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HSBC Chooses Calypso for Global Operations

San Francisco, CA - 15 October, 2001 - Calypso Technology, Inc. announced today that HSBC Bank plc has chosen Calypso as the processing platform for the Group’s worldwide treasury markets and securities trading operations.

Calypso will provide all back office processing including settlements and documentation, accounting and P&L. The first implementation will be for foreign exchange with money markets, equities, derivatives and fixed income to follow.

"Amongst our goals are the reduction of transaction costs and the enhancement of services to HSBC Group’s customers," said Andy Mayer, Director of OPSCO, a recently formed unit to develop a global operations capability at HSBC. "We looked for a real-time platform that would give us, cross product straight-through-processing, and equally important, one built with a modern architecture. This is a strategic investment for us; we want a system to serve us for years to come."

"By consolidating global transaction processing onto Calypso we expect to achieve significant reductions in operating costs across the Group and to enhance shareholder value. Calypso can support a high volume 24 x 7 business, which was a key evaluation criteria," Mr. Mayer explained,

HSBC also sees benefits beyond the cost savings. "Increasingly, new customer services are technology based," said Mr. Mayer. "To succeed, you need an environment that allows you to innovate—flexibility and time to market are key here. With Calypso we can implement new ideas quickly, and still keep tight control of our businesses."

"This is a major step for both our firms," said Charles Marston, CEO of Calypso. "HSBC’s commitment to building a technology infrastructure for the future is impressive, and we are delighted they selected us as partners. It shows the value that we, a new and innovative software company, can bring to the largest financial organizations."

"From our inception, we have focused on core processing and the strategic role of technology in financial markets," said Kishore Bopardikar, President of Calypso. "Clearly, this relationship validates that focus, and shows us emerging as a leader in our market."