Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:DTCC Tool Will Track Cost Basis for Mutual Fund Assets Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, December 09, 2011

DTCC Tool Will Track Cost Basis for Mutual Fund Assets

News summary by MFWire's editors

The Cost Basis Reporting Service by the Depository Trust & Clearing Corporation will now provide cost basis information on mutual fund assets, reports David Janowski of Investment News.

The Emergency Economic Stabilization Act of 2008 requires financial intermediaries to report cost basis of mutual fund holdings to the IRS starting in the new year.

The DTCC's CBRS tool acts as a secure hub for asset transfers between various custody platforms, allowing them to exchange information used to track cost basis.

DTCC managing director and general manager for Clearing Services Murray Pozmanter, explained that the tool is designed to "further mitigate risk, support standardization and improve processing efficiencies." He adds that "legislation surrounding cost basis reporting presents a new challenge to financial intermediaries and CBRS aims to help the industry comply with the regulation that continues to roll out in various market segments."

As per charges, each original asset record submitted will cost $0.01 and every original record received will be charged $0.09, stated Lydia Midwood, director of DTCC Clearance and Settlement area. 

Edited by: HFD


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2021
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use