B-One will be used to provide performance measurement and attribution analysis to HSS clients around the globe, and is the first stage in a series of major developments that will be rolled out over the coming months. These include:

· A "true daily" capability that is principally aimed at the fund management sector. This will deliver today's performance results, including attribution, to the client's desktop first thing the following morning. It will also feature a rolling data update facility that will capture the impact of any late transactions or other amendments, so that results are always as up to date and accurate as possible.

· A choice of five fixed income attribution methodologies.

· Enhancements to our web-enabled client interface, HSBCnet, that will provide a report writer, and extensive ad-hoc inquiry and drill down facilities covering any time period.

· A new attribution methodology specifically for alternative funds that will show separate long and short contributions for each asset, featuring the capability to deal with assets that go from long to short or vice versa without distorting the analysis.

Colin Kay, Global Head of Performance Measurement says "This is the first of a series of deliverables that will ensure HSS has a cutting edge performance measurement product to meet the increasingly complex requirements of asset owners, managers, and their advisers. The significant investment in this project is a clear signal of HSS's commitment to the custody business in general, and performance measurement in particular."