Nigel Short, the British grand master who challenged Garry Kasparov to become the world chess champion 15 years ago, knows the value of a well-timed sacrifice, arguing: “A good sacrifice is not necessarily sound but leaves your opponent dazed and confused.”

In the battle for supremacy in European trading – a contest that has borne all the hallmarks of a chess match with the large exchanges defending their title against an aggressive new breed of challengers – one newcomer, Nasdaq OMX, is to make such a sacrificial move.