Is it all over bar the shouting? Is the London Stock Exchange’s proud 300-year-old history about to be swallowed up by America’s second-string stock market?

Nasdaq is certainly making confident noises following its swoop on a 25pc stake, even praising and schmoozing Clara Furse and her team at the LSE.

Robert Greifeld, CEO of Nasdaq, pressed home his advantage yesterday in a speech in New York in which he declared himself “maniacally focused” on Nasdaq becoming the world’s top equity market.

He further remarked that he is delighted with the LSE stake and that he “admires the strong management team led by Clara Furse”. He would honour the culture, traditions and regulatory environment in which the exchange operates.

Brave words, but he doesn’t have the US SEC in his pocket. I suspect the LSE would require more than assurances before biting this particular bullet.