NYSE Euronext has formed a strategic alliance with The Receivables Exchange, an online marketplace for sales of U.S. receivables.
Under the agreement, TRE will be marketing its Corporate Receivables Program to NYSE-listed companies, and the NYSE will acquire a minority ownership position in TRE. The Corporate Receivables Program will provide an electronic marketplace for the standardized purchase and sale of corporate accounts receivable using an auction model.
In addition, NYSE has hired Paul DeDomenico, the former CEO of GE Capital’s Working Capital Solutions unit to spearhead the new Corporate Receivables Program at the NYSE.
To commemorate the partnership, TRE executives rang the closing bell at the stock exchange on Tuesday.
