Six to supply data for GBST financial transaction tax system
GBST‘s Capital Markets and Six Financial Information have teamed up to enhance GBST’s solution for the Financial Transaction Tax that some European countries are introducing.
Syn~FTT now interfaces with Six Financial Information’s flagship Valordata Feed to calculate the tax payable on affected securities. From 1 July 2013, Six Financial Information’s instrument data will identify 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 said: “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.”
VDF is based on Six Financial Information’s proprietary data model, which 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, it provides model-based valuations for more than 110,000 investment grade bonds, including zero coupon bonds, floating rate notes, and step coupon bonds.
The standalone Syn~FTT system is based on GBST’s established technology that uses configurable rules based processing, STP workflow business management and configurable tax calculation methodology, through a browser.