GFI LAUNCHES NEW VERSION OF FENICS FX AND ACQUIRES MATHS MODEL USED TO PRICE EXOTIC OPTIONS

New York, October 27th 2003 – GFI Group Inc. ("GFI"), an inter-dealer brokerage, market data and analytical software provider for global cash & derivative markets has today launched the latest version of FENICS FX, its global standard platform for pricing and analysing FX options. This coincides with its acquisition of the dVega maths model used to price the most commonly traded fx options.

FENICS FX 9.0 will offer users new and enhanced functionality, enabling faster and more sophisticated price discovery. In particular sales professionals, traders and risk managers can each customize the pricing interface according to their individual requirements and access more advanced exotic maths. In addition new reporting capabilities provide a greater understanding of portfolio risk profiles.

GFI has also acquired the dVega maths code, an established advanced pricing model for exotic currency options. Historically the dVega model has been delivered to FENICS FX users as an additional service, through a third party alliance. The acquisition of the dVega code allows GFI to leverage its position as a leading FX option broker to more effectively calibrate, verify and improve the established methodology of the dVega model with the data obtained from its brokerage desks. As a result FENICS FX users can expect more accurate and transparent exotic fx option pricing.

Nicola Williamson, Product Manager, FENICS FX said: "GFI has increased its focus on exotic maths and this acquisition of dVega demonstrates our commitment to provide the market with the most accurate fx option price discovery and management software package."

FENICS FX is used by the large majority of fx options trading professionals in more than 850 dealing rooms globally.

GFI is offering users a free 30 day trial to evaluate the dVega code.

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