ZKB ENHANCES FX OPTION TRADING SERVICES BY OFFERING CLIENTS FENICS FX PRICING SOFTWARE

London, May 24th 2004 - GFI Group Inc. ("GFI") announced today that Zurich Cantonal Bank (ZKB), the largest cantonal bank in Switzerland will be making GFI’s leading FX option pricing technology available to customers as part of its currency option trading services.

GFI’s FENICS FX Online offers a range of pricing interfaces for FX options, from a simple step-by-step method to a more advanced and interactive approach. This web delivered service leverages the same sophisticated pricing models as those embedded in FENICS FX, the market standard currency option pricing interface used by the large majority of FX options trading professionals.

ZKB will brand FENICS FX Online as its own service-enhancing solution and deliver the technology as part of its online offering to customers, namely the local banks and corporate clients from Switzerland, Liechtenstein, Austria, Germany and Italy.

Daniel Corbaz, Head of Treasury, ZKB said: "Our clients are demanding greater transparency and more service enhancing functionality, such as price discovery and position revaluation capability to help them to be more effective in managing their currency derivative positions. We have chosen to work with GFI because as long standing users of FENICS FX, we are confident that it offers our clients the most accurate and transparent FX options pricing capability."

James Watson, Global Head of Sales, GFI said: "White-labelling agreements in price discovery and revaluation software are part of a large growth area with providers of advisory hedging services. These banks are committed to offering pricing and analytical services to their customers but understand there are many obstacles with developing and delivering their own solutions internally. White-labelling agreements with vendors such as GFI offer a very attractive and cost effective solution for banks, involving low upfront and ongoing maintenance costs, minimal time to market and peace of mind in the viability of the end result."

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