FNX and NTTDATA to launch first full service ASP in Japanese - Solution will provide STP solutions to the Japanese financial community

Philadelphia, March 19, 2002 – FNX Limited (FNX) a leader in delivering technology solutions, in partnership with NTT DATA Corporation (NTT Data), Japan's top system integrator company, today announced the introduction of the first cross product ASP service designed to provide risk management and Straight Through Processing (STP) technology to the Japanese financial community.

The system will initially be offered to 23 regional institutions currently using NTT DATA products, with the goal of expanding the reach of the system both across instrument coverage and to new institutions. The service will provide Sierra Treasury’s full range of trading, risk management and back office capabilities on a fully outsourced basis.

Initial products to be covered include Interest Rate Derivates, FX Cash, and FX Options with future offerings of Exchange Products, Fixed Income, and Equities coverage. The service is slated to go live in August and will be rolled out to beta clients shortly.

The demand for improved risk management in the Japanese market has risen due to the increase of rigorous monitoring by the Financial Services Agency of Japan. Firms are increasingly using trading and risk management practices to help maintain capital adequacy ratios and to monitor operational risk. Along with demands for dependable methods of operations and information management, Japanese financial institutions are demanding STP solutions that offer best-of-breed tactical and operational risk control for a wide range of sophisticated instruments.

FNX and NTTDATA have been working together to provide a service to meet these demands, and are currently working to assure a smooth transition for NTTDATA’s existing clients to the new service. The ASP service, in addition to providing the Sierra Treasury Solution, will also handle data maintenance tasks, including disaster recovery and stable data center operations.

The service has been competitively priced, with start-up fees of 10M yen and annual fees of 4.5 M Yen to 8.6M Yen per product per year. The system is expected to help reduce ticket costs for participating institutions, by as much as two thirds. The service builds on FNX’s expertise as a provider of cross product, front to back systems as well as FNX’s extensive experience in Japan. The system will be available in Japanese and English.

Farid Naib, CEO and Founder, FNX Limited comments, "FNX has been active in the ASP market for several years. The NTTDATA deal marks our largest ASP venture to date and points to the growing maturity of the ASP market. It’s also significant as it the first publicly announced ASP service for the financial community in Japan. We are extremely excited to be working with NTTDATA and look forward to a successful ongoing relationship."

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