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Riyadh: The Saudi bourse regulator has postponed for five months the launch of a new trading system designed to enhance market transparency and efficiency, business newspaper Al Eqtisadiah reported yesterday.
Remarks by Capital Market Authority (CMA) chief last month that the system would be launched in May have contributed to a decline in the bourse, which has been criticised by foreign investors as being poorly regulated, analysts said.
Linkage
The paper quoted sources as saying the system will not be launched before September. "This is due to the need to connect [it] with other relevant departments," it said.
In 2006, the bourse awarded a 160 million Saudi riyal ($42.7 million) contract to Nordic bourse operator and technology group OMX to develop the trading system.
CMA spokesman Abdul Aziz Al Zoom and OMX spokeswoman Heidi Wendt did not have immediate comment.
The envisaged system includes platforms for trading and market data dissemination, a market surveillance system and the integration of a central securities depository.
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