This excerpt taken from the NDAQ 8-K filed Feb 20, 2008.
Damage to the combined companys reputation could have a material adverse effect on its businesses.
One of the combined companys competitive strengths will be its strong reputation and brand name. Various issues may give rise to reputational risk, including issues relating to:
Damage to the combined companys reputation could cause some issuers not to list their securities on the combined companys exchanges, as well as reduce the trading volume on the combined companys exchanges or cause it to lose customers in its market information services or financial products businesses. This, in turn, may have a material adverse effect on the combined companys business, financial condition and operating results.