Netbasis Canada

Netbasis Canada

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For many years, cost basis analysis has been a frustrating, time-consuming process for the financial services industry. The task of determining the adjusted cost basis of any security has literally meant tracking years of capital events by hand, through mountains of paperwork and historical data. It is crucial for companies within the financial services industry to use the best, most efficient tools for calculating cost basis to ensure the accuracy of results and to preserve a reputation for meeting the highest industry standards. If you currently rely on a back-office systems vendor or a clearing firm, are you accounting for your clients’ most accurate cost basis?

Netbasis-Canada, a comprehensive suite of cost basis solutions for Canadian firms, offers the full range of cost basis functionalities that can be quickly implemented within any platform or legacy system. By using historical data, Netbasis-Canada efficiently and accurately determines the adjusted cost basis of virtually any security traded in Canada – regardless of its history of capital events – in seconds.

The “snap in” feature modules of Netbasis-Canada can quickly and effectively provide the calculations and/or data that may be missing without replacing or disrupting your current system or environment. EDI and NetWorth Services have joined forces to offer a holistic system designed to help your company gain the competitive edge and become a leader in cost basis client services.

Netbasis-Canada can serve as a front-office desktop application or portfolio tracking tool providing to investment advisors, brokers and customer service representatives the most up-to-date cost basis calculations, historical corporate action information, security pricing and estate and gift valuations.

If you handle a vast number of clients and sizeable assets, the task of managing that amount of data can be daunting. No problem. Our batch processing services are specifically designed for those high-volume account verification needs.

BATCH PROCESSING SERVICES

For large institutional firms handling millions of records, some with missing or unreliable cost basis or corporate action information, there is a solution! These problems can be attributed to several things, but most prevalent are internal systems that are incapable of handling the complexities of these calculations, resulting in erroneous or incomplete data. Some large vendors who provide accounting and back office processes have “added” cost basis to their offerings, but this service is usually limited in scope.

Netbasis-Canada can adjust the cost basis for corporate actions, identify superficial loss violations, populate missing data records, verify account data or cleanse corrupted data, all on a one-time basis in real-time, or as part of end-of-day or monthly updating. The capabilities of the Netbasis-Canada high-speed, high-volume batch cost basis calculations are unprecedented in the market. Using state-of-the-art technology, Netbasis-Canada can accurately process over 2 million records of complex “buy and sell” scenarios all within 10 minutes. The speed and accuracy at which Netbasis-Canada processes copious amounts of data enable institutional firms to service multiple clients simultaneously, with no job too large for a prompt turnaround. Exception files are also produced for further consideration or additional processing. In order to meet your needs, Netbasis-Canada batch service can be seamlessly integrated as an in-house solution or files can be processed through a remote solution.

Superficial Loss Calculation – Netbasis-Canada can populate or verify the most complex loss scenarios including multiple buys, shorts, partial buys and sub-lot transactions. The Netbasis-Canada application will provide the adjusted cost basis information, the deferred loss, and holding period for these transactions. Hot CUSIP alerts for potential superficial loss violations can also be presented in a dashboard display.

Adjusted Cost Basis – Using a record identifier, CUSIP, number of shares and dates, Netbasis-Canada can provide or verify cost basis data in your client records. Netbasis-Canada will compare the original purchase price to data in the Netbasis-Canada system, applying historical pricing data verification to establish a valid starting point, if necessary. Netbasis-Canada will then advance the securities through all corporate actions and cost basis adjustments o the present date.

Corporate Actions – Netbasis-Canada can supply a list of all corporate actions associated with a security, using a record identifier and CUSIP.

Gain/Loss Positions – By providing the buy and sales dates, CUSIPs and number of shares, Netbasis-Canada can provide the gain/loss position of any security.

Sales Methodology Selection – Netbasis-Canada tax relief feature allows choice of the preferred sales method for any batch processing.

Estate Sale Value/Gifting – Netbasis-Canada can provide an estate sale value based on record identifier, CUSIP, number of shares, date of death and prior cost basis information.

Historical Pricing – Netbasis-Canada can provide or verify historical pricing data in client records, with as little as the record identifier (such as account number), CUSIP, number of shares and the date. If a price cannot be located, a secondary process will be used to obtain pricing. For example, if the CUSIP is found but the provided trade date is not valid Netbasis-Canada segregates the associated records and returns them in an exception file.

Customized Services – NetWorth Services offers customization of the standard batch services to provide the data integral to your business. Customized services are available for one-time or monthly processing, which includes cleansing, mutual fund share exchange, worthless securities and restricted securities.

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