GBST's Capital Markets division announces the launch of Syn~FTT, the only future-proofed Financial Transaction Tax solution available on the market that is built upon proven post-trade functionality.
The move follows the introduction of Financial Transaction Taxes by France and Italy, and the pending launch of a further dozen similar taxes across Europe within the coming months. The new taxes will apply to a range of instruments, with many further variables such as netting and rebating still subject to in-country definition. These inconsistencies are creating consternation within the broking, custody and general financial community.
"In addition to penalty clauses for non-compliance, brokers and custodians face an intricate set of challenges that extend across the accountable, declaring and reporting parties," says Denis Orrock, Chief Executive, GBST Capital Markets.
Syn~FTT has been developed to deliver a comprehensive, compliant, global solution to these needs. The standalone system leverages the established Syn~ technology that embraces: configurable rules based processing; STP workflow business management; and configurable tax calculation methodology, all accessible through the latest browser technology.
"What at first glance might seem a straightforward tax processing scheme belies a complexity that will involve frequency of declarations, amendments to back dated trades and the retrieval of missing data. Add into the mix the varying systems interfaces and trading formats, and the differing roles of the broker and custodian, and one then begins to appreciate the task that capital market players face. Syn~FTT meets all these tax processing needs, across jurisdictions from a single instance."