TWTradeweb Markets Inc. · Insider ownership research

Tradeweb Markets Inc. insiders sold $44.6M in the past 12 months. How much of their stake is that?

95% was sold under disclosed trading plans, 5% with no plan disclosed. The largest seller, William Hult (Chief Executive Officer, Director), sold $23.1M. 38% of these sales were shares from exercising options.Share-of-stake figures for this company are being verified and will be added when that check is finished. Why

Updated Oct 16, 2026 from SEC filings · covers Oct 17, 2025 to Oct 16, 2026

$2.1M

sold with no plan disclosed, past 12 months

95%

of sales were under disclosed trading plans, past 12 months

8 of 15

officers and directors sold shares, past 12 months

Is this normal? Less than usual: about a quarter of the 5-year average. 8 insiders sold; the average is 8 a year. Year by year

Latest filing: Filed Aug 18 for a sale from Aug 14 to Aug 17. Troy Dixon sold 3.1K shares ($332K) under a disclosed plan. Filing

SEC ownership filings: 43 filed in the 12 months to Oct 16, 2026; 580 on record since Apr 4, 2019 · See the evidence

Price note. One filing reports a price of $641,728.00, about 9914 times the same filer's other prices that week; it appears to be an error in the filing, so we've excluded it from totals. Filing

Price note. One filing reports a price of $64.73; it appears to be an error in the filing, so we've excluded it from totals. Filing

What stands out

Enrico Bruni sold $2.1M of stock with no disclosed trading plan. The filings don't state a reason.Largest such sale, Feb 20, 2026

A share of stake is shown for 0 of the 8 officers and directors who sold. 15 are left out

i

Left out: Enrico Bruni, William Hult, Paula Madoff, Scott Ganeles, Balasubramanian Rajagopalan, Jacques Aigrain, Amy Clack, Douglas Friedman, Steven Berns, Lisa Opoku, Rana Yared, Troy Dixon, Justin Peterson, Sara Furber and Richard Repetto (share of stake is being verified).

Disclosed company stock is not an insider's whole wealth.

Who sold, and how much of their stake

Officers and directors, past 12 months. Their share of stake is being verified and is not shown yet; amounts and trading plans are below.

William Hult

Chief Executive Officer, Director

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$23.1MDisclosed plan

Sara Furber

Chief Financial Officer

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$8.1MDisclosed plan

Justin Peterson

Chief Technology Officer

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$6.6MDisclosed plan

Douglas Friedman

Chief Legal Officer

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$3.9MDisclosed plan

Enrico Bruni

MD, Co-Head of Global Markets

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$2.1MNo plan disclosed

Selling by month

Officers and directors, Oct 2025 to Oct 2026. Each sale is counted once: under a disclosed plan, else to cover taxes, else no plan disclosed.

Disclosed planNo plan disclosedOne dollar scale for every month; the tallest bar is labeled

Recent activity

Past 30 days, Sep 17, 2026 to Oct 16, 2026

No officer or director trades were reported for the past 30 days. The most recent before that:

Aug 17, 2026Troy Dixon sold 2.6K shares ($274K) under a disclosed trading plan.

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
Troy Dixon MD, Co-Head of Global Markets	2,584	$106.06	n/a	n/a	Aug 17, 2026	Aug 18, 2026

Common questions

Is the Tradeweb Markets Inc. CEO selling stock?

Yes. William Hult sold 194K shares ($23.1M) in the past 12 months, all of it under a trading plan disclosed in the filings.

Why are Tradeweb Markets Inc. insiders selling?

Filings rarely give a reason, and we don't guess at one. What they show is how the sales were made: 95% of sales by value ran under 10b5-1 trading plans disclosed in the filings and 5% had no disclosed plan. A trading plan schedules sales in advance.

Are any Tradeweb Markets Inc. insiders buying?

No. Officers and directors reported no purchases in the past 12 months.

The evidence

Who sold8 officers and directors: amount, % of holdings, trading plan

Who sold	Amount	% of holdings	Trading plan
William Hult Chief Executive Officer, Director	$23.1M 194K shares	Not confirmed share of stake is being verified. Why	Disclosed plan
Sara Furber Chief Financial Officer	$8.1M 70K shares	Not confirmed share of stake is being verified. Why	Disclosed plan
Justin Peterson Chief Technology Officer	$6.6M 58K shares	Not confirmed share of stake is being verified. Why	Disclosed plan
Douglas Friedman Chief Legal Officer	$3.9M 33K shares	Not confirmed share of stake is being verified. Why	Disclosed plan
Enrico Bruni MD, Co-Head of Global Markets	$2.1M 17K shares	Not confirmed share of stake is being verified. Why	No plan disclosed
Troy Dixon MD, Co-Head of Global Markets	$657K 5.7K shares	Not confirmed share of stake is being verified. Why	Disclosed plan
Amy Clack Chief Administrative Officer	$226K 1.9K shares	Not confirmed share of stake is being verified. Why	Disclosed plan
Steven Berns Director	$45K 425 shares	Not confirmed share of stake is being verified. Why	Disclosed plan

The full ownership picture0 of 15 officers and directors confirmed

Vested shares across all share classes, held directly and through trusts, LLCs and family members, as reported on SEC Forms 3, 4 and 5. Unvested awards and options are never counted as owned shares.

Insider

Held Oct 16, 2025

Sold

Held Oct 16, 2026

Still held

Enrico Bruni

!

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Enrico Bruni are complete.

MD, Co-Head of Global Markets

n/a

−17K

n/a

n/a

Vesting, gifts, unvested awards and holding lines for Enrico Bruni

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Enrico Bruni are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

−64Kwithheld by the company for taxes

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
67,174	$20.59	Oct 26, 2028	$5.7M

Estimate: options held × ($106.06 − strike price), using the most recent insider trade price on Form 4 (Aug 17, 2026), not a market close.

William Hult

!

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for William Hult are complete.

Chief Executive Officer, Director

n/a

−194K

n/a

n/a

Vesting, gifts, unvested awards and holding lines for William Hult

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for William Hult are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

−120Kwithheld by the company for taxes

Paula Madoff

!

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Paula Madoff are complete.

Director

n/a

0

n/a

n/a

Vesting, gifts, unvested awards and holding lines for Paula Madoff

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Paula Madoff are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Scott Ganeles

!

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Scott Ganeles are complete.

Director

n/a

0

n/a

n/a

Vesting, gifts, unvested awards and holding lines for Scott Ganeles

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Scott Ganeles are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Balasubramanian Rajagopalan

!

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Balasubramanian Rajagopalan are complete.

Chief Risk Officer

n/a

0

n/a

n/a

Vesting, gifts, unvested awards and holding lines for Balasubramanian Rajagopalan

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Balasubramanian Rajagopalan are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Jacques Aigrain

!

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Jacques Aigrain are complete.

Director

n/a

0

n/a

n/a

Vesting, gifts, unvested awards and holding lines for Jacques Aigrain

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Jacques Aigrain are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Amy Clack

!

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Amy Clack are complete.

Chief Administrative Officer

n/a

−1.9K

n/a

n/a

Vesting, gifts, unvested awards and holding lines for Amy Clack

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Amy Clack are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

−3.1Kwithheld by the company for taxes

Douglas Friedman

!

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Douglas Friedman are complete.

Chief Legal Officer

n/a

−33K

n/a

n/a

Vesting, gifts, unvested awards and holding lines for Douglas Friedman

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Douglas Friedman are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

−32Kwithheld by the company for taxes

Steven Berns

!

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Steven Berns are complete.

Director

n/a

−425

n/a

n/a

Vesting, gifts, unvested awards and holding lines for Steven Berns

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Steven Berns are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Lisa Opoku

!

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Lisa Opoku are complete.

Director

n/a

0

n/a

n/a

Vesting, gifts, unvested awards and holding lines for Lisa Opoku

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Lisa Opoku are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Rana Yared

!

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Rana Yared are complete.

Director

n/a

0

n/a

n/a

Vesting, gifts, unvested awards and holding lines for Rana Yared

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Rana Yared are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Troy Dixon

!

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Troy Dixon are complete.

MD, Co-Head of Global Markets

n/a

−5.7K

n/a

n/a

Vesting, gifts, unvested awards and holding lines for Troy Dixon

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Troy Dixon are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

−5.4Kwithheld by the company for taxes

Justin Peterson

!

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Justin Peterson are complete.

Chief Technology Officer

n/a

−58K

n/a

n/a

Vesting, gifts, unvested awards and holding lines for Justin Peterson

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Justin Peterson are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

−68Kwithheld by the company for taxes

Sara Furber

!

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Sara Furber are complete.

Chief Financial Officer

n/a

−70K

n/a

n/a

Vesting, gifts, unvested awards and holding lines for Sara Furber

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Sara Furber are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

−69Kwithheld by the company for taxes

Richard Repetto

!

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Richard Repetto are complete.

Director

n/a

0

n/a

n/a

Vesting, gifts, unvested awards and holding lines for Richard Repetto

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Richard Repetto are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Holdings and share of stake for Tradeweb Markets Inc. are being verified, so no balances, unit counts or percentages are shown. Sales, proceeds, plan and tax status, titles and dates come straight from individual filings.

What explains the selling$44.6M of sales by plan status, purpose, seller and month

Officer and director open-market sales: $44.6M across 380,061 shares. Plan status and stated purpose are separate questions, and a sale can have both.

By plan status

Disclosed plan · $42.5M · 95%

5%

The lighter segment is sales with no plan disclosed in the filing ($2.1M), including tax-related sales outside a plan.

No plan disclosed · $2.1M

Sales with no 10b5-1 plan and no tax reference in the filing. $2.1M of it is Enrico Bruni. No plan disclosed is a statement about the filing, not about why the sale happened. Largest such sale: Enrico Bruni, Feb 20, 2026

Taxes

361,248 shares ($39.2M) were withheld by the company for taxes, which isn't a market sale.

Seller	Shares sold	Proceeds	Under a disclosed plan	Share of total	Sales dates
William Hult Chief Executive Officer, Director	194K	$23.1M	100%	52%	Feb 10, 2026 to Mar 3, 2026
Sara Furber Chief Financial Officer	70K	$8.1M	100%	18%	Feb 10, 2026 to Mar 23, 2026
Justin Peterson Chief Technology Officer	58K	$6.6M	100%	15%	Feb 10, 2026 to Jun 1, 2026
Douglas Friedman Chief Legal Officer	33K	$3.9M	100%	9%	Feb 10, 2026 to Mar 23, 2026
Enrico Bruni MD, Co-Head of Global Markets	17K	$2.1M	0%	5%	Feb 20, 2026 to Feb 20, 2026
Troy Dixon MD, Co-Head of Global Markets	5.7K	$657K	100%	1%	Mar 20, 2026 to Aug 17, 2026
Amy Clack Chief Administrative Officer	1.9K	$226K	100%	0.5%	Feb 10, 2026 to Mar 20, 2026
Steven Berns Director	425	$45K	100%	0.1%	May 26, 2026 to May 26, 2026

Sales by month

Month	Sale proceeds	Disclosed plan	To cover taxes	No plan disclosed
Oct 2025	$0	$0	$0	$0
Nov 2025	$0	$0	$0	$0
Dec 2025	$0	$0	$0	$0
Jan 2026	$0	$0	$0	$0
Feb 2026	$28.4M	$26.3M	$0	$2.1M
Mar 2026	$11.2M	$11.2M	$0	$0
Apr 2026	$2.6M	$2.6M	$0	$0
May 2026	$45K	$45K	$0	$0
Jun 2026	$2.2M	$2.2M	$0	$0
Jul 2026	$0	$0	$0	$0
Aug 2026	$332K	$332K	$0	$0
Sep 2026	$0	$0	$0	$0
Oct 2026	$0	$0	$0	$0

Is this normal? Selling year by year5 earlier years to compare with

Less than usual: about a quarter of the 5-year average. 8 insiders sold; the average is 8 a year.

12 months ending	Shares sold	Insiders who sold	Proceeds
Oct 16, 2026 Latest 12 months	380K	8	$44.6M
Oct 16, 2025 1 year earlier	104K	7	$13.9M
Oct 16, 2024 2 years earlier	332K	9	$34.8M
Oct 17, 2023 3 years earlier	602K	9	$45.1M
Oct 17, 2022 4 years earlier	1.81M	8	$165M
Oct 17, 2021 5 years earlier	5.05M	8	$366M

Open-market sales (Form 4 code S) by people who were officers or directors, in split-adjusted shares. Earlier years include people who have since left. A sale that an outside holder also reports (a family trust, a fund) is counted with outside holders in every year. Shares, not dollars, are compared, so a change in the stock price doesn't look like a change in selling. Years the filings don't fully cover are shown but left out of the average.

Known gaps and uncertainty15 officers and directors not confirmed

Holdings and share of stake are being verified. Balances, unit counts and every share-of-stake figure for Tradeweb Markets Inc. are held back until that check is finished. Sales, proceeds, plan and tax status, titles and dates come straight from individual filings and are complete.

External context: we only cite outside events when a documented connection exists. None is shown for this period.

Sources and methodology580 filings on record, 43 filed in the 12-month period, and how we read them

All 580 Forms 3, 4 and 5 on record for Tradeweb Markets Inc. (SEC CIK 1758730), filed from Apr 4, 2019 to Oct 9, 2026; 43 of them were filed in the 12 months this page covers, retrieved from SEC EDGAR on Oct 16, 2026. Prices are the ones reported in each filing, often weighted averages.

Holdings. Each holding line (a share class plus an owner, such as a trust or LLC) carries its last reported balance forward. Entities first reported during the period start at zero, so transfers between an insider's own trusts don't count as selling. Lines not reported for three years or more are listed separately and left out of totals.

Sales. A sale counts as under a 10b5-1 plan if its footnote cites one or the filing's Rule 10b5-1 box is checked, and as tax-related if its footnote cites tax obligations or sell-to-cover. Shares withheld by the company for taxes are listed separately. Sales with neither attribute are labeled "no plan disclosed".

Full methodology

Former or inactive filers (18)No filing in 18 months; last reported balances, not in any total

Name	Last filed	Last reported balance
Scott Zucker	Mar 21, 2025	3,250 shares, last reported balance as of Mar 19, 2025
Thomas Pluta	May 8, 2024	12,512 shares, last reported balance as of Mar 18, 2024
Refinitiv US PME LLC	Jan 3, 2024	147,898,179 shares, last reported balance as of Dec 31, 2023
Lee Olesky	Apr 4, 2023	245,347 shares, last reported balance as of Apr 4, 2023
Simon Maisey	Jun 15, 2022	20,520 shares, last reported balance as of Jun 15, 2022
Von Hughes	Mar 2, 2022	No balance on record
Robert Warshaw	Jun 22, 2021	8,000 shares, last reported balance as of Jun 21, 2021
Blackstone Management Associates (Cayman) VII L.P.	Feb 2, 2021	No balance on record
James Spencer	Apr 3, 2020	26,670 shares, last reported balance as of Mar 24, 2020
Martin Brand		No balance on record
Brian West		No balance on record
John Finley		No balance on record
Debra Walton		No balance on record
Murray Roos		No balance on record
Balbir Bakhshi		No balance on record
Tradeweb Markets Inc.		No balance on record
Catherine Johnson		No balance on record
Daniel Maguire		No balance on record

Spotted something wrong on this page? Report an error. We check every report against the SEC filing and list what we fix in the corrections log.