The City watchdog has pushed on with plans to soften UK listing rules for state-controlled companies as London races to win over oil giant Saudi Aramco - but critics have claimed the move risks damaging the market's reputation.
The Financial Conduct Authority (FCA) has decided to create a new category especially for sovereign-controlled companies under its "premium" listing regime, despite investors and business groups raising concerns about the idea when it first emerged last year.
The change comes as London fights with New York and Hong Kong for a slice of what is expected to be the world's biggest ever stock market float, despite Saudi Aramco only planning to sell 5pc of its shares.
The...