Nasdaq, the US stock exchange that is aiming to float this year is likely to be worth $1.6bn (€1.8bn), or €300m less than the London Stock Exchange.

The LSE, which listed on its own exchange last year, currently has a market capitalisation of £1.3bn (€2.1bn), which is smaller than its European rivals. Euronext, the pan-European alliance, has a market capitalisation of €2.4bn, while Deutsche Börse is far larger at €4.3bn.