The Nasdaq Stock Exchange (NASDAQ: NDAQ) is close to a deal with the exchange in Dubai, Borse Dubai, that would have the Middle East operation buy 19.9% of Nasdaq and all of Nasdaq's 31% ownership in the London Stock Exchange. It turn, The Dubai investment in Nasdaq would allow the US exchange to buy the Swedish OMX exchange. Dubai and Nasdaq have been rivals for the Swedish deal.

If the arrangement sounds complicated, it is because it is. Nasdaq has spent two years trying to match the deal made by NYSE Euronext (NYSE: NYX) to buy European exchange Euronext to create a transatlantic powerhouse. Nasdaq tried to buy the London Stock Exchange, but was rebuffed, but ending up owning 31% of the British stock market company.

The deal between Nasdaq and Dubai may be an elegant but complex way to end their rivalry over buying OMX. It allows Dubai to be a powerhouse in the global exchange business by owning a huge piece of of the Nasdaq/OMX combination. And, Dubai also ends up with a big stake in England's largest exchange. But, to close the deal will require this complex four-way link-up.

Nasdaq has been viewed an an operation that could not seal a deal to get an overseas presence. With the current cross ownership plan, it may have created a set of partnerships so complex that they cannot be managed. It is not clear whether Nasdaq and Dubai may eventually have competing interests in place like London where Dubai is becoming a major player.

But, the entire set of purchases seems like a mess bound to get worse over time.

Douglas A. McIntyre is a partner at 247wallst.com.