Cray/Media:       Steve Conway, 612/683-3538
Cray/Financial:   Bill Gacki, 612/683-7372

FUJI BANK'S U.S. SUBSIDIARY ORDERS CRAY RESEARCH
SYSTEM FOR DERIVATIVES PRICING

EAGAN, Minn., Sept. 15, 1994 -- Fuji Capital Markets
Corporation, a subsidiary of Tokyo-based The Fuji Bank, Ltd.,
has ordered a CRAY EL94 mini-supercomputer system for
installation later this quarter at Fuji Capital Markets
Corporation's U.S. headquarters in the World Trade Center, New
York, Cray Research announced today. 

Fuji Capital Markets Corporation, a global derivatives firm,
will use the new system for derivatives simulation related to
its trading operation, according to James Kennedy, Fuji Capital
Markets Corporation's managing director.  The CRAY EL94
system will be used to run Monte Carlo-based applications
developed in-house by Fuji Capital Markets Corporation's
technology group.  The system will enable the firm to enhance
pricing and hedging of its current and new derivatives
products, as well as provide real-time turnaround on pricing
requests from Fuji Capital Markets Corporation's customers,
Kennedy said.  

He said with this new Cray Research technology Fuji Capital
Markets Corporation will be able to run hundreds of thousands
of "yield curve" scenarios for more accurate statistical
analyses of Fuji Capital Markets Corporation derivatives
products.  The system will also be used for "stress testing," a
complex analysis used in defining Fuji Capital Markets
Corporation's portfolio risks. 

"Using the speed and power of a Cray Research mini-
supercomputer system to develop and price our derivatives
products is not unlike the way  automotive, aerospace or other
commercial firms apply this technology to reduce time-to-
market and bring forward better quality products -- our
products just happen to be financial," he said.  

Much of the simulation work earmarked for the new system is
being done today on workstations, Kennedy said. 

"We went through a laborious process in this procurement
decision.  We looked at many vendors' computer systems and
looked at renting time on  systems from a service center," said
Kennedy.  "We were impressed with Cray and their level of
understanding about our problems.  In fact, we gave Cray's
expert staff a benchmark based on our in-house code and they
quickly vectorized and optimized it for the CRAY EL94 system. 
The code runs much faster on the Cray Research system than it
did on our workstations."

The new Cray Research system will be integrated with the 125
workstations on Fuji Capital Markets Corporation's wide area
network that links the firm's London and Hong Kong offices.  
According to Kennedy, traders at these international offices
will also use the Cray Research system.

"We are pleased to work with a leading financial firm like Fuji
Capital Markets Corporation to help them solve their complex
derivatives pricing and hedging problems," said John Carlson,
Cray Research chairman and chief executive officer.  "We are
seeing strong interest in Cray Research's leading-edge
solutions for the financial industry," he said.  Other financial
industry customers include Atlantic Portfolio Analytics and
Management (APAM), Citicorp's Citibank, the Federal Home Loan
Mortgage Association ("Freddie Mac") and Merrill Lynch. 

Cray Research provides the leading high-performance computing tools and
services to help solve customers' most challenging problems.

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