
41: R27         Commitments and Contingencies                       HTML     45K 
42: R28         Earnings Per Share                                  HTML     73K 
43: R29         Regulatory Capital Requirements                     HTML     90K 
44: R30         Business Segment and Geographic Information         HTML     72K 
45: R31         Subsequent Events                                   HTML     37K 
46: R32         Pay vs Performance Disclosure                       HTML     46K 
47: R33         Insider Trading Arrangements                        HTML     79K 
48: R34         Significant Accounting Policies (Policies)          HTML    140K 
49: R35         Acquisitions (Tables)                               HTML     49K 
50: R36         Software Development Costs (Tables)                 HTML     74K 
51: R37         Goodwill and Intangible Assets (Tables)             HTML     98K 
52: R38         Leases (Tables)                                     HTML     61K 
53: R39         Revenue (Tables)                                    HTML     67K 
54: R40         Income Taxes (Tables)                               HTML    103K 
55: R41         Stockholders' Equity (Tables)                       HTML     83K 
56: R42         Non-Controlling Interests (Tables)                  HTML     59K 
57: R43         Stock-Based Compensation Plans (Tables)             HTML    134K 
58: R44         Related Party Transactions (Tables)                 HTML     64K 
59: R45         Fair Value of Financial Instruments (Tables)        HTML    151K 
60: R46         Earnings Per Share (Tables)                         HTML     74K 
61: R47         Regulatory Capital Requirements (Tables)            HTML     91K 
62: R48         Business Segment and Geographic Information         HTML     71K 
                (Tables)                                                         
63: R49         Organization (Details)                              HTML     91K 
64: R50         Significant Accounting Policies -                   HTML     45K 
                Reclassifications (Details)                                      
65: R51         Significant Accounting Policies - Furniture,        HTML     59K 
                Equipment, Purchased Software, Leasehold                         
                Improvements and Software Development Cost                       
                (Details)                                                        
66: R52         Significant Accounting Policies - Goodwill          HTML     38K 
                (Details)                                                        
67: R53         Significant Accounting Policies - Intangible        HTML     39K 
                Assets (Details)                                                 
68: R54         Significant Accounting Policies - Deferred IPO      HTML     35K 
                Cost Follow-On Offering Costs (Details)                          
69: R55         Significant Accounting Policies - Translation of    HTML     46K 
                Foreign Currency and Foreign Currency Forward                    
                Contracts (Details)                                              
70: R56         Restricted Cash (Details)                           HTML     36K 
71: R57         Acquisitions - Narrative (Details)                  HTML    108K 
72: R58         Acquisitions - Schedule of Preliminary Purchase     HTML     85K 
                Price (Details)                                                  
73: R59         Software Development Costs - Schedule of            HTML     46K 
                Components of Software Development Costs (Details)               
74: R60         Software Development Costs - Schedule of            HTML     46K 
                Non-capitalized Software Costs and Routine                       
                Maintenance Costs (Details)                                      
75: R61         Software Development Costs - Estimated Annual       HTML     48K 
                Future Amortization (Details)                                    
76: R62         Goodwill and Intangible Assets - Goodwill           HTML     42K 
                (Details)                                                        
77: R63         Goodwill and Intangible Assets - Components of      HTML     42K 
                Goodwill (Details)                                               
78: R64         Goodwill and Intangible Assets - Indefinite Lived   HTML     41K 
                Intangible Assets (Details)                                      
79: R65         Goodwill and Intangible Assets - Finite Lived       HTML     57K 
                Intangible Assets (Details)                                      
80: R66         Goodwill and Intangible Assets - Narrative          HTML     36K 
                (Details)                                                        
81: R67         Goodwill and Intangible Assets - Future             HTML     45K 
                Amortization (Details)                                           
82: R68         Leases - Narrative (Details)                        HTML     43K 
83: R69         Leases (Details)                                    HTML     47K 
84: R70         Leases - Maturity of Lease Liabilities and Future   HTML     53K 
                Minimum Lease Payments (Details)                                 
85: R71         Revenue - Breakdown of Revenues Between Fixed and   HTML     60K 
                Variable (Details)                                               
86: R72         Revenue - Recognized Revenue and Remaining          HTML     44K 
                Balances (Details)                                               
87: R73         Revenue - Narrative (Details)                       HTML     36K 
88: R74         Income Taxes - Narrative (Details)                  HTML     78K 
89: R75         Income Taxes - Components of Provision (Details)    HTML     62K 
90: R76         Income Taxes - Reconciliation of the Statutory      HTML     56K 
                Rate (Details)                                                   
91: R77         Income Taxes - Deferred Tax Asset (Details)         HTML     62K 
92: R78         Income Taxes - Uncertain Tax Position (Details)     HTML     47K 
93: R79         Tax Receivable Agreement (Details)                  HTML     42K 
94: R80         Stockholders' Equity - Narrative (Details)          HTML     63K 
95: R81         Stockholders' Equity - Schedule of Class of Common  HTML     52K 
                Stock Par Value, Votes and Economic Rights                       
                (Details)                                                        
96: R82         Stockholders' Equity - Schedule of Company?s        HTML     69K 
                Outstanding Shares of Common Stock (Details)                     
97: R83         Stockholders' Equity - Share Repurchase (Details)   HTML     69K 
98: R84         Non-Controlling Interests - Schedule of Ownership   HTML     52K 
                Interest (Details)                                               
99: R85         Non-Controlling Interests - Schedule of Equity      HTML     53K 
                Changes Due to Changes in Corporation Ownership                  
                (Details)                                                        
100: R86         Stock-Based Compensation Plans - Narrative          HTML    117K  
                (Details)                                                        
101: R87         Stock-Based Compensation Plans - PRSUs and PSUs     HTML     72K  
                (Details)                                                        
102: R88         Stock-Based Compensation Plans - Schedule of        HTML     50K  
                Significant Assumptions Used to Estimate the Fair                
                Value of PSUs (Details)                                          
103: R89         Stock-Based Compensation Plans - Summary of PSRU    HTML     51K  
                and PSU Activity (Details)                                       
104: R90         Stock-Based Compensation Plans - Outstanding        HTML     82K  
                Options (Details)                                                
105: R91         Stock-Based Compensation Plans - Option Award       HTML     49K  
                Information (Details)                                            
106: R92         Stock-Based Compensation Plans - Schedule of        HTML     59K  
                Outstanding RSUs (Details)                                       
107: R93         Stock-Based Compensation Plans - Schedule of RSU    HTML     49K  
                Activity (Details)                                               
108: R94         Stock-Based Compensation Plans - Stock-Based        HTML     36K  
                Compensation Expense (Details)                                   
109: R95         Stock-Based Compensation Plans - Unrecognized       HTML     56K  
                Compensation Expense (Details)                                   
110: R96         Related Party Transactions - Balances (Details)     HTML     50K  
111: R97         Related Party Transactions - Consolidated           HTML     65K  
                Statements of Income (Details)                                   
112: R98         Related Party Transactions - Narrative (Details)    HTML     39K  
113: R99         Fair Value of Financial Instruments - Financial     HTML     59K  
                Instruments Measured at Fair Value (Details)                     
114: R100        Fair Value of Financial Instruments - Foreign       HTML     39K  
                Currency Forward Contracts (Details)                             
115: R101        Fair Value of Financial Instruments - Unrealized    HTML     46K  
                Gains (Losses) on Foreign Currency Forwards                      
                (Details)                                                        
116: R102        Fair Value of Financial Instruments - Financial     HTML     97K  
                Instruments Not Measured at Fair Value (Details)                 
117: R103        Credit Risk (Details)                               HTML     39K  
118: R104        Commitments and Contingencies (Details)             HTML     85K  
119: R105        Earnings Per Share - Basic and Diluted Earnings     HTML     92K  
                Per Share (Details)                                              
120: R106        Earnings Per Share - Antidilutive Securities        HTML     47K  
                Excluded from Computation of Earnings Per Share                  
                (Details)                                                        
121: R107        Regulatory Capital Requirements (Details)           HTML     82K  
122: R108        Business Segment and Geographic Information -       HTML     53K  
                Revenue by Client Sector (Details)                               
123: R109        Business Segment and Geographic Information -       HTML     46K  
                Revenue and Long-lived Assets by Geographic Region               
                (Details)                                                        
124: R110        Subsequent Events (Details)                         HTML     47K  
126: XML         IDEA XML File -- Filing Summary                      XML    235K  
129: XML         XBRL Instance -- tw-20231231_htm                     XML   2.97M  
125: EXCEL       IDEA Workbook of Financial Report Info              XLSX    250K  
11: EX-101.CAL  XBRL Calculations -- tw-20231231_cal                 XML    277K 
12: EX-101.DEF  XBRL Definitions -- tw-20231231_def                  XML   1.25M 
13: EX-101.LAB  XBRL Labels -- tw-20231231_lab                       XML   2.53M 
14: EX-101.PRE  XBRL Presentations -- tw-20231231_pre                XML   1.75M 
10: EX-101.SCH  XBRL Schema -- tw-20231231                           XSD    258K 
127: JSON        XBRL Instance as JSON Data -- MetaLinks              686±  1.04M  
128: ZIP         XBRL Zipped Folder -- 0001758730-24-000025-xbrl      Zip   1.06M  


‘EX-31.2’   —   Certification — §302 – SOA’02


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EXHIBIT 31.2
CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICER PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Sara Furber, certify that:
1.I have reviewed this annual report on Form 10-K for the fiscal year ended December 31, 2023 of Tradeweb Markets Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

February 9, 2024/s/ Sara Furber
Sara Furber
Chief Financial Officer


Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-K’ Filing    Date    Other Filings
Filed on:2/9/24SC 13G/A
For Period end:12/31/233/A
 List all Filings 


13 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

11/21/23  Tradeweb Markets Inc.             8-K:1,2,9  11/21/23   11:1M                                     Donnelley … Solutions/FA
 4/27/23  Tradeweb Markets Inc.             10-Q        3/31/23   88:9.4M
 4/04/23  Tradeweb Markets Inc.             8-K:1,9     3/31/23   11:1.2M                                   Donnelley … Solutions/FA
 2/24/23  Tradeweb Markets Inc.             10-K       12/31/22  129:22M
10/29/21  Tradeweb Markets Inc.             10-Q        9/30/21   86:10M
 5/12/20  Tradeweb Markets Inc.             10-Q        3/31/20   94:9M                                     Toppan Merrill Bridge/FA
 3/04/20  Tradeweb Markets Inc.             10-K/A     12/31/19  115:19M                                    Toppan Merrill Bridge/FA
11/08/19  Tradeweb Markets Inc.             10-Q        9/30/19   95:12M                                    Toppan Merrill Bridge/FA
 5/20/19  Tradeweb Markets Inc.             10-Q        3/31/19  106:11M                                    Toppan Merrill/FA
 4/09/19  Tradeweb Markets Inc.             8-K:1,2,3,5 4/03/19    3:301K                                   Toppan Merrill/FA
 3/25/19  Tradeweb Markets Inc.             S-1/A                 11:12M                                    Toppan Merrill/FA
 3/21/19  Tradeweb Markets Inc.             S-1/A                 15:2.3M                                   Toppan Merrill/FA
 3/07/19  Tradeweb Markets Inc.             S-1                    7:10M                                    Toppan Merrill/FA
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Filing Submission 0001758730-24-000025   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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