Balbir Bakhshi
Tradeweb MarketsAbout Balbir Bakhshi
Independent director since July 2021; age 55; currently Chief Risk Officer and member of the Executive Committee at London Stock Exchange Group plc (LSEG) (Tradeweb’s indirect controlling stockholder). Not designated as an independent director under Nasdaq/SEC rules due to LSEG affiliation; Class II director with term expiring at the 2027 Annual Meeting. Education: B.A. (University of Westminster) and MSc (Brunel University).
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Deutsche Bank | Group Head of Non-Financial Risk Management | Jan 2017–Dec 2020 | Chair, Risk Committee of Supervisory Board of Deutsche Bank Luxembourg S.A. |
| Credit Suisse | Global Head of Operational Risk; UK Investment Banking Chief Risk Officer; Head of Market Risk | — | Senior risk leadership roles across operational and market risk. |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| London Stock Exchange Group plc (LSEG) | Chief Risk Officer; Executive Committee member | Since Jan 2021 | Enterprise risk leadership at TW’s controlling stockholder. |
| London Clearing House Limited (LCH Ltd) | Board member | — | Board-level oversight at LSEG subsidiary. |
Board Governance
- Committee assignments: None (not serving on Audit & Risk, Compensation, or Nominating & Corporate Governance).
- Independence status: Not independent; Board majority remains independent and all committees are fully independent with independent Chairs; company is a “controlled company” under Nasdaq due to LSEG/Refinitiv voting control but does not rely on controlled company exemptions.
- Attendance: Board met 5 times in 2024; each incumbent director attended at least 75% of Board and applicable committee meetings; all incumbent directors attended the 2024 Annual Meeting.
- Designation and control: Directors (including Mr. Bakhshi) are designated under the Stockholders Agreement by Refinitiv/LSEG; LSEG/Refinitiv held ~89.8–89.9% of combined voting power as of the record date.
Fixed Compensation
| Component (Director) | FY2024 Amount | Notes |
|---|---|---|
| Fees Earned or Paid in Cash ($) | $0 | Non-employee director cash retainer policy exists, but Mr. Bakhshi received no cash fees in 2024. |
| Stock Awards ($) | $0 | No RSU grant to Mr. Bakhshi in 2024. |
| Other Compensation ($) | $0 | — |
Performance Compensation
| Component | Structure | FY2024 for Bakhshi |
|---|---|---|
| Annual Director Equity | Time-vesting RSUs, typically granted at the Annual Meeting; vest on 1-year anniversary | No grant to Mr. Bakhshi in 2024 (0 RSUs; $0 grant-date fair value). |
Note: Tradeweb’s director equity is time-based; no performance-linked metrics apply to non-employee director equity awards. Mr. Bakhshi received no director equity in 2024.
Other Directorships & Interlocks
| Company | Type | Role/Interlock | Governance Relevance |
|---|---|---|---|
| LSEG (controlling stockholder of TW via Refinitiv) | Public company | CRO; Exec Committee | Affiliation with controlling stockholder; director designation rights under Stockholders Agreement. |
| LCH Ltd (LSEG subsidiary) | Private/Financial market infrastructure | Board member | Related-party ecosystem with TW; oversight proximity to LSEG-controlled clearing. |
Expertise & Qualifications
- Deep risk management expertise across operational and market risk; senior roles at Credit Suisse and Deutsche Bank; current CRO at LSEG.
- Governance and regulatory familiarity via board roles (LCH Ltd; Deutsche Bank Luxembourg S.A. Supervisory Board).
- Education: B.A. (University of Westminster), MSc (Brunel University).
Equity Ownership
| Metric | As of Mar 14, 2025 | Notes |
|---|---|---|
| Total beneficial ownership (TW Class A) | 0 shares reported (—) | Footnote notes he disclaims beneficial ownership of securities owned by LSEG. |
| Ownership % | — | Not disclosed; dash in beneficial ownership table. |
| Vested vs unvested director RSUs | 0 | No director RSUs granted/held for 2024. |
| Pledged shares | None disclosed | — |
| Stock ownership guidelines | Non-employee directors required to hold 5x annual cash retainer by Dec 2029; RSUs count, PRSUs/PSUs do not until vesting. |
Governance Assessment
- Alignment: Mr. Bakhshi brings top-tier risk management expertise and regulatory familiarity beneficial to TW’s market infrastructure oversight.
- Independence and committee exposure: He is not independent and holds no committee seats; key Board committees remain fully independent, mitigating direct influence risks at committee level.
- Ownership alignment: No TW share ownership reported and no director equity or cash compensation in 2024; stock ownership guidelines require 5x retainer by Dec 2029, but individual compliance status is not disclosed.
- Controlled company dynamics: LSEG/Refinitiv controls ~89.8–89.9% of combined voting power and retains director designation rights; TW does not currently rely on controlled company governance exemptions.
- Related-party exposure: Significant ongoing relationships with LSEG/Refinitiv, including ~$82.1M revenue under a market data license and ~$3.0M in shared services fees in 2024; oversight required to manage potential conflicts.
RED FLAGS
- Non-independence due to executive role at controlling stockholder (LSEG); designation rights under Stockholders Agreement concentrate influence.
- No reported TW share ownership and no director equity/cash compensation in 2024—limited visible “skin-in-the-game” alignment at the director level (guidelines exist but individual compliance not disclosed).
- Material related-party transactions with LSEG/Refinitiv (market data license revenue and shared services) heighten conflict-of-interest risk; continued robust independent committee oversight is critical.