Talks to set up a new Scottish Stock Exchange look set to re-establish an icon of Scottish finance that has been missing for nearly 50 years. But the law firm advising on the project is not Scottish, nor is it English. Instead, Texas-native firm Baker Botts has secured the lead role.

The last Scottish Stock Exchange began trading in 1964, but in 1973 merged with the London Stock Exchange, closing its trading floors in Glasgow, Edinburgh and Aberdeen.