Receivables Exchange announces partnership with New York Stock Exchange

Today The Receivables Exchange (TRE), a New Orleans-based company that reported 466% growth in 2010, announced a partnership with the New York Stock Exchange (NYSE). The joint strategic initiative was agreed upon to market TRE’s Corporate Receivables Program (CRP) to potential sellers, including New York Stock Exchange listed companies. Under terms of the arrangement, the NYSE has acquired a minority ownership position in TRE.

The Wall Street Journal immediately covered the breaking news, stating, “Upheaval in the corporate lending market has provided an opening for the company, where trading volumes of accounts receivable in its U.S. market for small-and-midsize businesses leapt nearly six-fold from 2009 to 2010.”

NYSE Euronext also announced the appointment of Paul DeDomenico as Head of Global Corporate Receivables Programs. DeDomenico is the former CEO of GE Capital – Working Capital Solutions and as a 23-year veteran of GE Capital has extensive commercial finance background in accounts receivable financing and factoring, leasing, and asset backed lending. Among other accomplishments, he developed and grew GE’s global accounts receivable financing and servicing platform, Working Capital Solutions, from start up phase to $10 billion of assets.

“Our alliance with TRE adds to our growing portfolio of issuer services and provides our listed companies affordable and continuous access to working capital,” said Scott Cutler, NYSE Euronext Executive Vice President and Head, NYSE Listings “We believe that our issuer community will benefit from the technological elegance, practicality and business advantages of the CRP program, and we are proud to partner with TRE on this initiative; a unique capital efficient mechanism which is especially important during this time of market uncertainty and reduced access to credit facilities. We are also pleased to welcome Paul DeDomenico to NYSE Euronext. Paul’s expertise in asset based lending and capital markets within the global trade flow and accounts receivables industry and his successful track record of delivering working capital financing solutions to medium and large corporate customers, make him the ideal individual to lead NYSE Euronext’s CRP initiative.”

The Receivables Exchange award-winning management team also commented on the agreement. “This strategic initiative with NYSE Euronext is a significant milestone for TRE,” said TRE Co-Founders Justin Brownhill, CEO, and Nic Perkin, President. “CRP provides an efficient and cost-effective way for NYSE listed and other companies to leverage receivables for liquidity and balance sheet management and to improve return on assets and equity. By embarking on this bold initiative with us, NYSE has affirmed its confidence in the value of TRE’s game-changing business model and marketplace. We are very proud to be a partner of NYSE Euronext.”

TRE is a category creator and market leader for bringing affordable and needed capital to the $11 trillion U.S. small and medium business (SMB) market. The company was formed in 2007 and moved to New Orleans shortly after formation to support and take advantage of the growing entrepreneurial community and Louisiana tax credits.