News Release

Commercial Paper Goes Online at HSBC

26 September 2002

NEW YORK – HSBC Securities (USA) today announced its entry into the commercial paper marketplace through its new, Internet-based commercial paper trading platform. HSBC.CP gives investors fast and easy access to more than 45 distinct commercial programs representing the full spectrum of credit quality and program types. Through HSBC.CP, investors can view live-time commercial paper rates, execute a trade, and receive confirmation in real time.

"Investors can now get a snapshot of the commercial paper market on their computer screen," explained Joe Belfatto, Managing Director and Head of Sales and Business Development for Investment Banking & Markets Americas. "Electronic trading is a significant enhancement in serving our customers and we are looking forward to transacting with them HSBC.CP."

HSBC.CP was designed for ease of access and use. Once logged in, users can view real-time commercial paper rates on the offering screen and obtain detailed information on each issuer. A filter allows users to sort and view offerings that meet specific criteria, allowing them to quickly determine the best rate for a given maturity. The platform allows users to execute trades online and then receive real-time notification of their trades status and confirmation. HSBC worked with Prescient Markets, a division of SunGard, to create its new trading platform.