The annual meeting of the London Stock Exchange on Wednesday will bring to the fore Clara Furse, its chief executive, who has been at the centre of one of the most unusual takeover battles the City has seen in years.

Ms Furse, 47, took the helm of the LSE in 2001 just after its shareholders - who were also its users - rejected a merger offer from Deutsche Börse. From the start of her tenure, it was obvious that the LSE either had to make an acquisition itself or face a bid from a competing exchange. After losing the chance to buy Liffe, London's futures exchange, the latter seemed the likelier option.