This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Interactive Data And Scivantage Provide Advanced Cost Basis Tools For Mutual Funds And Brokerage Firms

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 Energy Improvement and Extension 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 TM, 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.”

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,379.98 -298.72 -1.69%
S&P 500 2,032.89 -24.20 -1.18%
NASDAQ 4,698.7220 -73.0410 -1.53%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs