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Tradeweb Markets

Nasdaq:TW
Snowflake Description

Flawless balance sheet and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
TW
Nasdaq
$10B
Imp Market Cap
  1. Home
  2. US
  3. Diversified Financials
Company description

Tradeweb Markets Inc. builds and operates electronic marketplaces in the United States and internationally. The last earnings update was 13 days ago. More info.


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TW Share Price and Events
7 Day Returns
2.3%
NasdaqGS:TW
0.1%
US Capital Markets
1.6%
US Market
1 Year Returns
-
NasdaqGS:TW
-12.2%
US Capital Markets
2.6%
US Market
TW Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Tradeweb Markets (TW) 2.3% 8.5% - - - -
US Capital Markets 0.1% -3% -0.2% -12.2% 49.4% 64%
US Market 1.6% -1.7% 2.1% 2.6% 38.5% 41.4%
1 Year Return vs Industry and Market
  • No trading data on TW.
  • No trading data on TW.
Price Volatility
Industry
5yr Volatility vs Market

TW Value

 Is Tradeweb Markets undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Tradeweb Markets to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Tradeweb Markets.

NasdaqGS:TW Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 4 analysts.
= Stable Book Value * Return on Equity
= $18.09 * 5.9%
$1.06
Book Value of Equity per Share Weighted future Book Value estimates from 3 analysts. $18.09
Discount Rate (Cost of Equity) See below 7.5%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NasdaqGS:TW
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.69
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.694 (1 + (1- 21%) (0%))
0.795
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.8 * 5.96%)
7.5%

Discounted Cash Flow Calculation for NasdaqGS:TW using Excess Returns Model Model

The calculations below outline how an intrinsic value for Tradeweb Markets is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

NasdaqGS:TW Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (5.9% – 7.5%) * $18.09)
$-0.30
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $-0.30 / (7.5% - 2.73%)
$-6.21
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $18.09 + $-6.21
$11.88
NasdaqGS:TW Discount to Share Price
Calculation Result
Value per share (USD) From above. $11.88
Current discount Discount to share price of $43.46
= -1 x ($43.46 - $11.88) / $11.88
-265.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Tradeweb Markets is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Tradeweb Markets's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Tradeweb Markets's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqGS:TW PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $66.51
NasdaqGS:TW Share Price ** NasdaqGS (2019-05-21) in USD $43.46
United States of America Capital Markets Industry PE Ratio Median Figure of 87 Publicly-Listed Capital Markets Companies 32.19x
United States of America Market PE Ratio Median Figure of 3,087 Publicly-Listed Companies 17.74x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Tradeweb Markets.

NasdaqGS:TW PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:TW Share Price ÷ EPS (both in USD)

= 43.46 ÷ 66.51

0.65x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Tradeweb Markets is good value based on earnings compared to the US Capital Markets industry average.
  • Tradeweb Markets is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Tradeweb Markets's expected growth come at a high price?
Raw Data
NasdaqGS:TW PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 0.65x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts
-2.5%per year
United States of America Capital Markets Industry PEG Ratio Median Figure of 33 Publicly-Listed Capital Markets Companies 2.22x
United States of America Market PEG Ratio Median Figure of 2,123 Publicly-Listed Companies 1.53x

*Line of best fit is calculated by linear regression .

NasdaqGS:TW PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 0.65x ÷ -2.5%

-0.26x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Tradeweb Markets earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Tradeweb Markets's assets?
Raw Data
NasdaqGS:TW PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $28,570.66
NasdaqGS:TW Share Price * NasdaqGS (2019-05-21) in USD $43.46
United States of America Capital Markets Industry PB Ratio Median Figure of 170 Publicly-Listed Capital Markets Companies 7.84x
United States of America Market PB Ratio Median Figure of 5,202 Publicly-Listed Companies 1.84x
NasdaqGS:TW PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:TW Share Price ÷ Book Value per Share (both in USD)

= 43.46 ÷ 28,570.66

0x

* Primary Listing of Tradeweb Markets.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Tradeweb Markets is good value based on assets compared to the US Capital Markets industry average.
X
Value checks
We assess Tradeweb Markets's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Capital Markets industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Capital Markets industry average (and greater than 0)? (1 check)
  5. Tradeweb Markets has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

TW Future Performance

 How is Tradeweb Markets expected to perform in the next 1 to 3 years based on estimates from 13 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-2.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Tradeweb Markets expected to grow at an attractive rate?
  • Tradeweb Markets's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Tradeweb Markets's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
  • Tradeweb Markets's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NasdaqGS:TW Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqGS:TW Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts -2.5%
NasdaqGS:TW Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 13 Analysts 8.1%
United States of America Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 6.9%
United States of America Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 4.6%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.8%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NasdaqGS:TW Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqGS:TW Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 978 1
2021-12-31 886 145 9
2020-12-31 821 384 158 12
2019-12-31 755 344 156 12
NasdaqGS:TW Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 702 157
2018-12-31 684 277 159
2018-09-30 649 248 137
2017-12-31 563 225 84
2016-12-31 517 172 93

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Tradeweb Markets's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Tradeweb Markets's revenue is expected to grow by 8.1% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NasdaqGS:TW Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below

All data from Tradeweb Markets Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:TW Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31
2021-12-31 0.94 1.15 0.56 3.00
2020-12-31 0.84 1.04 0.50 5.00
2019-12-31 0.57 0.79 0.35 4.00
NasdaqGS:TW Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 66.51
2018-12-31 1,020.24
2018-09-30 887.23
2017-12-31 546.55
2016-12-31 613.30

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Tradeweb Markets is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Tradeweb Markets's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Tradeweb Markets has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

TW Past Performance

  How has Tradeweb Markets performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Tradeweb Markets's growth in the last year to its industry (Capital Markets).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Insufficient data to establish if Tradeweb Markets's year on year earnings growth rate was positive over the past 5 years.
  • Unable to compare Tradeweb Markets's 1-year earnings growth to the 5-year average due to insufficient past data.
  • Tradeweb Markets's earnings growth has not exceeded the US Capital Markets industry average in the past year (54.5% vs 65.4%).
Earnings and Revenue History
Tradeweb Markets's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Tradeweb Markets Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:TW Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 701.70 156.51 413.11
2018-12-31 684.41 159.47 403.48
2018-09-30 649.17 137.27 374.22
2017-12-31 562.51 83.65 346.74
2016-12-31 517.07 93.16 318.19

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Tradeweb Markets has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Tradeweb Markets used its assets more efficiently than the US Capital Markets industry average last year based on Return on Assets.
  • Unable to establish if Tradeweb Markets improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess Tradeweb Markets's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Capital Markets industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Tradeweb Markets has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

TW Health

 How is Tradeweb Markets's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Tradeweb Markets's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Tradeweb Markets is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Tradeweb Markets's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Tradeweb Markets's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Tradeweb Markets has no debt, it does not need to be covered by short term assets.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Tradeweb Markets Company Filings, last reported 1 month ago.

NasdaqGS:TW Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 4,572.33 0.00 410.10
2018-12-31 4,572.33 0.00 410.10
2018-09-30 1,125.17 0.00 350.18
2017-12-31 986.47 0.00 352.60
2016-12-31
  • Tradeweb Markets has no debt.
  • Tradeweb Markets has not taken on any debt in the past 5 years.
  • Tradeweb Markets has no debt, it does not need to be covered by operating cash flow.
  • Tradeweb Markets has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess Tradeweb Markets's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Tradeweb Markets has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

TW Dividends

 What is Tradeweb Markets's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0.74%
Current annual income from Tradeweb Markets dividends. Estimated to be 0.73% next year.
If you bought $2,000 of Tradeweb Markets shares you are expected to receive $15 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Tradeweb Markets's pays a lower dividend yield than the bottom 25% of dividend payers in United States of America (1.46%).
  • Tradeweb Markets's dividend is below the markets top 25% of dividend payers in United States of America (3.72%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NasdaqGS:TW Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below
United States of America Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 40 Stocks 2.1%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2003 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NasdaqGS:TW Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 0.40 1.00
2021-12-31 0.36 7.00
2020-12-31 0.33 9.00
2019-12-31 0.26 9.00
NasdaqGS:TW Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-05-20 0.320 0.727
2019-05-09 0.320 0.743

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Tradeweb Markets is not paying a notable dividend for United States of America, therefore no need to check if the payments are stable.
  • Tradeweb Markets is not paying a notable dividend for United States of America, therefore no need to check if the payments are increasing.
Current Payout to shareholders
What portion of Tradeweb Markets's earnings are paid to the shareholders as a dividend.
  • No need to calculate the sustainability of Tradeweb Markets's dividends as it is not paying a notable one for United States of America.
Future Payout to shareholders
  • No need to calculate the sustainability of Tradeweb Markets's dividends in 3 years as they are not expected to pay a notable one for United States of America.
X
Income/ dividend checks
We assess Tradeweb Markets's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Tradeweb Markets afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Tradeweb Markets has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

TW Management

 What is the CEO of Tradeweb Markets's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Lee Olesky
COMPENSATION $22,679,595
AGE 56
TENURE AS CEO 0.5 years
CEO Bio

Mr. Lee Olesky co-founded Tradeweb Markets LLC and serves as its Chief Executive Officer. He is Chief Executive Officer and Director of Tradeweb Markets Inc. since November 7, 2018. He is experienced in managing financial technology and investment banking companies. Prior to co-founding Tradeweb, Mr. Olesky worked at Credit Suisse First Boston in a variety of management positions and ultimately as Chief Operating Officer for the Fixed Income Americas division. He was the Founder and Chief Executive Officer of BrokerTec, a electronic brokerage platform, which was sold to Icap in 2002. Mr. Olesky rejoined Tradeweb that same year as President and was based in London to spearHead the company’s expansion internationally and in derivatives markets. Mr. Olesky became Chief Executive Officer in 2008. In addition to organic growth of the business during Olesky’s tenure, he was also involved in the sale of Tradeweb to the Thomson Corporation in 2004, now Thomson Reuters and new investment from leading banks four years later. And in 2013, he oversaw the acquisition of BondDesk Group LLC to create Tradeweb Direct, the retail fixed income sector’s leading electronic marketplace. He also served as a Director of Tradeweb Markets LLC and Chairman of Markit Securities Finance Analytics Ltd. He served as an Independent Director at Tetragon Financial Group Limited until April 30, 2010. He was also the Founding Chairman of Tradeweb Markets LLC. He serves as a Director at Credit Benchmark Limited. He serves on the CFTC’s Technology Advisory and Market Risk Advisory Committees, in addition to providing governments with insight into the evolution of electronic trading and financial technology. Mr. Olesky has a Juris Doctorate from George Washington University, the National Law Center in Washington D.C., and was a Member of the New York Bar. He has a B.A. from Tulane University; and he attended University College in London as an undergraduate.

CEO Compensation
  • Insufficient data for Lee to compare compensation growth.
  • Lee's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Tradeweb Markets management team in years:

0.5
Average Tenure
52
Average Age
  • The average tenure for the Tradeweb Markets management team is less than 2 years, this suggests a new team.
Management Team

Lee Olesky

TITLE
CEO & Director
COMPENSATION
$23M
AGE
56
TENURE
0.5 yrs

Billy Hult

TITLE
President & Director
COMPENSATION
$16M
AGE
48
TENURE
0.5 yrs

Jay Spencer

TITLE
Chief Technology Officer
COMPENSATION
$4M
AGE
67
TENURE
0.3 yrs

Robert Warshaw

TITLE
Chief Financial Officer
AGE
65
TENURE
0.5 yrs

Scott Zucker

TITLE
Chief Administrative Officer
AGE
49
TENURE
0.5 yrs

Doug Friedman

TITLE
General Counsel & Secretary
AGE
47
TENURE
0.5 yrs

Michael Cohen

TITLE
Managing Director of Global Marketing & Communications
AGE
55

Simon Maisey

TITLE
MD & Global Head of Corporate Development
AGE
46
TENURE
0.3 yrs

Steve Hall

TITLE
Managing Director of Europe and Asia

Alfred McKeon

TITLE
Managing Director and Head of US Inter-Dealer Brokerage
Board of Directors Tenure

Average tenure and age of the Tradeweb Markets board of directors in years:

0.2
Average Tenure
50
Average Age
  • The average tenure for the Tradeweb Markets board of directors is less than 3 years, this suggests a new board.
Board of Directors

Martin Brand

TITLE
Chairman of the Board
AGE
43
TENURE
0.2 yrs

Lee Olesky

TITLE
CEO & Director
COMPENSATION
$23M
AGE
56
TENURE
0.5 yrs

Billy Hult

TITLE
President & Director
COMPENSATION
$16M
AGE
48
TENURE
0.2 yrs

John Finley

TITLE
Director
AGE
61
TENURE
0.2 yrs

Scott Ganeles

TITLE
Director
AGE
54
TENURE
0.2 yrs

Paula Madoff

TITLE
Director
AGE
50
TENURE
0.2 yrs

Tom Pluta

TITLE
Director
AGE
50
TENURE
0.2 yrs

Debra Walton-Collings

TITLE
Director
AGE
57
TENURE
0.2 yrs

Brian West

TITLE
Director
AGE
48
TENURE
0.2 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Tradeweb Markets insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
08. Apr 19 Buy Robert Warshaw Individual 08. Apr 19 08. Apr 19 8,000 $27.00 $216,000
08. Apr 19 Buy Enrico Bruni Individual 08. Apr 19 08. Apr 19 30,000 $27.00 $810,000
08. Apr 19 Buy Scott Zucker Individual 08. Apr 19 08. Apr 19 4,000 $27.00 $108,000
08. Apr 19 Buy Douglas Friedman Individual 08. Apr 19 08. Apr 19 3,000 $27.00 $81,000
08. Apr 19 Buy William Hult Individual 08. Apr 19 08. Apr 19 12,000 $27.00 $324,000
08. Apr 19 Buy Simon Maisey Individual 08. Apr 19 08. Apr 19 5,500 $27.00 $148,500
08. Apr 19 Buy Lee Olesky Individual 08. Apr 19 08. Apr 19 20,000 $27.00 $540,000
08. Apr 19 Buy James Spencer Individual 08. Apr 19 08. Apr 19 6,000 $27.00 $162,000
X
Management checks
We assess Tradeweb Markets's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Tradeweb Markets has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

TW News

Simply Wall St News

TW Company Info

Description

Tradeweb Markets Inc. builds and operates electronic marketplaces in the United States and internationally. The company’s marketplaces facilitate trading in a range of asset classes, including rates, credit, money markets, and equities. It offers pre-trade data and analytics, trade execution, and trade processing, as well as post-trade data, analytics, and reporting services. The company provides flexible order and trading systems to institutional investors in 37 markets across 24 currencies. It also offers a range of electronic, voice, and hybrid platforms to approximately 300 dealers and financial institutions on electronic or hybrid markets with Dealerweb platform; and trading solutions for financial advisory companies and traders with Tradeweb Direct platform. The company serves a network of approximately 2,500 clients in the institutional, wholesale, and retail client sectors. Its customers include asset managers, hedge funds, insurance companies, central banks, banks and dealers, proprietary trading companies, retail brokerage and financial advisory companies, and regional dealers. The company was founded in 1996 and is headquartered in New York, New York. Tradeweb Markets Inc. is a subsidiary of BCP York Holdings.

Details
Name: Tradeweb Markets Inc.
TW
Exchange: NasdaqGS
Founded: 1996
$10,167,300,034
$6,211,876,524
228,222,223
Website: http://www.tradeweb.com
Address: Tradeweb Markets Inc.
1177 Avenue of the Americas,
New York,
New York, 10036,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS TW Class A Common Stock Nasdaq Global Select US USD 04. Apr 2019
Number of employees
Current staff
Staff numbers
919
Tradeweb Markets employees.
Industry
Financial Exchanges and Data
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/22 07:23
End of day share price update: 2019/05/21 00:00
Last estimates confirmation: 2019/05/13
Last earnings filing: 2019/05/09
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.