HVB LIVE ON CALYPSO'S FX SOLUTION

San Francisco, 29 March 2005 - Calypso Technology, Inc., a leading provider of cross-asset front to back trading and trade processing software systems, announced today that HVB has gone live with Calypso's award-winning back office software system for FX processing.

HVB was looking to introduce an automated system into the back office for FX, MM and FX options to further improve quality of processing as well as STP rates and considered several options to achieve this. By implementing Calypso across these business areas, HVB can benefit from the efficiencies of a single system, built on modern technology. The Calypso system provides full STP for all FX, MM and FX options instruments and enables HVB to reduce costs in the back office, while retaining the necessary scalability to handle growth in volumes as it occurs.

Frank Elbe, Senior VP Operations, within the Financial Markets Service Bank, a subsidiary of the HVB Group, commented: "With the implementation of FX processing as a first step we could immediately benefit from the flexibility the system offers. For example, the introduction of kick-off events for payments in accordance with clearing cut-off times has already reduced the number of investigations and will also help us to further decrease our running costs by optimising our outbound messages. We are looking forward to the next two phases of the project being completed."

"We are pleased to be working with HVB on this project and are delighted that they are already benefiting from the implementation in FX processing. We hope to replicate this in the next two phases of the project," said Charles Marston, CEO of Calypso Technology, Inc. "A streamlined back office system across FX, MM and FX options operations can provide significant cost savings while improving efficiency. When this is developed using technology that is extensible and has the necessary flexibility, banks can be sure that the system will continue to support the ongoing evolution in the FX business in the future."

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