THE Irish Futures and Options Exchange was formally wound up yesterday after a meeting of the exchange's 25 shareholders voted to voluntarily wind up the company. The planned closure off IFOX was first reported in The Irish Times two weeks ago.
Mr Fergus O'Tierney, a retired partner of accountants KPMG, was appointed liquidator of the company, although, as this a voluntary liquidation, all creditors will be paid in full.
Although IFOX is currently trading profitably and is solvent, the exchange's 25 shareholders - mainly banks, stock brokers and treasury operations - decided that the exchange had no future with little likelihood of it ever generating enough business to justify its continued existence.
Each of the 25 shareholders invested £60,000 when IFOX was established seven years ago and it is thought likely that the shareholders will receive about a quarter of their original investment.
