R.W. Pressprich & Co., a leading fixed income broker-dealer based in New York City, has made an investment in software firm CodeStreet LLC, the two companies announced today. The investment supports CodeStreet’s emergence as a full-spectrum solutions provider for the sell-side fixed income trading community.
In early 2008, R.W. Pressprich became the first broker-dealer to go live on Teamwork™, CodeStreet’s flagship hosted service for fixed income sales and trading.
“We have a tradition of embracing technology to stay ahead of the curve and continuously provide new levels of value to our clients,” said Edward Rappa, CEO, R.W. Pressprich & Co. “We expect Teamwork to become an industry standard and we want to help CodeStreet expand its capabilities to include a broader array of asset classes so that we can use it in all areas of our business,” he added.
The Teamwork platform developed by CodeStreet reflects a unique vision for the modern fixed income trading floor. Whereas technology has often been synonymous with disintermediating the traditional sales and trading role, CodeStreet believes that the future will belong to firms that intelligently deploy software in support of the relationships and expertise already present in their workforce.
“R.W. Pressprich is a visionary company in terms of what they believe technology can do for their business. They have been very supportive of our efforts to deliver the next-generation fixed income sales and trading platform,” said Howard Pein, CEO, CodeStreet. ”Our comprehensive offering for the fixed income broker-dealer community allows our customers to increase the liquidity they can provide. This has made our customers highly receptive to our solutions, allowing CodeStreet to become a key industry facility within fixed income.”
R.W. Pressprich has also helped CodeStreet develop and test other products that deliver competitive advantages across many areas of the fixed income trading process. These include a desk-management web portal designed for sales managers and a utility for instant publication of research and offerings - global or firm wide - via Bloomberg. From traders and salespeople, to research analysts, management and IT, CodeStreet solutions provide a competitive edge across a wide spectrum of activities within fixed income broker-dealers.
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