With the London Stock Exchange partially trussed up by Nasdaq — with a 25pc shareholding — the American exchange has been casting its newly roving eye elsewhere, specifically, to the Far East.

In the last few weeks Nasdaq has arranged co-operation deals with exchanges in Korea and Shanghai and with the Tokyo-based Jasdaq.

The New York Stock Exchange, not to be outdone, is also seeking a deal with the Tokyo Stock Exchange which will link the world’s two biggest markets through a 10pc share swap.

Where does all this leave the LSE?

Clara Furse, chief executive, is reportedly basing her defence on some great trading numbers and fundamentals to be announced shortly. Next week’s financial results will put the spotlight on strong IPO figures, high levels of trading and good transaction numbers on SETS, its electronic trading system.

It would be reassuring, however, to see the LSE spread its wings a little and become more predatory — like the Americans. A bit more ballast might help its fight to stay independent.

In a speech to the British Bankers’ Association, Treasury minister Ed Balls announced that he will introduce legislation before Christmas to “safeguard the light touch and proportionate regulatory regime that has made London a magnet for international business”. He said the new law is “not intended to make overseas ownership of UK exchanges any easier or more difficult than it is at the moment”.

He had previously planned to add these clauses onto the slower-moving Companies Bill legislation. Balls also said he is determined to maintain “sensible and light touch” regulation of the financial sector at global and EU level.

The new regime will mean that any bidder for the LSE will face a lengthy regulatory process before a takeover can go ahead.

It has been suggested that Nasdaq has held a series of high-level, confidential meetings with the Treasury, and feels assured it would eventually secure the go-ahead.

Euronext has announced that it supports a proposal to merge its stock exchanges with Deutsche Borse and Borsa Italiana, as long as it is part of its merger with the New York Stock Exchange.

The intriguing possibility now opens up of an even bigger transatlantic giant emerging to challenge the London Stock Exchange.

With Nasdaq in talks with the hedge funds which own 30pc of LSE shares and a figure of 1300p being bandied about as the cost of buying out these shares, it’s beginning to look like two great pan-Atlantic exchanges may emerge over the next 12 months.

Unless, that is, Clara Furse can find a white knight to save the old LSE.

With the hedge funds getting restless (they own 30pc of LSE shares) and Nasdaq adopting a laid-back posture (it owns 25.1pc), you might think that the London Stock Exchange was between a rock and a hard place.

Nasdaq, it seems, is quite prepared to sit out the next six months, whereupon it can withdraw its £2.4bn ($4.49bn) offer and make a lower bid for the LSE. This leaves the hedge funds champing at the bit, while the large profits they came in to claim are receding over the horizon.

Meanwhile, back at the ranch, Chief Executive Clara Furse, now apparently supporting an independent, British LSE, is looking eastwards for a possible takeover target. The Singapore Stock Exchange is being mentioned, even though Hong Kong is larger. Maybe Chinese regulation doesn’t appeal.

Furse probably has around five weeks to stitch up a deal or announce her intentions. Whatever happens, Clara knows she’s in for a bumpy ride.