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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 19, 2026

Tradeweb Markets Inc.

(Exact name of registrant as specified in charter)

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Delaware		001-38860		83-2456358
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)
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245 Park Avenue New York, New York		10167
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (646) 430-6000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

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☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

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☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

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☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Class A common stock, par value $0.00001		TW		Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Item 1.01

Entry into a Material Definitive Agreement.

Acquisition of Trumid

On October 19, 2026, Tradeweb Markets LLC (“Acquiror” or “TWM LLC”), a Delaware limited liability company and a subsidiary of Tradeweb Markets Inc., a Delaware corporation (“Tradeweb Markets” and, together Acquiror and its other subsidiaries, the “Company”), entered into an Equity Purchase Agreement and Agreement and Plan of Merger (the “Transaction Agreement”) with Park Merger Sub LLC, a Delaware limited liability company (“Merger Sub”), the entities listed on Exhibit A thereto (the “Blocker Sellers”) and Exhibit B thereto (the “Blockers”), Trumid Holdings, LLC, a Delaware limited liability company (“Trumid”), Trumid FeederCo, LLC, a Delaware limited liability company (“FeederCo”), Trumid ManagementCo, LLC, a Delaware limited liability company (together with FeederCo, the “Rollover Holders”), and Shareholder Representative Services LLC, a Colorado limited liability company, solely in its capacity as the Holder Representative (as defined in the Transaction Agreement) thereunder.

《交易协议》规定，收购方将收购Trumid及其每个Blocker（定义见《交易协议》）已发行和流通的所有股权权益。根据《交易协议》拟进行的交易结构如下：(i) 在《交易协议》中定义的生效时间（Effective Time）之前，收购方将从每个Blocker卖家处购买其在相应Blocker中的全部权利、所有权和利益（“Blocker购买”），以及(ii) 在生效时间，根据特拉华州有限责任公司法，合并子公司将与Trumid合并，Trumid作为收购方的全资子公司继续存在（“合并”），以及Blocker购买和合并共同构成“交易”。在合并生效时，合并子公司的独立有限责任公司存在将终止，Trumid的所有已发行会员权益（除Blocker和滚存权益（定义见《交易协议》）外）将被取消并转换为每个持有人应得的初步购买价格（定义见《交易协议》）部分权利。

在签署《交易协议》的同时，Tradeweb Markets和收购方还与滚存持有人、代表某些Trumid管理层权益持有人持有Trumid某些股权权益的聚合载体（“滚存成员”）以及滚存成员签订了滚存协议（“滚存协议”）。根据滚存协议，在收购交割（定义见下文）时，每个滚存持有人将代表其各自的滚存成员（i）将其滚存权益投入收购方，以换取向该滚存持有人发行其按比例应得的733,900份收购方普通会员单位（“有限责任公司单位”），以及（ii）以每股面值等于面值的价格购买其按比例应得的733,900股Tradeweb Markets的C类普通股，面值为每股0.00001美元（“Class C股”），受滚存协议条款和条件的约束。有限责任公司单位可按照“一一对应”的比例赎回或兑换为Tradeweb Markets的A类普通股，面值为每股0.00001美元（“Class A普通股”），或根据TWM LLC的《第五次修订和重述的有限责任公司协议》（经不时修订、修改或补充）的条款，由Tradeweb Markets选择以现金形式进行，任何此类赎回或兑换所获得的A类普通股将根据滚存协议的条款受到转让限制。

Pursuant to the Transaction Agreement, Acquiror will pay a purchase price of $1.970 billion, which will consist of cash consideration of $1.888 billion, subject to customary adjustments for cash, indebtedness, net working capital and transaction expenses, and equity consideration of $82.0 million. The equity consideration will be comprised of the 733,900 LLC Units to be issued to the Rollover Holders pursuant to the Rollover Agreement, which is based on the volume-weighted average price of the Class A Common Stock over the five trading days prior to the date of the Transaction Agreement. The cash consideration will be paid for the acquisition of the Blockers and all of the outstanding equity interests of Trumid (other than equity interests held by the Blockers and the Rollover Interests).

The Transaction Agreement contains customary representations, warranties and covenants of the parties thereto. From the date of the Transaction Agreement until the closing of the transactions contemplated thereby (the “Acquisition Closing”), Trumid and the Blockers are required to operate their respective businesses in the ordinary course in all material respects and to comply with certain other covenants regarding the operation of their respective businesses. Acquiror has obtained representation and warranty insurance, subject to exclusions, policy limits and certain other terms and conditions, to provide coverage for liabilities that may result from a breach of certain representations and warranties made by Trumid, the Blockers and the Blocker Sellers in the Transaction Agreement.

The Acquisition Closing is subject to customary closing conditions, including, among others, (i) the absence of any governmental order restraining, prohibiting or otherwise making illegal the consummation of the transactions contemplated by the Transaction Agreement, (ii) the expiration or termination of all waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and satisfaction of a condition relating to review by the Competition and Markets Authority of the United Kingdom, in each case relating to the transactions contemplated by the Transaction Agreement, (iii) the obtaining of approval by the United States Financial Industry Regulatory Authority, (iv) the accuracy of the parties’ representations and warranties contained in the Transaction Agreement (subject to certain materiality qualifications), (v) the parties’ compliance with the covenants and agreements contained in the Transaction Agreement in all material respects, and (vi) the absence of a material adverse effect with respect to Trumid and its subsidiaries, taken as a whole.

The Transaction Agreement contains certain termination rights for Trumid and Acquiror and, subject to certain limitations set forth therein, may be terminated by either Trumid or Acquiror if the Acquisition Closing has not occurred on or before October 19, 2027 (as such date may be extended in accordance with the terms of the Transaction Agreement to a maximum of twenty-four (24) months after the date of the Transaction Agreement). The Company is currently targeting an Acquisition Closing date in the first half of 2027, although no assurance can be given in that regard. In addition, if the Transaction Agreement is terminated under certain circumstances, Acquiror will be obligated to pay Trumid a termination fee of $105 million.

前述交易协议及其中所设想的交易的摘要并非完整，且受协议全文的约束，并完全以该全文为准，该全文作为本文件的附件2.1提交，并通过引用并入本1.01项中。

对有限责任公司协议的修订

2026年10月19日，Tradeweb Markets作为收购方的唯一经理，与TWM LLC签订了《有限责任公司协议修订书》（“修订书”），以修订有限责任公司协议中“承担税率”的定义。前述修订书的摘要并非完整，且受修订书全文的约束，并完全以该全文为准，该全文作为本文件的附件10.1提交，并通过引用并入本1.01项中。

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第3.02项

未注册的股权证券销售。

根据本第3.02项要求的披露内容并包含在本表8-K的第1.01项中的内容，通过引用并入本文。LLC单位和C类股份将依据《1933年证券法》（经修订）第4(a)(2)条发行。公司部分基于交易的性质以及滚转持有人和滚转成员所作的陈述，依赖该注册豁免。

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第7.01项

根据法规FD的披露。

2026年10月19日，Tradeweb Markets发布了一则新闻稿，宣布了该交易。本新闻稿副本作为附件99.1提交，并通过引用并入本第7.01项中。2026年10月20日东部时间上午8:30，Tradeweb Markets将举行一次电话会议，讨论该交易。要观看直播网络广播及配套演示文稿，请访问https://investors.tradeweb.com。网络广播的重播将在电话会议后提供。网站上的信息不通过引用并入本文，也不构成本表8-K的当前报告的一部分。

根据表8-K的一般说明B.2，本当前报告第7.01项中的信息，包括附于此处的附件99.1，不得视为根据《1934年证券交易法》（经修订）第18条“提交”的内容，也不受该条的任何责任约束，也不视为通过引用并入任何根据《证券法》或《证券交易法》提交的文件中，除非在该文件中明确通过具体引用说明。

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第9.01项

财务报表和附件

(d) 附件

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附件编号		附件说明
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2.1*		2026年10月19日，由Tradeweb Markets LLC、Park Merger Sub LLC、附件A和B中列出的实体、Trumid Holdings, LLC、Trumid FeederCo, LLC、Trumid ManagementCo, LLC和Shareholder Representative Services LLC签署的《股权购买协议和合并协议》，后者仅以其在该协议下的持有方代表身份。
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10.1		2026年10月19日，Tradeweb Markets Inc.与Tradeweb Markets LLC之间签署的《Tradeweb Markets LLC第五次修订和重述的有限责任公司协议修订书》。
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99.1		Tradeweb Markets Inc. 2026年10月19日的新闻稿。
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104		封面页交互式数据文件（嵌入在Inline XBRL文档中）。
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*		根据法规S-K第601(a)(5)项的规定，已省略了附表和类似附件。公司同意在有要求时另行提供任何省略的附表或类似附件的副本。

签名

根据1934年证券交易法的要求，注册人已 duly 促使本报告由此处 duly 授权的签署人代表其签署。

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\n		\n		TRADEWEB MARKETS INC.
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日期：2026年10月19日		\n		由：		/s/ Douglas Friedman
\n		\n		姓名：		Douglas Friedman
\n		\n		职位：		首席法律顾问

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