FNX Ltd Hires Support Specialist: Makes Product, Staff Expansions


Less than a year and a half since its inception, risk management software designer FNX Limited has expanded its staff by 21, hired a former foreign exchange product manager from the former Devon Systems (now SunGuard Capital Markets), and plans a multi-user, back-office foreign exchange product.

FNX hired Anne Ambrose from Devon in July as its senior support specialist. Ambrose spent the past four years at Devon in Philadelphia as a product manager for foreign exchange, commodities and equities. Now, her mandate is to oversee testing and conversion of customers to FNX's multi-user front office product.

FNX was founded in April 1992, and started with four former employees of FX Systems, Inc., including a founder, Farid Naib, who was later joined by his FX Systems co-founder Orlin Grabbe. Now, FNX has 25 employees, with offices in King of Prussia, Pa., New York and London, as well as having plans to expand to Hong Kong. There are nine in client support, product design and testing and 16 in technical support.


Pennsylvania-based FNX sells front- and back-office software for the foreign exchange, commodities and interest rate markets. At present, all three are PC-based products for both front- and back-office support, however FNX offers a multi-user system for foreign exchange. FNX has developed a multi-user front-office product and expects to have a back-office product available in the next couple of months.

The FNX foreign exchange front-office system software package, available in both a DOS and Unix environment, is designed to quantify and analyze profit potential and risk characteristics of a portfolio of FX instruments. These instruments include spot and forward contracts (including cross rates), tom/next trades, spot/forward swaps, forward/forward swaps, over-the-counter and exotic options, futures contracts, and exchange-traded options on spot and futures.

The FNX foreign exchange back-office system monitors currency transactions, cash flows and exposures. The system offers systems definitions for user-specific database entries and maintenance, transaction support, nostro account tracking, mark-to-market calculations, reporting, and accounting.

"Ours is a very flexible front-office risk-management product," says Ambrose, "which also allows the desk to perform many of the functions that were done strictly in the back office. Therefore, the product enables the dealers or trading assistants to handle the exercises, expirations and trade processing immediately on the desk."

So in essence, she explains, the front-office system can enable a trading desk to exist independently from the back office--apart from the necessary accounting, record keeping and regulatory functions.

Global Operations

According to Ambrose, Banque Indosuez is currently in the process of evaluating the FX multi-user system, and is expected to have its global operations on-line shortly in New York, Paris and Hong Kong.

FNX has Crédit Suisse and two major U.S. brokerages on-line with the front-office system, and currently has three international banks testing the multi-user product, while she says two others are eager to move into the test and parallel-run phase (FX Week, October 26).

"We have a number of new clients interested in us because we have a product that is geared strictly to FX," says Ambrose. "We are not trying to squeeze the foreign exchange traders into a product that covers the entire marketplace."

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