Credit Suisse Securities Limited licenses Sierra System from FNX

FNX’s Sierra System selected for a complete STP-based solution, from order entry to settlement, for Fixed Income business

February 3, 2003, Philadelphia, PA - FNX Limited (FNX), a leader in the delivery of technology solutions to the financial services industry, announced today that Credit Suisse Securities Limited (CSSL) had selected Sierra System to manage their Fixed Income business.

Sierra System will provide CSSL with a single integrated solution, from the automatic execution of Fixed Income orders and management of position, market, and credit risk, through to settlement and creation of accounting entries. Sierra System will also be linked to CSSL’s custodians, providing automated nostro and depository reconciliation.

Paul Gibson, FNX’s Senior Managing Director in Europe, commented: "Sierra System is an extremely good fit for CSSL’s business, giving complete hands-free processing from order management to settlement. The scalable nature of the Sierra System means that CSSL has virtually no restrictions on the volume of daily trades that can be processed, and with Sierra’s ability to process a wider and more complex array of fixed income instruments quickly and efficiently, CSSL has removed any barriers to taking on more business".

Tony Campey, Managing Director, Credit Suisse Securities Limited, added: "We needed a single, modular solution that would deliver the functionality we required - from trade entry through to settlement - for a diversity of Fixed Income and other complex financial instruments. The system needed to be able to improve our daily operational capabilities, giving us enhanced STP, risk management and expansion possibilities".

Farid Naib, founder and CEO of FNX Limited, commented on the newly minted relationship: "This is one of the most significant software partnerships for Fixed Income processing that has been signed in Europe for several years. I view their decision to implement the Sierra System as a testament not only to the quality of our product, but also to the industry acumen and expertise of the FNX employees who stand behind it. I am tremendously excited about the prospects that this partnership holds for both CSSL and FNX in the future."

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