Email Contact Phone Company Visit Website

New York Office

40 Fulton Street 11th Floor
New York
NY
US

Location Office

Charlotte House, 47-49 Charlotte Road
London
GB

London Office

Broken Wharf House 2 Broken Wharf High Timber Street
London
GB

Hong Kong Office

Central Building Level 9 1-3 Pedder Street
Hong Kong
HK

Bangalore Office

Symphony Infospace 6th Floor, Block VA Pritech SEZ Park Outer Ring Road, Belandur
Bangalore
IN

Hauppauge, New York Office

102 Motor Parkway, Suite 250 Hauppauge
New York
NY
US

Amsterdam Office

UN Studio - 11th Floor Parnassusweg 823
Amsterdam
NL

Boulder Office

5718 Central Ave
Boulder
CO
US

Calgary Office

Suite 225, 3553 - 31st Street NW
Calgary
Alberta
CA

Chicago Office

1560 Wall Street #334
Chicago
IL
US

Dallas Office

13455 Noel Road LB #22 Suite 1100
Dallas
TX
US

Edinburgh Office

41 Thistle St Lane SW
Edinburgh
GB

Frankfurt Office

Walther-von-Cronberg-Platz 6
Frankfurt
DE

Hong Kong Office

Suite 2128 Level 21 The Center 99 Queen’s Road Central
Central, Hong Kong
HK

London (Ropemaker) Head Office

4th and 5th Floor Ropemaker Place 25 Ropemaker Street
London
GB

London (Henley-on-Thames) Office

Ground and First Floor Videocom House Newtown Road Henley-on-Thames
Oxon
GB

New Delhi Office

New Delhi GYS Heights, 5th and 6th Floor Plot no. 10 and 11 Sector 125
Noida
IN

New York (Times Center) Head Office

620 8th Avenue, 35th Floor
New York
NY
US

New York (Park Avenue) Office

101 Park Avenue 7th Floor
New York
NY
US

New York (Valley Cottage) Office

711 Executive Blvd Valley Cottage
New York
NY
US

Singapore Office

1 Raffles Place #15-61 One Raffles Place
Singapore
SG

Sydney Office

Level 20 1 Market Street
Sydney
AU

Tokoyo Office

26F Atago Green Hills MORI Tower Atago 2-5-1
Minato-ku
JP

Toronto Office

40 King Street West Suite 2706
Toronto
CA

Vancouver Office

Suite 1005, 1095 West Pender Street
Vancouver
CA

Telephone

020 7890 5094

Contact

Teresa Chick
[email protected]
Back to all IHS Markit announcements

Markit launches tax utility

Deutsche Bank, HSBC and Morgan Stanley work with Markit to design new service

Markit (Nasdaq: MRKT), a leading global provider of financial information services, today announced the launch of a tax utility. The initial offering supports compliance with US Treasury FATCA obligations. Designed in partnership with Deutsche Bank, HSBC and Morgan Stanley, the service provides tax form validation and secure distribution as well as remediation for preexisting clients.

The tax utility is part of Markit’s broader ecosystem of compliance solutions to support know your customer (KYC), financial regulation, tax and counterparty requirements. Similar to ISDA Amend and the collection of data for Dodd-Frank compliance, the utility leverages Markit’s existing Counterparty Manager database which provides access to 113,000 legal entities across buyside firms and corporates. It enables buyside firms and corporates to upload specific Forms W8 or W9 which are validated through Markit ǀ CTI Tax Solutions and permissioned out to their bank counterparties. Buyside firms and corporates benefit from a centralised repository within Markit Counterparty Manager to communicate any key changes in circumstances which may affect their tax or regulatory status.

To date, over 650 buyside firms and corporates have signed up to the utility and the service has validated over 21,000 tax forms. It is on target to have over 30,000 forms validated in preparation for the June 30th 2016 FATCA deadline.

"The current process for investment banks to collect and validate tax forms separately is highly duplicative,” said David H Burnett, chief operating officer, Global Banking and Markets at HSBC. “We are delighted to work with Markit | CTI Tax Solutions and Counterparty Manager and by joining forces with them, it allows us to leverage greater efficiency and transparency across our FATCA remediation, validation and tax compliance needs.”

“Utilising market utilities and bringing more standardisation to processes is important to realising consistency and efficiencies in the industry,” said Cynthia Chow-Coster, managing director, at Morgan Stanley Wealth Management. “Markit | CTI Tax Solutions and Counterparty Manager provides solutions for document management and tax compliance.”

“Through Counterparty Manager and our Markit | CTI Tax Solutions, we are uniquely positioned to offer clients cost savings and more robust regulatory coverage as they manage their FATCA and other rules like the Common Reporting Standard,” said Jon May, managing director, global head of regulatory and compliance managed services at Markit. “This is a natural extension of our regulatory compliance and tax ecosystem to enable our customers to meet KYC and specific FATCA requirements.”

The tax utility can be accessed through Counterparty Manager and kyc.com. The tax utility will be extended to cover due diligence requirements for CRS in 2016.