Tradeweb paid top two executives US$38 million in 2018 pre-IPO

CEO and cofounder of Tradeweb Lee Olesky. (Bloomberg pic)

LOS ANGELES: Tradeweb Markets, the Refinitiv unit co-owned by Blackstone Group and Thomson Reuters that’s preparing to go public, awarded its top two executives a combined US$38.3 million in 2018.

Chief Executive Officer Lee Olesky received US$22.7 million while President Billy Hult was awarded US$15.6 million, according to an initial public offering prospectus filed Thursday.

More than half of Olesky’s 2018 compensation – and about 43% of Hult’s pay – comes from stock option grants related to the IPO, according to the filing.

Half of their options are linked to certain sales and cash flow targets while the remainder vest if they stay on the job.

They also got restricted stock tied to performance goals.

As part of the 2018 pay package, Tradeweb’s co-founder Olesky received a performance-related cash bonus of US$6.4 million.

Hult’s cash bonus was US$5.7 million. Both have employment agreements that run through 2020, with automatic one-year extensions.

Tradeweb could be worth more than US$5 billion in an IPO, people with knowledge of the matter said, asking not to be identified as the details aren’t public.

Based in New York, the company builds and operates over-the-counter marketplaces for fixed-income and derivative products.

Blackstone acquired 55% of Refinitiv for US$17 billion in Jan 2018 with co-investors Canada Pension Plan Investment Board and GIC, Singapore’s sovereign-wealth fund.

Bloomberg LP, the parent company of Bloomberg News, competes with Thomson Reuters and Refinitiv in providing news, data and information to the financial industry.