Formula Systems (FORTY)

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FXall Enhances Scalability With GigaSpaces

Monday February 27, 11:29 am ET

Robust Grid Infrastructure Helps Maintain High Performance as Trading Volumes Grow

NEW YORK, February 27 /PRNewswire-FirstCall/ -- GigaSpaces Technologies, a fast-growing provider of new generation infrastructure software solutions, announced today that FXall, the world's leading online foreign exchange platform, has selected GigaSpaces' grid infrastructure.

FXall offers an end-to-end solution for foreign exchange trading, covering execution, workflow and post-trade services, to clients including asset managers, active traders, banks, broker-dealers and corporations. Clients can access more than 60 sources of liquidity for tight prices in spot, forwards, swaps, and non-deliverable forwards, in more than 300 currency pairs.

FXall's trading volumes have grown every quarter since trading began on the platform in 2001, with annual volumes increasing by some 40% in 2005. Daily volumes have exceeded $43 billion. The system has the capacity to handle a further dramatic increase in volumes, while maintaining its high levels of performance. In order to achieve this, FXall utilizes a distributed infrastructure based on open industry standards - specifically JavaSpaces and its GigaSpaces implementation.

"Performance is critical to FXall and GigaSpaces has proved to be an excellent fit with the existing FXall infrastructure," said Neill Penney, Global Head of Product Strategy.

"GigaSpaces enables FXall to run different parts of applications on different machines, which makes the applications even more scalable and fault tolerant," said Doug Rich, VP Sales Americas at GigaSpaces. "They can add or remove resources as needed and still keep the applications running."

About FXall

FXall is the leading portal for online foreign exchange trading, offering customers foreign currency trade execution, access to research and straight through processing. By combining streamlined workflow, competitive FX prices and a complete audit trail, FXall delivers improved control and cost savings at every stage of the deal lifecycle.

FXall provides customers with the ability to meet best practice guidelines prescribed by regulatory bodies - for more information visit: http://www.fxall.com/about/BestPracticeFX.pdf

FXall is an independent company with offices in New York, London, Boston, Tokyo and Singapore. See www.fxall.com.

About GigaSpaces

GigaSpaces provides innovative, high-performance infrastructure software solutions that deliver unparalleled dynamic scalability for high-volume transactional applications, without the overhead and complexity inherent in traditional multi-tier development and deployment environments.

Its award-winning solutions have been adopted across multiple vertical industries and are used by companies such as Nortel, AIG, Hutchison 3G, Societe Generale, Virgin Mobile, FXall and others for mission-critical applications, where the need for extreme performance, reliability and scalability necessitates an alternative to traditional tier-based architectures.

GigaSpaces was founded in 2000 and has offices in New York, London and Israel. It is a privately held company, funded by BRM Capital, Formula Vision and Intel Capital. GigaSpaces is an affiliated company of the Formula Group (NASDAQ: FORTY - News), Israel's largest publicly held IT group. For more information, please visit www.gigaspaces.com.

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