Solution Helps with Cost Basis Reporting Compliance
Wolters Kluwer today announced that Ustocktrade Securities, Inc. (USTS), the first alternative trading system (ATS) designed exclusively for retail investors, has selected Wolters Kluwer’s GainsKeeper Brokerage solution for cost basis reporting. The solution uses a suite of smart tools that helps firms calculate, track and report cost basis, adjusted for corporate actions and wash sales, for 1099 tax reporting.
“As a relatively new retail stock trading network, we continuously enhance our platform to create a better trading experience for our growing base of users. We are very pleased to integrate Wolters Kluwer’s cost basis reporting to meet both our and our users’ requirements,” said Matt Bergin, CEO of Ustocktrade Securities. “The solution will provide us with the in-depth expertise and proven technology we need to comply with the cost basis reporting regulation.”
Cost basis reporting is one of the most highly sought account features for investors. GainsKeeper Brokerage allows brokerage firms to efficiently deliver this value-add service to their customers, helping them save time, money and aggravation when preparing their taxes. GainsKeeper Brokerage also provides detailed running cost basis and gain/loss reports that enable firms to maintain accurate investment records and realize greater after-tax performance.
GainsKeeper Brokerage is part of the GainsKeeper solution suite, an award-winning, tax lot accounting solution for the brokerage, fund investment, and active trader and individual investor communities.
For more information, please visit the Wolters Kluwer GainsKeeper Brokerage website.
About Wolters Kluwer Governance, Risk & Compliance
Wolters Kluwer Governance, Risk & Compliance (GRC) is a division of Wolters Kluwer, which provides legal, finance, risk and compliance professionals and small business owners with a broad spectrum of solutions, services and expertise needed to help manage myriad governance, risk and compliance needs in dynamic markets and regulatory environments.
Wolters Kluwer N.V. (AEX: WKL) is a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. Wolters Kluwer reported 2016 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide.
About Ustocktrade Securities, Inc.
Ustocktrade is the first alternative trading system (ATS) designed exclusively for retail investors and offering same-day trade settlement (T+0). Aimed at empowering a new generation of investors, or “Ustockers,” Ustocktrade enables users to take control of their finances by introducing them to stock trading. Ustocktrade is designed to deliver professional-level trading tools to every individual, regardless of skill or experience level. No minimum deposit, fixed $1 per trade, $1 monthly membership fee for U.S. investors, and same-day settlement enable retail investors to buy, sell or get out as quickly as possible. All trades are matched at the National Best Bid Offer (NBBO) - the best buy and sell prices in the market at any given time - and all members are shown the exact price they received in comparison to the NBBO at the time of execution.
Ustocktrade is the brainchild of technology entrepreneur Tony Weeresinghe, with more than 20 years of experience automating some of the world's most impressive equity trading systems, including the system used by the London Stock Exchange Group. Ustocktrade is built with clear social mission to use its profits to fund The Cainan Foundation, a 501(c)(3) registered charity dedicated to providing first-rate education to vulnerable and disadvantaged children worldwide. www.ustocktrade.com @ustocktrade
Online trading has inherent risk due to system response, execution price, speed, liquidity, market data and access times that may vary due to market conditions, system performance, market volatility, size and type of order and other factors. An investor should understand these and additional risks before trading. Securities products and services offered to self-directed investors through Ustocktrade Securities, Inc. Member FINRA / SIPC. Ustocktrade, LLC, Ustocktrade LK (Private) Limited and Ustocktrade Securities, Inc. are separate but affiliated companies. Securities products are: Not FDIC insured · Not bank guaranteed · May lose value
Ustocktrade Media Contact
Tel: +1 617-678-6740