“It seems Maple syrup proved sweeter than honey”, was how Peter Randall, chief executive of share trading platform Equiduct, put it as news came through that the London Stock Exchange had called off its marriage with TMX Group of Canada. To understand what he meant, you have to know that Xavier Rolet, the LSE’s chief executive, is a keen bee-keeper, as well as rally driver and winemaker.

The LSE's shares look set for a sweet pop this morning, as investors will be hoping that a much-speculated-upon bid by Nasdaq OMX will now be forthcoming. For those who remember, Bob Greifeld, the US exchange’s chief executive, initially approached the LSE with a 950p a share offer in March 2006 – a whisker away, ironically enough, from where the shares’ 956p close on Wednesday.

Mr Greifeld’s attentions were spurned and he went hostile with a bid priced at £12.43 a share in November 2006. That lapsed in February the following year and the rest is history.

The LSE’s shares soared beyond £16. Then the slide started. Competition arrived in 2007 with the launch of Turquoise and Chi-X Europe – led at the time by Mr Randall – and the shares slumped. Many shareholders were left wondering why Clara Furse, Mr Rolet’s predecessor, hadn’t taken the £12.43 on the table back in 2006.

If only it were that simple. At the time exchange valuations were going through the roof, the LSE had a solid franchise and the only way seemed up.

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