London, 15 July 2013 – GBST announces that a major US investment bank has selected Syn~FTT to meet the growing challenge of Financial Transaction Tax processing in Europe.
The deal follows the introduction of Financial Transaction Taxes by France and Italy, and comes just as the 11 EU FTT proponent countries declared their commitment to proceed with introducing the EU FTT, gaining a majority vote by 74% of all MEP’s. The additional 11 countries will mean that globally there are now some 40 equivalent country transaction taxes in place.
GBST’s standalone solution leverages the established Syn~ technology that embraces STP workflow business management and configurable ‘rules-based’ tax calculation methodology, all accessible through the latest browser technology. It is the only future-proofed Financial Transaction Tax solution available on the market that is built upon proven post-trade functionality.
“The key reason for choosing our solution was our highly adjustable, rules-based approach,” says Denis Orrock, Chief Executive, GBST Capital Markets. “Our ability to workflow and interface Syn~FTT with the bank’s MI, general ledger and reconciliation systems were also significant for this investment bank, along with our flexible rebating capability. Indeed, when compared with internal and external alternatives Syn~FTT rated significantly superior all round to the best alternative,” says Orrock.
The top ten global investment bank will be hosting the GBST system in Europe, but it will be servicing the bank’s global operations across multiple time zones.
“Many institutions have tactical solutions in place to deal with French or Italian trades, often based upon their existing tax software. The problem is that these solutions can’t scale or adapt to handle the volumes of trades from other jurisdictions that impose different transaction tax regimes. Forward-thinking firms are now looking for a more strategic tax-processing solution that acts as a central repository for all tax rules – not just the EU FTT,” explains Orrock.