Interactive Data and Scivantage team for cost basis reporting
26 May 2010 | 3981 views | 0
Source: Interactive Data
Interactive Data Corporation (NYSE: IDC), a leading provider of financial market data, analytics and related solutions, today announced that its Pricing and Reference Data business has worked with Scivantage, a leading provider of web-based front and middle-office technology solutions to the financial services industry, to develop tools to help meet industry cost basis reporting requirements.
Under the Energy Improvement and Extension Act of 2008, brokerage firms will be required to report adjusted cost basis information to both their clients and the Internal Revenue Service (IRS), beginning with stock acquired on or after January 1, 2011.
Scivantage will utilize the Cost Basis Calculator, part of Interactive Data's Cost Basis Service, as an integrated component of MaxitTM, Scivantage's market leading automated cost basis and portfolio tax reporting system. Scivantage Maxit is an enterprise solution that seamlessly integrates with all major and proprietary back-office and clearing systems and offers a full suite of tax-based investment decision support tools for financial advisors and individual investors. The Cost Basis Calculator can automatically adjust original cost basis for corporate actions and dividend reinvestments. It can also assist clients in identifying the originally purchased security, following mergers, name changes or other corporate events.
"Mutual funds and brokerage firms need sophisticated resources to process corporate actions, calculate cost basis, manage tax processes and streamline their reporting formats," said Charles Price, senior director, entity data products for Interactive Data. "Interactive Data's service, combined with Scivantage Maxit, can help financial institutions more effectively prepare for and meet the requirements of cost basis reporting regulations."
"Maxit clients are leading firms which strive to be innovators," said Cameron Routh, senior vice president, strategic products, for Scivantage. "We recognize that our clients select Scivantage because they want to provide their customers with the best products available. By working with Interactive Data, we're able to further extend the value of our Maxit solution."