Tradeweb Markets Inc. 8-K

What Happened
Tradeweb Markets Inc. reported (Form 8‑K filed Jan 6, 2026) that its subsidiary Tradeweb Markets LLC entered into amendments with Refinitiv US LLC and Refinitiv US Organization LLC (the LSEG Parties) to the master data license agreement. The Amendments were entered on December 31, 2025 and are effective as of November 1, 2025, including amended and restated Data Schedules 1, 2, 4 and 5. These schedules govern licensing of market data (including real‑time feeds) to Refinitiv and certain affiliates.

Key Details

• Amendments entered Dec 31, 2025 and effective Nov 1, 2025; Form 8‑K filed Jan 6, 2026.
• Restated Data Schedules 1, 2, 4 and 5 run initially from Nov 1, 2025 through Oct 31, 2028.
• Automatic renewal: up to two additional successive two‑year periods unless either party gives ≥180 days’ notice before expiration.
• Fees: Tradeweb will receive fixed license fees or, in some cases, fees based on a percentage of revenue generated by the LSEG Subscriber.
• Data Schedule 3 had automatically terminated effective Oct 31, 2024.
• LSEG (London Stock Exchange Group plc) is the indirect controlling stockholder of Tradeweb; the LSEG Parties are affiliates of LSEG.
• All other Master Data Agreement terms remain in force; full Amendments and Restated Data Schedules to be filed as exhibits to Tradeweb’s 2025 Form 10‑K.

Why It Matters
This filing confirms the commercial terms under which Tradeweb supplies market data to Refinitiv (an LSEG affiliate), including defined multi‑year terms and revenue‑linked fee components. For investors, the agreement solidifies a material data‑licensing revenue stream with an affiliate of Tradeweb’s controlling stockholder and provides clarity on contract duration, renewal mechanics and transition rights — factors that can affect near‑term and recurring revenue visibility. The complete Amendments will be available in the company’s 2025 Form 10‑K for further detail.