The latest twist in the global exchange consolidation saga has brought Deutsche Börse down to earth with a bump. Now, the German exchange operator, which has been struggling to globalise its Germanic-centred franchise for the past ten years, is left with an ever-dwindling number of options as it seeks to ink a deal.

Nasdaq OMX ended several weeks of speculation on Friday when it said it had teamed up with US futures giant IntercontinentalExchange to submit an $11.3bn counterbid for NYSE Euronext. The joint bid was intended to derail NYSE Euronext's agreed $10.2bn merger with Deutsche Börse, which had been announced on February 9.