Tradeweb Markets Executive Compensation (FY25)
TW · New York, NY · Executive and director compensation, fiscal 2023 to 2025
The paid brief on Tradeweb Markets
Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
$1,500 for the Executive Compensation Report. Both reports for $2,400.
Data as of September 7, 2026Latest filing (8-K): May 20, 2026
6 filings cited on this page
Method: intel.velarion.ai/methodology
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Published by Velarion Company Intelligence
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151 figures on this page: 147 cited to the filing that reported them, 4 calculated from figures it prints. See the citations
More on Tradeweb Markets
Five data products on this company. Each one is requested through the developer setup page.
- Peer Disclosure Audit$5The comparison companies this board named, each one tied to the filing that lists it.How to get Peer Disclosure Audit
- Governance Provisions PullfreeThe governance provisions as the proxy states them: board leadership, committee membership, and shareholder rights.How to get Governance Provisions Pull
- Say-on-Pay Risk Signal$9A risk band for the next say-on-pay vote, with the support history and the peer comparison behind it.How to get Say-on-Pay Risk Signal
- NEO Comp Report$24Every named executive officer’s pay by element and year, with the citation behind each figure.How to get NEO Comp Report
- Board Comp Report$24What each non-employee director was paid, the standing fee schedule, and the equity each one holds at year end.How to get Board Comp Report
What changed from fiscal 2023 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Billy Hult: $14,307,658 → $20,620,952 (44.1% higher)
Frequently asked questions
Answers drawn from the data on this page.
Who is Tradeweb Markets' chief executive and what were they paid?
Billy Hult was paid $20,620,952 in total compensation as Chief Executive Officer for fiscal 2025. Hult's total moved 44.1% higher from the $14,307,658 reported for fiscal 2023.
What was Tradeweb Markets' say-on-pay result?
For fiscal 2025, the say-on-pay proposal drew 98.7% support at the meeting held May 19, 2026.
Which companies are in Tradeweb Markets' peer group?
The disclosed peer group names BGC Group, Inc., BILL Holdings, Inc., Cboe Global Markets, Inc., FactSet Research Systems Inc. and Fair Isaac Corporation, among others.
Executive compensation
Every element reported for each named executive officer, by fiscal year.
Fiscal 2023
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Billy Hult Chief Executive Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Thomas Pluta President | ◇ | ◇ | ◇ | — | — | — | ◇ | ◇ |
Sara Furber Chief Financial Officer | ◇ | ◇ | ◇ | — | — | — | ◇ | ◇ |
Justin Peterson Chief Technology Officer | ◇ | ◇ | ◇ | — | — | — | ◇ | ◇ |
Fiscal 2025
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Billy Hult Chief Executive Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Sara Furber Chief Financial Officer | ◇ | ◇ | ◇ | — | — | — | ◇ | ◇ |
Justin Peterson Chief Technology Officer | ◇ | ◇ | ◇ | — | — | — | ◇ | ◇ |
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.
Equity awards granted
Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
| Officer | Award | Grant date | Threshold units | Target units | Units granted | Maximum units | Exercise price | Grant date fair value |
|---|---|---|---|---|---|---|---|---|
| Billy Hult | PSU | ◇ | — | ◇ | — | ◇ | — | ◇ |
| Enrico Bruni | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Enrico Bruni | PSU | ◇ | — | ◇ | — | ◇ | — | ◇ |
| Justin Peterson | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Justin Peterson | PSU | ◇ | — | ◇ | — | ◇ | — | ◇ |
| Sara Furber | PSU | ◇ | — | ◇ | — | ◇ | — | ◇ |
| Sara Furber | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Troy Dixon | RSU | ◇ | — | — | ◇ | — | — | ◇ |
Fiscal 2023 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.
Outstanding awards
Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
| Officer | Award | Unvested units | Market value of unvested units | Exercise price | Expires |
|---|---|---|---|---|---|
| Sara Furber | RSU | ◇ | ◇ | — | — |
| RSU | ◇ | ◇ | — | — | |
| PSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| PSU | ◇ | ◇ | — | — | |
| PSU | ◇ | ◇ | — | — | |
| Billy Hult | PSU | ◇ | ◇ | — | — |
| PSU | ◇ | ◇ | — | — | |
| PSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| Option | ◇ | — | ◇ | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| Justin Peterson | RSU | ◇ | ◇ | — | — |
| RSU | ◇ | ◇ | — | — | |
| PSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| PSU | ◇ | ◇ | — | — | |
| PSU | ◇ | ◇ | — | — |
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.
Director compensation
What each non-employee director was paid.
Fiscal 2025
| Director | Fees earned in cash | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|
Jacques Aigrain Board chair | ◇ | ◇ | — | — | — | — | ◇ |
Paula Madoff Lead independent director | ◇ | ◇ | — | — | — | ◇ | ◇ |
Rich Repetto | ◇ | ◇ | — | — | — | ◇ | ◇ |
Steven Berns | ◇ | ◇ | — | — | — | — | ◇ |
Rana Yared | ◇ | ◇ | — | — | — | — | ◇ |
Lisa Opoku | ◇ | ◇ | — | — | — | — | ◇ |
Scott Ganeles | ◇ | ◇ | — | — | — | — | ◇ |
Billy Hult, Daniel Maguire, Balbir Bakhshi and Catherine Johnson served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.
Director fee schedule
The standing retainers and premiums the board pays, as published.
| Board cash retainer | ◇ |
| Board equity retainer | ◇ |
| Total board retainer | ◇ |
| Board chair premium | ◇ |
| Lead independent director premium | ◇ |
| Audit committee chair | ◇ |
| Audit committee member | ◇ |
| Compensation committee chair | ◇ |
| Compensation committee member | ◇ |
| Nominating and governance chair | ◇ |
| Nominating and governance member | ◇ |
Disclosed peer group
The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
- BGC Group, Inc. BGC
- BILL Holdings, Inc. BILL
- Cboe Global Markets, Inc. CBOE
- FactSet Research Systems Inc. FDS
- Fair Isaac Corporation FICO
- Guidewire Software, Inc. GWRE
- Interactive Brokers Group, Inc. IBKR
- MarketAxess Holdings Inc. MKTX
- Morningstar, Inc. MORN
- MSCI Inc. MSCI
- Nasdaq, Inc. NDAQ
- Q2 Holdings, Inc. QTWO
- SEI Investments Company SEIC
- Virtu Financial, Inc. VIRT
Say-on-pay history
Shareholder support for the compensation program, by year.
| Year | Meeting | Support | Votes for | Votes against | Abstentions |
|---|---|---|---|---|---|
| 2025 | May 19, 2026 | = | ◇ | ◇ | ◇ |
| 2024 | May 20, 2025 | = | ◇ | ◇ | ◇ |
| 2023 | May 10, 2024 | = | ◇ | ◇ | ◇ |
| 2020 | May 11, 2021 | = | ◇ | ◇ | ◇ |
What this page does not include
Everything above is a fact Tradeweb Markets disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Tradeweb Markets sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion IntelligenceAdviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Velarion IntelligenceCitations
Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
151 figures on this page: 147 cited to the filing that reported them, 4 calculated from figures it prints.
147 cited to the filing
4 calculated from the filing
Documents cited
- 0001758730-26-000116Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001758730-26-000084Director Compensation · Grants of Plan-Based Awards · Outstanding Equity Awards at Fiscal Year-End · Summary Compensation Table
- 0001758730-25-000145Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001758730-24-000112Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001758730-24-000080Summary Compensation Table
- 0001193125-21-162657Item 5.07 Submission of Matters to a Vote of Security Holders
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Tradeweb Markets executive compensation, FY2023–FY2025.” https://intel.velarion.ai/comp/TW (accessed 2026).
Short form: data: Velarion
The paid brief for Tradeweb Markets
Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
$1,500 for the Executive Compensation Report. Both reports for $2,400.
6 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
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Peers Tradeweb Markets discloses
The companies named in TW's own disclosed peer group.
Terms on this page
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Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
author = {{Velarion Company Intelligence}},
title = {Velarion database: executive and board compensation data},
year = {2026},
version = {2026Q3},
doi = {10.5281/zenodo.22283854},
publisher = {Zenodo},
url = {https://doi.org/10.5281/zenodo.22283854}
}