New York, NY, October 17, 2005 â Xcitek, the leading global provider of market data, Corporate Actions software, and staffing solutions, today announced that the Xcitek Client Cost Basisâ¢ service is fully implemented and is actively servicing the end clients of a major online brokerage firm headquartered in San Francisco, CA.
Clients of the brokerage firm now have the ability â through secured session on the brokerâs web site â to calculate the cost basis of equity positions back to the original trade date. The client enters only a minimum of information to get a bottom-line calculation in seconds that factors-in all splits, spin-offs, distributions, mergers and other cost basis affecting events. Introduced in 2004, Xcitek Client Cost Basis is a hosted ASP service linked from the brokerâs site and customized to match the brokerâs web environment.
"Xcitek Client Cost Basis was designed to alleviate the burden on broker call centers and branch offices from clients seeking cost basis data. This burden is especially heavy during tax season," said Charles Price, Senior Vice President at Xcitek. "We are proud to roll out our first major installation of Xcitek Client Cost Basis, capable of enabling millions of end clients to answer their own cost basis questions, thereby creating significant savings for the institution."
Xcitek Client Cost Basis utilizes the Xcitek Cost Basis Calculator, a vital tool used in hundreds of financial institution back-office areas such as ACATS Transfer, Tax Reporting, Fund Accounting and Corporate Actions - for the automated calculation of accurate cost basis adjustments. Xcitek plans to further enhance the calculator to include Tax Lots and more advanced fund accounting tools.