FNX’s Sierra ASP solution had been rolled out to two regional Japanese financial institutions, Hokuriku and Ashikaga Banks. FNX and local technology provider NTTDATA have been working jointly to develop a Japanese language-based ASP product that would be built around FNX’s Sierra ASP solution. Hokuriku and Ashikaga banks are the first to deploy Sierra ASP through FNX’s relationship with NTTDATA, and they provide additional validation for FNX’s overall ASP model as well. FNX said Hokuriku Bank’s decision to use Sierra ASP was based on a significant expansion in the scale of its clients’ derivatives trading needs (interest rate swaps, FX options, etc.) as its customers focus increasing attention on the management of risk associated with fluctuations in interest and exchange rates.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
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