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Aspen Hedge – the first fully-managed ASP for the buy-side industry

Philadelphia, April 6, 2004 - FNX Limited (FNX), a leader in the delivery of technology solutions to the global financial markets, announces today the launch of Aspen Hedge - the first fully managed ASP solution for the buy-side community. Aspen Hedge will be managed by a new hedge fund oriented operating division of FNX.

Aspen Hedge is the result of over 12 years of continuous development across a wide variety of asset classes. FNX has worked closely with recognized hedge fund managers to guarantee a unique and convenient offering to the fund industry. Aspen Hedge is designed to support all products traded by a Hedge Fund, from foreign exchange and equities to exotic options, fixed income and derivatives. The solution provides deal capture, P&L, best of breed analytics, risk management tools, key interfacing capabilities, a comprehensive security master and an unparalleled service agreement.

The breadth and depth of the Aspen Hedge offering positions it as one of the most advantageous services for lowering operational risk and maximizing the business functionality of the buy-side institutions. Aspen Hedge is accessed through the Internet, which is of huge benefit to fund managers, as it gives them the ability to access and manage their strategies and portfolio performance from anywhere, and at any time.

To guarantee the highest levels of security and protect Aspen Hedge against physical and logical threats, Aspen Hedge has partnered with a premiere hosting provider. The hosting facility is constructed and guarded according to the standards set by the US Department of Defense. The network access is controlled with multiple firewalls and digital certificates using 128-bit encryption. Within the application, authorization is managed with a policy server using a layered security model.

Aspen Hedge has a set of benefits that makes it a very attractive proposition for buy-side players. With zero technology investment required and a monthly fee structure, Aspen Hedge provides a unique competitive advantage to its users. The Aspen Hedge service also includes a comprehensive data management function, including the definition and maintenance of static data and security information such as holiday calendars and bond definitions. This data service greatly reduces operational risk at hedge funds, by ensuring that all underlying financial instruments are properly defined. Aspen hedge also provides market rates and independent valuation of financial portfolios.

Farid Naib, FNX’s CEO states: "We are excited by this opportunity to bring a meaningful product to the Hedge fund market. In Aspen Hedge, we feel that we have built the most comprehensive buy-side solution available in the market. Our unmatchable asset coverage, our data servicing, our secure infrastructure, and our risk and portfolio management tools will prove to be a very valuable asset in the operations of our clients."