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GBST’s Financial Transaction Tax platform interfaces with SIX Financial Information to utilise securities data

GBST‘s Capital Markets division has teamed up with SIX Financial Information, the leading global provider of securities data to the financial services industry, to further enhance GBST´s solution for the European Financial Transaction Tax.

The partnership follows the introduction of transaction taxes in France and Italy, and the pending launch of similar taxes across Europe within the coming months. Syn~FTT from GBST is the only independent Financial Transaction Tax solution available on the market that is built upon proven post-trade functionality and provides future-proofing to adapt to the introduction of additional taxes.

Syn~FTT now interfaces with SIX Financial Information’s flagship Valordata Feed (VDF) product, in order to calculate the tax payable on affected securities. From 1 July 2013, SIX Financial Information’s instrument data will identify tens of thousands additional futures, options, structured products and other derivative contracts that come into scope for the Italian transaction tax on derivatives.

Martin Cole, Managing Director of SIX Financial Information UK explains, “At its heart, Syn~FTT is a rules-based system that is ideally suited to meeting each country’s specific FTT rules. This means that a single Syn~FTT instance can meet all of a firm’s FTT needs, providing true scalability. We’re delighted that our data is being used as part of such cutting edge technology serving the financial sector.”

VDF is based on SIX Financial Information’s unique proprietary data model, which seamlessly links all data elements associated with a security – from terms and conditions to prices, from institutions to markets, through to corporate actions and events. In addition to intraday and closing prices, for illiquid or otherwise hard-to-price securities, SIX Financial Information provides model based valuations for over 110,000 investment grade bonds, including zero coupon bonds, floating rate notes, and step coupon bonds.

Syn~FTT has been developed to deliver a comprehensive, compliant and global solution to Financial Transaction Taxes. 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.

Denis Orrock, CEO of GBST Capital Markets comments: “Syn~FTT is a clear example of GBST developing our global Syn~ platform to meet the complex needs of the industry. We are delighted that SIX Financial Information has equally demonstrated its commitment to providing a comprehensive FTT data service.“