Delaware / Finance / Municipal government

A stock exchange could be coming to Wilmington

Former chairmen of the New York and Philadelphia Stock Exchanges are seeking $15 million from New Castle County.

Delaware Board of Trade Holdings Inc. is seeking $15 million to set up shop in Wilmington. (Photo by GotCredit, used under a Creative Commons license)

OK, here’s the deal:
On Tuesday, July 28, New Castle County Council will review a proposal from Delaware Board of Trade Holdings Inc., a recently incorporated Delaware company led by former New York Stock Exchange chairman and CEO Dick Grasso, Philadelphia Stock Exchange chairman John F. Wallace, former Nasdaq executive and Cincinnati Stock Exchange CEO Nick Niehoff and Dennis Toner, former aide to Vice President Joe Biden.
The company is seeking a $15 million bond from New Castle County to launch a Wilmington stock exchange. According to the News Journal, Delaware Board of Trade Holdings wants to set up two separate trading systems in Wilmington — “one for trading of U.S. and foreign securities and the other for small and medium businesses that don’t qualify for listing on Nasdaq or the New York Stock Exchange.”
The latter will be geared towards capitalizing on the Jumpstart Our Business Startups Act, passed by Congress almost three years ago. The act was designed to lift the red tape preventing small companies from effectively raising the capital needed to grow.
According to County Chief Adminstrative Officer David Grimaldi, the exchange would be held responsible for bond repayments, not taxpayers. He added that the market could create as many as 100 new jobs.
As for location, the exchange is eyeing downtown Wilmington.
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