Daniel Maguire
Tradeweb MarketsAbout Daniel Maguire
Daniel Maguire (age 48) joined Tradeweb’s Board in September 2024. He serves as Group Head, LSEG Markets, and CEO of LCH Group (a subsidiary of London Stock Exchange Group) and has been a member of LSEG’s Executive Committee since 2017. He holds a B.A. from Leeds Beckett University. At Tradeweb, he is a Class I director with a term expiring at the 2026 Annual Meeting; he is not considered independent under Nasdaq/SEC rules due to his senior executive roles at LSEG, Tradeweb’s indirect controlling stockholder .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| LSEG (London Stock Exchange Group) | Group Head, LSEG Markets; Member, Executive Committee | Group Head since May 2024; ExCo since Oct 2017 | Senior leadership of global markets businesses |
| LCH Group (LSEG subsidiary) | Chief Executive Officer | Since Oct 2017 | Leads major clearinghouse; extensive market infrastructure experience |
| LSEG/LCH (prior roles) | Various increasing-responsibility roles | Since 1999 | Long-tenured progression in market infrastructure |
External Roles
| Organization | Role | Tenure | Relevance |
|---|---|---|---|
| ISDA (International Swaps and Derivatives Association) | Board Member | Current | Industry policy and risk standards influence |
Board Governance
- Status and tenure: Class I director (term ends 2026); appointed September 2024 .
- Independence: Not independent; LSEG is Tradeweb’s indirect controlling stockholder (89.8% combined voting power as of record date) .
- Committee assignments: None as of the latest proxy; current Audit & Risk, Compensation, and Nominating & Corporate Governance committees are fully independent with independent Chairs .
- Attendance and engagement: The Board met 5 times in 2024; each incumbent director attended at least 75% of Board and relevant committee meetings in 2024. Committees met 8 (Audit & Risk), 6 (Compensation), and 3 (Nominating & Corporate Governance) times in 2024 .
- Board leadership and practice: Independent Chair, strong Lead Independent Director role; regular executive sessions of independent directors; majority independent Board; company does not rely on controlled company exemptions .
- Director nomination process: All current directors were designated by Refinitiv (LSEG affiliate) under the Stockholders Agreement; nominees are then evaluated by the Nominating & Corporate Governance Committee .
Fixed Compensation
| Component | 2024 Policy | 2025 Policy Update (March 2025) |
|---|---|---|
| Annual cash retainer (non-employee director) | $100,000 | Unchanged; remains part of mix |
| Chair of Board (additional cash/equity) | +$50,000 cash; +$150,000 RSUs (total equity $300,000 for Chair) | Mix revised: $85,000 cash and $115,000 equity for Chair (total unchanged due to plan limits) |
| Lead Independent Director (additional) | +$30,000 cash; +$30,000 RSUs | Unchanged |
| Committee Chair retainers (additional cash) | Audit $30,000; Comp $25,000; Nominating $20,000 | Audit to $35,000; Nominating to $25,000 (Comp unchanged) |
| Committee member retainers (additional cash) | Audit $15,000; Comp $12,500; Nominating $10,000 | Unchanged |
Notes specific to Maguire:
- 2024 director fees/stock awards: None reported for 2024 given September appointment; Director Compensation table shows “—” for fees and stock awards for Maguire .
Performance Compensation
| Component | Structure | Notes |
|---|---|---|
| Annual equity grant (non-employee directors) | RSUs with 1-year vest; value $150,000 in 2024; increased to $185,000 from March 2025 | For new directors, RSUs may be granted at appointment or at next annual meeting, at Board discretion |
| Hedging/pledging policy | Prohibits hedging, margining, pledging, short-selling or public options trading in company stock by directors/officers | Reinforces alignment; mitigates red flags tied to hedging |
| Stock ownership guidelines (directors) | Minimum 5x annual cash retainer; 5-year compliance window from Dec 2024 adoption (to Dec 2029) | RSUs count; PRSUs/PSUs count only when vested |
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current U.S.-listed public company boards | None |
| Interlocks/affiliations | Senior executive at LSEG/LCH; LSEG controls ~89.8% combined voting power at Tradeweb as of record date |
| Director designation rights | All current directors designated by Refinitiv (LSEG affiliate) under Stockholders Agreement; committee then evaluates nominees |
| Related-party exposure | Tradeweb had ~$82.1M revenue via market data license with LSEG Data & Analytics in 2024 and incurred ~$3.0M in shared services fees with Refinitiv/LSEG affiliates |
Expertise & Qualifications
- Deep financial market infrastructure expertise (clearing, market operations) from LCH/LSEG leadership roles .
- Governance/regulatory experience via ISDA board membership .
- Global markets leadership credentials; long-tenured operating background since 1999 .
- Education: B.A., Leeds Beckett University .
Equity Ownership
| Metric | Value |
|---|---|
| Total beneficial ownership (Class A) | 0 shares as of March 14, 2025; “—” in the ownership table; footnote disclaims beneficial ownership of LSEG-held securities |
| Ownership % of outstanding | <1% (“*” per table) |
| Vested vs. unvested | No director RSUs reported for Maguire in 2024; none shown outstanding as of 12/31/2024 |
| Shares pledged as collateral | None disclosed; hedging/pledging prohibited by policy |
| Director stock ownership guideline | 5x annual cash retainer; compliance required by Dec 2029 (5 years from adoption) |
Insider Filings and Trades
| Filing/Txn Date | Form | Person | Security | Qty | Price | Post-Ownership | Link |
|---|---|---|---|---|---|---|---|
| 2024-09-23 (filed); 2024-09-18 (event) | Form 3 | Maguire, Daniel | — | — | — | 0 | https://www.sec.gov/Archives/edgar/data/1758730/000175873024000185/0001758730-24-000185-index.htm |
Source: Insider trades skill (Form 3 initial statement of beneficial ownership upon joining the Board).
Governance Assessment
-
Strengths supporting investor confidence:
- Independent Board leadership and majority independent Board; fully independent committees and regular executive sessions .
- Robust policies: prohibition on hedging/pledging, stock ownership guidelines for directors, and active shareholder engagement .
- Company chooses not to rely on “controlled company” exemptions despite LSEG control, which bolsters committee independence and processes .
-
Conflict and control considerations (monitor):
- Not independent due to senior executive roles at LSEG, the controlling stockholder; all directors are designated by Refinitiv (LSEG affiliate) under the Stockholders Agreement—this can influence Board composition and introduce perceived conflicts .
- Material related-party transactions with LSEG/Refinitiv (market data revenues ~$82.1M; shared services fees ~$3.0M in 2024), making rigorous Audit & Risk Committee oversight critical .
-
Attendance/engagement:
- Board and committee activity robust (5/8/6/3 meetings in 2024) and at least 75% attendance by incumbents; Maguire joined late-2024, so future attendance should be monitored as tenure progresses .
-
Director pay and alignment:
- Standardized cash retainer and annual RSU program (raised to $185k RSUs in 2025); stock ownership guideline of 5x retainer with a 5-year runway to December 2029 provides alignment over time. Maguire reported no 2024 director fees/equity given September appointment .
RED FLAGS
- Non-independence with direct executive roles at controlling stockholder (LSEG) and Board designation rights centralized at Refinitiv/LSEG could create perceived or actual conflicts on matters involving LSEG-related transactions or strategy. Mitigations include fully independent committees and not relying on controlled company exemptions; continued vigilance is warranted .
Citations:
- Director biography, age, roles, education, independence status, and term:
- Board composition, committees, meetings, attendance:
- Controlled company status and decision not to rely on exemptions:
- LSEG combined voting power and capital structure:
- Director compensation policy and 2025 updates:
- Director compensation (Maguire) 2024 actuals:
- Stock ownership guidelines:
- Hedging/pledging prohibition:
- Related-party transactions with LSEG/Refinitiv:
- Director designation rights:
- Insider filing (Form 3) URL: https://www.sec.gov/Archives/edgar/data/1758730/000175873024000185/0001758730-24-000185-index.htm