Tradeweb Markets Inc. (TW) shareholders
TWNasdaqSecurity & Commodity Brokers, Dealers, Exchanges & ServicesFiscal year ends December 31
Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Oct 29, 2026Score 16/300% above fair value
$132.74+1.10 (+0.84%)
Close on Nov 13, 2026Market cap $30.81BP/E 31.2Yield 0.36%
Ownership
Institutional holdings as of Jun 30, 2026, from 13F filings
Held by institutions
50.4%
117M of 232M shares
Institutional holders
562
70 new, 86 sold out
Net institutional buying
1M
In Q2 2026
Insider trades, 12 months
0 buys · 25 sales
Net sold $46.94M
Shares held by institutions
Holders of more than 5%
Latest Schedule 13D (active) or 13G (passive) filed by each holder
| Holder | Shares | % of class | Filing | As of |
|---|---|---|---|---|
| Refinitiv Parent Limited Joint filing with London Stock Exchange Group plc (50.80%), Refinitiv TW Holdings Ltd. (45.50%) and 4 more | 119,921,521 | 50.80% | 13D (active) amendment | Mar 6, 2025 |
| T. Rowe Price Associates, Inc. | 15,791,253 | 13.60% | 13G (passive) amendment | Dec 31, 2025 |
| Wellington Investment Advisors Holdings LLP Joint filing with Wellington Management Group LLP (7.70%), Wellington Group Holdings LLP (7.70%) and 1 more | 8,971,666 | 7.70% | 13G (passive) amendment | Sep 30, 2025 |
| BlackRock, Inc. | 6,450,951 | 5.50% | 13G (passive) amendment | Mar 31, 2025 |
| Wellington Management Company LLP Joint filing with Wellington Management Group LLP (5.30%), Wellington Group Holdings LLP (5.30%) and 1 more | 6,204,054 | 5.00% | 13G (passive) amendment | Jun 30, 2026 |
| Vanguard Portfolio Management | 6,071,791 | 5.23% | 13G (passive) | Jun 30, 2026 |
| Vanguard Capital Management | 6,053,962 | 5.21% | 13G (passive) | Mar 31, 2026 |
Top institutional holders
13F holdings as of Jun 30, 2026
| Holder | Shares | % of TW | Value | Change | % of portfolio |
|---|---|---|---|---|---|
| Price T Rowe Associates Inc /Md/ | 16,376,924 | 7.05% | $1.63B | +1,436,428 | 0.16% |
| BlackRock, Inc. | 6,882,278 | 2.96% | $685.89M | +53,444 | 0.01% |
| Wellington Management Group Llp | 6,204,054 | 2.67% | $618.30M | −1,300,121 | 0.11% |
| Vanguard Portfolio Management LLC | 6,057,601 | 2.61% | $603.70M | +447,730 | 0.03% |
| Vanguard Capital Management LLC | 5,238,973 | 2.26% | $522.12M | +48,178 | 0.01% |
| Carmignac Gestion | 3,876,800 | 1.67% | $386.36M | +1,590,600 | 5.01% |
| T. Rowe Price Investment Management, Inc. | 3,301,026 | 1.42% | $328.98M | −97,737 | 0.22% |
| State Street Corp | 2,807,827 | 1.21% | $279.83M | +63,023 | 0.01% |
| Aqr Capital Management LLC | 2,787,932 | 1.20% | $272.38M | −108,277 | 0.09% |
| Grantham, Mayo, Van Otterloo & Co. LLC | 2,663,518 | 1.15% | $265.45M | +12,855 | 0.60% |
| Capital World Investors | 2,313,422 | 1.00% | $230.56M | +114,561 | 0.03% |
| Geode Capital Management, LLC | 2,105,472 | 0.91% | $209.22M | −14,458 | 0.01% |
| Nordea Investment Management Ab | 1,688,604 | 0.73% | $165.15M | +39,570 | 0.13% |
| Morgan Stanley | 1,685,129 | 0.73% | $167.94M | −18,749 | 0.01% |
| Bessemer Group Inc | 1,603,992 | 0.69% | $159.85M | −22,607 | 0.22% |
| Norges Bank | 1,544,599 | 0.67% | $153.93M | New | 0.02% |
| Millennium Management LLC | 1,428,050 | 0.62% | $142.32M | −540,373 | 0.05% |
| Citadel Advisors LLC | 1,398,377 | 0.60% | $139.36M | +698,432 | 0.02% |
| Ninety One UK Ltd | 1,342,823 | 0.58% | $133.83M | −247,481 | 0.30% |
| Marshall Wace, Llp | 1,282,797 | 0.55% | $127.84M | +905,356 | 0.10% |
Institutional buying and selling by quarter
Positions opened, added to, reduced and closed by 13F filers
| Quarter | Holders | Shares held | % of shares | New / added | Reduced / closed | Shares bought | Shares sold |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 562 | 117M | 50.4% | 70 / 230 | 213 / 86 | 17M | 16M |
| Q1 2026 | 585 | 117M | 50.2% | 100 / 239 | 187 / 62 | 28M | 16M |
| Q4 2025 | 553 | 118M | 51.0% | 96 / 181 | 224 / 70 | 20M | 20M |
| Q3 2025 | 544 | 119M | 51.1% | 92 / 179 | 211 / 111 | 23M | 21M |
| Q2 2025 | 571 | 117M | 50.5% | 82 / 202 | 219 / 55 | 12M | 14M |
| Q1 2025 | 550 | 120M | 51.7% | 87 / 204 | 196 / 62 | 14M | 8M |
| Q4 2024 | 533 | 115M | 49.3% | 117 / 185 | 169 / 29 | 8M | 10M |
| Q3 2024 | 451 | 117M | 50.4% | 61 / 172 | 157 / 43 | 17M | 7M |
| Q2 2024 | 438 | 118M | 50.8% | 53 / 198 | 140 / 52 | 12M | 14M |
| Q1 2024 | 442 | 120M | 51.7% | 74 / 167 | 153 / 38 | 13M | 11M |
| Q4 2023 | 410 | 118M | 51.0% | 86 / 160 | 125 / 34 | 14M | 9M |
| Q3 2023 | 363 | 114M | 48.9% | 57 / 133 | 128 / 35 | 10M | 11M |
Top mutual fund and ETF holders
Latest monthly portfolio reports (Form N-PORT)
470 funds held TW in Q2 2026, 36% of their shares through ETFs. Each fund counts once per quarter, from its quarter-end report.
| Fund | Shares | % of TW | Value | % of fund | As of |
|---|---|---|---|---|---|
| Vanguard Total Stock Market Index Fund | 3,684,088 | 1.59% | $367.16M | 0.02% | Jun 30, 2026 |
| Growth Fund of America | 2,700,140 | 1.16% | $270.69M | 0.08% | May 31, 2026 |
| Vanguard Mid-Cap Index Fund | 2,514,186 | 1.08% | $250.56M | 0.11% | Jun 30, 2026 |
| Vanguard Windsor Fund | 2,054,207 | 0.88% | $206.45M | 0.82% | Jul 31, 2026 |
| Vanguard Growth Index Fund | 1,867,769 | 0.80% | $186.14M | 0.05% | Jun 30, 2026 |
| T. Rowe Price Mid-Cap Growth Fund, Inc. | 1,733,781 | 0.75% | $172.79M | 0.75% | Jun 30, 2026 |
| T. Rowe Price Large-Cap Growth Fund | 1,446,009 | 0.62% | $144.11M | 0.70% | Jun 30, 2026 |
| Vanguard Extended Market Index Fund | 1,330,463 | 0.57% | $132.59M | 0.14% | Jun 30, 2026 |
| T. Rowe Price U.S. Large-Cap Core Fund, Inc. | 1,193,713 | 0.51% | $118.97M | 0.66% | Jun 30, 2026 |
| Vanguard U.S. Growth Fund | 1,047,116 | 0.45% | $104.97M | 0.22% | May 31, 2026 |
| Vanguard Mid-Cap Growth Index Fund | 888,847 | 0.38% | $88.58M | 0.25% | Jun 30, 2026 |
| Franklin Growth Fund | 858,052 | 0.37% | $85.51M | 0.49% | Jun 30, 2026 |
| GMO Quality Fund | 781,093 | 0.34% | $78.30M | 0.62% | May 31, 2026 |
| T. Rowe Price Communications & Technology Fund | 718,414 | 0.31% | $71.60M | 0.88% | Jun 30, 2026 |
| Fidelity Extended Market Index Fund | 596,872 | 0.26% | $59.84M | 0.14% | May 31, 2026 |
Officers, directors and major owners
People who filed Forms 3, 4 or 5 in the last two years
| Name | Role | Shares owned | % of shares | Latest filing |
|---|---|---|---|---|
| William Hult | Chief Executive Officer, Director | 144,285 | 0.06% | Mar 19, 2026 |
| Enrico Bruni | MD, Co-Head of Global Markets | 108,234 | 0.05% | Nov 5, 2026 |
| Balasubramanian Rajagopalan | Chief Risk Officer | 8,409 | 0.00% | Oct 9, 2026 |
| Troy Dixon | MD, Co-Head of Global Markets | 31,863 | 0.01% | Aug 18, 2026 |
| Justin Peterson | Chief Technology Officer | 15,070 | 0.01% | Jun 2, 2026 |
| Douglas Friedman | Chief Legal Officer | 13,921 | 0.01% | Mar 24, 2026 |
| Sara Furber | Chief Financial Officer | 22,264 | 0.01% | Mar 24, 2026 |
| Amy Clack | Chief Administrative Officer | 21,557 | 0.01% | Mar 24, 2026 |
| Scott Zucker | Chief Risk Officer | 21,033 | 0.01% | Mar 21, 2025 |
| Steven Berns | Director | 4,884 | 0.00% | May 27, 2026 |
| Scott Ganeles | Director | 15,330 | 0.01% | May 20, 2026 |
| Paula Madoff | Director | 16,845 | 0.01% | May 20, 2026 |
| Jacques Aigrain | Director | 12,222 | 0.01% | May 20, 2026 |
| Rana Yared | Director | 4,239 | 0.00% | May 20, 2026 |
| Lisa Opoku | Director | 4,469 | 0.00% | May 20, 2026 |
| Richard H. Repetto | Director | 3,178 | 0.00% | May 20, 2026 |
Insider trades
Common stock transactions reported on Form 4, newest first
| Insider | Date | Transaction | Shares | Price | Value | Shares after |
|---|---|---|---|---|---|---|
| Enrico Bruni MD, Co-Head of Global Markets | Nov 3, 2026 | Sale | −5,937 | $126.79 | $752.75K | 108,234 |
| Enrico Bruni MD, Co-Head of Global Markets | Nov 3, 2026 | Sale | −12,563 | $126.01 | $1.58M | 114,171 |
| Enrico Bruni MD, Co-Head of Global Markets | Nov 3, 2026 | Option exercise | +18,500 | $20.59 | $380.92K | 126,734 |
| Troy Dixon MD, Co-Head of Global Markets | Aug 17, 2026 | Sale(10b5-1 plan) | −2,584 | $106.06 | $274.06K | 31,863 |
| Troy Dixon MD, Co-Head of Global Markets | Aug 14, 2026 | Sale(10b5-1 plan) | −546 | $105.74 | $57.73K | 34,447 |
| Justin Peterson Chief Technology Officer | Jun 1, 2026 | Sale(10b5-1 plan) | −21,221 | $102.00 | $2.16M | 15,070 |
| Steven Berns Director | May 26, 2026 | Sale(10b5-1 plan) | −425 | $105.26 | $44.74K | 4,884 |
| Paula Madoff Director | May 19, 2026 | Award | +1,912 | – | – | 16,845 |
| Steven Berns Director | May 19, 2026 | Award | +1,645 | – | – | 5,309 |
| Scott Ganeles Director | May 19, 2026 | Award | +1,645 | – | – | 15,330 |
| Jacques Aigrain Director | May 19, 2026 | Award | +2,668 | – | – | 12,222 |
| Rana Yared Director | May 19, 2026 | Award | +1,645 | – | – | 4,239 |
| Richard H. Repetto Director | May 19, 2026 | Award | +1,645 | – | – | 3,178 |
| Lisa Opoku Director | May 19, 2026 | Award | +1,645 | – | – | 4,469 |
| Justin Peterson Chief Technology Officer | Apr 15, 2026 | Sale(10b5-1 plan) | −21,221 | $120.66 | $2.56M | 36,291 |
| Sara Furber Chief Financial Officer | Mar 23, 2026 | Sale(10b5-1 plan) | −1,614 | $124.86 | $201.52K | 22,264 |
| Douglas Friedman Chief Legal Officer | Mar 23, 2026 | Sale(10b5-1 plan) | −592 | $124.86 | $73.92K | 13,921 |
| Troy Dixon MD, Co-Head of Global Markets | Mar 20, 2026 | Sale(10b5-1 plan) | −2,584 | $125.75 | $324.94K | 34,993 |
| Amy Clack Chief Administrative Officer | Mar 20, 2026 | Sale(10b5-1 plan) | −271 | $125.75 | $34.08K | 21,557 |
| Sara Furber Chief Financial Officer | Mar 20, 2026 | Sale(10b5-1 plan) | −4,911 | $125.13 | $614.51K | 23,878 |
| Douglas Friedman Chief Legal Officer | Mar 20, 2026 | Sale(10b5-1 plan) | −2,219 | $125.12 | $277.64K | 14,513 |
| Justin Peterson Chief Technology Officer | Mar 20, 2026 | Sale(10b5-1 plan) | −1,005 | $125.13 | $125.76K | 57,512 |
| Justin Peterson Chief Technology Officer | Mar 18, 2026 | Sale(10b5-1 plan) | −3,212 | $124.76 | $400.73K | 58,517 |
| Enrico Bruni MD, Co-Head of Global Markets | Mar 17, 2026 | Tax withholding | −1,511 | $126.17 | $190.64K | 108,228 |
| Enrico Bruni MD, Co-Head of Global Markets | Mar 17, 2026 | Award | +6 | – | – | 108,234 |
| Amy Clack Chief Administrative Officer | Mar 17, 2026 | Award | +3 | – | – | 21,828 |
| Amy Clack Chief Administrative Officer | Mar 17, 2026 | Tax withholding | −1,128 | $126.17 | $142.32K | 21,825 |
| Justin Peterson Chief Technology Officer | Mar 17, 2026 | Tax withholding | −1,241 | $126.17 | $156.58K | 61,726 |
| Justin Peterson Chief Technology Officer | Mar 17, 2026 | Award | +3 | – | – | 61,729 |
| Sara Furber Chief Financial Officer | Mar 17, 2026 | Tax withholding | −1,679 | $126.17 | $211.84K | 28,783 |
| Sara Furber Chief Financial Officer | Mar 17, 2026 | Award | +6 | – | – | 28,789 |
| William Hult Chief Executive Officer, Director | Mar 17, 2026 | Tax withholding | −5,656 | $126.17 | $713.62K | 144,285 |
| William Hult Chief Executive Officer, Director | Mar 17, 2026 | Award | +17 | – | – | 144,302 |
| Douglas Friedman Chief Legal Officer | Mar 17, 2026 | Tax withholding | −619 | $126.17 | $78.10K | 16,731 |
| Douglas Friedman Chief Legal Officer | Mar 17, 2026 | Award | +1 | – | – | 16,732 |
| Troy Dixon MD, Co-Head of Global Markets | Mar 15, 2026 | Award | +10,850 | – | – | 42,916 |
| Troy Dixon MD, Co-Head of Global Markets | Mar 15, 2026 | Tax withholding | −5,364 | $124.42 | $667.39K | 37,552 |
| Troy Dixon MD, Co-Head of Global Markets | Mar 15, 2026 | Award | +25 | – | – | 37,577 |
| Amy Clack Chief Administrative Officer | Mar 15, 2026 | Award | +6,429 | – | – | 22,953 |
| Enrico Bruni MD, Co-Head of Global Markets | Mar 15, 2026 | Award | +11,752 | – | – | 114,071 |
| Enrico Bruni MD, Co-Head of Global Markets | Mar 15, 2026 | Award | +44 | – | – | 109,739 |
| Enrico Bruni MD, Co-Head of Global Markets | Mar 15, 2026 | Tax withholding | −4,376 | $124.42 | $544.46K | 109,695 |
| Douglas Friedman Chief Legal Officer | Mar 15, 2026 | Award | +6,510 | – | – | 19,638 |
| Douglas Friedman Chief Legal Officer | Mar 15, 2026 | Award | +18 | – | – | 17,350 |
| Douglas Friedman Chief Legal Officer | Mar 15, 2026 | Tax withholding | −2,306 | $124.42 | $286.91K | 17,332 |
| Justin Peterson Chief Technology Officer | Mar 15, 2026 | Award | +8,037 | – | – | 66,878 |
| Justin Peterson Chief Technology Officer | Mar 15, 2026 | Award | +29 | – | – | 62,967 |
| Justin Peterson Chief Technology Officer | Mar 15, 2026 | Tax withholding | −3,940 | $124.42 | $490.21K | 62,938 |
| William Hult Chief Executive Officer, Director | Mar 15, 2026 | Award | +37,507 | – | – | 164,245 |
| William Hult Chief Executive Officer, Director | Mar 15, 2026 | Tax withholding | −14,408 | $124.42 | $1.79M | 149,837 |
| William Hult Chief Executive Officer, Director | Mar 15, 2026 | Award | +104 | – | – | 149,941 |
| Sara Furber Chief Financial Officer | Mar 15, 2026 | Tax withholding | −5,077 | $124.42 | $631.68K | 30,418 |
| Sara Furber Chief Financial Officer | Mar 15, 2026 | Award | +44 | – | – | 30,462 |
| Sara Furber Chief Financial Officer | Mar 15, 2026 | Award | +11,975 | – | – | 35,495 |
| William Hult Chief Executive Officer, Director | Mar 3, 2026 | Option exercise | +72,450 | $20.59 | $1.49M | 199,188 |
| William Hult Chief Executive Officer, Director | Mar 3, 2026 | Sale(10b5-1 plan) | −72,450 | $125.62 | $9.10M | 126,738 |
| Enrico Bruni MD, Co-Head of Global Markets | Feb 20, 2026 | Sale | −17,380 | $119.27 | $2.07M | 102,319 |
| Sara Furber Chief Financial Officer | Feb 10, 2026 | Sale(10b5-1 plan) | −63,128 | $115.10 | $7.27M | 23,520 |
| Douglas Friedman Chief Legal Officer | Feb 10, 2026 | Sale(10b5-1 plan) | −6,760 | $115.50 | $780.78K | 13,128 |
| Douglas Friedman Chief Legal Officer | Feb 10, 2026 | Sale(10b5-1 plan) | −23,789 | $115.45 | $2.75M | 19,888 |
Awards, option exercises, tax withholding and gifts are shown alongside open-market buys and sales. Each name links to the filing on SEC EDGAR.
Short interest
Shares sold short and not yet bought back, as of Oct 30, 2026 (FINRA, reported twice a month)
Short % of float
3.22%
4M shares short
Days to cover
1.8
At 2M shares a day
Change since last report
+13.2%
From 3M shares
Short volume, 20 days
47.0%
Of volume reported to FINRA
Shares sold short, last 12 months
Short sale volume counts trades marked short on any given day, including market-maker hedging, so it runs far higher than the share of Tradeweb Markets's stock actually held short. No settlement fails above the SEC's reporting threshold in the last 90 days.
Planned insider sales
Notices of proposed sale filed on Form 144 before shares are sold
| Seller | Filed | Shares | Market value | Planned sale | Acquired through |
|---|---|---|---|---|---|
| Enrico Bruni Officer | Nov 3, 2026 | 18,500 | $2.34M | Nov 3, 2026 | Exercise of Options Under a Registered Plan |
| Troy Dixon Officer | Aug 14, 2026 | 3,130 | $330.31K | Aug 14, 2026 | Restricted Stock Units |
| Justin Peterson Officer | Jun 1, 2026 | 21,221 | $2.13M | Jun 1, 2026 | Performance Stock Units |
| Steven Berns Director | May 26, 2026 | 425 | $45.14K | May 26, 2026 | Restricted Stock Units |
| Justin Peterson Officer | Apr 15, 2026 | 21,221 | $2.58M | Apr 15, 2026 | Performance Stock Units |
| Sara Furber Officer | Mar 20, 2026 | 6,525 | $822.22K | Mar 20, 2026 | Restricted Stock Units |
| Douglas Friedman Officer | Mar 20, 2026 | 2,811 | $354.21K | Mar 20, 2026 | Restricted Stock Units |
| Amy Clack Officer | Mar 20, 2026 | 271 | $34.15K | Mar 20, 2026 | Restricted Stock Units |
| Troy Dixon Director | Mar 20, 2026 | 2,584 | $325.61K | Mar 20, 2026 | Restricted Stock Units |
| Justin Peterson Officer | Mar 20, 2026 | 1,005 | $126.64K | Mar 20, 2026 | Restricted Stock Units |
| Justin Peterson Officer | Mar 18, 2026 | 3,212 | $405.26K | Mar 18, 2026 | Restricted Stock Units |
| William Hult Director, Officer | Mar 3, 2026 | 72,450 | $8.91M | Mar 3, 2026 | Exercise of Stock Options |
| Enrico Bruni Officer | Feb 20, 2026 | 17,380 | $2.07M | Feb 20, 2026 | Restricted stock vesting under a registered plan |
| Douglas Friedman Officer | Feb 10, 2026 | 30,549 | $3.53M | Feb 10, 2026 | Performance Restricted Stock Units |
| William Hult Director, Officer | Feb 10, 2026 | 121,218 | $14.02M | Feb 10, 2026 | Exercise of Stock Options |
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