London Stock Exchange CEO Rolet Fires Back at Aramco IPO Critics - Bloomberg

London Stock Exchange CEO Rolet Fires Back at Aramco IPO Critics - Bloomberg:

"London Stock Exchange Group Plc’s Xavier Rolet hit back at criticism that listing rules were bent to pave the way for one of the world’s largest initial public offerings.

The exchange went on a charm offensive after Saudi officials said they are looking to list as much as 5 percent of Aramco in Riyadh plus one or two foreign exchanges. But the 200-member U.K. Investment Association, which represents funds managing more than 5.7 trillion pounds ($7.5 trillion), cried foul, saying that 25 percent should be the minimum free-float level for any premium listed company in the U.K., and that Saudi Aramco should not be an exception.

“There is not a 25 percent governance rule. There’s a liquidity test,” Rolet said in a Bloomberg TV interview Wednesday. “There have been companies that are extremely large that have been allowed to list with less than 25 percent. Let’s not confuse liquidity with governance.”"



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