FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
Hult William
  2. Issuer Name and Ticker or Trading Symbol
Tradeweb Markets Inc. [TW]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
President
(Last)
(First)
(Middle)
TRADEWEB MARKETS INC., 1177 AVENUE OF THE AMERICAS
3. Date of Earliest Transaction (Month/Day/Year)
11/02/2020
(Street)

NEW YORK, NY 10036
4. If Amendment, Date Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Class A common stock 11/02/2020   M (1)   50,000 A $20.59 527,375 (2) D  
Class A common stock 11/02/2020   S (1)   30,925 D $54.7583 (3) 496,450 (2) D  
Class A common stock 11/02/2020   S (1)   10,820 D $55.8616 (4) 485,630 (2) D  
Class A common stock 11/02/2020   S (1)   8,255 D $56.2818 (5) 477,375 (2) D  

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (Right to Buy) $20.59 11/02/2020   M (1)     50,000   (6) 10/26/2028 Class A common stock 50,000 $ 0 1,059,890 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Hult William
TRADEWEB MARKETS INC.
1177 AVENUE OF THE AMERICAS
NEW YORK, NY 10036
      President  

Signatures

 /s/ Scott Zucker, Attorney-in-Fact for William Hult   11/03/2020
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) This transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on December 13, 2019.
(2) This amount includes (i) 173,181 unvested restricted stock units ("RSUs") in respect of the issuer's Class A common stock ("Class A Common Stock") which are scheduled to vest on January 1, 2021, (ii) 249,102 unvested RSUs in respect of Class A Common Stock which are scheduled to vest on January 1, 2022, and (iii) 43,092 unvested RSUs in respect of Class A Common Stock which are scheduled to vest in equal installments on each of the first, second and third anniversaries of March 17, 2020, in each case subject to the reporting person's continued employment through the applicable vesting date.
(3) The price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $54.15 to $55.12, inclusive. The reporting person undertakes to provide the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnotes 3, 4 and 5 to this Form 4.
(4) The price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $55.22 to $56.21, inclusive.
(5) The price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $56.22 to $56.37, inclusive.
(6) This option is fully vested and exercisable as of the date hereof.

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