Business Description

Overview We are a leader in building and operating electronic marketplaces for our global network of clients across the financial ecosystem. Our network is comprised of more than 3,000 clients across the institutional, wholesale, retail and corporates client sectors, including many of the largest global asset managers, hedge funds, insurance companies, central banks, banks and dealers, proprietary trading firms, retail brokerage and financial advisory firms, regional dealers and corporations The Tradeweb platform includes marketplaces that facilitate trading global products across a range of asset classes, including rates, credit, equities and money markets. We support our clients by providing solutions across the trade lifecycle, including pre-trade, execution, post-trade and data and analytics. We are a global company serving clients in over 85 countries with offices in North America, South America, Europe, Australia, Asia and the Middle East. In addition, we currently support trading across over 30 currencies globally. Through our platform we offer our clients deep liquidity, advanced technology and a broad range of intelligent data solutions designed to support enhanced price discovery, order execution and streamlined trade workflows helping to reduce risks in client trading operations. We believe our proprietary technology and culture of collaborative innovation allow us to adapt our offerings to enter new markets, create new electronic marketplaces and solutions and adjust to regulations quickly and efficiently. Our markets are large and growing. Electronic trading continues to increase in the markets in which we operate as a result of market demand for greater transparency, higher execution quality, operational efficiency and lower costs, as well as regulatory changes. We believe our deep client relationships, asset class breadth, geographic reach, regulatory knowledge and scalable technology position us to continue to be at the forefront of the evolution of electronic trading. Our platform provides transparent, efficient, cost-effective and compliant trading solutions across multiple products, regions and regulatory regimes. As market participants seek to trade across multiple asset classes, reduce their costs of trading and increase the effectiveness of their trading, including through the use of data and analytics, we believe the demand for our platform and electronic trading solutions will continue to grow. There are multiple key dimensions to the electronic marketplaces that we build and operate to provide deep pools of liquidity. Foundationally, these begin with our clients and then expand through and across multiple client sectors, geographic regions, asset classes, product groups, trading protocols and trade lifecycle solutions. As our network continues to grow across client sectors and geographies, we expect to generate additional transactions and data on our platform, driving a virtuous cycle of greater liquidity and value for our clients. We have built, and continue to invest in, a scalable, flexible and resilient proprietary technology architecture that enables us to remain agile and evolve with market structure. This allows us to partner closely with our clients to develop customized solutions for their trading and workflow needs. Our technology is deeply integrated with our clients’ order, risk and treasury management systems, accounting systems, clearinghouses, trade repositories, middleware providers and other important links in the trading value chain. These qualities allow us to be quick to market with new offerings, to constantly enhance our existing platform and solutions and to collect a robust set of data and analytics to support our marketplaces. 9 Table of Contents As a company focused on technology serving the financial markets, we embrace a balanced strategy of evolution and innovation. We see significant opportunity to use technology and innovation to electronify more areas of the fixed income markets over the coming years alongside our dealers and clients. During 2025, we continued to strategically invest in technology that we expect to help advance our business, including entering into minority investments, commercial agreements and strategic partnerships with companies including in the blockchain infrastructure and digital asset spaces.…