Sixth Amendment to the Second Amended & Restated Market Data Agreement, dated September 13, 2022, by and among Tradeweb Markets LLC, Refinitiv US LLC (f/k/a Thomson Reuters (Markets) LLC) and Refinitiv US Organization LLC (f/k/a Thomson Reuters (GRC) Inc.)

This Sixth Amendment (this “Amendment”), dated as of September 13, 2022 (the “Effective Date”), shall amend the Second Amended & Restated Market Data Agreement, dated November 1, 2018 (as amended from time to time, the “Agreement”), by and among Tradeweb Markets LLC, a Delaware limited liability company, (“Tradeweb”), Refinitiv US LLC (f/k/a Thomson Reuters (Markets) LLC), a Delaware limited liability company, (“TRM”), and Refinitiv US Organization LLC (f/k/a Thomson Reuters (GRC) Inc.), a Delaware corporation (“GRC”). TRM and GRC are referred to herein as the “Refinitiv Parties”, and together with Tradeweb, the “Parties”. The Agreement shall be deemed to have been amended by this Amendment and the terms of this Amendment shall supplement and form part of the Agreement. All sections of the Agreement not amended hereby shall remain in full force and effect as specified in the Agreement. Capitalized terms used but not defined herein shall have the meanings set forth in the Agreement.

WHEREAS, Tradeweb has developed the Tradeweb Daily Sided Liquidity Score Series that ranks the liquidity of instruments of various asset by applying machine learning algorithms to trading activity and live inventory (the “Liquidity Score Series”); and

WHEREAS, the Parties wish to set out the terms under which each of the Parties can distribute the Liquidity Score Series.

NOW, THEREFORE, in consideration of the promises and mutual agreements set forth herein and other good and valuable consideration, the sufficiency of which is hereby acknowledged, the Parties agree to amend the Agreement as follows:

1.License and Distribution. While the Liquidity Score Series was developed as a Next Generation Innovative Solution, it shall hereafter constitute Non-Exclusive Licensed Market Data and is hereby added to Schedule C to the Agreement (and for the avoidance of doubt, shall not be a New Market Data Set and shall no longer be considered an Innovative Solution), and except as set forth herein all references to Non-Exclusive Licensed Market Data in the Agreement shall include the Liquidity Score Series and all rights and obligations relevant to Non-Exclusive Licensed Market Data under the Agreement shall apply equally to the Liquidity Score Series. In accordance with the foregoing, any third Person that is not a Tradeweb-Entitled Trading Customer (as defined in the Agreement) and executes an agreement with Tradeweb or any of its Affiliates subscribing to the Liquidity Score Series (either directly or through a Distribution Channel (defined below)) shall be a “Tradeweb Liquidity Score Series Customer” and any third Person that executes an agreement with GRC or any of its Affiliates subscribing to receive the Liquidity Score Series shall be a “Refinitiv Liquidity Score Series Customer”. Notwithstanding the foregoing, in the event that Tradeweb or any of its Affiliates distributes the Liquidity Score Series to Tradeweb Liquidity Score Series Customers via one or more third party distributors (each, a “Distribution Channel”), Tradeweb will include language in its agreement with each such Distribution Channel prohibiting its use of the Liquidity Score Series for any purpose other than distribution of the Liquidity Score Series to Tradeweb Liquidity Score Series Customers in substantially the form provided by Tradeweb; provided further that the Refinitiv Parties will consider in good faith any request by Tradeweb to permit an exception to such prohibition and will make such a determination in their sole reasonable discretion. TRM, which is party (with Tradeweb) to the Amended and Restated Shared Services Agreement dated November 1, 2010 (as amended, the “SSA”), hereby acknowledges and agrees that (i) notwithstanding anything to the contrary in the SSA, Tradeweb is not restricted from using the security master and Refinitiv calculated FX rates data it receives under the SSA in the creation, distribution (including via Distribution Channels) and historical maintenance of the Liquidity Score Series and (ii) nothing in the SSA or this Amendment gives TRM any ownership rights in or to the Liquidity Score Series.

2.Delivery of Liquidity Score Series to Customers. Section 3.3 of the Agreement shall not apply to the Liquidity Score Series. The Parties shall mutually agree on the manner and schedule of delivery of the Liquidity Score Series from Tradeweb to the Refinitiv Parties.

3.Fees and Payment.

(a)Customer Pricing. For the avoidance of doubt, Section 3.9 and Section 4.7 of the Agreement shall apply to the pricing of the Liquidity Score Series by GRC (and its Affiliates).

(b)Refinitiv License Fee. During the Term and the Transition Period, GRC shall pay, on a quarterly basis, to Tradeweb an amount equal to [***] percent ([***]%) of (i) the Non-Desktop Revenue in such quarter and (ii) in the event that GRC and its Affiliates charge a separate fee for the distribution of the Liquidity Score Series by means of the Desktop Products, the Desktop Revenue in such quarter (the “Refinitiv Fee Share”). As used herein, “Non-Desktop Revenue” means the aggregate revenue GRC and its Affiliates directly generate from the distribution of the Liquidity Score Series to Refinitiv Liquidity Score Series Customers by means other than Desktop Products; provided that the minimum revenue amount that is included in the Non-Desktop Revenue for each Refinitiv Liquidity Score Series Customer shall not be less than an amount equal to the published Tradeweb price for a standard use license to the Liquidity Score Series by Tradeweb Liquidity Score Series Customers generally. As used herein, “Desktop Revenue” means the aggregate revenue GRC and its Affiliates directly generate from the distribution of the Liquidity Score Series to Refinitiv Liquidity Score Series Customers by means of the Desktop Products. Tradeweb shall promptly notify GRC of any changes to its standard price for the Liquidity Score Series. For the avoidance of doubt, Section 4.1(b) of the Agreement shall not apply to the Liquidity Score Series, but nothing in this Section 3(b) shall amend or modify any other fees payable pursuant to Article IV of the Agreement.

(c)Tradeweb Revenue Share. During the Term and the Transition Period, Tradeweb shall pay, on a quarterly basis, to GRC an amount equal to [***] ([***]%) of the aggregate revenue Tradeweb and its Affiliates directly generate from the distribution of the Liquidity Score Series to Tradeweb Liquidity Score Series Customers in such quarter (the “Tradeweb Fee Share”).

(d)Payment. The Refinitiv Fee Share shall be payable in accordance with Section 4.4(b) of the Agreement in the same manner in which the Non-Exclusive NMDS Fee Share (as defined in the Agreement) is payable to Tradeweb. For the avoidance of doubt, the Refinitiv Fee Share shall be included in the definition of “Fees” under the Agreement. The Tradeweb Fee Share shall be payable on substantially the same terms as the Refinitiv Fee Share.

4.Term and Termination.

(a)Term. This Amendment shall take effect as of the Effective Date and continue for the duration of the Term (as defined in the Agreement) unless this Amendment is earlier terminated by mutual written agreement of the Parties.

(b)Effect of Termination. Both the Tradeweb Fee Share and the Refinitiv Fee Share with respect to all periods prior to termination of this Amendment shall be payable in accordance with Section 3(d) of this Amendment (which payment, for the avoidance of doubt, may occur following such termination).

Miscellaneous. This Amendment shall constitute the sole terms of the Agreement with respect to the Liquidity Score Series. In the event of a conflict between the terms of the Agreement and the terms of this Amendment, the terms of this Amendment shall prevail. This Amendment and the rights and obligations of the Parties hereto shall be interpreted and enforced in accordance with and governed by the laws of the State of New York applicable to agreements made and to be performed wholly within that jurisdiction. Following termination of this Amendment or the Agreement, the following provisions shall survive: the last sentence of Section 1, Section 4(b), and this Section 5.

IN WITNESS WHEREOF, the Parties have executed this Amendment as of the date first above written.