New York, NY, October 17, 2006 – Xcitek®, the leading global provider of market data, Corporate Actions software and consulting services, today announced that it has deployed a new web platform for its Cost Basis Service. The new platform is part of a continued program for the redesign of the entire Xcitek product line, including the recently-redesigned corporate website at www.xcitek.com.
Included in the upgraded service are numerous user-definable features that vastly improve efficiency:
Today’s Cost Basis – A daily listing of all new or newly updated Cost Basis events.
Watch List – A customized setting to bring users attention to pre-defined Cost Basis events.
Portfolio – A tool to upload groups of securities for monitoring of Cost Basis events.
Alerts – User-definable settings to issue automated emails of formatted Cost Basis events.
Also featured is the proprietary Xcitek Cost Basis Calculator™. First introduced in 2000, the Xcitek Cost Basis Calculator enables the automated derivation of a security’s Cost Basis, factoring-in all splits, spin-offs, distributions, mergers and other Cost Basis-affecting events. With the new service, the Calculator has been upgraded to offer:
Multiple buys and sells (tax lots) in the same calculation.
Dividend Reinvestment on stocks and mutual funds.
Reverse Calculator – Derives a position’s beginning number of shares and Cost Basis when only the ending number of shares are known.
“Our subscribers look to us for leadership in the use of technology to make their daily work more efficient,” said Charles W. Price, Senior Vice President at Xcitek. “This new website is designed exclusively for users of Xcitek Cost Basis Service and represents the second part of our initiative to rewrite all of our online platforms. We feel confident that our users will be pleased with the new capabilities found in the redesigned Cost Basis Service, and we will continue to offer the most sophisticated and feature-rich services for our clients.”
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 specialized 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 maximizing 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.
