Holland College Taps Northern Trust Holland College, a community college on Prince Edward Island, has tapped custodian Northern Trust to provide asset servicing solutions such as custody, investment risk and analytical services, and benefit payment services, officials says. “Innovation and technology were key priorities for our institution when we went to market for a… Read More >>
FINRA Alleges Oppenheimer Misrepresented Cost Basis Data
The Financial Industry Regulatory Authority (FINRA) has fined Oppenheimer & Co. $525,000 on allegations that it “negligently misrepresented” cost basis information for customer account statements and IRS 1099 tax forms and is requiring the firm to bring in a consultant to recommend changes to the procedures, systems, and controls used to track cost basis data…. Read More >>
G2 FinTech Teams with Advent to Target CBR
G2 FinTech, provider of the TaxGopher tax analysis and compliance software, and Advent Software, maker of Geneva portfolio management system, are joining forces to help prime brokers comply with Phase 3 of the cost-basis reporting (CBR) tax requirements of the Internal Revenue Service. New CBR rules have been taking effect over the past two years… Read More >>
Wolters Kluwer Partners with Broadridge Tax Services
Wolters Kluwer Financial Services (WKFS) has partnered with Broadridge Tax Services to develop a comprehensive cost-basis tax reporting and investment compliance solution, according to a statement from Wolters Kluwer. The solution combines the capabilities of WKFS’s GainsKeeper CompleteDebt with Broadridge Tax Data Services to allow broker-dealers to meet tax reporting and reconciliation needs across all… Read More >>
CBR Complexity Takes a Quantum Leap Forward
This year marks the start of far more challenging requirements for cost-basis reporting upon fixed income instruments and options to the Internal Revenue Service. Broker-dealers and buy-side firms are facing complex calculations and data-gathering challenges. Bob Linville, director, product management at Scivantage, took time out of his schedule to provide an update. Q: In your… Read More >>
Celent Report Finds CBR Project Costs Rising as Markit Buys thinkFolio
Celent Report Finds CBR Project Costs Rising Firms have found that over the past three years cost basis reporting projects have had bigger price tags because of data quality issues, systems integration challenges and unavoidable manual processes, according to study by market research firm Celent, a division of Oliver Wyman, Inc. The report was funded… Read More >>
Scivantage Partners with Broadridge as the Carlyle Group Joins Private Equity Data Alliance
Scivantage to Support Maxit Customers via Broadridge BPO Services Scivantage, a brokerage, tax and portfolio reporting applications vendor, is partnering with Broadridge Financial Solutions to provide Scivantage Maxit cost basis reporting customers with reconciliation via Broadridge’s business process outsourcing services, say officials from both companies. “There were multiple factors that brought our two companies together,”… Read More >>
CBR Rules Hit Home
(Editor’s Note: This is an excerpt from the Summer 2012 printed edition of FTF News, which became available for downloading on July 10.) Tax season for 2012 was especially painful for broker/dealers and their clients as the first wave of the new cost basis reporting (CBR) requirements of the Internal Revenue Service (IRS) took effect… Read More >>
FTF News Magazine: Summer 2012
Download the Summer 2012 issue of FTF News Magazine to read about: FTF News’ Person of the Year: Keeping up with XSP’s Brendan Farrell OMS players breaking into the middle- and back-offices J.P. Morgan’s push for best practice guidelines to help sort out diverse commercial data models How Loomis Sayles is bracing for the OTC… Read More >>
CBR 101: A Guide for Survival
Simply because we cannot get enough of taxes and the Internal Revenue Service (IRS), I’d like to take a moment and focus on how cost basis reporting (CBR) might actually work to your benefit. Let’s start with recent history. The Great Recession compelled the federal government to get a better view into securities transactions with… Read More >>
