The penny seems to have dropped for Robert Greifeld and his Nasdaq team that Clara Furse’s gritty defence of London Stock Exchange independence is winning hands down.

On Friday they seemed to have thrown in the towel when it was announced that the Nasdaq offer of £12.43 per share would not be increased, although the deadline for acceptances would be extended until February 10.

Neither the UK Government nor the Office of Fair Trading have offered any comfort for Furse in this steely tussle. She was left to make the business case without the kind of protectionism enjoyed by Nasdaq, which is virtually bid-proof.

For the fifth time in recent years she appears to have made that case supremely well. LSE shareholders, like the hedge funds, owe her nothing, yet have stood firm — so far. Victory is tantalizingly in sight.

When Nasdaq chief Greifeld flew back from the Davos Economic Forum in Switzerland on Friday, he overflew London and went straight back to New York. The symbolism of that move is clear. Clara is not for turning, and Robert knows it.

There are still dangers galore for a newly-refreshed LSE post-February 10. Greifeld could make good his threat to dump his entire near 30pc stake in the LSE onto the market, possibly causing a precipitate decline. That would not be good business, however, and could lose money if the hedge funds cut and ran.

In the longer term newer exchanges permitted under EU laws, such as Project Turquoise might upset the delicate balance of pricing and attraction for new IPOs.

Those are problems for the future, however, and will not prevent victory tasting very sweet.