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Fidelity Capital Markets Selects FNX’s Sierra Treasury

Philadelphia, PA, October 29, 2001 – FNX Limited (FNX), a leading provider of Straight Through Processing (STP) solutions to the global capital markets, today announced that Fidelity FOREX, Inc., the unit of Fidelity Capital Markets that provides foreign exchange (FX) pricing to institutional investors, has implemented FNX’s Sierra Treasury System.

Fidelity is using Sierra Treasury to strengthen its FX Cash front, middle and back office operations, as well as general ledger and credit limits activities. "As a rapidly expanding Capital Markets trading operation, Fidelity is committed to increasing its processing efficiency, while managing market risk and enhancing the products and services it provide its clients," said James Savely, Vice President of Foreign Exchange."Sierra Treasury provides us with an information infrastructure and central data repository for all our FX transaction processing. By helping to ensure the consistency of our FX front office, back office and accounting data, we are able to reduce our operational risk while streamlining our daily activities – something that is critical to success in today’s highly competitive Capital Markets trading environment."

Joseph Guagliardo, Director of System Integration at FNX, said: "Fidelity going live marks the fourth successive Sierra Treasury installation during 2001. An important factor for our clients has been our ability to streamline the implementation process of a Sierra Treasury installation from start to finish. By fine tuning the installation process, we continue to provide our clients with a best of breed product and first rate user experience."

Farid Naib, CEO and Founder of FNX Limited, added: "We are very excited to be announcing yet another client going live on our Sierra Treasury solution. Having Fidelity FOREX as a client shows the strength of both Sierra Treasury and our strategy of empowering clients to increase operational efficiency and develop new products and client-centric strategies while minimizing and managing market risk."