UPDATE: Traders Wonder About Name As NYSE, Deutsche Boerse Combine

Let the name game begin.

NYSE Euronext (NYX) and Deutsche Boerse AG (DBOEF, DB1.XE) executives formally unveiled a deal to combine the two exchanges, but failed to say what the new entity would be called. The lack of a new moniker has caused criticism in recent days, with Sen. Charles Schumer (D., N.Y.) on Tuesday reiterating his call to keep NYSE in the global exchange's new name.

The reaction on the iconic NYSE floor was muted to a deal that Wall Street knew was coming for days. Traders still wanted details, including about whether the exchange floor would ultimately vanish once the combination is completed.

"As always, the devil is in the details, in this case operational details. Those remain unknown," said Michael Shea, managing partner at Direct Access Partners, an institutional brokerage.

NYSE Euronext's shares fell 2.9% to $38.29 in recent trading. Other exchange-operator stocks also declined. NASDAQ OMX Group Inc. (NDAQ) dipped 5% to $28.17, CBOE Holdings Inc. (CBOE) fell 3.5% to $26.88, CME Group Inc. (CME) lost 1.1% to $299.32 and IntercontinentalExchange Inc. (ICE) fell 2.6% to $127.07 recently.

Both NYSE Euronext and Deutsche Boerse said in an announcement that each would retain its name in the country in which it operates. NYSE Chief Executive Duncan Niederauer told business network CNBC that both sides had yet to settle on a name, and that it would not be "DB-NYSE Group."

"If you look in terms of global branding, the NYSE is kind of the preeminent global brand as well as a real catalyst for excitement in the U.S. marketplace," said Larry Tabb, chief executive of advisory firm Tabb Group. "Anything to put the NYSE in second position is going to wind up creating a lot of consternation in the States. But realistically, Deutsche Boerse is in the driver's seat here."

Though questions about the combination still linger, the overwhelming impression by traders at the NYSE is that a deal was needed to keep the U.S. exchange competitive.

Floor traders said they were encouraged to have more listings, more issues and more shares of foreign companies to trade for their clients and did not anticipate any drastic changes to the storied floor.

Given the recent explosion in new trading venues, many predicted that more consolidation of exchanges could still come.

"By and large we're all in agreement that--even those of us that play inside the NYSE market--we think it's certainly something that had to happen," said Keith Bliss, senior vice president at Cuttone & Company, a brokerage on the NYSE floor.

Despite the appeal of the NYSE brand, others speculated the prospect for future tie-ups with exchanges based in Asia or South America will lead to a generic name for the combined exchange.

"Something like 'Global Exchange Group' makes a lot of sense," Patrick J. Healy, chief executive of Issuer Advisory Group, an organization that counsels publicly traded companies about their dealings with exchanges, said. "This would preempt addressing this issue again in the next round of consolidation--Asia."

-By Chris Dieterich, Dow Jones Newswires; 212-416-2611; christopher.dieterich@dowjones.com

--Donna Kardos Yesalavich and Kristina Peterson contributed to this article.

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