Quicklinks

NEWS & EVENTS

• Press Releases
  • Press Archives
• Press Coverage
  • Press Coverage Archives
• Events
• Webcasts
• Newsletter
• Blog

Press Release

Trading Direct Selects Scivantage Maxit™ For Cost Basis Reporting and Tax Management Tools

Mar 5, 2009

JERSEY CITY, N.J., March 5, 2009 - Scivantage, a leading provider of Web-based, front- and middle-office technology solutions to the financial services industry, announced today that Trading Direct, a division of York Securities, Inc. and one of the original discount brokerage firms, has selected Scivantage Maxit, the leading automated cost basis reporting solution for their cost basis needs.

Maxit's comprehensive system will be integrated into Trading Direct's online trading platform and will feature support for all of their product offerings, including stocks, options and mutual funds. Trading Direct's customers will benefit from year-round access to Maxit's sophisticated tax management tools that help minimize tax liabilities and increase after-tax returns. The system relieves investors from the record keeping headaches associated with tracking cost basis, automatically managing lot relief methods and adjusting cost basis for corporate action events and wash sales. Maxit is the only cost basis system that automatically adjusts for complex activity, such as voluntary corporate actions, LEAP conversions and corporate actions on options.

"Investors too frequently are unaware of the tax consequences associated with their investment activity," said David Corcoran, Vice President, Trading Direct. "Often, the tax impact of their investment decisions aren't realized until they sit down to file their taxes in February or March. With Maxit, every one of our customers will be able to view their cost basis online, throughout the year, allowing them to proactively manage tax liabilities."

Maxit is an enterprise solution which integrates with back offices data to provide the most comprehensive cost basis support available, including:

• Continuously adjusts cost basis in real-time, factoring in splits, warrants, dividends, mergers, spin offs, interest, redemptions and other investment actions
• Automatic wash sale identification and adjustment
• Support for FIFO, Average Cost, LIFO, HIFO, Specific ID and MinTax, a proprietary tax-efficient option.
• Customized tax reports for realized and unrealized gains/losses and IRS Schedule D and Form 6781

"Trading Direct has a long history as an innovative brokerage and we look forward to working with them to implement Maxit," said Cameron Routh, Senior Vice President, Strategic Products for Scivantage. "Trading Direct customers will benefit from on-demand access to critical tax information, helping them to make more informed investment decisions and to simplify year-end tax filing requirements."