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FNX Limited Expands Asian Operations With New Taiwan Office

Philadelphia, November 13, 2001 - FNX Limited (FNX), a leader in delivering financial technology solutions to the global capital markets, today announced the opening of a Taiwan office to meet the growing demand for it’s Sierra Suite of web-enabled STP solutions in Asia.

"Asian financial institutions of all sizes are starting to look at Straight-Through-Processing (STP) in a whole new light," says Sean McDermott, Executive Director, Asian Sales and Operations for FNX Limited. "As banks and corporate treasuries strive to broaden the range of products and services they offer to their clients, the benefits of STP solutions that support complex financial products become more and more attractive, and necessary."

Central to FNX’s success in establishing itself as the dominant vendor in the Asian markets is Sierra System’s extensive cross-asset functionality and powerful technology platform. As a high volume single solution, Sierra System provides the STP processing capabilities and performance levels to manage a truly global operation. Sierra System’s fully web-enabled environment offers unlimited scalability across multiple branch networks, and can be customized to suit specific local and regional environments.

McDermott continues, "Today Asian institutions recognize the inherent value of using a single STP solution for all their cross-asset needs. Sierra System’s ability to offer users enhanced transaction and processing efficiencies, proper management of real-time credit and market risk, improved auditing, secure disaster recovery provisions and the ability to make more informed business decisions is second to none."

WangBor Chen, recently appointed Regional Director, Greater China Region, comments: "FNX’s Tokyo and Singapore sales and support offices have created a very strong base for us in Asia. In 2001 alone FNX has seen a significant increase in business from new and existing clients. By opening an office in Taiwan, FNX is better able to serve the STP needs of financial institutions throughout Asia."