ADX aims to introduce ETFs before end-2009

The Abu Dhabi Securities Exchange (ADX) said yesterday it is still pushing ahead with an ambitious plan to introduce exchange trade funds (ETF) and the first ETF could be listed before the end of 2009.

ADX Deputy Chief Executive and Director of Operations Rashed Al Baloushi said the introduction of ETFs, the first in a regional bourse, had been planned in the first quarter of 2009 but had been held up by the global financial crisis.

"ADX is fully committed to the ETF market and working closely toward the successful creation of an adequate platform," he told Emirates Business. "But due to market conditions it has been postponed awaiting the global capital markets to bounce back hopefully before the end of this year."