The New York Stock Exchange-Euronext deal is all but tied up, and Nasdaq is still rubbing its wounds after losing its battle to buy the London Stock Exchange.

Another disappointed suitor, however, has hit back with a major purchase. Deutsche Borse is to pay £1.4 billion for the International Securities Exchange, an options trading platform, based in New York.

The deal will beef up the German exchange’s Eurex derivative platform — a joint enterprise with Swiss exchange SWX. It also smartly tucks away mony the hedge funds were asking to be returned to them.

And what is the LSE doing amid this flurry of activity? Clara Furse is stoutly concentrating on internal matters, like the EDX, its challenger to Liffe which escaped her clutches a few years ago.

Independence means independence then!

So the nationalist argument won after all, bolstered by the impeccable business case put by Clara Furse and the London Stock Exchange board.

This is a departure from recent events where much of the UK’s prime and strategic assets have been sold off to less than glittering buyers from all over the world.

Clara Furse can be proud of her unyielding defence of the centrepiece of Britain’s powerful financial centre in the City of London.

Inevitably, the discussion moves on to : what next? As if just doing the job is not enough for our news hungry generation.

Talk is that the LSE may link up with the New York Stock Exchange and participate in its forcoming wedding with Euronext. What was that the late Princess Diana said about three in a marriage?

Given her record of doughty defence of the LSE’s independence, why would she suddenly cave in to John Thain’s overtures? Better an all-out assault against a weakened Nasdaq to turn the tables. But I doubt relations would be good following a successful outcome and Furse has been as reluctant to go on the offensive as she has been stout in defence.

There are many options open to the London exchange now. Which it chooses to follow will be of absorbing interest during the rest of this year.

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.

Clara Furse, LSE Chief Executive.

With the London Stock Exchange defence document due out today, promising investors cash returns of up to £500 million ($785m), analysts are voicing doubts over Nasdaq’s debt-strewn hostile bid.

WestLB’s Johannes Thormann has adversely changed his target price for the LSE after a reported conference call with the Nasdaq management. He remains sceptical that the New York exchange will get the necessary support.

Nasdaq looks likely to extend its offer to February 10 after only securing less than 1pc of LSE shares to date.