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Interactive Data Touts Daily Cost Basis Service for Reporting Requirements Under EESA

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Interactive Data’s Pricing and Reference Data business is touting its daily Cost Basis service as a solution for brokers required to file Form 1099-B to comply with the new broker basis reporting requirements under the Emergency Economic Stabilisation Act of 2008 (EESA). Charles Price, senior director, entity data products for Interactive Data, says the service can help the vendor’s clients to report a customer’s adjusted basis when reporting securities transactions.

The service also helps them indicate whether gain is long term or short term as required under EESA. The cost basis reporting requirements are designed to recapture revenue from the under-reporting of capital gains, and are effective for securities acquired after 31 December 2010, beginning with stock transactions after 1 January 2011.

Interactive Data says its service can help automate the calculation and delivery of cost basis information and enable firms to more effectively monitor their clients’ holdings. It provides clients with access to a database that includes corporate actions for most listed securities dating back to their inceptions. The Cost Basis service also includes a calculator that automatically adjusts the cost basis for securities transactions and can assist clients in identifying original cost by retrieving information related to corporate actions.

The data can be received in a range of formats and delivery systems and customers can also access web-based tools that help to monitor daily corporate actions affecting cost basis, create portfolios for tracking specific events and build customised reports, says the vendor. The Cost Basis service offers batch processing of historical transactions aimed at confirming and establishing adjusted cost basis as well as tools for helping to confirm cost basis for information for accounts that have been transferred.

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