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A number of key members, including some large investment banks with substantial operations in London, are thinking about approaching the Office of Fair Trading with a view to looking at whether Nasdaq's 25.1pc stake in the LSE is having an undue influence over the British bourse, which is due to announce strong financial results today for the year to March.
The banks in question feel there is enough potential evidence to ensure a reference to the Competition Commission, which would lead to a full-blown competition inquiry.
LIBA is one of the LSE's largest and most influential user groups, with membership drawn from key investment banks such as Citigroup, HSBC, Merrill Lynch Europe and Lehman Brothers, plus a number of British banks such as Arbuthnot and Collins Stewart.
'Decisive influence' can come in the shape of controlling board decisions, starving a company of capital, or using a veto to affect the company's future.
Since Nasdaq took its 25.1pc stake in the LSE, its advisers, which include boutique investment bank Greenhill & Co, have been keen to stress the merits of owning such a stake.
Nasdaq can stop the LSE from raising a large debt facility, delisting the shares or agreeing to a takeover by a third party.
A competition expert, who asked to remain anonymous, said: 'Yes there is a specific test here, and the OFT can investigate if they wish.'
Any interested party in such a situation can request the OFT look into the issue, but the final decision is up to the OFT.
No final decision is understood to have been taken by LIBA or its members over the issue, and it is thought that, for such a move to be made, LIBA members would have to vote on it.
Nasdaq chief Bob Greifeld last night expanded on the reasoning behind taking the 25.1pc stake. 'The LSE investment... is in the context of our strategic mission to be the leading global equity marketplace. Nasdaq is maniacally focused on this mission today.
'We did pay a premium to the core financial metrics of the organisation to gain a significant LSE percentage stake in a timely manner.'
He told an Securities Industries Association conference in New York he was pleased with the purchase, and praised the 'strong management team' led by chief executive Clara Furse.
Mr Greifeld also appeared to suggest he was in no rush to buy the LSE, saying: 'The race to consolidation is not a sprint but a marathon, and Nasdaq will run hard at every mile-post.'
By James Quinn