New York Stock Exchange — too little, too late?

Today’s blog is a continuation from yesterday’s LIBOR: The Antitrust Division’s Trojan Horse?

In his April 25, 2011, Exile on Main Street column: Nasdaq, ICE Scoff At New Synergies In NYSE Merger Forbes contributor  Steve Schaefer stated:

Over the weekend NYSE Euronext touted additional synergies in its proposed merger with Deutsche Börse, but the news was met with skepticism by Nasdaq OMX Group and IntercontinentalExchange, the team of rival bidders trying to break up the deal and win the Big Board for themselves. . .

Of course, a Nasdaq/NYSE marriage – ICE would acquire the derivatives businesses – still faces scrutiny from regulators, and the Wall Street Journal reported Monday that Senator Chuck Schumer (D, N.Y.) is demanding details on how many job losses would result in order to achieve the $740 million in synergies (largely cost-related) touted in their proposal.

As you may recall, in February, I weighed in with my own take on this NYSE deal with: Senator Schumer Cries for the NYSE. In that blog I stated that:

Perhaps you read Senator Schumer’s most recent comments about the NYSE? Yes, his points and tone have changed dramatically in seven years. As reported by Aaron Elstein in, “Schumer Calls for New York Stock Exchange to Retain Its Name” (Crains New York Business, February 13, 2010), the Senator said:

Sen. Charles Schumer said the New York Stock Exchange brand must not only survive if the company merges with Deutsche Borse, but it must also come first in whatever name the combined company adopts.

“Some may say what’s in a name, but I say a lot,” Sen. Schumer said Sunday in his first public remarks on the merger talks, which were revealed last week. “The New York Stock Exchange is a symbol of national prestige, and its brand must not suffer under this merger.”

He warned that if Deutsche Borse, whose shareholders stand to own about 60% of the combined company, do not give way on this matter, the entire merger could run into significant regulatory and political roadblocks.

My, how times change! It’s no longer a concern that the NYSE be first among international stock exchanges. Now we’re up in arms about where the NYSE acronym will be positioned in the new name for