---
schema_version: "secwatch.filing_event.v1"
accession: "0001758730-23-000171"
form_type: "8-K/A"
ticker: "TW"
cik: "0001758730"
company_name: "Tradeweb Markets Inc."
filed_at: "2023-10-26T23:59:59+00:00"
generated_at: "2026-06-09T08:42:39.884477+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Tradeweb corrects FY2023 adjusted expense guidance high end to $695M; signs data deal with LSEG

## Summary
- Adjusted Expenses forecast high end corrected from $659M to $695M due to typo; all other Q3 results unchanged.
- Entered two-year market data licensing agreement with LSEG (Refinitiv) effective Nov 1, 2023, replacing 2018 agreement.
- Initial license and service period Nov 1, 2023 to Oct 31, 2025, with optional 12-month transition period.
- Tradeweb to license fixed income data sets (credit, rates, money markets) on partially exclusive basis, earning fixed and revenue-share fees.

## SEC filing metadata
- accession: 0001758730-23-000171
- form_type: 8-K/A
- ticker: TW
- cik: 0001758730
- company_name: Tradeweb Markets Inc.
- filed_at: 2023-10-26T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1758730/000175873023000171/0001758730-23-000171-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1758730/000175873023000171/tw-20231026.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001758730-23-000171
- JSON: https://secwatch.observer/filing/0001758730-23-000171.json
- Plain text: https://secwatch.observer/filing/0001758730-23-000171.txt

## Key facts
- Material Agreements
  Tradeweb Markets Inc. entered into Master Data Agreement with Refinitiv US LLC and Refinitiv US Organization LLC valued at Tradeweb Markets will license certain data sets to Refinitiv US LLC and its relevant affiliates in e (effective 2023-11-01).
  - Action: entry
  - Agreement: license
  - Counterparty: Refinitiv US LLC and Refinitiv US Organization LLC
  - Value: Tradeweb Markets will license certain data sets to Refinitiv US LLC and its relevant affiliates in e
  - Effective: 2023-11-01
  source text: On October 25, 2023, Tradeweb Markets LLC (“Tradeweb Markets”), a wholly owned subsidiary of Tradeweb Markets Inc. (the “Company”) entered into a master data license agreement (the “Master Data Agreement”) with Refinitiv US LLC and Refinitiv US Organization LLC (together, the “Refinitiv Parties”), which effective as of November 1, 2023 amends and restates in its entirety the Second Amended and Restated Market Data Agreement, dated November 1, 2018, by and among Tradeweb Markets and the Refinitiv Parties, as amended.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1758730/000175873023000171/0001758730-23-000171-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.