JP Morgan has picked up its first advisory mandate from Nasdaq since standing down as financial adviser on the US stock exchange's hostile bid for the London Stock Exchange to avoid a conflict of interest with its broking ties to the UK exchange.

The Wall Street bank has emerged as sole adviser to Nasdaq on its agreed $3.7bn (€2.8bn) bid for Scandinavian rival OMX announced today, and will also fund the cash component of the deal alongside Bank of America.