FT Interactive Data talks up EUSD data service
01 July 2005 | 1358 views | 0
Source: FT Interactive Data
FT Interactive Data Europe, part of Interactive Data (NYSE: IDC), and a leading supplier of financial information and analytical software to global markets, announced today that it already has more than 30 customers taking its live European Union Savings Directive (EUSD) data. The Directive is being implemented from today, 1 July 2005.
Some of the major leading financial institutions subscribing to FT Interactive Data's EUSD data module include: Bank Gesellschaft Berlin International S.A.; Banca Monte Paschi Belgio S.A.; KBC Bank NV Belgium; Nordea Luxembourg; Northern Trust; Pictet & Cie (Europe) S.A.; Sanpaolo Asset Management Luxembourg; Standard Bank Jersey; UBS Global Asset Management, and UBS AG Jersey.
FT Interactive Data's full detail EUSD data module provides an exceptional depth of data to help understand the effect of the Directive on individual securities, assisting organisations to report information or withhold tax across different jurisdictions. Fund administrators using the detailed EUSD service will also be able to receive information indicating asset compositions of funds in addition to the EUSD status of negotiable debt instruments. The full detail service went live on 6 June to help institutions implement their EUSD data services in a live environment prior to the entry into force of the Directive.
FT Interactive Data's basic service, which provides information from fund managers and other sources enabling customers to identify instruments – actively or inactively – captured by the Directive, has been available for several months. Both levels of service take a global approach and can be delivered directly into clients' systems.
Roger Sargeant, FT Interactive Data Europe's managing director, said: "We are extremely pleased to be able to provide this service to our customers and are delighted that the module already has so many subscribers. The development of this module followed extensive research into the impact of the EUSD on the industry – we met with many customers, industry associations and fund managers throughout Europe. Fund managers are mostly now aware that information regarding their funds should be made available to the industry and to that end we provide distribution channels for the EUSD data on their funds."
The Directive, which is being implemented to prevent cross border tax evasion, intends to capture tax on interest payments made to individual European Union members who are resident for tax purposes in another country from where the payment is made. Under the terms of the Directive, financial institutions that act as paying agents have a legal obligation to either report information or withhold tax.