Angela Knight, head of APCIMS (the Association of Private Client Investment Managers), which represents small stockbrokers, has predicted rising technology costs if Nasdaq succeeds in its bid for the London Stock Exchange.

Knight has already been rebuffed when asking for a meeting with Nasdaq chief, Robert Griefeld, who told her it was too early for such a meeting. Nasdaq has claimed lower costs in a partnership of equals.

The American technology exchange’s £2.4 billion ($4.2 bn) offer was instantly rejected by the LSE last week.

Nasdaq is currently considering its position, while the New York Stock Exchange is said to be preparing a counter-bid.