EUSD regulates the taxation of interest payments made across borders to individuals within the EU. It calls for savings income from interest payments made in one member state to be made subject to taxation in accordance with the national laws of the beneficial owner's member state.

A major challenge to financial institutions is to identify financial instruments subject to taxation in accordance with the EUSD. For global financial institutions with security master or reference databases outside the EU, clarity is even harder to achieve. Early on, Telekurs recognized this as a potential problem and began examining the technical solutions available to users of its Valordata Feed (VDF).

Telekurs has now identified and flagged in its database more than 200,000 instruments that fall within the scope of the EUSD. The benefits to EU members – and other countries with reciprocal agreements with the EU – are clear, as there is now a source of information that solves this complex data issue.

As a result, Telekurs has now been named the official data provider by the Swiss Federal Tax Administration with respect to information relating to the EUSD and its classification of financial instruments.

Barry Raskin, president of Telekurs (USA), said: “The structure of VDF, with its encoded and extensible data model, coupled with that fact that the instruments were already in our database of 2.25 million global securities, means that Telekurs had a big head start on solving this market need. Today, we have the industry’s only comprehensive database of EUSD-affected instruments, and we are confident the Swiss FTA mandate will increase acceptance of our service among private institutions.”

Existing Telekurs VDF customers will be able to access this data via their existing interface. In addition, this EUSD solution will also be available to U.S. financial institutions that are not yet VDF customers.

About Telekurs Financial
Telekurs Financial is a company in the Telekurs Group, which operates in the fields of financial information, payment transactions and IT services. As a leader in its field, Telekurs Financial specializes in the procurement, processing and distribution of international financial information for investment advisory services, portfolio management, financial analysis and securities administration.

A global network of local financial market specialists procures real-time stock exchange information straight from the leading financial centres. Containing over 2 million financial instruments, the database of structured, encoded securities information maintained by Telekurs Financial and its ten representative offices abroad is unparalleled throughout the world in terms of both depth and data coverage.

As the official numbering agency for Switzerland and the Principality of Liechtenstein, Telekurs Financial is responsible for allocating Swiss security (Valor) numbers. It is a founding member of the Association of National Numbering Agencies (ANNA) and leads the way in introducing standards aimed at simplifying trading and securities administration.

Telekurs (USA) Inc. is one of 19 Telekurs Financial offices located in 14 major financial centers around the world and is one of the company's regional data collection centers responsible for directly sourcing data from nearly 200 global exchanges, 400 third-party contributors and a number of news agencies.

Telekurs (USA)’s services range from valuation pricing and real-time market data feeds to streamlined reference/cross-reference, descriptive and corporate actions/events services for improved straight-through processing. With such far-reaching coverage of global markets and such extensive depth of information, Telekurs offers one of the most comprehensive data feeds available today.

For further information: www.tkusa.com.