Europe's big three exchanges will resume hostilities next year, with the London Stock Exchange and Euronext continuing their attempts to move into each other's home markets and Deutsche Börse looking for a use for its growing cash pile.

Frustration has been the overriding theme of the year for European exchanges, according to one analyst. Deutsche Börse has been thwarted in its pursuit of consolidation with rivals. The LSE was frustrated in its efforts to compete with Euronext in the Dutch market. The London exchange's bold move into the Netherlands has failed to pay off. Its EuroSets platform has captured between 2% and 5% of daily trading volumes in Dutch equities, despite being launched at the request of local brokers.