UFJ goes global with Sierra FX Options

London and Tokyo, July 27, 2004 - FNX Limited (FNX), a leader in the delivery of technology solutions to the global financial markets, announced today that UFJ has expanded the use of the Sierra FX Options system to its London Office.

UFJ has been working on a strategic initiative to expand its FX Options trading operation and selected FNX’s Sierra system as the platform for this expansion. Sierra has been successfully used by UFJ since 1998, with the initial contract with FNX signed with Tokai prior to the merger with Sanwa Bank, which created UFJ.

UFJ will make use of the global capabilities of the Sierra system and run both London and Tokyo operations from a single database. Sierra system supports multiple trading centers as part of its core archectiure, allowing the users to specify local conventions for each center with global parameters for risk management.

UFJ uses Sierra System for trading and risk management of vanilla and exotic options including barriers, digital and average options. Besides the trading and pricing functionality provided by Sierra, the system also offers user configurable portfolio analysis, including all greeks. FNX also has recently redesigned the FX Options analytic processing architecture and has deployed a parallel processing solution which has significantly increased Sierra’s analytics processing system.

Conor Doyle, Senior Managing Director of FNX Japan Operations commented: “We have been working in partnership with UFJ for almost 6 years and we have been able to satisfy UFJ’s increasingly demanding risk management requirements. As with many of our other clients, we are happy to see that thanks to the quality of our product and support, our clients continue to choose FNX as a strategic partner when implementing expansion initiatives.”

Farid Naib, FNX’s CEO and founder, added: “It is of great satisfaction to see how FNX’s commitment to our clients pays-off. It is rewarding that UFJ, which has been FNX’s client for 6 years, is not only using the system, but is expanding their use of Sierra. FNX has a strong commitment to provide global STP processing solutions and we are very pleased with this latest addition to our client base using our product in multiple locations.”

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