A-Team Insight Blogs

Xcitek Introduces Cost Basis Calculator for Institutions’ Clients

Xcitek has introduced a new Xcitek Client Cost Basis product to ease the process of clients finding out cost basis information. The client requests for this information from their brokers and advisors can be a heavy burden, particularly during the tax season, according to Xcitek. In an effort to ease this burden, the vendor has built a customizable tool that can be embedded within the broker or advisor’s website to allow clients to calculate their own cost basis. The calculation factors in all splits, spin-offs, distributions, mergers and other cost basis affecting corporate actions. According to Xcitek, the calculator can handle equity positions initiated as far back as 1900 as well as the effects of Dividend Reinvestment Plans.

Says Joseph M. Carvalhido, managing partner at Xcitek, “(Typically) the institutions only track cost basis for the top tier of its clients through use of portfolio accounting software. That leaves the vast majority of clients without access to this critical information, and the task of researching the position falls to the broker or advisor. (This product) … enables the client to do it themselves”. The client version has evolved from Xcitek’s Cost Basis Service launched in 2000 for professional users.

Related content

WEBINAR

Recorded Webinar: Best practice approaches for corporate actions automation

Demand for timely and accurate corporate actions data is growing as volumes and complexity rise, and financial institutions acknowledge the increasingly costly gap between accurate corporate actions processing in real, or near-real, time and faulty processing caused by poor data and resulting in missed opportunities to optimise revenue. While many firms currently process parts of...

BLOG

ROC and DSB Sign Memorandum of Agreement on Governance of Unique Product Identifier

The Regulatory Oversight Committee (ROC) and Derivatives Service Bureau (DSB) have finalised a Memorandum of Understanding (MOU) on the implementation of governance arrangements for the globally harmonised Unique Product Identifier (UPI). In October 2019, the Financial Stability Board (FSB) published governance arrangements for the UPI, outlining the governance framework and criteria for the UPI system....

EVENT

Data Management Summit New York City (Redirected)

Now in its 8th year, the Data Management Summit (DMS) in NYC explores the shift to the new world where data is redefining the operating model and firms are seeking to unlock value via data transformation projects for enterprise gain and competitive edge.

GUIDE

Hosted/Managed Services

The on-site data management model is broken. Resources have been squeezed to breaking point. The industry needs a new operating model if it is truly to do more with less. Can hosted/managed services provide the answer? Can the marketplace really create and maintain a utility-based approach to reference data management? And if so, how can...