$15M bond sought for proposed Wilmington stock exchange

A new Delaware company led by prominent figures in national financial and political circles is seeking a $15 million bond from New Castle County to create a stock exchange headquartered in Wilmington.

The County Council is scheduled on Tuesday to review a proposal from Delaware Board of Trade Holdings Inc., which was incorporated in June and is led by John F. Wallace, former CEO of the Philadelphia Stock Exchange.

County Chief Administrative Officer David Grimaldi says the bond would pay for technology to build the exchange and be combined with money from outside investors to cover financial requirements.

The proposed Wilmington exchange would include one trading system for securities and another for local small and medium-sized businesses that don’t qualify for listings on Nasdaq or the New York Stock Exchange.