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Nasdaq CEO says tech partnership can help win $100 billion Saudi Aramco IPO
March 15, 2017 / 5:36 PM / 6 months ago

Nasdaq CEO says tech partnership can help win $100 billion Saudi Aramco IPO

Incoming CEO of the Nasdaq Stock Market Adena Friedman speaks ahead of the initial public offering of Trivago (TRVG), the hotel search platform, at the Nasdaq Market Site in New York, U.S., December 16, 2016. REUTERS/Mike Segar

BOCA RATON, Fla. (Reuters) - Nasdaq Inc (NDAQ.O) is touting its technology credentials in its effort to win the listing of Saudi Aramco’s upcoming initial public offering, the exchange operator’s chief executive said in an interview.

Financial centres around the globe, including New York, London and Tokyo, have been making a special effort to win the oil giant’s $100 billion (82.1 billion pounds) listing, which is expected to be the largest IPO ever.

Nasdaq is already the technology provider to Saudi Arabia’s exchange, and will use that relationship to promote the idea of a dual listing in Riyadh and another global market, Nasdaq CEO Adena Friedman said. Nasdaq is based in New York, where its exchange operates, but offers technology services to other global exchanges.

“Every exchange in the world right now is competing to be considered as an exchange for the Aramco listing, including us,” Friedman said in an interview at the FIA’s International Futures Industry Conference on Tuesday. “We’re very active in finding opportunities to work with the Aramco team and demonstrate that we are the natural place for them.”

Saudi authorities plan to list up to 5 percent of the world’s largest oil producer on the Saudi stock exchange in Riyadh, the Tadawul, and also one or more international markets. Exchanges also vying for the listing include markets in Hong Kong, Japan, Singapore and Toronto.

Reporting by John McCrank in Boca Raton, Florida; Writing by Lauren Tara LaCapra; Editing by Bernard Orr

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