London, May 14th 2003 - Rolfe & Nolan, the leading provider of listed derivatives software, today announced the successful implementation of its virt-x processing solution for HSBC Bank plc. This functionality, offered as part of RANsys, Rolfe & Nolan`s comprehensive back office processing system, enables the clearing and margining of virt-x transactions.

virt-x is a collaboration between the TP Group LDC - comprising of 11 investment banks, money managers and ECNs - and the SWX Swiss Exchange. It provides a pan-European marketplace for blue chips and exchange traded funds. virt-x provides a single open architecture platform to provide efficient, low cost trading and STP of trades through to settlement in European equities.

Paul Miller, Rolfe & Nolan`s Chief Operating Officer for Europe commented that: “Rolfe & Nolan are always pleased to meet the challenging timetables imposed by the marketplace. The extension of RANsys to cover virt-x is another example of how we work closely with exchanges and member firms to satisfy their emerging needs.”

Greg Totts, Global Clearing Services Director in HSBC`s Treasury & Capital Markets, said: “As a general clearing member of virt-x, HSBC Bank plc`s ability to clear and margin transactions from day one will enhance the multi product services we provide to our clients. Rolfe & Nolan`s development of RANsys to support virt-x further extends the range of services available to HSBC Bank plc.”