Speculation is growing again in the City over the fate of the London Stock Exchange after Dubai took a 1.27 percent share in Euronext, the pan-European exchange.

The move by the Dubai International Financial Centre has set tongues wagging about a possible three-way tie-up between the LSE, Euronext and Dubai. The more imaginative seers are pressing a scenario whereby Euronext cosies up to the New York Stock Exchange in a bid for London.

One thing’s becoming clearer by the day. Whatever befalls Clara Furse’s ancient institution, it’s unlikely to be conventional or straightforward.

How about remaining independent, whatever that takes?