The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

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

Subscribe to our newsletter

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.

Subscribe to our newsletter

Related content

WEBINAR

Upcoming Webinar: How to optimise the business value of your data using agile data governance

Date: 10 March 2022 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes Data governance is transforming from a risk management and compliance tool with limited and prescriptive controls, to a solution that can help you optimise the business value of your data. In this role, data governance must scale to manage...

BLOG

IHS Markit Connects Corporate Actions Solution to DTCC ISO 20022 Messaging Platform to Improve Process Automation

IHS Markit is aiming to simplify and automate corporate actions by connecting its Corporate Action SaaS solution to DTCC’s ISO 20022 messaging platform. The connection will provide direct delivery of corporate actions ISO 20022 formatted messages from the DTCC platform to the IHS Markit solution, giving DTCC users improved straight through processing for corporate actions....

EVENT

FRTB Briefing Virtual (Redirected)

The FRTB Briefing Virtual will examine key focus areas and priorities for banks in 2020 and offer guidance, advice and expertise for tackling the challenges and pain points around implementing the FRTB regulation.

GUIDE

The Data Management Implications of Solvency II

Bombarded by a barrage of incoming regulations, data managers in Europe are looking for the ‘golden copy’ of regulatory requirements: the compliance solution that will give them most bang for the buck in meeting the demands of the rest of the regulations they are faced with. Solvency II may come close as this ‘golden regulation’:...