Troy Dixon
Tradeweb MarketsAbout Troy Dixon
Troy Dixon (age 53) is Managing Director and Co‑Head of Global Markets at Tradeweb, appointed effective January 2025 after stepping down from the Board on December 31, 2024; he holds a B.A. from College of the Holy Cross and previously founded Hollis Park Partners LP (structured products) and led RMBS trading at UBS and Deutsche Bank . Company performance context during his transition: FY2024 revenue rose 29.0% to $1.7B with Adjusted EBITDA margin at 53.3%, and Q1 2025 revenue reached $509.7M (+24.7% YoY) with Adjusted EBITDA margin of 54.6% .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Hollis Park Partners LP | Founder & Chief Investment Officer | 2013–2024 | Built structured products investing platform; deep credit/RMBS expertise |
| Deutsche Bank | Led RMBS trading; exec committees in Americas Rates/Credit | 2006–2013 | Scaled RMBS market-making; risk and trading leadership |
| UBS Inc. | Led RMBS trading | 2002–2006 | RMBS trading leadership; liquidity provision |
| Tradeweb Markets Inc. | Director (resigned to join management) | 2023–2024 | Board oversight; independent director prior to executive role |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Lafayette Square Business Development Corporation | Independent Board Member; Audit Committee Chair | Current | Governance and audit leadership |
| Boys Hope Girls Hope | Board Member | Current | Non‑profit board service |
| New Height Youth Inc. | Board Member | Current | Non‑profit board service |
| SIFMA RMBS Executive Board | Executive Board Member | Prior | Industry leadership in RMBS |
Fixed Compensation
Director compensation prior to joining management (FY2024):
| Component | Amount (USD) |
|---|---|
| Fees Earned or Paid in Cash | $110,000 |
| Stock Awards (grant‑date fair value) | $96,889 |
| All Other Compensation | $15,000 |
| Total | $221,889 |
Director equity grant and vesting:
| Grant Type | Shares | Vest Date | Notes |
|---|---|---|---|
| RSUs | 855 | May 10, 2025 | Retained pro‑rated amount upon resigning from Board effective Dec 31, 2024 |
Note: Dixon’s executive (“Co‑Head of Global Markets”) cash salary, target/actual bonus, and 2025 equity grant details are not disclosed in available filings. Tradeweb’s NEO program structure (below) is the framework likely applied to executive awards .
Performance Compensation
Tradeweb’s executive incentive architecture emphasizes pay‑for‑performance and long‑term equity, with clawbacks and anti‑hedging/pledging policies.
- Clawback policy: compliant with Exchange Act Rule 10D‑1; committee discretion to claw back incentive pay; dividend equivalents paid only upon vesting .
- Hedging/pledging prohibition: officers/directors cannot hedge, margin, pledge, short‑sell or trade options on company stock .
- Stock ownership guidelines: adopted for senior management and non‑employee directors in 2024 .
Incentive plan metrics and vesting mechanics:
| Incentive Type | Metric | Weighting | Targets/Thresholds | Payout Range | Vesting |
|---|---|---|---|---|---|
| PRSUs (financial performance) | Constant currency revenue CAGR (2024–2026) | 50% | Company‑set 3‑yr CAGR goals; rigorous budget‑based targets | 0–250% of target | Cliff vest after 3‑yr performance period; settlement post audit; dividend equivalents accrue |
| PRSUs (financial performance) | Constant currency Adjusted EBITDA CAGR (2024–2026) | 50% | Company‑set 3‑yr CAGR goals; rigorous budget‑based targets | 0–250% of target | Same as above |
| PSUs (market performance) | Absolute TSR (3‑yr) | n/a | Threshold 15%→50%; Target 30%→100%; Max ≥50%→250% | 0–250% of target | Cliff vest Jan 1 of 3rd year; settlement based on highest 20‑day average in final year; Monte Carlo valuation |
| Annual cash bonus (CEO template) | Const‑currency revenue growth (FY2024) | 50% | Threshold 3.0%→0%; Target 11.2%→50%; Max 12.2%→75% | 0–150% total bonus | Annual; straight‑line interpolation |
| Annual cash bonus (CEO template) | Const‑currency Adjusted EBITDA margin (FY2024) | 50% | Threshold 49.4%→0%; Target 52.9%→50%; Max 53.2%→75% | 0–150% total bonus | Annual; straight‑line interpolation |
FY2024 company outcomes for calibration:
| Metric | Actual | Bonus Impact |
|---|---|---|
| Constant currency revenue growth | 29.0% | Max achievement for CEO scale; bonus paid at 150% of target |
| Constant currency Adjusted EBITDA margin | 53.3% | Max achievement for CEO scale; bonus paid at 150% of target |
NEO bonus pool methodology (context for Dixon’s role cohort from 2025 onward): pool increases by up to $0.25 per $1.00 of revenue growth above target; decreases by ≥$0.15 per $1.00 below target; no cap/floor; allocations based on individual and company performance .
Change‑in‑control and termination treatment (plan terms):
- PRSUs: Full vest on change‑in‑control; if performance not set, modifier = 100%; settlement timing per transaction type; pro‑rata vesting for qualified terminations/retirement per grant year rules .
- PSUs: Full vest on change‑in‑control with TSR modifier based on deal price; pro‑rata vesting for qualified terminations/retirement; full vest for CEO upon retirement .
Equity Ownership & Alignment
- Beneficial ownership: Individual disclosure for Dixon not itemized; executive officers and directors as a group held 380,685 shares (including vested/vesting equity within 60 days as noted) as of March 14, 2025 (group figure) .
- Director RSUs: 855 RSUs scheduled to vest May 10, 2025 (pro‑rated retained) .
- Anti‑hedging/pledging: Strict prohibition for officers/directors .
- Stock ownership guidelines: Implemented for senior management and directors in 2024 .
Vesting‑related supply signal (aggregate context):
- Q1 2025 shares withheld to satisfy employee tax obligations on vesting totaled $47.6M worth of Class A shares, indicating systematic vesting supply around quarterly cycles; individual executive breakdown not disclosed .
Employment Terms
- Appointment: Named Co‑Head of Global Markets effective January 2025; reports to CEO; joined Executive Committee; resigned Board seat effective December 31, 2024 (no disagreements) .
- Severance framework: Company Executive Severance Policy for certain executive officers (non‑CEO NEOs) provides 12 months salary continuation, payment equal to highest annual bonus in prior two years plus pro‑rated current year bonus, and COBRA benefit continuation; Dixon’s specific inclusion or personalized terms not disclosed .
- Clawback: Robust clawback in event of material financial misstatement; discretionary clawbacks possible .
- Change‑in‑control: Equity acceleration rules for PRSUs/PSUs as described above .
- Non‑compete/non‑solicit: Not disclosed for Dixon; CEO agreement terms detailed separately, but not necessarily applicable to other executives .
Compensation Peer Group and Say‑on‑Pay
- Compensation peer group includes exchanges/fintechs (e.g., Cboe, Nasdaq, MarketAxess, Virtu, MSCI, Fair Isaac) used for market benchmarking .
- Say‑on‑pay: 2024 vote received ~98% approval; company moved to annual say‑on‑pay frequency with ~99% support .
Investment Implications
- Alignment and retention: Role elevation to Co‑Head of Global Markets and Tradeweb’s heavy use of PRSUs/PSUs with multi‑year vesting and rigorous performance targets suggest strong retention hooks and pay‑for‑performance alignment; clawbacks and anti‑pledging further align incentives .
- Execution lever: Dixon’s ~30 years in structured products and RMBS trading adds depth in credit/rates markets, supporting Tradeweb’s growth strategy across products/geographies/client channels under the Co‑Head model .
- Trading signals: Watch quarterly vest/settlement windows for broad employee equity (e.g., Q1 2025 tax‑withheld shares of $47.6M) and modest residual director RSU vest for Dixon (855 shares on May 10, 2025)—the latter is immaterial but indicates timing alignment with board cycle .
- Disclosure gap: As of latest proxy/8‑K, Dixon’s executive cash and equity award specifics are not disclosed; monitor upcoming filings (DEF 14A/10‑K/8‑K Item 5.02) for grant details, severance coverage, and ownership updates to refine pay‑performance and retention assessments .