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Tradeweb Markets Inc.

TW · FY2025

MISALIGNED

CEO Package

$20.6M

Pay Ratio

—

Billy Hult

Pay rose +23.2% while TSR fell -61.9 pts

CME GROUP INC.

CME · FY2025

ALIGNED

CEO Package

$23.4M

Pay Ratio

—

Terrence A. Duffy

Pay reset -2.3% while TSR improved +7.3 pts

NASDAQ, INC.

NDAQ · FY2024

ALIGNED

CEO Package

$21.5M

Pay Ratio

—

Adena T. Friedman

Returns outran pay growth by +21.9 pts

CEO Total Compensation — All Companies

TW$20.6MCME$23.4MNDAQ$21.5M

All values are grant-date fair value as reported in proxy statements.

Key Differences

The fastest way to read this comparison before dropping into the tables.

CME carries the largest package at $23.4M, about 1.1x TW.
TW reads misaligned, while CME looks aligned.

Pay Component Breakdown

Latest CEO package mix by company. This stays on the CEO package even if the chart above is showing Top 5 pay.

TW

Billy Hult

$20.6M

base salary5%
stock awards73%
non-equity incentive compensation22%
other compensation0%

CME

Terrence A. Duffy

$23.4M

base salary9%
stock awards57%
non-equity incentive compensation30%
other compensation4%

NDAQ

Adena T. Friedman

$21.5M

base salary6%
stock awards71%
non-equity incentive compensation23%
other compensation0%

Quick Comparison

CompanyCEOLatest YearTotal Comp
Tradeweb Markets Inc.(TW)Billy Hult2025$20.6M
CME GROUP INC.(CME)Terrence A. Duffy2025$23.4M
NASDAQ, INC.(NDAQ)Adena T. Friedman2024$21.5M

Note: All compensation values shown are grant-date fair value as reported in proxy statements. Direct comparisons should account for differences in company size, industry, and compensation structure.

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