Enrico Bruni
Tradeweb MarketsAbout Enrico Bruni
Enrico Bruni, 53, is Managing Director and Co-Head of Global Markets at Tradeweb (TW) since January 2025; he previously led Tradeweb’s Europe and Asia business and joined the firm in 2002 after earlier roles at J.P. Morgan (1995–2002). He holds a business management degree from Bocconi University (Milan) and has been instrumental in building Tradeweb’s interest rate swaps business across Europe and Asia . Company-wide performance metrics that influence his pay include constant currency revenue growth (29.0% achieved in 2024 vs 11.2% target) and multi-year PRSU/PSU designs tied to three-year CAGR revenue and Adjusted EBITDA and cumulative TSR, respectively .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Tradeweb Markets Inc. | Managing Director, Co-Head of Global Markets | Jan 2025–present | Senior leadership over global markets; continuation of e-trading expansion |
| Tradeweb (Europe & Asia) | Managing Director, Head of Europe & Asia Business | Apr 2019–Dec 2024 | Led international business; drove record revenue results |
| TWM LLC | Managing Director, Head of Europe & Asia Business | Feb 2013–Dec 2024 | Built interest rate swaps franchise in Europe/Asia |
| J.P. Morgan | Markets division business/product management (e‑trading focus) | 1995–2002 | Advanced e-trading strategy across markets |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No external public company board roles disclosed in the executive officer biography |
Fixed Compensation
- Base salary structure: £300,000 at December 31, 2023 and unchanged at December 31, 2024 (paid via TW Europe) .
- Multi-year realized cash salary (USD) is shown below .
Multi-Year Compensation (Realized)
| Year | Salary ($) | Bonus ($) | Stock Awards ($) | Non-Equity Incentive ($) | All Other Compensation ($) | Total ($) |
|---|---|---|---|---|---|---|
| 2022 | 412,770 | 2,088,179 | 1,849,984 | — | 48,005 | 4,398,938 |
| 2023 | 371,190 | 1,753,810 | 6,055,536 | — | 50,667 | 8,231,203 |
| 2024 | 372,930 | 2,244,758 | 3,629,590 | — | 45,595 | 6,292,873 |
Performance Compensation
Tradeweb uses annual cash bonuses and three equity instruments: RSUs (time-based), PRSUs (three-year Company financials), and PSUs (three-year TSR), with rigorous goal design and 60% of non-CEO NEO target equity at face value in 2024 .
Incentive Detail (2024 focus and continuing awards)
| Incentive type | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Annual Cash Bonus (FY24) | Company constant currency revenue growth (pool-based) | Pool-based; no fixed individual weights | 11.2% CC revenue growth | 29.0% CC revenue growth | $2,244,758 | Cash (paid on bonus cycle) |
| PRSUs (2024 grant) | 3-yr CAGR CC revenue (50%); 3-yr CAGR CC Adjusted EBITDA (50%) | 50% / 50% | 3-year targets set by Committee | In-progress (2024–2026 period) | 10,112 target units; approved value $1,058,333 | Vests post FY2026 audit; settlement thereafter |
| PSUs (2024 grant) | Cumulative absolute TSR; thresholds: 15% (50%), 30% (100%), 50% (250%) | Market-based | 30% cumulative TSR = 100% modifier | In-progress (2024–2026 period) | 10,154 target units; approved value $1,058,333 | Cliff vest 1/1/2027; settlement set by highest 20-day avg in last year |
| RSUs (2024 grant) | Time-based | n/a | n/a | n/a | 10,112 units; approved value $1,058,334 | 3/15/2025, 3/15/2026, 3/15/2027 |
| PRSUs (2023 grant) | Company financials (design as above) | 50% / 50% | Set by Committee | 181.3% performance modifier achieved | 32,305 units to vest 1/1/2026 | Vests 1/1/2026; RSU tranches 3/15/2025 and 3/15/2026 |
Option and Stock Activity (FY24)
| Activity | Shares | Value |
|---|---|---|
| Options exercised (2024) | 100,580 | $8,559,407 realized value |
| Stock awards vested (RSUs/PRSUs, 2024) | 31,932 | $3,037,435 value realized |
Equity Ownership & Alignment
- Beneficial ownership (fully exchanged Class A basis): 104,711 shares; percentage shown as “*” in proxy table (denotes below reporting threshold) . Footnote indicates 80,166 shares issuable upon exercise/RSUs vesting within 60 days of March 14, 2025 .
- Stock ownership guidelines: Other executive officers must hold 2x base salary; compliance required by December 2029; RSUs count, PRSUs/PSUs count only after vesting; unexercised options do not count .
- Hedging/pledging: Company prohibits hedging, margining, pledging, short-selling, or public trading of options by officers/directors .
Beneficial Ownership
| Holding | Quantity | Percent of Class |
|---|---|---|
| Class A common stock (fully exchanged & converted basis) | 104,711 | * |
| Shares issuable within 60 days (options/RSUs) | 80,166 | n/a |
Outstanding Equity Awards as of 12/31/2024
| Award Type | Year of Grant | Units Unvested (#) | Market Value ($) |
|---|---|---|---|
| Option (exercisable) | 2018 | 67,174 (exercise price $20.59; exp. 10/26/2028) | n/a |
| RSUs | 2022 | 17,953 | $2,350,407 |
| RSUs | 2023 | 44,184 | $5,784,569 |
| RSUs | 2024 | 10,112 | $1,323,863 |
| Equity incentive awards (PRSUs/PSUs) | 2023 | 90,932 | $11,904,817 |
| Equity incentive awards (PRSUs/PSUs) | 2024 | 35,434 | $4,639,019 |
Scheduled Vesting Milestones (selection)
- 2023 PRSUs vest 1/1/2026 (reflecting 181.3% actual modifier) and RSUs vest 3/15/2025 and 3/15/2026 .
- 2024 RSUs vest 3/15/2025, 3/15/2026, 3/15/2027; 2024 PRSUs/PSUs vest 1/1/2027 (target modifier at grant) .
Employment Terms
- Employment agreement: Bruni is party to an employment agreement with Tradeweb Europe Ltd (TW Europe); executive severance policy supersedes notice provisions under his agreement .
- Severance (termination without cause, as of 12/31/2024 assumptions):
- Salary continuation: $372,930 (12 months; USD at 1.2431 conversion) .
- Payment in respect of bonus: $4,176,358 .
- Continued vesting/values of equity awards: RSUs $3,361,109; PRSUs $4,687,940; PSUs $3,617,756 .
- Total: $16,216,093 .
- Death/Disability:
- Equity values (RSUs/PRSUs/PSUs): $11,666,805 total .
- Change-in-Control economics (single/double trigger per plan terms at company level):
- RSUs/PRSUs/PSUs aggregate value: Total $16,874,017 .
- RSUs vest at change-in-control; settlement on original dates unless Qualified Change of Control (then paid same form/time as stockholders) .
- Options: Post-termination exercisability windows vary by cause/good reason/death/disability/retirement; retirement leaves options outstanding to term .
- COBRA reimbursement applies to other NEOs, not Bruni; severance payments subject to release of claims .
Compensation Structure Analysis
- Pay mix tilt to performance: For non-CEO NEOs, 60% of target equity (face value) and ~93% at-risk pay in 2024, indicating strong performance orientation .
- PRSU/PSU rigor: PRSUs link to three-year CAGR targets for CC revenue and Adjusted EBITDA (0–250% modifier); PSUs link to cumulative TSR with thresholds at 15%/30%/50% (50%/100%/250% modifiers) .
- 2023 PRSUs overachievement: Actual performance modifier 181.3% drove higher shares to be earned, signaling robust multi-year execution .
- Governance safeguards: Omnibus clawback policy per Rule 10D‑1/Nasdaq, prohibition on hedging/pledging, and no excise tax gross-ups or option repricing without shareholder approval .
Performance & Track Record
- Company outperformance: 2024 constant currency revenue growth of 29.0% vs 11.2% target expanded the bonus pool above target; Bruni’s allocation reflected his management of the international business to record revenue results .
- Realized value signals: In 2024 Bruni exercised 100,580 options (value realized $8,559,407) and had 31,932 shares vest (value realized $3,037,435), indicating meaningful monetization of awards amid strong share price performance .
Equity Ownership & Alignment (Skin-in-the-Game)
- Beneficial ownership: 104,711 Class A shares on a fully exchanged and converted basis (asterisked percentage per proxy) .
- Near-term issuables: 80,166 shares via options/RSUs vesting/exercise within 60 days of March 14, 2025 .
- Ownership guidelines: Must reach 2x salary in five years; RSUs count, PRSUs/PSUs count when vested; options excluded .
- No pledging/hedging: Explicit prohibition for officers/directors .
Employment Terms (Restrictive Covenants and Severance Mechanics)
- Severance policy supersedes Bruni’s notice provisions; RSUs continue on original schedule upon certain terminations; options retain post-termination exercisability windows; equity accelerates on change-in-control per plan terms (Qualified CoC provisions) .
Investment Implications
- Strong pay-for-performance alignment: High at-risk mix and rigorous PRSU/PSU designs tied to revenue, Adjusted EBITDA, and TSR support alignment; 2023 PRSU overachievement (181.3%) reinforces execution strength .
- Upcoming vesting/supply watch: Material tranches vest across 2025–2027 (RSUs and PRSUs/PSUs), which may create episodic selling pressure; monitor Form 4s around 3/15 and 1/1 cycles and PSU settlements in early 2027 .
- Retention risk mitigants: Multi-year vesting, ownership guidelines (2x salary), clawback, and anti-hedging/pledging policies reduce misalignment and encourage tenure, while severance provides 12 months salary and bonus protection .
- Trading signals: Option exercises and stock vesting realized values suggest monetization amid strong stock performance; continued multi-year PRSU/PSU achievement would be positive for long-term comp-driven insider incentives and could indicate confidence in delivering revenue/EBITDA CAGR and TSR targets .