New York, NY, 9 October 2006 – Xcitek®, the leading global provider of market data, Corporate Actions software and consulting services, today announced that it has deployed a customised version of its Cost Basis service on behalf of one of the nation’s top brokerage and investment banking firms.
Over 10,000 Financial Advisors (FAs) and other personnel throughout the major brokerage and investment bank, now have the ability to calculate the Cost Basis of clients’ equity and mutual fund positions back to the original trade date, as well as gain direct access to daily and historical Cost Basis information. Access is initiated via a secured session on the firm’s internal network with the application hosted via Xcitek’s network. The service features the proprietary Xcitek Cost Basis (XCB) Calculator™, which enables the automated derivation of a security’s Cost Basis, factoring-in all splits, spin-offs, distributions, mergers and other Cost Basis-affecting events. The Calculator also adjusts for the Cost Basis impact of Reinvested Dividends (DRIPs).
“For years, brokerage firms and other financial institutions have been struggling with the vexing problem of Cost Basis on client positions,” said Charles W. Price, Senior Vice President at Xcitek. “This service not only enables better Client Services, but also leads to significant cost savings. With the XCB Calculator, Financial Advisors and other staff can now answer clients’ questions instantly, without the manual research-based process that exists today. We are proud to roll out our second major installation of Xcitek Custom Solutions™ involving our Cost Basis service.”
About Xcitek
Founded in 1986, Xcitek is the global leader in Corporate Actions software, market data and consulting services to the financial community.
Xcitek’s market data offerings include Corporate Actions, Cost Basis, Securities Class Actions, Securities Payments and other financial data, serving over 2,000 clients worldwide. Ranked #1 for ten consecutive years by The Summit Group, Xcitek has led all other providers in its chosen specialised categories such as data accuracy, data timeliness, coverage, and delivery reliability. User-friendly, flexible, and affordable, Xcitek’s web-based solutions deliver time-sensitive and critical information straight to the desktop.
Accredited with the SWIFTReady Corporate Actions Label, XSP™ is ISO 15022 compliant and features an extensive workflow module, robust data scrubbing tools, web and ISO messaging for client notification and response capture (eTRAN™), and complete entitlement processing to manage the entire Corporate Actions lifecycle - thereby reducing risk and maximising operational efficiency. With over 50 licensed clients, XSP is the most widely-implemented Corporate Actions system in the world.
Xcitek’s consulting and staffing group provides financial institutions with highly-skilled professionals for temporary and permanent placement in operations, outsourcing, project management, and systems conversion. With its comprehensive database of experienced professionals, Xcitek carefully screens candidates to match clients with the appropriate personnel to assist them in successfully reaching their goals.
Additional information about Xcitek can be found at www.xcitek.com.
