(The quest for a new name for Deutsche Boerse and the NYSE Euronext)
Some months ago the Deutsche Boerse and the New York Stock Exchange merged to become the biggest stock exchange in the world. This is a huge step in creating a global community based on fewer and more cohesive regulations (hopefully!) with a greater degree of transparency.
The new, unnamed company (jointly headquartered in Frankfurt and New York) is now in search of a name, one that represents each individual entity’s histories, nationality, culture and pride. Even though Deutsche Boerse controls 60 percent of the new exchange, there are many who feel that the “NYSE,” because of its age and reputation, should not only be reflected in the new name, but should come first.
Given the significant and high profile role a stock exchange plays in a country’s economy, and in this case two countries, plus the rest of the world, it stands to reason that this cannot be an exercise in frivolity. So what should two prideful old-timers do? They can ask their employees.
Working with Interbrand, Deutsche Boerse and the NYSE Euronext are asking their employees (6,000 plus) to submit their suggestions online to a digital suggestion box. Interbrand will help both sides of the Atlantic to sort, categorize and analyze the submissions as well as help them keep the strategic vision for the new brand at the forefront when deciding on finalists – a logistical task that we at InnoCentive are very familiar with! The goal is to have a name sometime in the summer of 2011.
It will be interesting to see what name is finally chosen. This venture could be a fascinating insight into the minds of the employees and produce some interesting monikers. InnoCentive crowdsources names from our employees – we’ve named conference rooms, the @Work platform, our product phases and even our newsletters! I can admit from personal experience that Interbrand will have a very interesting time sifting through those suggestions!