Tradeweb Markets LLC Acquires CodeStreet LLC
Brings Data-driven Trade Identification and Workflow Management to Electronic Corporate Bond Trading
NEW YORK, NY (March 2, 2016) - Tradeweb Markets, a leading builder and operator of global fixed income and derivatives marketplaces, announced today that it has acquired CodeStreet LLC, a leader in data-driven trade identification and workflow management software development. The transaction will leverage the technology and expertise of both firms to enhance corporate bond trading on a global scale, delivering innovative tools that help identify likely counterparties and improve quality of execution with greater information protection.
The acquisition of CodeStreet enables Tradeweb to pair effective trade execution and processing with better trade identification tools for the buy-side and enhanced workflow management for liquidity providers, which will enable buy-side investors to better source liquidity.
"We are committed to building the most comprehensive electronic corporate bond marketplace, and the acquisition of CodeStreet is a valuable building block in expanding our established offering with improved sourcing of liquidity and workflow management," said Lee Olesky, CEO of Tradeweb Markets. "Tradeweb has a long history of partnering with market participants to meet their needs with innovation, and with the addition of new technology from CodeStreet, we will continue to drive meaningful change in the evolution of today's corporate bond marketplace."
"For more than a decade, CodeStreet has delivered intelligent workflow and liquidity discovery tools to the fixed income broker dealer community, helping grow revenues and riskless business for our customers," said Howard Pein, CEO of CodeStreet. "In becoming a part of Tradeweb's leading fixed income trading marketplace, our clients will benefit from the significant synergies between their premier offering in price discovery, trade execution and workflow, integrated with our analytics and data processing tools."
Tradeweb continues to build the most complete, global corporate bond marketplace, with growing offerings in Europe, the U.S. and emerging markets. More than 500 buy-side institutions leverage Tradeweb to trade credit, streamlining their operational workflow and improving their execution quality with better pre-trade discovery and efficient protocols. In the U.S., and including Tradeweb Direct, one in every 7 corporate bond trades are currently executed on Tradeweb credit platforms, according to TRACE data. In 2015, more than $200 billion was traded on Tradeweb's corporate bond platforms.
Fried, Frank, Harris, Shriver & Jacobson LLP served as outside counsel to Tradeweb Markets and Thompson Hine LLP served as outside counsel to CodeStreet in the transaction.
About Tradeweb Markets
Tradeweb Markets builds and operates many of the world's most efficient financial marketplaces, providing market participants with greater transparency and efficiency in fixed income, derivatives and ETFs. Focused on applying technology to enhance efficiency throughout the trade lifecycle, Tradeweb pioneered straight-through-processing in fixed income and now supports marketplaces for more than 20 asset classes with electronic execution, processing, post-trade analysis and market data in an integrated workflow. Tradeweb Markets serves the dealer-to-customer markets through the Tradeweb institutional platform, inter-dealer trading through Dealerweb, and the U.S.-based retail fixed income community on Tradeweb Direct. Customers rely on Tradeweb to drive the evolution of fixed income and derivatives through flexible trading architecture and more efficient, transparent markets. For more information, visit www.Tradeweb.com.
Since 2003, CodeStreet has delivered leading fixed income front-office solutions to enhance riskless and risk-reducing business for the world's largest global banks and regional dealer community. CodeStreet technology helps bank and broker dealers reduce balance sheet and capitalize on every client interaction by identifying previously overlooked trading opportunities, resulting in higher value sales engagement and increased revenues. CodeStreet is headquartered in New York with an office in London. For more information, visit www.CodeStreet.com.