FNX first to launch Fixed Income Internet trading

FNX announces the expansion of FirstOrder to support Fixed Income Instruments

New York, November 20, 2003 – FNX Limited (FNX), a leading provider of trading and risk management solutions to the global financial markets, announced today at the Bond Market Association's Fixed-Income Summit & Expo on Technology and Electronic Trading in New York the launch of its new Fixed Income Order Management Solution, "FirstOrder".

The FirstOrder product line has been in the market for over 4 years offering a web-enabled order management and Business-to-Client solution for FX cash transactions. The system has been a success within brokerage firms, some of which currently have over 2,000 users. It is also being use by several regional banks to satisfy the foreign exchange needs of their branch offices.

Due to the success of FirstOrder FX cash and in response to the needs of a major global fixed income trading operation, FNX is now announcing the completion and release of its FirstOrder Fixed Income solution.

FirstOrder Fixed Income offers support for an extensive array of fixed income instruments including bonds, munis, T-Bills and others. It also supports on-line position management, real-time audit checks and full price publishing. Market, limit, stop loss and request for quote orders can be entered and users can define automatic execution rules. The system is fully integrated with the Sierra System for STP processing.

Sharjeel Butt, FNX’s Product Manager of e-Commerce initiatives commented: "FirstOrder Fixed Income is a product I am very proud of. We have dedicated extensive resources to making sure that the system matches our clients' and their clients’ expectations in terms of instrument coverage, functionality and cost. We want to add value to our clients' value-chain by helping them to offer a state-of-the-art order management engine while reducing their processing costs. Our choice of an object oriented approach and using the latest technology has given us the flexibility to extend our product range as well as ensuring performance, security and scalability".

Farid Naib, FNX’s CEO and Founder added: "FirstOrder now supports FX cash, money markets and fixed income instruments and we have plans to integrate many other asset classes in the near future. This is another example of our commitment to provide state-of-the-art, resilient solutions to meet today’s market challenges."

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