On the face of it, the Financial Conduct Authority’s proposed rule change that will make it easier for oil giant Saudi Aramco to list in London appears to be good for the City. Amid Brexit talks, luring the world’s biggest IPO will surely be seen as a boon to the UK’s financial services industry, offering precious fees and future trading at a time when it needs it most.

There’s just one problem with this – it is hard to see how the City will really benefit.