Bob Greifeld, Nasdaq OMX's chief executive, faces an uncomfortable reality.
The wave of consolidation that has swept the exchange business this month has left him with little choice but to talk through his options with bankers at Evercore Partners and Bank of America BAC Merrill Lynch.
But Greifeld's business is too small and too indebted to acquire most other big exchanges. Nasdaq has a market capitalisation of USD 5.5 billion which would mean it could only realistically consider a solo bid for BME, the Spanish exchange, or Bursa Malaysia.
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