TELEKURS FINANCIAL SIGN UP HUNDREDS OF CLIENTS AND CONTRIBUTORS FOR EUSD DATA

Telekurs Financial is pleased to report that several hundred organisations have signed up to receive the data they need to comply with the European Union Savings Tax Directive (EUSD) via the company’s flagship data feed product, Valordata Feed (VDF). The company also reports that the amount of data received from fund managers by Telekurs Financial to date has been very encouraging.

In a market where readiness for EUSD varied greatly, Telekurs Financial led the way in helping clients to prepare in time for the implementation date of 1 July. To date, over 220 clients have agreed to receive EUSD data via the VDF feed. The data is also available to view in the company’s flagship terminal product Telekurs iD.

Telekurs Financial has calculated that the universe of affected securities in their database is around 500,000. The sheer scale of the Directive’s impact requires an automated solution and building on existing securities classifications, Telekurs Financial is well positioned to help clients comply with the directive through the EUSD data component available within its VDF service.

Telekurs Financial has identified and flagged the instruments that fall within the scope of the EUSD. Its extensive network of local data collection centres around Europe has ensured that regional requirements have been factored into the data. This has included a co-ordinated pan-European project to collect detailed information on asset allocations from thousands of fund management companies. Over 100 UK fund management companies have agreed to submit data to Telekurs Financial, as well as many more in Ireland and the Channel Islands. Preparation also involved determining the tax status of interest payments made on "in scope" instruments. Fund managers can still register their funds with Telekurs Financial through the website.

This service is provided free of charge to contributing fund managers.
Beat Koch, CEO of Telekurs (U.K.) Ltd. said: "We are fortunate in that all our instruments reside in one fully coded database structure - Telekurs Financial’s Valordata Feed - which gives us the ability to provide complete information to our clients, well in advance of the 1 July 2005 live date. We are delighted to be in a position to help these important financial institutions with this major challenge now and in the future."

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