Scivantage’s Leading Cost Basis Automation Solution Integrates Interactive Data’s Cost Basis Service to Help Firms Comply with New Industry Regulations
New York, May 26, 2010 – Interactive Data Corporation (NYSE: IDC), a leading provider of financial market data, analytics and related solutions, today announced that its Pricing and Reference Data business has worked with Scivantage, a leading provider of web-based front and middle-office technology solutions to the financial services industry, to develop tools to help meet industry cost basis reporting requirements.
Under the Emergency Economic Stabilization Act of 2008, brokerage firms will be required to report adjusted cost basis information to both their clients and the Internal Revenue Service (IRS), beginning with stock acquired on or after January 1, 2011.
Scivantage will utilize the Cost Basis Calculator, part of Interactive Data’s Cost Basis Service, as an integrated component of Maxit™, Scivantage’s market leading automated cost basis and portfolio tax reporting system. Scivantage Maxit is an enterprise solution that seamlessly integrates with all major and proprietary back-office and clearing systems and offers a full suite of tax-based investment decision support tools for financial advisors and individual investors. The Cost Basis Calculator can automatically adjust original cost basis for corporate actions and dividend reinvestments. It can also assist clients in identifying the originally purchased security, following mergers, name changes or other corporate events.
“Mutual funds and brokerage firms need sophisticated resources to process corporate actions, calculate cost basis, manage tax processes and streamline their reporting formats,” said Charles Price, senior director, entity data products for Interactive Data. “Interactive Data’s service, combined with Scivantage Maxit, can help financial institutions more effectively prepare for and meet the requirements of cost basis reporting regulations.”
“Maxit clients are leading firms which strive to be innovators,” said Cameron Routh, senior vice president, strategic products, for Scivantage. “We recognize that our clients select Scivantage because they want to provide their customers with the best products available. By working with Interactive Data, we’re able to further extend the value of our Maxit solution.”
About Interactive Data Corporation
Interactive Data Corporation (NYSE: IDC) is a trusted leader in financial information. Thousands of financial institutions and active traders, as well as hundreds of software and service providers, subscribe to our fixed income evaluations, reference data, real-time market data, trading infrastructure services, fixed income analytics, desktop solutions and web-based solutions. Interactive Data’s offerings can help clients around the world with mission-critical functions, including portfolio valuation, regulatory compliance, risk management, electronic trading and wealth management. Interactive Data is headquartered in Bedford, Massachusetts and has more than 2,400 employees in offices worldwide. Pearson plc (NYSE: PSO; LSE: PSON), an international media company, is Interactive Data’s majority stockholder.Pricing, evaluations and reference data are provided in the U.S. through Interactive Data Pricing and Reference Data, Inc. and internationally through Interactive Data (Europe) Ltd. and Interactive Data (Australia) Pty Ltd. Interactive Data Pricing and Reference Data does not provide legal, tax, accounting, or other professional advice. Clients should consult with an attorney, tax, or accounting professional regarding any specific legal, tax, or accounting situation.
For more information, please visit www.interactivedata.com.
About ScivantageLeading financial institutions depend on Scivantage for essential front- and middle-office applications that deliver transaction-critical data, automate key business processes and drive operational efficiencies. Scivantage’s proven, back-office independent brokerage solutions offer a powerful suite of applications that span the workflow of financial professionals and support the complex investment needs of the retail investor. From online trading and event notification management to automated account opening, maintenance and funding, Scivantage enables financial institutions and financial professionals to dramatically reduce operational costs, strengthen customer relationships and improve productivity.
For more information, please visit www.scivantage.com or contact us at +1.866.724.8268.
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