---
schema_version: "secwatch.filing_event.v1"
accession: "0001758730-26-000008"
form_type: "8-K"
ticker: "TW"
cik: "0001758730"
company_name: "Tradeweb Markets Inc."
filed_at: "2026-01-06T23:59:59+00:00"
generated_at: "2026-05-16T11:32:55.373651+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.3
calibrated_materiality_score: 0.3
confidence: "high"
source: SEC EDGAR
---

# Tradeweb amends data license with LSEG affiliates, extends term to 2028

## Summary
- Amendments entered Dec 31, 2025, effective Nov 1, 2025, restating Data Schedules 1, 2, 4, 5.
- License covers market data for fixed income and derivatives products.
- Initial license period Nov 1, 2025 – Oct 31, 2028, with auto-renewal for two 2-year terms.
- Fees include fixed license fees and revenue-based fees from LSEG Subscriber.

## SEC filing metadata
- accession: 0001758730-26-000008
- form_type: 8-K
- ticker: TW
- cik: 0001758730
- company_name: Tradeweb Markets Inc.
- filed_at: 2026-01-06T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.3
- calibrated_materiality_score: 0.3
- confidence: high
- sec_items: 1.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1758730/000175873026000008/0001758730-26-000008-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1758730/000175873026000008/tw-20251231.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001758730-26-000008
- JSON: https://secwatch.observer/filing/0001758730-26-000008.json
- Plain text: https://secwatch.observer/filing/0001758730-26-000008.txt

## Key facts
- Material Agreements
  Tradeweb Markets Inc. amended Amendments to Master Data Agreement with Refinitiv US LLC and Refinitiv US Organization LLC (LSEG Parties) valued at fixed license fees or fees based on percentage of revenue (effective 2025-11-01).
  - Action: amendment
  - Agreement: license
  - Counterparty: Refinitiv US LLC and Refinitiv US Organization LLC (LSEG Parties)
  - Value: fixed license fees or fees based on percentage of revenue
  - Effective: 2025-11-01
  source text: On December 31, 2025, Tradeweb Markets LLC (“Tradeweb Markets”), a wholly owned subsidiary of Tradeweb Markets Inc. (the “Company”), entered into a series of amendments effective as of November 1, 2025 (the “Amendments”) with Refinitiv US LLC and Refinitiv US Organization LLC (together, the “LSEG Parties”) to the master data license agreement, effective as of November 1, 2023, among Tradeweb Markets and the LSEG Parties (the “Master Data Agreement”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1758730/000175873026000008/0001758730-26-000008-index.htm

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