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Man called Deutch leads charge to keep NYSE brand as German takeover looms

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By The Drum Team, Editorial

February 11, 2011 | 2 min read

With the New York Stock Exchange in advanced talks on a merger with Deutsche Börse, operator of the Frankfurt Stock Exchange, a politician named Deutch has a big worry: the New York Stock Exchange must keep its name.

A joint statement by the two companies this week confirmed the talks. Many hurdles remain to be negotiated but Deutsche Börse would own as much as 60 percent of the new company, which would be incorporated in the Netherlands.

Both outfits are saying the talks might still fall apart - Deutsche Börse previously tried to merge with the London Stock Exchange, without success. However, insiders believe a merger could be announced as soon as next week.

The " save the name" demand comes from Florida Democrat Ted Deutch. He says the NYSE must retain the name it has had since 1863.

“The New York Stock Exchange is a foundation of the extraordinary American economic success story, and its name rightfully reflects the United States’ position as the financial centre of the world,” he said in a statement.

Mr. Deutch says America has a tradition of protecting its national icons " Just as we wouldn’t change the name of the Statue of Liberty, Mt. Rushmore or the Golden Gate Bridge, a new majority owner, whether foreign or American, cannot be allowed to change the name of the New York Stock Exchange."

Mr Deutch may be able to relax. No-one has come up with a name for the combined company, but all local exchanges including the NYSE would retain their names, an insider told the New York Times.

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