Nasdaq OMX is pitting CME Group and IntercontinentalExchange against each other in an attempt to decide which company would give the Nasdaq Stock Market parent the best shot at making an attractive bid for rival exchange NYSE Euronext's stock-trading business, according to people familiar with the matter.

Nasdaq has been wrestling with what to do in response to this month's agreement by NYSE Euronext to be acquired by Deutsche Börse in a deal valued at about $10bn. If that deal goes through, Nasdaq would be far smaller than the newly combined rival company.