Fixed income dealer Pressprich takes stake in CodeStreet
13 October 2009 | 2279 views | 0
New York-based fixed income broker dealer RW Pressprich & Co has taken an equity stake in software house CodeStreet.
The investment - the size of which has not been disclosed - follows years of collaboration between the two New York-based firms, culminating in early 2008, when Pressprich became the first broker-dealer to go live on Teamwork, CodeStreet's flagship hosted service for fixed income sales and trading.
Edward Rappa, Pressprich CEO, says: "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."
The Teamwork platform is designed to streamline data flows, while retaining the traditional sales and trading roles on the fixed income trading floor.
Pressprich has previously helped CodeStreet develop and test other products, including 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.