Riyadh - Mubasher: The battle for attracting the initial public offering (IPO) of Saudi Aramco, which is expected to be the biggest in the world, is heating up.

The fierce competition has led the New York Stock Exchange (NYSE) to say that it will not change the rules to win the IPO, in what was considered to be a swipe at the London Stock Exchange (LSE).

London hopes that the oil giant’s IPO will boost the city’s status as a global financial hub, according to Reuters.

This comes at a time as the United Kingdom is preparing to leave the European Union, which could affect global confidence in the British market.

New York, London, and Hong Kong, were shortlisted for a single double listing of the biggest oil company in the globe.

The Saudi Arabian Oil Company could raise up to $100 billion by selling 5% of its shares, as part of the efforts by the kingdom’s government to diversify the economy.

“You don’t see the United States bending over backwards to accommodate any specific company like you see in other jurisdictions,” John Tuttle, who is in charge of global listings at the NYSE told Reuters in an interview on the sidelines of the World Economic Forum in Davos.

The London stock exchange declined to comment on Tuttle’s remarks and pointed Reuters to exchange data showing that nine out of its top 10 listings were by international companies and that North American firms accounted for 20 listings last year, the news agency noted.