CHICAGO (Nov. 30, 6 p.m. EST) — ThePlasticsExchange.com, an online bid/ask trading exchange for the plastics industry, went live with its site (www.theplasticsexchange.com) in mid-November.
The Chicago-based company said in June that it would offer the first true online trading for plastics, making available 24 standard contracts for different grades of polyethylene, polypropylene and polystyrene. The company acts as a middleman to arrange transactions, guaranteeing shipments to processors and payment to suppliers.
Chief Executive Officer Michael Greenberg is a former top executive with Chicago-based Alaron Trading Corp. He said his model, developed since early in 2000, is similar to the fluid price auctions found on the floor of the Chicago Mercantile Exchange.
"We´re definitely a full generation ahead of any (spot-trading) model currently available," Greenberg said. "With others, you have to still work out credit and logistics. With us, it´s all integrated."
The company has added two people since announcing the site during NPE 2000 in June, putting total employment at 10.