SUMITOMO MITSUI BANKING CORPORATION GOES LIVE WITH FNX’S SIERRA SYSTEM

Tokyo, July 12, 2001 - FNX Limited (FNX), a leader in delivering financial technology solutions to the global capital markets, has announced that Sumitomo Mitsui Banking Corporation (SMBC), the bank resulting from the merger of Sumitomo Bank and Sakura Bank on April 1, has successfully gone live with FNX’s Sierra System to support their newly combined fixed income operations.

Central to FNX’s success in establishing itself as the vendor of choice for the newly merged institution was Sierra System’s extensive cross product functionality and ability to handle SMBC’s increased transaction volumes. Of particular importance in the selection process was SMBC’s demand for extensive risk analytics. Sierra System’s bond blotter is a very powerful tool that incorporates extensive risk analysis capabilities in a single user interface. The system’s Yield Curve Sensitivity, as well as other simulation functionality, all accessible from the bond blotter, provide extensive functionality and extremely flexible configurations. Another deciding factor was Sierra’s extensive bond pricing capabilities that include four theoretical calculation methods for pricing bonds, allowing users to mark to market bonds unique to the Japanese fixed income market.

Sean McDermott, Asian Sales Head for FNX, comments: "Sumitomo set uncompromising standards to meet the requirements of their newly merged technology strategy. Sumitomo Bank Ltd. has been using the Sierra System Fixed Income module since 1998. Being selected as the vendor of choice for the bank to emerge from the merger of two such highly respected Japanese financial institutions is a great honor for FNX. We look forward to enhance our relationship with SMBC in the years to come. "

According to Farid Naib, CEO and Founder of FNX Limited, the selection of Sierra System by the newly merged SMBC is evidence of FNX’s continued commitment to the ongoing development of Sierra System’s comprehensive fixed income functionality. "FNX’s success in Asia is due to our deep knowledge and understanding of the Asian markets, as well as our extensive geographic client relations structure. We are absolutely delighted that SMBC has selected FNX to address their newly merged fixed income initiatives in what is a highly sophisticated and rapidly evolving business area".

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