Nasdaq, the US electronic exchange, today moved a crucial step closer to its first European acquisition and the creation of what it is claimed would be “the world’s largest exchange company” as Borse Dubai, the Middle Eastern holding company, bought Nordic exchange OMX on behalf of Nasdaq.

The US exchange confirmed the final leg of the transaction, which involves Borse Dubai flipping OMX on to Nasdaq in return for cash and stock, will be completed on February 27, marking the formation of Nasdaq OMX.