NEW YORK--(BUSINESS WIRE)--Receivables Exchange, the electronic marketplace for the sale of corporate accounts receivable, today announced the appointment of James W. Toffey as the company’s Chief Executive Officer. Toffey was also appointed to the company’s Board of Directors.
Mr. Toffey joins Receivables Exchange from GFI, where he spearheaded its burgeoning services operating electronic marketplaces for traders and market makers of cash and derivative financial and commodity products. He joins at a growth stage for the company as new large corporate sellers and institutional buyers drive increasing volumes on the company’s electronic trading platform. Toffey will be responsible for managing this growth while expanding client origination efforts and continuing to build out a robust technology and operations infrastructure.
Toffey is a seasoned professional in the exchange-based financial services arena and an e-trading pioneer. He founded Tradeweb Markets in 1997, a joint venture with four global banks, and served as Chief Executive Officer and President through 2008, growing Tradeweb from a start-up to a global exchange platform spanning 18 different asset classes. John Connolly, Managing Director at Bain Capital Ventures and Receivables Exchange’s non-executive Chairman, said, “We are excited that the company’s decision to focus on the large corporate space has resulted in a business so substantial as to attract a market-leading executive such as Jim,” and added, “Jim’s experience will be invaluable as our business rapidly scales.”
Toffey commented, “I am thrilled to be joining Receivables Exchange and to be back in a ‘business building’ role at a time when institutional investors are clamoring for the further commoditization and marketization of new and existing asset classes.”
Mr. Toffey received an M.B.A. from the Amos Tuck School of Business Administration and a B.A. from Dartmouth College. After leaving Tradeweb Markets, he served as Entrepreneur-in-Residence at Warburg Pincus, LLC and went on to found Benchmark Solutions, where he served as Chief Executive Officer. Toffey also served as the President of Fixed Income, Equity and Retail Wealth Management at Thomson Financial, Inc. after Thomson’s acquisition of Tradeweb.
About Receivables Exchange
Receivables Exchange is the first-to-market and leading electronic exchange for the sale and purchase of accounts receivable. Its electronic marketplace connects large corporate sellers of receivables with diversified sources of liquidity, including banks and asset managers, allowing continuous access to working capital through a dynamic marketplace at the lowest cost.
Receivables Exchange is backed by Bain Capital Ventures, Redpoint Ventures, Prism VentureWorks, and StarVest Partners.