FNX Limited completes $10 million Financing

Philadelphia, September 20, 2004 - FNX Limited (FNX), a leader in the delivery of technology solutions to the global financial markets, announced today the successful close of a $10 million round of fundraising. Conning Capital Partners and Lazard Technology Partners co-led the financing. FNX will use the proceeds to fund strategic growth opportunities.

Commenting on the financing, FNX founder and Chief Executive Officer Farid Naib said: "This significant round of funding offers FNX the opportunity to strengthen our balance sheet and build on our momentum of taking our world class products into broader markets. We look forward to working with Conning Capital and Lazard Technology Partners, who have a great deal of expertise in the financial technology market."

"We are thrilled to work with FNX, a company known for its dependability,market knowledge, and continuous technological innovation," said David Young, Partner with Conning Capital Partners. "FNX has a remarkable track record in the industry for building state-of-the-art, straight-through-processing and trading solutions for the global capital markets, and we look forward to working with their management team as the company is poised for exceptional growth over the next several years. In addition, we believe that FNX’s front-to-back, cross-product, global integrated technology provides the company with an important strategic advantage in the marketplace."

FNX has two primary product offerings: The Sierra Suite, a fully integrated trading, risk management, accounting, and general ledger solution that streamlines mission critical operations for the international financial community; and Aspen Hedge, a managed services and comprehensive trade capture, risk management, and pricing solution for the buy side. FNX’s technology provides clients around the world a combination of cross-product STP solutions with market-leading technology and interface capabilities.

"FNX fits perfectly with our investment strategy and portfolio. We are very excited to deploy capital behind such a well-established company," said Manu Rana, Principal, Lazard Technology Partners. "Not only does FNX have a market leading product that has been deployed in mission critical production environments for over 12 years at major global banks, but it also has a solid reputation for providing exceptional support and services on a global basis."

In connection with the transaction, David Young and Manu Rana will join the Board of Directors of FNX.