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FNX IN NEW INTEREST RATE DERIVATIVES INITIATIVE

Philadelphia, PA, August 28, 2001 - FNX Limited (FNX), a leader in delivering financial technology to the global capital markets, has appointed Matthew Garter to head up a new Interest Rate Derivatives (IRD) initiative that will strengthen the company’s ongoing expansion and plans to enhance its existing cross product coverage.

With a career spanning over 15 years in the Fixed Income and Risk Management markets, Garter brings a wealth of diverse experience to FNX.

From 1996 to 1999 Garter worked at Bear Stearns, as a member of the Risk Management Group. In this position he was responsible for monitoring risk and valuation of Fixed Income Derivatives, Mortgage Derivatives and Foreign Exchange Derivatives.

From 1993 to 1996 he worked at Donaldson, Lufkin and Jenrette (DLJ) as a Senior Debt Options Trader, making markets in OTC mortgage options and OTC treasury bond options. Additionally, Garter designed, helped to develop, and implemented a new risk management system for treasury and mortgage options trading.

Prior to DLJ, Garter was Vice President, Futures and Options at Yamaichi International Americas, where he was a market maker for OTC treasury options and helped develop a portfolio and risk management system. Before that, Garter held senior trading positions at Shearson Lehman Hutton, and DuPont Pension Fund.

Farid Naib, CEO and founder, FNX, comments: "FNX’s client base continues to expand significantly, providing FNX with new and exciting challenges, one of which is to ensure that our solutions keep up with the evolution of our clients’ current and future needs. Our ongoing development is a testament to our commitment, and we are excited to have Matt on board, heading up the initiative."

Garter says: "Over the past few years, FNX has established itself as one of the leading providers of trading and risk management software. I look forward to enhancing an already first rate product, and I am excited to be a part of the FNX team as we expand both product and geographical coverage."