Toronto, Ontario, December 15, 2004 – FRI Corporation today announced that the JSE Securities Exchange (JSE) has selected FRI’s powerful asset management software suite (Raison SPS), and Repo and Securities Lending Suite (RSL.Net), as a core part of the JSE’s major initiative to transform its current systems with new information technology solutions being delivered by Accenture. The JSE, based in Johannesburg, South Africa, is one of the top 15 exchanges in the world and the second best performing exchange based on growth in market capitalization over the year ended October 2004 (according to statistics from the World Federation of Exchanges).
Under the contract signed between Accenture and FRI, the Raison SPS solution, including its Data Integrator capability, as well as the RSL.Net software, will be deployed at the JSE as a replacement for the functionality currently residing in the exchange’s Broker Dealer Accounting system. The Raison SPS suite of modules provides all of the functionality required for JSE users’ front, middle, and back office processing, accounting, and reporting requirements. RSL.Net is capable of handling all aspects of the repo and securities lending business, including portfolio risk, cash and position management, and data import/export. As an integral component of the JSE’s new systems, Raison SPS will handle and account for all of the equity securities traded everyday on the South African exchange. This solution also caters for future JSE growth into derivatives and other financial instruments.
The JSE’s two-year IT transformation program, called the Orion Project, is expected to significantly reduce the exchange’s costs while improving its operating efficiencies and systems’ capabilities. It also is expected to enhance the JSE’s data management capabilities and increase flexibility. Accenture, a global management consulting, technology services, and outsourcing company, is the JSE’s implementation partner on the Orion Project, with responsibility for the selection of the partner firms whose products and systems will be used and the implementation of the new IT systems.
"To have our software selected to be core elements in a complete transformation of the information technology systems of one of the world’s leading securities exchanges is a tremendous honor and achievement for FRI Corporation. We are excited to be a key participant in a project that we believe will help to make the JSE recognized as a leader in its adoption and use of technologies to serve its customers," said Eligio Gaudio, President and Chief Executive Officer of FRI.
"The selection of FRI and our software suites follows a lengthy and very rigorous, multi-phase screening and evaluation process of vendors from around the world. After being informed that we were the preferred choice," he continued, "we entered into detailed negotiations with Accenture, on behalf of the JSE, regarding meeting the specific requirements of this uniquely comprehensive, sweeping transformation project and how our Raison SPS and RSL.net suites would be the best solution to meet their needs. We believe that an important factor in the selection of FRI over global competitors was the degree of flexibility and adaptability of our software."
Regarding the selection of FRI, Raj Makanjee, Accenture Director, said "Following our screening and evaluation process that included examining the credentials and capabilities of a number of internationally based companies, we selected FRI as a key partner for the JSE’s Orion Project because it was the most successful in meeting our extensive criteria. FRI’s software will form the basis of one of the most critical components of the Orion solution."
The JSE’s Chief Operating Officer, Leanne Parsons states "We were impressed by the breadth and functional capabilities of FRI’s products, the company’s eagerness and commitment to work with the JSE and our implementation partner Accenture, and FRI’s ability and willingness to ensure that its systems will meet our requirements. We also are confident that the selection of FRI’s very modular software suites will contribute to our goals of achieving a highly cost effective platform that will grow and evolve with the JSE, our users’ needs, and constantly advancing technologies."
