Xcitek Reports San Francisco-based Brokerage Uses Its ASP Service

Xcitek, a provider of market data, corporate actions software, and staffing solutions, reported that the Xcitek Client Cost Basis, its ASP service, is fully implemented and is servicing the end clients of an online brokerage firm headquartered in San Francisco,

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Xcitek, a provider of market data, corporate actions software, and staffing solutions, reported that the Xcitek Client Cost Basis, its ASP service, is fully implemented and is servicing the end clients of an online brokerage firm headquartered in San Francisco, CA, though the name of the firm was not disclosed.

Xcitek said clients of the brokerage firm now have the ability – through secured session on the broker’s web site – to calculate the cost basis of equity positions back to the original trade date. The client enters only a minimum of information to get a bottom-line calculation in seconds that factors-in all splits, spin-offs, distributions, mergers and other cost basis affecting events. Introduced in 2004, Xcitek Client Cost Basis is a hosted ASP service linked from the broker’s site and customized to match the broker’s web environment.

“Xcitek Client Cost Basis was designed to alleviate the burden on broker call centers and branch offices from clients seeking cost basis data. This burden is especially heavy during tax season,” said Charles Price, senior vice president at Xcitek.

Xcitek software uses the Xcitek Cost Basis Calculator, a tool developed for financial institution back-office areas such as ACATS transfer, tax reporting, fund accounting and corporate actions, for the automated calculation of accurate cost basis adjustments.

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