Chuck Schumer On The "Biggest Issue" In The NYSE Takeover
Forget that the NYSE is being taken over by a German company (sorry guys, nobody is that dumb to buy the bs argument that Fidelity investors, all of whom are "undeniably" American, own both). The biggest nut apparently is the supremely superficial: i.e., what will be the name of the post-merger exchange. No, this is not an Onion summary. And yes, on this issue Chuck Schumer is relentless...
U.S. Senator Charles E. Schumer released the following statement on the planned merger of the New York Stock Exchange and Deutsche Borse:
“There are many things to like about this announcement, especially that it will open up new markets to NYSE and keep New York the world’s leading financial center. There is a long way to go before this is a done deal, and I will reserve judgment until all the details are settled. An outstanding issue that is important to me is the name of the new exchange. NYSE is one of the most preeminent brands in the financial industry, and there is no reason it shouldn’t come first in the new exchange’s name. If Deutsche Borse pushes any alternative name, it would be an indication that they are not viewing this deal as a merger of equals and that could have negative consequences with regard to future decisions on the merger’s implementations. The New York Stock Exchange will be the crown jewel in this new operation, and the name of the new company should reflect that.”
--U.S. Senator Charles E. Schumer
Um, newsflash: it is not a merger of equals: the DB is effectively buying the NYSE. But who cares about math (not the president - has anyone seen the budget?)
What we want to know is whether this means that our attempt to change the vernacular appellation of HFT to "fully computerized scalping, frontrunning and churning" is a no go? Or changing the name of BATS to Flash Crash central? Or Nasdaq to Hijacked Hacker Haven? But how will people know the truth about the nature of the beast if it is not properly reflected in the name???
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