Easy Street

Newly merged stock exchanges search for a new name

Stephen Beard Feb 18, 2011
HTML EMBED:
COPY
Easy Street

Newly merged stock exchanges search for a new name

Stephen Beard Feb 18, 2011
HTML EMBED:
COPY

TEXT OF STORY

JEREMY HOBSON: After announcing plans to merge, the New York Stock Exchange and the German market now have a much trickier problem — coming up with a name for the joint trading floor.

Our European Correspondent Stephen Beard joins us now live from London with more on this story. Hi, Stephen.

STEPHEN BEARD: Hello Jeremy.

HOBSON: Why has the name become such a big problem?

BEARD: There are national sensitivities here. After all, a German company company is taking over an iconic American institution. By rights it should be a German name. But perhaps a non-threatening, unnationalistic, culturally acceptable German name. One jokey suggestion I’ve seen so far was “Stock-toberfest.” But economist Andrew Hilton thinks it should perhaps be a little more classical.

ANDREW HILTON: I’d suggest that you simply choose as the holding company name a name of a good German. Find a good German — Bach, Beethoven, Mozart, Goethe — something like that. Right it in capital letters. “Bach” would be very nice because it would be very short and call the exchange Bach.

HOBSON: Oh yeah — Bach. That’ll go over really well on Wall Street, Stephen.

BEARD: Indeed. And the senior Democrat Senator for New York has already said — Charles Schumer this is — has made it clear that New York has to be in the name. And it’s got to be first. This is obviously going to be a major headache for the two companies. So they’ve turned to social media, like Facebook for help. They’ve thrown the search for a new name open to the social networks for brainstorming by their employees — much cheaper than using a brand consultant.

HOBSON: Well let’s see what ideas get written on their wall. Stephen Beard our Marketplace Europe correspondent. Stephen thanks so much.

BEARD: OK Jeremy.

We’re here to help you navigate this changed world and economy.

Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.

In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.

Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.