The Abu Dhabi Securities Exchange (ADX) is delaying its first exchange-traded fund (ETF) until the second quarter due to market conditions, its chief executive said on Tuesday.

The ADX had already delayed the launch of ETFs from the end of 2008 to the first quarter of 2009, given the current market climate.

'We are hoping to have the first one (ETF) listed and traded in April,' Tom Healy told Reuters on the sidelines of an economic conference.

ETF's are investment vehicles that hold assets such as stocks or bonds and trade at almost the same price as the net value of its underlying assets over the course of the trading day.

Healy said ADX was still planning to launch derivatives towards the end of this year or early next year.-Reuters