SIX Financial Information to deliver reference data to GBST’s Financial Transaction Tax platform
London, Zurich – SIX Financial Information has teamed up with GBST, the leading global provider of securities transaction and fund administration software for the financial services industry. SIX has successfully interfaced with GBST to further enhance GBST´s solution for the European Financial Transaction Tax.
The partnership follows the introduction of transaction taxes in France and Italy, and the pending launch of similar taxes across Europe within the coming months. Syn~FTT from GBST is the only independent Financial Transaction Tax solution available on the market that is built upon proven post-trade functionality and provides future-proofing to adapt to the introduction of additional taxes.
Syn~FTT now interfaces with SIX Financial Information’s flagship product Valordata Feed (VDF), in order to calculate the tax payable on affected securities. From 1 July 2013, SIX Financial Information’s instrument data will identify tens of thousands additional futures, options, structured products and other derivative contracts that come into scope for the Italian transaction tax on derivatives.
Martin Cole, Managing Director of SIX Financial Information UK explains, “At its heart, Syn~FTT is a rules-based system that is ideally suited to meeting each country's specific FTT rules. This means that a single Syn~FTT instance can meet all of a firm’s FTT needs, providing true scalability. We’re delighted that our data is being used as part of such cutting edge technology serving the financial sector.”
VDF is based on SIX Financial Information’s unique proprietary data model, which seamlessly links all data elements associated with a security – from terms and conditions to prices, from institutions to markets, through to corporate actions and events. In addition to intraday and closing prices, for illiquid or otherwise hard-to-price securities, SIX Financial Information provides model based valuations for over 110,000 investment grade bonds, including zero coupon bonds, floating rate notes, and step coupon bonds.
About SIX Financial Information
SIX Financial Information is a leading global provider of data services and solutions for financial and insurance firms, corporations and the media. Aggregated in real-time from over 1,500 worldwide sources, SIX’s financial information is comprised of corporate actions, pricing, reference and market data for 16 million instruments and
is unique in terms of information depth, breadth and structure. With offices in 23 countries, SIX combines the advantages of local expertise with global reach to offer financial specialists comprehensive data services for securities administration, risk management and compliance, investment advisory, and portfolio management.
Financial Information is one of four business areas of SIX which offers global premium services in securities trading, clearing and settlement, payment transactions, and financial information.
EU Financial Transaction Taxes
SIX Financial Information provides French FTT data and is providing the tax data for the Italian FTT on shares as well as the Italian FTT on derivatives.
Regulation & Risk
SIX manages a range of data that is currently required to meet taxation and other international regulations, including various savings and withholding tax agreements.