Interactive Data’s Services Can Assist Clients with New Cost Basis Reporting Requirements
December 03 2008 - 9:00AM
Business Wire
Interactive Data Corporation (NYSE: IDC), a leading provider of
financial market data, analytics and related services, today
announced that its Pricing and Reference Data business can help
brokers and others required to file Form 1099-B comply with the new
broker basis reporting requirements under the Emergency Economic
Stabilization Act of 2008 (EESA). The broker basis reporting
provision within the recently passed EESA requires brokers to
report a customer�s adjusted basis when reporting securities
transactions and indicate whether gain is long-term or short-term.
The cost basis reporting requirements are designed to recapture
revenue from the under-reporting of capital gains, and are
effective for securities acquired after December 31, 2010,
beginning with stock transactions after January 1, 2011.
Interactive Data can help financial institutions prepare for this
change with its daily Cost Basis service, which can help automate
the calculation and delivery of cost basis information and enable
firms to more effectively monitor their clients� holdings. It
provides clients with access to a comprehensive database that
includes corporate actions for most listed securities dating back
to their inceptions. The Cost Basis service also includes a
sophisticated calculator that automatically adjusts the cost basis
for securities transactions. This calculator can assist clients in
identifying original cost by retrieving important information
related to corporate actions. �The new cost basis reporting
provision mandates reporting of short and long-term gains, and
financial institutions need to implement cost basis practices in
order to comply with these requirements,� said Charles Price,
senior director, entity data products for Interactive Data. �With
more than 35 years of dividends and pricing information available,
we are positioned to help our clients navigate and manage this
challenging process.� Clients that utilize Interactive Data�s Cost
Basis service can receive the data in a range of formats and
delivery systems. They can also access Web-based tools that help to
monitor daily corporate actions affecting cost basis, create
portfolios for tracking specific events and build customized
reports. The Cost Basis service offers batch processing of
historical transactions for assisting in confirming and
establishing adjusted cost basis as well as comprehensive tools for
helping to confirm cost basis for information for accounts that
have been transferred. For additional information about Interactive
Data�s Cost Basis service, please visit
http://www.interactivedata-prd.com/rd/costBasis.html About
Interactive Data Corporation Interactive Data Corporation (NYSE:
IDC) is a leading global provider of financial market data,
analytics and related services to financial institutions, active
traders and individual investors. The Company�s businesses supply
real-time market data, time-sensitive pricing, evaluations and
reference data for millions of securities traded around the world,
including hard-to-value instruments. Many of the world�s best-known
financial service and software companies subscribe to the Company�s
services in support of their trading, analysis, portfolio
management and valuation activities. Through its businesses,
Interactive Data Pricing and Reference Data, Interactive Data
Real-Time Services, Interactive Data Fixed Income Analytics, and
eSignal, the Company has approximately 2,300 employees in offices
located throughout North America, Europe, Asia and Australia. The
Company is headquartered in Bedford, Mass. Pearson plc (NYSE: PSO;
LSE: PSON), an international media company, whose businesses
include the Financial Times Group, Pearson Education, and the
Penguin Group, is Interactive Data Corporation�s majority
stockholder. Interactive Data Corporation is celebrating its 40th
anniversary in 2008. Interactive Data Pricing and Reference Data
provides global securities pricing, evaluations and reference data
designed to support financial institutions� and investment funds�
pricing activities, securities operations, research and portfolio
management. Interactive Data Pricing and Reference Data collects,
edits, maintains and delivers data on more than 6 million
securities, including daily evaluations for approximately 2.5
million fixed income and international equity issues. Interactive
Data Pricing and Reference Data specializes in �hard-to-get�
information and evaluates many �hard-to value� instruments.
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 or tax
professional regarding any specific legal or tax situation. For
more information about Interactive Data Corporation and its
businesses, please visit www.interactivedata.com. Interactive
DataSM and the Interactive Data logo are service marks of
Interactive Data Corporation.
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