Were Douglas Friedman’s Tradeweb (TW) share sales made under a Rule 10b5-1 plan?

Yes. A footnote states the transactions were effected under a Rule 10b5-1 trading plan that Douglas Friedman adopted on November 3, 2025. Such plans pre-arrange trades, helping separate routine portfolio activity from discretionary timing decisions.

Tradeweb Markets (TW) CLO sells 2,811 shares under 10b5-1 plan

Filing Impact

(Moderate)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Tradeweb Markets Inc.'s Chief Legal Officer, Douglas Friedman, reported open-market sales of Class A common stock. On March 20, 2026 he sold 2,219 shares at an average price of about $125.12 per share, followed by 592 shares on March 23, 2026 at about $124.86 per share, for a total of 2,811 shares.

These transactions were executed under a pre-arranged Rule 10b5-1 trading plan adopted on November 3, 2025 and involved multiple trades within a narrow price range. After the sales, Friedman directly holds 13,921 shares. He also has unvested restricted stock units scheduled to vest in tranches between March 2027 and March 2029, subject to continued employment.

Insider Trade Summary 10b5-1

Net Seller: 2,811 shares ($351,566)

Net Sell 2 txns

Insider Friedman Douglas

Role Chief Legal Officer

Sold 2,811 shs ($352K)

Type	Security	Shares	Price	Value
Sale	Class A common stock	592	$124.86	$74K
Sale	Class A common stock	2,219	$125.1235	$278K

Holdings After Transaction: Class A common stock — 13,921 shares (Direct)

Footnotes (1)

This transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 3, 2025. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $124.03 to $125.78, inclusive. The reporting person undertakes to provide the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote. This amount includes (i) 1,990 unvested restricted stock units ("RSUs") in respect of the issuer's Class A common stock ("Class A Common Stock") that are scheduled to vest on March 15, 2027, (ii) 2,421 unvested RSUs in respect of Class A Common Stock that are scheduled to vest in equal installments on March 17, 2027 and March 17, 2028 and (iii) 6,510 unvested RSUs in respect of Class A Common Stock that are scheduled to vest on March 15, 2027, March 15, 2028 and March 15, 2029, in each case, subject to the reporting person's continued employment through the applicable vesting date.

Form 4 Insider Transactions: What Each Field Means →

03/24/2026 - 04:08 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Friedman Douglas

(Last)

(First)

(Middle)

TRADEWEB MARKETS INC.

245 PARK AVENUE

(Street)

NEW YORK

10167

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Tradeweb Markets Inc. [ TW ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chief Legal Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/20/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A common stock	03/20/2026		S⁽¹⁾		2,219	D	$125.1235⁽²⁾	14,513⁽³⁾	D
Class A common stock	03/23/2026		S⁽¹⁾		592	D	$124.86	13,921⁽³⁾	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. This transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 3, 2025.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $124.03 to $125.78, inclusive. The reporting person undertakes to provide the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.

3. This amount includes (i) 1,990 unvested restricted stock units ("RSUs") in respect of the issuer's Class A common stock ("Class A Common Stock") that are scheduled to vest on March 15, 2027, (ii) 2,421 unvested RSUs in respect of Class A Common Stock that are scheduled to vest in equal installments on March 17, 2027 and March 17, 2028 and (iii) 6,510 unvested RSUs in respect of Class A Common Stock that are scheduled to vest on March 15, 2027, March 15, 2028 and March 15, 2029, in each case, subject to the reporting person's continued employment through the applicable vesting date.

Remarks:

	/s/ Douglas Friedman	03/24/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Tradeweb Markets (TW) report for Douglas Friedman?

Tradeweb Markets reported that Chief Legal Officer Douglas Friedman sold 2,811 shares of Class A common stock in open-market transactions, executed in two tranches on March 20 and March 23, 2026, at prices around $125 per share.

On what dates and at what prices did Douglas Friedman sell Tradeweb (TW) shares?

Douglas Friedman sold 2,219 Tradeweb Class A shares on March 20, 2026 at an average price of $125.1235, and 592 shares on March 23, 2026 at an average price of $124.86, according to the Form 4 filing.

How many Tradeweb (TW) shares does Douglas Friedman hold after these sales?

After the reported sales, Douglas Friedman directly holds 13,921 shares of Tradeweb Markets Class A common stock. This figure comes from the post-transaction ownership column in the Form 4, reflecting his remaining direct stake following the March 2026 trades.

Does Douglas Friedman have unvested RSUs in Tradeweb Markets (TW)?

Yes. The filing notes his holdings include unvested restricted stock units scheduled to vest in several tranches between March 2027 and March 2029, all tied to continued employment with Tradeweb Markets through each applicable vesting date.

How were the Tradeweb (TW) sale prices for Douglas Friedman’s Form 4 calculated?

The Form 4 explains that the prices reported are weighted averages from multiple trades. For example, some shares sold between $124.03 and $125.78, and the insider undertakes to provide detailed breakdowns of shares sold at each price upon request.