Nasdaq is getting closer to a possible hostile bid for the New York Stock Exchange (NYSE) in order to prevent the NYSE Euronext from joining Deutsche Börse, The Wall Street Journal reports. Nasdaq has been in talks with banks, including Bank of America, to arrange funding for a bid that could include new debt of up to $5 billion.

Nasdaq is relying on Atlanta-based IntercontinentalExchange to acquire NYSE Euronext’s parts that Nasdaq cannot afford, specifically the London-based derivatives trading business, Liffe, which is worth about $5 billion. In case Nasdaq tries to break NYSE’s all-share deal with Deutsche Börse, it may have to pay a sizeable break-up fee of $340 million.

Click here for the story from The Wall Street Journal.