Nasdaq Europe was finally born last week after years of frustration and failed ambitions. But this time the US Nasdaq's energetic president, Frank Zarb, is utterly determined to make his plans for the world's first truly global 24-hour exchange work. And it is probably his last chance to square the golden triangle.

So Zarb will have been disappointed by the sceptical reception from London. Worse still for Nasdaq was the fact that important players such as Merrill Lynch refused to put money into the new venture to buy Easdaq. Others doubt the efficiency of the ETS trading system being used.