01—Abstract
Summary
Summary of the 8-K filed January 6, 2026. Cited figures are marked; the original filing is the authoritative source.
Tradeweb Markets LLC, a wholly owned subsidiary of Tradeweb Markets Inc. (the Company), entered into a series of amendments effective as of November 1, 2025 (the Amendments) with Refinitiv US LLC and Refinitiv US Organization LLC (the LSEG Parties) to their master data license agreement, effective as of November 1, 2023.
The amendments were executed on December 31, 2025. Under the amended and restated Data Schedules 1, 2, 4 and 5, Tradeweb Markets will continue licensing certain market data, including real-time feeds, for multiple fixed income and derivatives products to the LSEG Parties and their affiliates. Compensation is either fixed license fees or, in some cases, fees based on a percentage of revenue generated by the LSEG subscriber.
Data Schedule 3 had automatically terminated effective October 31, 2024. The initial license period runs from November 1, 2025 through October 31, 2028 and automatically renews for up to two additional two-year periods unless either party gives notice of non-renewal at least 180 days before expiration. Each schedule also includes an option, on notice from either party, for a twelve-month transition period after the applicable term to allow an orderly transition of market data distribution arrangements.
All other terms of the Master Data Agreement remain in effect. The LSEG Parties are affiliates of London Stock Exchange Group plc (LSEG), which is the indirect controlling stockholder of the Company.
The filing notes that LSEG affiliates have various other relationships with the Company and refers to the 2025 proxy statement for details. The full Amendments and Restated Data Schedules will be filed as exhibits to the Company's Form 10-K for the fiscal year ended December 31, 2025.
02—Key points
Key Highlights
- Tradeweb Markets LLC amended its master data license agreement with Refinitiv US LLC and Refinitiv US Organization LLC, effective November 1, 2025, with the amendments executed December 31, 2025.
- Amended and restated Data Schedules 1, 2, 4 and 5 cover continued licensing of real-time and other market data for multiple fixed income and derivatives products.
- Fees are either fixed license fees or, in some cases, percentage-of-revenue fees payable by the LSEG subscriber.
- The initial term runs November 1, 2025 through October 31, 2028, with automatic renewal for up to two additional two-year periods absent 180 days' notice of non-renewal.
- Each schedule includes an optional twelve-month transition period following the term to support an orderly transition of market data distribution arrangements.
- Data Schedule 3 automatically terminated effective October 31, 2024.
- The LSEG Parties are affiliates of London Stock Exchange Group plc, the indirect controlling stockholder of Tradeweb Markets Inc.
03—Questions
Frequently Asked Questions
What is the agreement about?
It is an amended master data license agreement under which Tradeweb Markets LLC licenses certain market data, including real-time feeds, for multiple fixed income and derivatives products to Refinitiv US LLC and its affiliates.
How long does the amended agreement run?
The initial license or service period runs from November 1, 2025 through October 31, 2028. It automatically renews for up to two additional successive two-year periods unless either party gives notice of non-renewal at least 180 days before the relevant expiration.
How is Tradeweb compensated under these schedules?
Compensation is either fixed license fees or, in some cases, fees payable based on a percentage of revenue generated by the LSEG subscriber.
What is the relationship between the counterparties and Tradeweb?
The LSEG Parties are affiliates of London Stock Exchange Group plc, which is the indirect controlling stockholder of Tradeweb Markets Inc. The filing states that LSEG affiliates have various other relationships with the Company and refers to the Company's 2025 proxy statement for further information.
Where can investors find the full terms of the amendments?
The filing states that the full text of the Amendments, including the Restated Data Schedules, will be filed as exhibits to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
04—Continue