Xcitek’s Cost Basis is now live at its first client site, an undisclosed online brokerage headquartered in San Francisco (erm, Charles Schwab, maybe?). The service, accessed through a secured session on the broker’s website, allows clients to calculate the cost basis of equity positions back to the original trade date. First introduced in 2004, Cost Basis uses Xcitek Cost Basis Calculator, a tool for automated calculation of cost-basis adjustments already in use in institutional back office areas such as ACATS Transfer, Tax Reporting, Fund Account and Corporate Actions. Xcitek’s future plans for the calculator include Tax lots and advanced fund accounting tools.
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