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.

With the London Stock Exchange about to unveil its defence strategy against a £2.7 billion bid by major shareholder Nasdaq, new record trading figures have given the LSE a big boost in its fight to remain independent.

Chief Executive, Clara Furse’s main line of defence is that the Nasdaq bid is “cheap” in the context of the exchange’s recent performance in world markets. The new results to be announced this week show the LSE to be the fastest growing stock market in the world.

The LSE raised £27.9 billion ($54.5bn) last year, 71pc up on the previous year. This is said to include £10.3bn from businesses which would normally be expected to use the American markets.

The value of share dealing was also up by more than 36pc at £142bn ($277bn). It’s also reckoned that seven of the LSE’s best trading days occurred in December, a month of restricted opportunities to trade.

In the defence document, Clara Furse is expected to return funds to shareholders and promise a dividend rise of more than 50pc in the context of record profits.

As always as of late the hedge funds, which own 30pc of LSE shares, hold the key to its survival. If Furse can persuade them to be patient and await results, she may force Nasdaq on the back foot.

Nasdaq CEO, Robert Greifeld, has already confirmed that he will set up a rival exchange in London if he fails to secure the LSE. New regulations from the European Union mean that the field will be open to all-comers soon. With Project Turquoise promised from a medley of banks, and tiny Plus Markets set to tilt at windmills, the LSE board may not be too worried at that prospect. London is its home turf, after all, and a few choice tie-ups, especially on the derivatives side, would strengthen its hand.

This month will see the emergence of a much clearer picture and greater definition added to the parties’ positions.

Nasdaq is increasing the fees it charges listed companies, sending a frisson of fear through users of the London Stock Exchange.

British companies are now wondering whether Robert Greifeld will use a fee hike to recoup costs if Nasdaq takes over the LSE. Fees at the American exchange rose by 22pc for smaller companies and 27pc for larger ones.

On Nasdaq, annual fees start at £16,000 ($30,000) rising to £51,000 ($96,000). In London, the equivalent range is £3,600 ($6,768) to £35,000 ($66,000).

Robert Greifeld is President and Chief Executive Officer of the Nasdaq Stock Market. He has led the American exchange’s nimble, but risky, bid to buy the London Stock Exchange, despite hostility from the LSE board. The company currently holds more that 25pc of LSE shares, and has the opportunity of mounting a full bid in September. Most commentators expect that to happen in the event of an amicable deal proving impossible.

According to Nasdaq’s website :

“NASDAQ is an open, electronic marketplace that supports competition and provides companies and investors with the best outcome. Our mission is to be the premier U.S. equities market.”

Robert Greifeld is President and Chief Executive Officer of The Nasdaq Stock Market, Inc. (NASDAQ: NDAQ), the largest U.S. electronic stock market. Since joining NASDAQ in May 2003, Greifeld has taken steps to sharpen the company’s strategic direction, focusing its mission on being the premier U.S. equities market. The market’s focus is to provide the most efficient, transparent trading platform for investors by leveraging NASDAQ’s advanced trading technology; to capture the majority of U.S. IPOs and attract listings from competitive exchanges.

Tapping his 20-year industry experience and leadership with electronic trading systems, Greifeld has led a significant enhancement of NASDAQ’s trading offerings. In March 2004, he oversaw the launch of NASDAQ’s market center-a newly integrated system capable of trading of NASDAQ, NYSE, AMEX-listed securities and exchange traded funds on a single electronic platform. In January of 2004, Greifeld spearheaded NASDAQ’s innovative “dual listing” program, which for the first time allowed NYSE-listed companies to list on NASDAQ. This innovative initiative made worldwide news and significantly ratcheted up the debate regarding efficient electronic markets versus manual, floor-based exchanges. Greifeld has been a vocal advocate for modernizing market structure and increasing public company CEO attention on the performance and quality of stock markets for the benefit of company shareholders and all investors.

In May 2004, Greifeld led NASDAQ’s decision to acquire BRUT ECN from SunGard Data Systems (NYSE: SDS). The BRUT acquisition provides NASDAQ trading systems with additional capabilities, including advanced order routing. Most recently, in April 2005, NASDAQ announced a definitive agreement to purchase the INET ECN.

Greifeld is an active speaker on financial market structure and regulatory issues. He has been vocal in Washington regarding enhancements to Sarbanes-Oxley for small companies and the use of stock options as a tool for business and economic growth. Greifeld has addressed organizations including The Investment Company Institute, the National Press Club, and the World Economic Forum.

Prior to joining NASDAQ, Greifeld was an Executive Vice President with SunGard Data Systems Inc., a $6.2 billion market cap company, where he was responsible for all of SunGard’s sell-side businesses and its buy-side transaction routing businesses. While serving as President Chief Operating Officer of Automated Securities Clearance, Inc. (ASC) from 1991-1999, Mr. Greifeld led the team that created BRASS and made it the industry standard trade order management system for NASDAQ stocks.

Greifeld holds a Masters in Business from New York University, Stern School of Business and B.A. in English from Iona College. His graduate school thesis was on the operation of The NASDAQ Stock Market.

Greifeld is an avid runner and has completed four marathons. He was recently named Chairman of the USA Track & Field Foundation.