Non-Controlling Interests

9 Months Ended

Sep. 30, 2020

Noncontrolling Interest [Abstract]

Non-Controlling Interests

Non-Controlling InterestsIn connection with the Reorganization Transactions, Tradeweb Markets Inc. became the sole manager of TWM LLC and, as a result of this control, and because Tradeweb Markets Inc. has a substantial financial interest in TWM LLC, consolidates the financial results of TWM LLC into its consolidated financial statements. The non-controlling interests balance reported on the consolidated statements of financial condition represents the economic interests of TWM LLC held by the holders of LLC Interests other than Tradeweb Markets Inc. Income or loss is attributed to the non-controlling interests based on the relative ownership percentages of LLC Interests held during the period by Tradeweb Markets Inc. and the other holders of LLC Interests.

The following table summarizes the ownership interest in Tradeweb Markets LLC:

	September 30, 2020			September 30, 2019
	LLC Interests	Ownership %		LLC Interests	Ownership %
Number of LLC Interests held by Tradeweb Markets Inc.	187,918,774	82.6	%	142,942,945	64.3	%
Number of LLC Interests held by non-controlling interests	39,513,246	17.4	%	79,289,005	35.7	%
Total LLC Interests outstanding	227,432,020	100.0	%	222,231,950	100.0	%

LLC Interests held by the Continuing LLC Owners are redeemable in accordance with the TWM LLC Agreement at the election of the members for shares of Class A common stock or Class B common stock, on a one-for-one basis or, at the Company's option, a cash payment in accordance with the terms of the TWM LLC Agreement. See Note 8 – Stockholders’ Equity.

The following table summarizes the impact on equity due to changes in the Corporation’s ownership interest in Tradeweb Markets LLC (in thousands):

Net Income Attributable to Tradeweb Markets Inc. and Transfers (to) from the Non-Controlling Interests	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Net income attributable to Tradeweb Markets Inc.	$	36,812	$	29,612	$	111,236	$	42,440
Transfers (to) from non-controlling interests:
Change in non-controlling interests as a result of ownership changes	(1,478)		73		423,339		(1,607,456)
Net transfers (to) from non-controlling interests	(1,478)		73		423,339		(1,607,456)
Change from net income attributable to Tradeweb Markets Inc. and transfers (to) from non-controlling interests	$	35,334	$	29,685	$	534,575	$	(1,565,016)