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Cargill Investor Services Goes Live with FNX’s Sierra Treasury

New York, July 17, 2001: FNX Limited (FNX), a leader in delivering financial technology to the global capital markets, today announced that Cargill Investor Services and its affiliates ("CIS"), a global broker of exchange-traded futures, options and over-the-counter ("OTC") products, has gone live with FNX's Sierra Treasury solution to support its global OTC trading and back office operations.

CIS is using Sierra Treasury's FX Cash, FX Options, and Commodities modules for seamless front-, middle- and back-office functionality. Additionally CIS has implemented Sierra’s real-time limits, margin monitoring, and real-time interface capabilities.

"CIS is committed to growing and enhancing our client-centric brokerage services," comments Joel Steindel, Cargill Investor Services' global OTC operations manager. "As our OTC operations cover a wide range of asset classes, including fx cash, fx options, commodities, bullion, and LME, Sierra Treasury’s ability to support extensive cross-product trading activities is of utmost importance to us. Additionally, the System’s back office functionality enables us to enhance our operational efficiency and end-to-end business automation. Sierra Treasury’s integrated multi-product daily settlement monitoring, daily/monthly automated distribution of customer statements and daily account revaluations and interest accruals on account balances have enabled us to streamline our back office activities and bring added value to our clients. "

Brian Duff, head of foreign exchange for CIS, elaborates: "Sierra Treasury’s Internet-based technologies provide our clients with faster order placement and quicker access to account statements. Sierra Treasury’s scheduling functionality and batch processes enable us to deliver our newly designed customer statements over the Web, enhancing our ability to meet our clients’ individual needs in an increasingly dynamic marketplace."

Joseph Guagliardo, Managing Director, Systems Integration of FNX, commented, "As U.S. financial institutions continue to embrace Web-enabled technologies, there will be an increase in demand for more client-centric products and strategies, and increased value-added client services. FNX is proud to be have been chosen by CIS as they evolve their product coverage and e-strategies."

Farid Naib, CEO and Founder of FNX commented, "We (FNX) have always had a strong commitment to designing and developing innovative and forward thinking technology. Our vision was to develop a customer-centric Internet strategy that would enable our clients to further customize the way in which they use our technology, while reducing the support costs traditionally associated with fully integrated STP applications. Having CIS as a client is a tremendous endorsement of Sierra Treasury and FNX."