US investment bank chooses Syn~FTT
23 July 2014 London
Image: Shutterstock
GBST is to roll out of its Syn~FTT solution at a top 10 US global investment bank.
Syn~FTT will manage the complete EU Financial Transaction Tax (FTT) processing for the bank’s global trade flow.
The bank is now able to process the requirements for the first two countries that have introduced the FTT, France and Italy.
The solution will manage the bank’s entire FTT processing from trade/static data validation, tax calculations and exemption code allocations, tax netting and rebate processing, to country specific declaration message creation and custodian feeds.
With the added ability to maintain a comprehensive audit trail and data repository, the solution also meets the required FTT reporting. Syn~FTT uses pre-configured FTT rules and workflow processing that are easily adaptable by the client as EU requirements change.
“With a global trend towards introducing transaction taxes we are very pleased that this first Transaction Tax specific implementation has proceeded so smoothly against ever changing market requirements,” said Denis Orrock, CEO of GBST capital markets.
“Within the EU, 10 countries have committed to introducing an FTT by 2016, therefore the client is well positioned to meet the FTT regulatory requirements.”
Martin Walker, head of securities tax at Deloitte, commented: “From a tax risk management perspective, it is vital for global financial institutions to identify securities transactions that are subject to FTT and stamp duties and ensure efficient operational compliance with tax and reporting obligations.”
“In view of the proposed introduction of FTTs in several European countries in 2016, taking steps now to develop an effective solution using the right technology is likely to avoid problems closer to the launch date.”
Syn~FTT will manage the complete EU Financial Transaction Tax (FTT) processing for the bank’s global trade flow.
The bank is now able to process the requirements for the first two countries that have introduced the FTT, France and Italy.
The solution will manage the bank’s entire FTT processing from trade/static data validation, tax calculations and exemption code allocations, tax netting and rebate processing, to country specific declaration message creation and custodian feeds.
With the added ability to maintain a comprehensive audit trail and data repository, the solution also meets the required FTT reporting. Syn~FTT uses pre-configured FTT rules and workflow processing that are easily adaptable by the client as EU requirements change.
“With a global trend towards introducing transaction taxes we are very pleased that this first Transaction Tax specific implementation has proceeded so smoothly against ever changing market requirements,” said Denis Orrock, CEO of GBST capital markets.
“Within the EU, 10 countries have committed to introducing an FTT by 2016, therefore the client is well positioned to meet the FTT regulatory requirements.”
Martin Walker, head of securities tax at Deloitte, commented: “From a tax risk management perspective, it is vital for global financial institutions to identify securities transactions that are subject to FTT and stamp duties and ensure efficient operational compliance with tax and reporting obligations.”
“In view of the proposed introduction of FTTs in several European countries in 2016, taking steps now to develop an effective solution using the right technology is likely to avoid problems closer to the launch date.”
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