Mizuho Tokyo upgrades to FNX’s Sierra release 4.4 to enhance FX Options trading capabilities

April 11, 2003 - Philadelphia, PA - FNX Limited (FNX), a leader in the delivery of technology solutions to the financial services industry, announced today that Mizuho Tokyo had upgraded to release 4.4 of the Sierra System in March.

Julian Cook, FX Options product manager at FNX, commented "Mizuho Tokyo has one of the largest FX option books in the world. Their operation is highly automated, meaning that virtually all of their trades (which arrive from Mizuho branches throughout Japan) are fed into Sierra via an automatic interface. Mizuho’s middle office risk systems are also fed by automated exports of option values and greeks from Sierra." Sierra has proven itself capable of handling production database sizes in excess of 500,000 option trades.

FNX is currently adding sequential barrier models (Knockin then Knockout options) to Sierra for Mizuho’s use in their next-generation retail products. FNX is also enhancing the export capabilities to provide new greeks in the analytic matrices generated for Mizuho’s middle office risk systems.

Farid Naib, founder and CEO of FNX Limited, added: "Sierra was designed to process exceptionally heavy trading volumes, and I’m pleased that Sierra’s capabilities continue to meet the needs of Mizuho Tokyo’s FX Options business. Partnerships with leading financial institutions like Mizuho Tokyo have been a key factor in Sierra’s success over the past ten years, and I look forward to the continued growth of this relationship as their business expands even further."

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