Deutsche Boerse and the New York Stock Exchange - the largest stock markets in the world - have finally settled on divvying up the relationship, settling their finances and even coming to terms on who the top honcho should be. Only one problem remains: the name.
"This is a very emotional issue," incoming market honcho Duncan Niederauer said from the outset. Since February's announcement of Deutsche Boerse's 9.6-billion- dollar offer, a heated debate has raged over what to call the new undertaking, especially in the United States, where it is an issue of national pride.
While top executives weigh the serious issues, many staffers have been coming up with their own suggestions. Sources close to the two exchanges say that brand consultants have been sifting through some 1,100 suggestions submitted from both sides. But no decision has been reached.
The Wall Street Journal cut through the red tape by making its own proposals.
-- Das Kapital: "because we all know that the Germans are taking over."
-- Bagelwurst: "New York's iconic contribution to global cuisine meets Germany's national dish."
-- Gemischter Salat: "The German name for mixed salad."
All joking aside, the naming question is a serious issue. The two exchanges dominate international finance, more or less as sacred national institutions, with neither happy to settle for second place. Last month's 11.3-billion-dollar Nasdaq counter offer was received so bitterly, because it could leave all the fusion efforts kaputt. The NYSE board has officially declared its preference for the Deutsche Boerse offer, but Nasdaq could still make a direct appeal to NYSE shareholders.
So the race is still open, and the search for a name goes on. Simply combining the names Deutsche Boerse NYSE Euronext is definitely out. Even the shortened variant DB NYSE Group ruffles American feathers because the New York Stock Exchange is the heart of US capitalism - it cannot get second billing. NYDeutsche grates on the nerves of Germans because, after all, 60 per cent of the new entity would be owned by Deutsche Boerse shareholders.
In the US, New York Senator Charles Schumer has been vocal in calling for a prominent billing for the NYSE brand. "It symbolises New York's continued prominence as the world's financial capital," Schumer told a Senate hearing in Washington. US Treasury Secretary Timothy Geithner was at the same hearing.
"I agree very much that this is in some ways the world's iconic stock exchange," he said. "That happened in part because we have the best property rights, best disclosure, best investor protection regime in the world, been the envy of the world for a long period of time."
The looming problem is that the merger of Deutsche Boerse and NYSE Euronext requires approval from government regulators in both nations - and influential lawmakers on both sides may find the call of nationalistic pride irresistible. Meanwhile, the brand consultants working on the case are still looking for a strong, identifiable, succinct name that stirs positive emotions without being objectionable to either side. Meanwhile, market insiders are more pragmatic. On the trading floor, where they need a handle now and not later, traders have already nicknamed the combined market "NewCo."