Scottrade Selects Scivantage Maxit™ For Automated Cost Basis Reporting

Leading Online Investment Firm Offers Sophisticated Tax Management and Portfolio Reporting Capabilities to Investors

Jersey City, May 6, 2010Scivantage, a leading provider of Web-based, front- and middle-office technology solutions to the financial services industry announced today that Scottrade, a leading branch-supported online investment firm, has selected Scivantage Maxit to provide automated cost basis reporting and tax management capabilities to their investor clients.

Maxit is available as an integrated solution through Scottrade’s online trading services, including ScottradeELITE®, the firm’s advanced trading tool built for the active trader. Through Maxit, Scottrade is able to provide its customers with a full suite of online resources to track capital gains, generate IRS Schedule D for tax filing and proactively manage investment tax decisions.

In addition, Maxit serves as Scottrade’s enterprise cost basis engine to assist operations staff by providing customers with year-round access to cost basis data for account statements, investment inquiries and IRS reporting, ensuring overall compliance with the newly enacted cost basis reporting regulations. Through a proprietary automation process, Maxit helps Scottrade significantly reduce reconciliation and administrative tasks as it relates to cost basis and corporate actions processing, freeing up internal resources to focus on developing new products and resources for self-directed investors.

“Scottrade’s 30-year history is built on a foundation of providing solid online trading services, investment products, market research tools and educational opportunities to self-directed investors so they can take control of their financial futures,” said Steve Walkenbach, Scottrade’s executive director of business and product development. “Following a broad evaluation of financial technology providers, we chose Scivantage’s Maxit solution because it delivers the highest level of automated cost basis reporting and enhances our customers’ online trading process.”

“We are delighted to be working with Scottrade,” said Cameron Routh, Senior Vice President of strategic products, Scivantage. “As brokerages and mutual funds prepare themselves to comply with the cost basis reporting law, firms are quickly identifying Maxit as the obvious solution giving them a strategic advantage over their competitors and ensuring their customers the highest quality of service.”

Scivantage Maxit is the most comprehensive, automated cost basis and portfolio tax reporting system available. This enterprise solution 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, including:

  • Complete, real-time cost basis support for investment product offerings, including stocks, mutual funds, index and stock options, ETFs, and bonds;
  • Automated basis adjustments for corporate actions, including complex voluntary actions;
  • Automatic wash sale identification and adjustment;
  • Broad lot relief method support, including MinTax™ and MaxTax™, proprietary tax efficient methods available only with Maxit;
  • Customized tax reports for realized and unrealized gains/losses, IRS Schedule D and Form 6781.

In addition to Maxit’s robust set of core features, mutual fund companies will benefit from added functionality to support their unique business needs, including proper treatment for sales charges, sales load deferrals and return-of-capital distributions. Maxit also provides support for share class exchanges, RIC treatment of ETFs and a cost basis step-up tool for gifting and inheritance.

For more information about Scivantage Maxit or to stay informed on the latest information about the newly enacted cost basis reporting law, visit Scivantage’s Basis Reporting Knowledge Base at

About Scottrade

As a leading online investing firm, Scottrade offers a full line of investment products, online trading services and market research tools to help investors take control of their financial future. Scottrade is dedicated to personalized customer service and value, providing customers the convenience of buying many stocks online at just $7 per trade and the support of the largest branch network among online investment firms, with more than 450 nationwide branch offices. Scottrade has been named one of FORTUNE magazine’s “100 Best Companies to Work For” in America for three consecutive years. For more information,

About Scivantage

Leading 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 or contact us at +1.866.724.8268.

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