Cost Basis Reporting software
The financial services industry is always in the news, regardless of whether it is a scandal or a groundbreaking move, there’s no doubt that it is indeed a demanding one since it involves a billion dollar industry or even more.
Thanks to several software firms out there and the software they have provided to automate the industry, the Option Symbology Initiative has indeed become a reality. The initiative requires a change in options processing applications in order to support a 21-digit options symbol identifier, within an existing books and records automated environment. Not only will this impact front, middle and back office operations it also emphasizes the need for technology investment while also closely watching testing and implementation processes involved.
When it comes to day trading margin rules at the NYSE for a pattern or non-pattern day trader as well as other rules that fall under Rule 431, most brokers are required to possess and use a sophisticated intraday monitoring system that can reprice accounts through out the day.
Another area of application, thanks to the Emergence Economic Stabilization Act in 2008, has placed stringent requirements on several financial intermediaries to report its customers’ basis in securities transaction using the method of cost basis reporting.
For all these recent changes that have occurred, there are solutions that experienced consultants and technology can provide, just so that the show must go on despite the restrictions in a free market.
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