TW — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-07-30

• Our strong second quarter 2026 results reflected broad-based momentum across our global business despite a more normalized market volatility backdrop. The primary driver of the $46.0 million increase in revenue was related to a $35.6 million increase in transaction fees and commissions to $465.3 mil…

• Credit. Revenues from our credit asset class increased by $4.1 million or 3.3% to $128.4 million for the three months ended June 30, 2026 compared to $124.3 million for the three months ended June 30, 2025 primarily due to higher variable transaction fees and commissions on higher trading volumes fo…

• Average variable fees per million for credit decreased primarily due to a mix shift away from municipal bonds, which have a higher variable fee capture compared to overall credit and towards credit derivatives, which have a lower variable fee capture compared to overall credit.

• Market Data. Revenues from our market data asset class increased by $6.9 million or 22.6% to $37.3 million for the three months ended June 30, 2026 compared to $30.4 million for the three months ended June 30, 2025. The increase was primarily due to amendments to our LSEG market data license agreeme…

• Other. Revenues from our other asset class remained relatively flat at $7.9 million for both the three months ended June 30, 2026 and 2025.

Text removed vs the prior filing · source: 10-Q · 2026-04-29

• Our strong results for the first quarter of 2026 reflected robust client engagement among heightened volatility driven by overall inflationary and central bank policy concerns and global market sensitivity to geopolitical developments. The primary driver of the $108.1 million increase in revenue was…

• Credit. Revenues from our credit asset class increased by $14.2 million or 11.5% to $138.2 million for the three months ended March 31, 2026 compared to $124.0 million for the three months ended March 31, 2025 primarily due to higher variable transaction fees and commissions on higher trading volume…

• Average variable fees per million for credit decreased primarily due to certain market participants opting for pricing plans with more fixed fee components as described above, resulting in a shift from variable to fixed revenue within U.S. corporate bonds, along with a mix shift towards credit deriv…

• Market Data. Revenues from our market data asset class decreased by $1.8 million or 4.6% to $36.9 million for the three months ended March 31, 2026 compared to $38.7 million for the three months ended March 31, 2025. The decrease was primarily due to amendments to our LSEG market data license agreem…

• Other. Revenues from our other asset class increased by $3.6 million or 56.2% to $10.0 million for the three months ended March 31, 2026 compared to $6.4 million for the three months ended March 31, 2025 primarily due to an increase in digital asset revenue earned for performing validation services …

Text added vs the prior filing · source: 10-Q · 2026-07-30

• The following table describes trading plans intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act, as defined in Item 408 of Regulation S-K (“Rule 10b5-1 trading arrangements”), adopted, modified or terminated by our executive officers and directors during t…

• Sale of an amount equal to up to (A) (i) 5,971 shares of Class A common stock to be issued upon the vesting on January 1, 2027 of previously awarded performance-based restricted stock units, plus (ii) the number of shares issued upon vesting on January 1, 2027 in settlement of dividend equivalent ri…

• (1)In each case, the Rule 10b5-1 trading arrangement may also expire on such earlier date as all such transactions under the trading arrangement are completed or at such time as such trading arrangement is otherwise terminated in accordance with its terms.

• During the three months ended June 30, 2026, none of our directors or executive officers adopted, modified or terminated a non-Rule 10b5-1 trading arrangement (as defined in Item 408 of Regulation S-K).

Text removed vs the prior filing · source: 10-Q · 2026-04-29

• On April 29, 2026, in connection with a periodic review of the bylaws of the Company, the board of directors approved and adopted an amendment and restatement of the Company’s Amended and Restated Bylaws (as so amended and restated, the “A&R Bylaws”). The A&R Bylaws became effective immediately upon…

• Among other things, the amendments effected by the A&R Bylaws:

• •add notice procedures for adjournments of virtual meetings of stockholders and eliminate the requirement that the list of stockholders be open to examination at meetings of stockholders, in each case, in accordance with 2022 amendments to the Delaware General Corporation Law (the “DGCL”);

• •update certain procedural requirements related to director nominations and other proposals of business by stockholders in light of Rule 14a-19 under the Exchange Act and reflect certain other related changes, including: (1) requiring (i) additional background information and disclosures regarding s…

• •require that a stockholder directly or indirectly soliciting proxies from other stockholders use a proxy card color other than white, which is reserved solely for use for solicitation by the board of directors;