Brokers, transfer agents, mutual funds and issuers face significant challenges in complying with new cost basis legislation, according to an industry white paper issued today by The Depository Trust & Clearing Corporation (DTCC).
December 08, 2008 DTCC Extends Mutual Fund Services To Investment Managers The Depository Trust & Clearing Corporation (DTCC) announced today a change in its rules that will, for the first time, give investment managers who oversee managed accounts programs direct access to Fund/SERV® and other Mutual Fund Services. This rule change will simplify the process of managing mutual funds that are part of an investor’s managed account portfolio.
The Depository Trust & Clearing Corporation (DTCC) announced today that FolioDynamix, a leader in technology platforms and services to the managed accounts industry, has joined DTCC’s Managed Accounts Service. According to Cerulli Associates, FolioDynamix has a six percent market share of the managed account consultant programs in the U.S.; managed account assets under management were $16 billion at the end of the third quarter 2008.
December 01, 2008 First Transactions Processed by DTCC's AIP Service DTCC announced that two charter clients of the Alternative Investment Products (AIP) service — BNY Mellon Shareowner Services and Pershing LLC, a subsidiary of The Bank of New York Mellon Corporation — have completed testing and gone into production with live data. AIP is a service offering of DTCC's National Securities Clearing Corporation (NSCC) subsidiary.
November 25, 2008 DTCC Provides New Online Access Tool to Insurance Customers The Depository Trust & Clearing Corporation’s (DTCC) has introduced a new online tool that enhances usage of Licensing & Appointments (LNA) – one of the core automation solutions from its Insurance & Retirement Services business unit.
November 24, 2008 EuroCCP Adds Two New Participants EuroCCP has approved two new firms as participants, increasing the number of approved clearing participants to 21.
November 10, 2008 DTCC Works With the Industry to Solve New Cost-Basis Challenges DTCC today announced that it is working with broker/dealers, transfer agents, issuers and mutual funds to help them comply with new cost-basis legislation in the Emergency Economic Stabilization Act of 2008. The legislation requires that they report accurate, adjusted cost-basis information on equities, mutual funds and other financial instruments to their clients and to the Internal Revenue Service.