Capital Markets division introduces industry’s only post-trade functional solution to manage in-country definition of Financial Transaction Taxes for numerous countries worldwide.
GBST announces the launch of its Capital Markets Syn ~FTT, Financial Transaction Tax solution. Architected to meet each country’s specific Financial Transaction Tax rules, Syn ~FTT is the only solution available today which has been built upon proven post-trade functionality.
With numerous countries worldwide implementing a Financial Transaction Tax (FTT), the recent introduction of FTT by France and Italy and pending launches of similar taxes across Europe, the in-country definition of a range of variables such as netting and rebating is creating an ongoing challenge for the broking, custody and general financial community.
“In addition to penalty clauses for non-compliance, brokers and custodians face an intricate set of challenges that extend across the accountable, declaring and reporting parties,” says Denis Orrock, Chief Executive, GBST Capital Markets.
Syn~FTT has been developed to deliver a comprehensive, compliant, global solution to these needs. The standalone system leverages the established Syn~ technology that embraces: configurable rules based processing; STP workflow business management; and configurable tax calculation methodology, all accessible through the latest browser technology.
“What at first glance might seem a straightforward tax processing scheme belies a complexity that will involve frequency of declarations, amendments to back dated trades and the retrieval of missing data. Add into the mix the varying systems interfaces and trading formats, and the differing roles of the broker and custodian, and one then begins to appreciate the task that capital market players face. Syn~FTT meets all these tax processing needs, across jurisdictions from a single instance.”