NEW YORK CITY-The New York Stock Exchange’s iconic headquarters at 11 Wall St. would become one of two global head offices for the world’s largest exchange group under a merger between NYSE Euronext and Frankfurt-based Deutsche Boerse announced Tuesday. The $9.5-billion, all-stock deal gives Deutsche Boerse majority ownership of the combined company; it has been approved by the boards of both companies, but must still be approved by regulators.

One prominent US lawmaker, Sen. Charles Schumer (D-NY), has already hinted at roadblocks for any arrangement that gives the Deutsche Boerse brand prominence over that of NYSE. “Some may say, ‘what’s in a name?’ but I say ‘a lot’,” says Schumer in a statement. “The New York Stock Exchange is a symbol of national prestige, and its brand must not suffer under this merger.” He calls the stock exchange “the cradle of American capitalism” and “a national treasure.”

In a joint statement, the two companies say they haven’t decided on a name yet. “We expect any decision on a name would be made at a later date, subject to the successful completion of a merger agreement,” according to the statement.

The merger would create a 17-member board, with 15 directors plus NYSE Euronext’s Duncan Niederauer as CEO and Reto Francioni, Deutsche Boerse’s CEO, as chairman. Of the 15 directors, nine would be named by Deutsche Boerse.

A statement from Mayor Michael Bloomberg seeks to put a positive spin on the announcement. “The world doesn’t stand still, and neither can the New York Stock Exchange,” Bloomberg says. “Despite all of our administration’s success over the last decade diversifying New York City’s economy, financial services is still a bulwark of solid, middle class jobs for our region and our country. With this proposed merger, the combined organization would be the world’s premier global exchange and a model for other exchanges that will have to try and catch up. And with co-headquarters here in New York City, it reaffirms the central position that New York continues to play in the international financial system.”

NYSE-listed real estate companies did not respond to GlobeSt.com’s inquiries Tuesday on whether the merger could affect investors’ perceptions. However, the readers of the Wall Street Journal have already weighed in on the question via an online poll. As of Tuesday afternoon, more than 60% of poll respondents opined that the combination means New York is no longer the world’s financial center.