To access the historical volumes traded, go to www.tradeweb.com/newsroom/monthly-activity-reports/. In addition to the net earnings and net income that Tradeweb Markets Inc. is eligible and presented in accordance with GAAP, we present adjusted EBITDA, adjusted EBITDA margin, adjusted EBIT and adjusted EBIT margin as a measure of our operating performance and adjusted net income and adjusted diluted EPS as a measure of our profitability. Adjusted EBITDA is defined as net income before contingent consideration, net return, provision for income taxes and depreciation, adjusted for the effects of certain other items, including certain share-based compensation expenses and payroll taxes related to certain option exercises, adjustments to tax receivable liabilities, profits and losses resulting from ongoing foreign exchange transactions and the revaluation of foreign liquidity. Adjusted EBIT is defined as net income before conditional consideration, net interest return and provision for income tax, adjusted for the effects of certain other items, including certain share-based compensation expenses and payroll taxes related to certain options, adjustments to tax receivable agreements, depreciation and amortization of acquisitions and refinitivs, as well as profits and losses resulting from outstanding amounts. Currency futures and revaluation of liquidity denominated in foreign currencies. Tradeweb Markets will hold a conference call today, February 4, 2021, beginning at 9:25 a.m. EST, to discuss fourth quarter 2020 results. A live audio webcast of the conference call, along with related materials, will be available under investors.tradeweb.com. Alternatively, those interested can access the call by choosing 866-221-1629 (US) or +1 470-495-9175 (international) and entering the passport code 6190256. After the conference call, an archived recording is available under investors.tradeweb.com. Earnings per share and weighted average shares have been calculated for the period prior to the IPO in order to maintain the reorganization operations in effect, including the amendment and adaptation of Tradeweb Markets LLC`s fourth limited liability company agreement, as amended and adjusted, to provide, among other things, (i) a new class of joint membership units in Tradeweb Markets LLC («LLC Units») and (ii) all parties Existing Membership Shares of Original Members Against the Interests of LLC.
These are revenues that were recognized during the period in question as a result of changes in the liabilities of the tax receivable agreements recognized in the financial position statement as a result of changes in the product mix, tax laws and tax rates in different jurisdictions that affected our tax savings. Market Data – Market data revenue of $20.9 million in the fourth quarter of 2020 increased 7.8% compared to the fourth quarter of 2019 (7.3% based on constant currency rates), which is due to the provision of additional data under our market data licensing agreements with Refinitiv. . . .