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DTCC Develops Solution to Help Market Participants Pass Cost Basis Information to Meet New Federal Reporting Requirements.

Publication: Business Wire
Publication Date: 12-NOV-09
Format: Online
Delivery: Immediate Online Access

Article Excerpt
Leveraging Existing Cost Basis Reporting Service Will Reduce Costs & Shorten Development Cycle; Pilot to Launch in Q3 2010

NEW YORK -- The Depository Trust & Clearing Corporation (DTCC) announced today that it is developing a solution to help financial firms and other market participants comply with a new January 2011 mandate requiring the reporting of adjusted cost basis information to investors and the federal government. The new law, part of The Emergency Economic Stabilization Act signed in October 2008, will require firms to not only report accurate, adjusted cost basis information to investors and the U.S. Internal Revenue Service, but to also pass cost basis information...

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