Broadridge Financial Solutions, Inc. and Interactive Data Corporation have introduced services that are designed to help clients manage their year-end tax information reporting obligations.
Broadridge has signed an agreement to integrate Interactive Data Pricing and Reference Data’s high quality reference data for corporate bonds and municipal bonds in Broadridge’s Tax Information Reporting Service (TIRS). Broadridge will utilise this information as the basis for calculations of Original Issue Discount (OID) amounts and deliver this information directly to its clients.
In a separate development, Interactive Data Pricing and Reference Data has licensed OID information from Broadridge for distribution via its own Original Issue Discount Service. Firms utilising this service will also have direct access to Broadridge’s enhanced TIRS content. Interactive Data’s Original Issue Discount Service will also offer discrete fields containing IRS Publication 1212 OID and ratables as reported by the Internal Revenue Service.
“We are excited about the value that Interactive Data’s information brings to our product to help us provide the highest level of service to our bank and brokerage clients to support them in their year-end processing efforts. We are also excited about our dual relationship, which will bring a robust list of service choices to the financial services industry,” says Steve Neiss, vice president of tax information reporting, Broadridge.
“We believe that incorporating OID-related content from Broadridge’s enhanced TIRS will provide clients using the Interactive Data Original Issue Discount Service with a more robust offering that leverages Broadridge’s tax expertise and delivers a broader resource of data,” adds Ray D’Arcy, president of sales and marketing, Interactive Data Corporation.