FOR IMMEDIATE RELEASE
TheStreet.com and DLJ's Pershing Division Sign Subscription Distribution Agreement
NEW YORK, November 9, 1999
TheStreet.com, a leading Web-based provider of financial news and commentary, and Donaldson, Lufkin & Jenrette Securities Corporation's Pershing Division announced today that Pershing will offer its correspondent customers and their clients full premium access to
. Pershing, a leading provider of global correspondent financial services, will offer
on a variety of platforms to more than a half-million potential end-users, and will compensate TheStreet.com Professional Markets Group for every Pershing customer that accesses
in a given month.
The agreement offers Pershing's customers and their clients easy access to timely financial news and commentary provided by
. With the new subscription agreement in place, Pershing becomes one of the first leading financial services firms to distribute a Web-only financial news site to its broker-dealer customers, their investment professionals, and their clients.
Under the agreement, Pershing will underwrite full premium access to
as part of the value added services it provides to customers through Pershing Investment Research Online (
http://www.PIRS.com) - an Internet site that makes award-winning investment research available to 32 subscribing firms; and through DLJ Investment Manager Services' front-end technology, iPartner. This real-time market information and trading solution is currently in use by more than 200 hedge funds and money managers. Both services will feature full access to TheStreet.com Professional Markets site.
will also be made available through NetExchange Client, Pershing's Internet-based platform for its correspondent customers' clients. This Internet technology solution provides investment professionals and their clients with online order entry, quotes, access to a full range of financial products and services, investment tools, and news content. To date, Pershing has activated 33 customized and 80 non-customized NetExchange Client sites that are accessed by more than 400,000 individual investors.
"Pershing has an outstanding reputation for providing customized and creative financial services and technology solutions, and our cutting-edge news and commentary enables them to continue to add value to their customer relationships," said Thomas Clarke, Chief Executive Officer of TheStreet.com. "TheStreet.com's news and commentary enables both investment professionals and individual investors to stay abreast of a rapidly changing market, and Pershing's distribution of TheStreet.com sets them apart in a very competitive field."
"The success of Pershing's Internet strategy is primarily due to our focus on providing our customers with access to the tools, services, and value-added content they need to manage their businesses more efficiently," said Alton Jones, Chairman of Pershing's Global Customers Group. "Providing our customers with news and commentary from TheStreet.com is one of the many ways we offer investment professionals and their clients the resources they need to make informed investment decisions."
Pershing, a division of Donaldson, Lufkin & Jenrette Securities Corporation, is a leading provider of global correspondent financial services to over 600 independent institutional and retail financial organizations. Located in nine offices worldwide, Pershing provides a full range of investment-related products and services to the financial services community. Its businesses include execution, settlement, financing, and information management services. For more information on Pershing, refer to the company's web site at
TheStreet.com Professional Markets Group is a division of TheStreet.com, Inc. (Nasdaq: TSCM), a leading Web-based provider of original, timely, comprehensive, and trustworthy financial news and commentary.
www.thestreet.com) was founded in 1996 and is based in New York City, with bureaus in San Francisco, Silicon Valley, London, Tokyo, and Berlin. TheStreet.com's editorial team, with approximately 80 experienced financial journalists and two dozen outside contributors, publish a full range of original news stories and commentaries every business day. TheStreet.com Professional Markets Group establishes multi-seat distribution of
financial news and information products for financial services firms.
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