It appears less likely that a merger between Nasdaq OMX Group (NDAQ) and IntercontinentalExchange Inc. (ICE) will get done, but a combined bid for NYSE Euronext (NYX) is still being discussed.

Sources told FOX Business earlier this weekend that one stumbling block in a potential ICE hookup with Nasdaq is that the ICE does not want to be regulated by the Securities and Exchange Commission.

Nasdaq and the ICE believe they would have to pay somewhere in the neighborhood of $11 billion to wrest NYSE Euronext from Deutsche Boerse, which agreed to acquire the Big Board last week. Nasdaq and ICE have also determined that antitrust issues would not prevent Nasdaq from taking on the NYSE’s stock listings.

Meanwhile, according to sources, Nasdaq and ICE are mulling a suit against the $340 million breakup fee that is part of the NYSE Euronext deal with Deutsche Boerse, arguing it is excessive and not in the best interest of shareholders.

Sources say it may be five to seven days before Nasdaq and ICE determine their next move.

Officials from Nasdaq didn’t return calls and emails for comment on the matter, or to say whether the talks have broken down or picked up momentum. A spokesperson for ICE said the firm is "not able to comment on those types of matters."

Charles Gasparino joined FOX Business Network (FBN) in February 2010 as Senior Correspondent.