Unhappy with Nasdaq’s recent 15% acquisition of the London Stock Exchange Plc, its board announced that the British exchange will explore discussions with major exchanges because its current share price does not fully reflect the LSE’s growth prospects.

“The exchange has extremely strong growth prospects as a standalone business, reflecting a structural shift in trading patterns facilitated by its Technology Road Map upgrade, which continues to produce record levels of trading,” it pointed out. Between January and March, the average daily number of electronic trades grew 38% year-on-year, it reported. March was the third successive record month, with value traded up 69% on March 2005.

“Furthermore, the board is exploring the options available to it to create additional value for shareholders and customers, including discussions with other major exchanges,” it added. “The board believes that the current share price does not fully reflect the shift in its growth prospects, its unique franchise or the strategic options available to it.”

The board also indicated that the exchange will proceed with its planned £510 million return of capital.