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In this paper, we discuss how the two reference implementations of the upcoming JPEG2000 image coding standard can be parallelized for the execution on shared memory multiprocessors. By runtime analysis, we identify two major stages in the coding process of JPEG2000 where parallelism can be exploited. We present techniques to exploit the parallelism within these two stages, and speedup results obtained on several hardware platforms. We focus on OpenMP as well as JAVA threads for programming within shared-memory environments.