DESCRIPTION OF SOME FSS SOLUTIONS 

Universal Exotics Add-in for Excel (Windows, OS/2)

The exotics add-in enables the calculation of exotic options prices using a
flexible proprietary Monte Carlo simulation algorithm. Exotic options
handled include Average price (Asian), Barrier (Knock-out and Knock-ins),
Contingent and Lookback options on bonds, commodities, currencies,
futures, interest rates, stocks and swaptions.

Universal Options Add-in for Lotus 1-2-3 (r2, r3, OS/2) and Excel (Windows,
OS/2, Mac)

The options add-in enables the calculation of option prices using the
Black, Black Scholes, Garman-Kolhagen and the Cox-Rubenstein models for
European and American style options. It handles options on bonds,
commodities, currencies, futures and shares (including constant dividend
streams and discrete dividend payments). It calculates implied
volatilities and sensitivities, such as delta, gamma, fugit, kappa, rho,
theta, and theta2. It also contains a cumulative Normal function. This
enables the production of pricing matrices, risk return profiles and
implied volatility analysis for either individual or portfolios of
options.

Universal Yield Calculator for DOS

The yield calculator is the finest yield calculator available. It handles
international fixed income products, including MTNs, deferred, long or
short first coupon bonds as well as bonds callable between coupon payment
dates. In addition to the standard AIBD yields (both annual and
semi-annual), the calculator can work out hedges (even when the
instruments have a different number of payments per annum), repos, money
market yields on all instruments (which can be compared directly with
Libor), duration and convexity. Holidays and weekends are taken into
account for bonds in their final coupon period.

Therefore yields can be calculated for Australian bonds, Bunds, Canadian
bonds, Eurodollar FRNs, Eurosterling FRNs, French government bonds, JGBs,
Swedish money market instruments, UK gilts, US bills, US treasuries, US
corporates, yankees ETC.

Universal Yield Add-in for Lotus 1-2-3 (r2, r3, OS/2) and Excel (Windows,
OS/2, Mac)

The yield add-in enables the setting up of international fixed income
portfolios, with yield, duration and convexity analysis, using your
familiar spreadsheet. It also has a cash flow analyser for swaps,
projects, loans and esoteric instruments. For quantitative analysts, it
provides the ability to construct risk/return profiles on arbitrage trades
as well as models of bond futures. For dealers, it enables the setting up
of a very flexible trading system. Its uses are thus endless in the fixed
income environment. The yield add-in can handle the same products as the
Universal Yield Calculator.

Universal Swap Add-in for Excel (Windows, OS/2)

The swap add-in is a multi-currency interest rate swap add-in. The add-in
builds a term structure of interest rates for each currency being
monitored. The functions provided to analyse this term structure include
swap, FRA, IRG, cap, collar, floor and zero-curve discount functions. This
gives maximum flexibility to quantify both standard and non-standard
transactions. This enables the user to check the prices being quoted by
the counterparty, increasing the user's competitive advantage.
Multi-currency portfolios of swaps, FRAs, IRGs, caps, collars and floors
are continuously marked to market - improving P&L monitoring.

The swap add-in incorporates, at no extra charge, full copies of the
Universal Yield Add-in and the Universal Options Add-in.

Universal Zero-curve Add-in for Excel (Windows, OS/2)

The zero-curve add-in enables the analysis of cash flows against one or
more zero-curves. This is very useful in swap or project analysis,
especially when analysing the effects of irregular shifts in the
zero-curves. The zero-curve add-in also contains an interpolating lookup
function which has a wide variety of uses, including to calculate forward
FX rates, swap rates and forward commodity rates. The zero-curves are
entered by the user.

The zero-curve add-in can co-exist with the Universal Exotics, Options,
Swap and Yield Add-ins, thus providing the ability to create complex
models combining bonds, bond futures, options and swaps.

Value Added Spreadsheets

Financial Systems Software have implemented and have made available a
number of spreadsheets using the above add-ins. These include the Bond
Currency Swap Analyser, Bond Futures CTD Analysers, Convertible Analyser,
Fixed-rate MBS Analyser, Swaption Analyser, Universal Bond Trading System,
Universal Warrants System, US Treasury Pricing Matrix and the Warrant
Hedge Analyser. These spreadsheets are capable of being enhanced and
customised to a client's specific requirements by either the client or by
Financial Systems Software's consultancy service.

Since all our software has been designed and implemented by ourselves, our
technical support is unbeatable. As a sign of our confidence, we are
prepared to offer our software on a no commitment 30 day purchase or
return basis, regardless of the state of the manuals or disks. Our prices
are also unbeatable - we are prepared to beat any reasonable offer for
similar software.

Financial Systems Software (UK) Limited
The City Business Centre
2 London Wall Buildings
London Wall, London EC2M 5PP United Kingdom
071-628-4200,  fax: 071-588-2718



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