A single chip, embedded symmetric multiprocessor (ESMP) having parallel multiprocessing architecture composed of identical processors includes a single program memory. Program access arbitration logic supplies an instruction to a single requesting central processing unit at a time. Shared memory access arbitration logic can supply data from separate simultaneously accessible memory banks or arbitrate among central processing units for access. The system may simulate an atomic read/modify/write instruction by prohibiting access to the one address by another central processing unit for a predetermined number of memory cycles following a read access to one of a predetermined set of addresses in said shared memory.