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Tradeweb Investor Relations Ashley Serrao +1 646 430 6027 Media Relations Daniel Noonan +1 646 767 4677 Ashley.Serrao@Tradeweb.com Daniel . Noonan@Tradeweb.com TRADEWEB REPORTS FIRST QUARTER 2021 FINANCIAL RESULTS New York , April 29 , 2021 – Tradeweb Markets Inc. ( Nasdaq : TW ) , a leading , global operator of electronic marketplaces for rates , credit , equities and money markets , today reported financial results for the quarter ended March 31 , 2021 . $ 273.4 million quarterly revenues increased 16.5 % ( 13.9 % on a constant currency basis ) compared to prior year period $ 1.06 trillion record average daily volume ( " ADV " ) for the quarter , an increase of 18.0 % compared to prior year period with ADV records in U.S. and European government bonds , mortgages , rates derivatives , U.S. High Grade bonds , U.S. High Yield bonds , European Credit , Chinese bonds , Repurchase Agreements and European ETFs . Tradeweb share of fully electronic TRACE volume for the quarter was 10.1 % for U.S. High Grade and 4.0 % for U.S. High Yield , compared to 5.9 % and 2.0 % respectively in prior year period $ 81.6 million net income and $ 101.6 million adjusted net income for the quarter , increases of 30.5 % , and 19.0 % respectively from prior year period 52.0 % adjusted EBITDA margin or $ 142.1 million adjusted EBITDA for the quarter , compared to 51.0 % or $ 119.7 million respectively for prior year period $ 0.33 diluted earnings per share ( " Diluted EPS " ) for the quarter and $ 0.43 adjusted diluted earnings per share $ 0.08 per share quarterly cash dividend declared Lee Olesky , CEO of Tradeweb Markets : " Tradeweb experienced sustained momentum throughout the first quarter of 2021 thanks in part to stronger client engagement , changing user behaviors and accelerated trends in electronic trading adoption and innovation . We averaged more than $ 1 trillion per day in trading volume during each of these three months , which was especially remarkable given the quarter's relatively subdued volatility . Our first quarter's record volume was driven by changing behaviors , which we believe will continue to fuel our growth over the long term . " Constant SELECT FINANCIAL RESULTS 1Q21 1Q20 Change Currency Growth ( 1 ) ADV ( US $ bn ) ( Unaudited ) ( dollars in thousands except per share amounts ) ( Unaudited ) Asset Class GAAP Financial Measures Rates Total revenue $ 273,399 Rates $ 142,929 Credit $ 74,368 $ Equities Money Markets Market Data Other Net income SA SA SA LA SA $ 18,861 $ 10,818 $ 19,972 $ 6,451 $ 81,565 SA SASA HA HA HA HA HA $ 234,606 16.5 % 13.9 % $ 126,039 13.4 % 10.7 % Product Cash Derivatives Total 1Q21 1Q20 YoY $ 378 $ 342 10.8 % 287 249 15.4 % 666 591 12.7 % 53,978 37.8 % 35.0 % Credit Cash 10 7 43.1 % $ 19,434 ( 2.9 ) % ( 7.1 ) % Derivatives 17 26 ( 35.2 ) % $ 11,208 ( 3.5 ) % ( 5.0 ) % Total 27 33 ( 18.0 ) % $ 18,562 7.6 % $ 5,385 19.8 % 6.3 % 19.8 % Equities Cash 9 9 ( 2.2 ) % Derivatives 7 9 ( 16.6 ) % $ 62,485 30.5 % Total 16 18 ( 9.1 ) % $ 67,859 $ 43,928 Net Income attributable to Tradeweb Markets Inc. ( 2 ) 54.5 % Diluted EPS $ 0.33 $ 0.25 32.0 % Non - GAAP Financial Measures Adjusted EBITDA ( 1 ) $ 142,084 $ 119,650 18.7 % 18.5 % Adjusted EBITDA margin ( 1 ) Adjusted EBIT ( 1 ) $ 52.0 % 130,721 $ 51.0 % 108,747 +97 bps 20.2 % +201 bps 20.0 % Adjusted EBIT margin ( 1 ) 47.8 % 46.4 % +146 bps +243 bps Adjusted Net Income $ 101,578 $ 85,368 19.0 % 18.7 % Adjusted Diluted EPS ( 1 ) $ 0.43 $ 0.37 16.2 % 16.2 % Money Markets Cash 350 256 36.7 % Total Total 350 256 36.7 % $ 1,059 $ 897 18.0 % ( 1 ) Adjusted EBITDA , Adjusted EBITDA margin , Adjusted EBIT , Adjusted EBIT margin , Adjusted Net Income , Adjusted Diluted EPS and constant currency growth are non - GAAP financial measures . See " Non - GAAP Financial Measures " below and the attached schedules for additional information and reconciliations of such non - GAAP financial measures . ( 2 ) Represents net income less net income attributable to non - controlling interests .