October 16, 2002 - Philadelphia, PA - FNX Limited (FNX), a leader in the delivery of technology solutions to the global financial services community and NTTDATA, the premier technology provider in Japan, announced today that FNX’s Sierra ASP solution had been rolled out to two regional Japanese financial institutions, Hokuriku and Ashikaga Banks.
FNX and NTTDATA have been working jointly to develop a Japanese language-based ASP product that would be built around FNX’s Sierra ASP solution. Hokuriku and Ashikaga banks are the first to deploy Sierra ASP through FNX’s relationship with NTTDATA, and they provide additional validation for FNX’s overall ASP model as well.
Hokuriku Bank’s decision to use Sierra ASP was based on a significant expansion in the scale of its clients’ derivatives trading needs (interest rate swaps, FX options, etc.) as its customers focus increasing attention on the management of risk associated with fluctuations in interest and exchange rates. Hokuriku Bank officials emphasized that the introduction of an advanced trading system will enhance its ability to provide the breadth and depth of functionality required as its customers expand operations outside of Japan.
In an announcement to the financial press in Japan, Hokuriku officials emphasized the advantages of an ASP-delivered solution: "Free from various system limitations, we will now be able to deal with the most complicated and diversified derivative products while meeting our customers’ detailed requirements. With a state of the art system, customers can deal with us with a sense of confidence. We intend to achieve greater risk management by consolidating our database and adopting a more sophisticated risk management system. Through STP, we will increase business efficiency and promote cost reduction as well."
The launch of Sierra ASP at Ashikaga is part of an on-going initiative at the bank to strengthen risk management capabilities, increase business efficiency, and above all else provide the bank’s customers with advanced financial technology for the processing of derivative-related products.
At Ashikaga Bank, the Sierra ASP solution will provide a variety of functionality for the processing of interest rate products, FX swaps, and FX options for deal entry, transaction management, risk analysis/management, etc. Bank officials described a variety of Sierra ASP benefits for their customers:
1. Consolidated data management and STP capabilities will link the front, middle, and back offices, reinforcing Ashikaga Bank’s ability to provide a comprehensive set of market data to its clients for the on-going management of risk.
2. Daily system operations (data backup, maintenance, etc.) will be managed through NTT DATA, which will increase business efficiency and reduce operational costs for the bank. The on-going rollout of Sierra ASP enhancements will be executed seamlessly and with no interruption to Ashikaga Bank’s customers.
3. Through Sierra ASP, the bank will be able to deliver advanced financial technology for derivatives trading, management of interest rate/FX risks, and fund management in areas like FX and FX options processing.
NTT Data and FNX announced their partnership for the distribution and maintenance of Sierra ASP in the spring of 2002.
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