IRS Reporting Requirements you Need to Know if you’re Working in a Financial Institution Involved in the Stock Market
This is the first in a series of articles that I will be contributing. In each blog article, I will provide some reminders of what you need to be doing, thinking about and planning for. I will also write about some of the problems that are happening in the industry that can lead to failures or breaches of tax regulation. In this blog post I’m going to focus on US withholding tax i.e. Chapters 1 and 3 of the US internal revenue code. In future blog posts I will look at FATCA (Chapter 4) as well as DAC6, AEoI, CRS, TRACE and the EU Withholding tax code of conduct. If you don’t know what some of those acronyms mean, stay tuned for my future blog posts where all will be explained.Read more
Over the past two decades I’ve helped firms customize solutions in several ways — from language customization, to nuances in user experience to adding content such as market data, news, or screening tools. Each customer’s wish list is different, and we try to accommodate different segments of clients – from custom turnkey solutions, when a client has to allocate limited technology resources, to a full suite of APIs and SDKs that clients can utilize to build completely custom solutions via their internal teams.Read more
It was in 2016 that I was working with Taiwan’s leading broker on their prop desk. I was the trader that researched, invested and traded in the U.S. stock market. As a result of this participation, I discovered several sizable U.S.-based companies evolving their businesses in the brokerage industry using low-cost exchange-traded funds (ETFs) and robo-advisory offerings.Read more
We’ve all heard the famous quote “an investment in knowledge pays the best interest.” For many, this equates to an investment in one’s education, which can lead to unparalleled learning opportunities both within and outside of the four walls of a classroom. A college education can further amplify this by giving students exposure to world-class faculty, access to diverse peer groups, and prospective job opportunities. And for many across the globe, a quality college education has become a means to economic mobility.Read more
For years, securities traders looked at fundamental and technical analysis to justify their investment decisions and to examine the future price movement of a security. Day traders, hedge fund managers, investment advisers and retail investors have all used one of these approaches in helping with their allocations.
It is hard not to notice the changes over the past decade within the U.S. stock market. The introduction of more millennials into work life, the technological evolution of trading on-the-go, and investment “advice” from non-professional internet influencers have contributed to the transformation.
Trading volumes have been hitting record highs since 2020. Read more
The digital revolution is already well underway on Wall Street. This ongoing democratization has enabled investors of every wealth background – even those with little to no “wealth” -- the option to easily invest in their favorite companies.
In the digital age, this of course can be done via their favorite app which offers the best user experience that modern technology has to offer. The heightened activity around GameStop shares seen earlier this year, plus the increased interest in and volatility around cryptocurrencies are some more examples of the growing power of the individual investor. This is all being fueled by technology.Read more
Annabel Lukens has worked with ViewTrade since its early days in 1999. For over 10 years she has been building relationships with broker-dealers outside the U.S. helping them tap the technology they need to access U.S. markets. Prior to joining ViewTrade she worked as a stockbroker for two decades.
When Annabel is not working to help B2B firms in Europe, India, and Latin America, she enjoys spending her free time painting with acrylics. Working with B2B clients is also a fine art—as each client has different needs based on their own customer base and business model. Just as she works to achieve the right color combinations in her paintings, she does much the same to find the right solution to fit the needs of ViewTrade’s clients.Read more
Once again, we’ve invited subject matter expert Ross McGill to share his insights on tax matters.
US tax regulations are complicated and they have a number of deadlines associated either with meeting the regulatory standards or providing some options to give you more time to comply. In this blog, Ross McGill, Chairman of TConsult Ltd, one of the world’s foremost experts on US tax regulations, gives non-US financial firms a heads-up on some of the closest deadlines, why they exist and what you can do to make the most of them.Read more
A few years ago, in the summer of my junior year at National Taipei University, I saw a post for an intern position in our school’s bulletin board on Facebook. ViewTrade was looking for a translator to translate content from English to Chinese for Passport to Wall Street—a product offered by Orbis Systems.
The position interested me, and I thought it may provide me with more opportunities to look at the U.S. Markets—especially because at that time, I was a junior year student and looking for a future career. While I was a student majoring in foreign language and linguistics, I still wanted to commit myself in the finance field. Read more
What worked well for you this year? Did you start a new RIA firm? Become an internet advisor? Build a new robo platform? Find a new custodian? Create a paperless new account process? Read more
For more than 20 years ViewTrade Securities and its sister company Orbis Systems, Inc, have worked with financial institutions, banks, broker-dealers and fintech firms worldwide to enable direct access to U.S. equity markets. Many of the firms we work with have legacy systems and use our APIs and microservices to scale quickly without disruption to core processes. Some fintech firms have only a vision of a new application and come to us for help with a full design and build.
It goes without saying that responsible data handling and reliable and secure electronic trading tools are critically important when selecting or building a trading platform. Our experience in this space has taught us that when creating a technology solution to trade equities and options in U.S. markets—there are several additional key considerations that should not be overlooked. Read more
In an earlier blog post we discussed the importance of client service to institutions from account opening and trading to operational support and beyond. In today’s digitized world, technology connection is paramount to the success of any U.S. broker-dealer offering online trading and brokerage services.
However, even with unparalleled technology, customer service is still crucial to the success of any business. Unfortunately, support is increasingly relegated to automated, canned answers that offer no real assistance. Not only that, but all too often, clients reach out to a service provider for help with an issue that easily could have been prevented with a proactive, customized approach to service.
Here at ViewTrade, our Client Services Team takes the Know Your Customer rule (KYC) well beyond simply collecting documents at account opening. Read more
This month we’ve tapped subject matter expert Ross McGill (a friend to ViewTrade who has been at the pulse of global financial markets for decades) to share his insights on what it means to be a qualified intermediary (QI) versus a non-qualified intermediary (NQI).
Mr. McGill is Chairman and co-founder of TConsult, a UK based consulting and regulatory services firm with clients in fifteen countries. McGill literally wrote the book on US withholding tax now in its second edition. Mr. McGill sits on several international committees as a tax specialist, notably ISO20022 standards groups on corporate actions, proxy voting and funds management. He has also been an expert witness and was a contributor to the European Commission’s work on the removal of barriers to the free movement of capital. Mr. McGill is a well-known and respected subject matter expert. Read more
It is the twenty first century, though no matter how much technology you put into the hands of your business-to-business (B2B) or business-to-consumer (B2C) clients, we cannot ignore the tremendous value of the human element in driving results. Financial services remains a people business.
Over the course of time we’ve seen human interaction for day-to-day transactions become unnecessary. Transactions such as trading, cashiering, research and the like have all become automated. Regardless of these developments, there is no substitute for having a live, knowledgeable person to contact when you need to fill the gaps in a process or when things inevitably do not go quite as you expected.
The true value of service is how well a service provider reacts to an issue when it arises. And the way a support platform or help desk responds when an anomaly occurs is the true measure for the quality of an institution.
Great service will always win. Read more
Technology has changed how non-U.S. broker-dealers, also known as foreign financial institutions (FFIs), work with their customers.
At the turn of the 20th century, the financial markets saw the beginning of the end of traditional brokerage. While self-directed, online trading was quickly gaining traction in the U.S., customers of many foreign financial institutions still had limited access to U.S. markets via these means. Over time, as access to the internet improved globally, demand grew from FFIs to expand their global brokerage services.
What is driving this demand? Read more
At the end of last year, we gathered associates from around the world and celebrated our firm’s 20th anniversary. We founded ViewTrade in 1999 with the idea to provide foreign banks, brokers, and other financial institutions with electronic access to the US markets. At that time self-directed online trading was becoming exceedingly popular, so we built a team of very experienced associates and made it happen.
In the early years, investors had little experience trading stocks outside of their own local markets. As communications and technology advanced, brokers and banks of all sizes were empowered to allow their customers to trade anywhere in the world. And advancements in the speed of execution brought minutes down to a fraction of a second leading to better liquidity and the drastic lowering of execution costs.
The industry evolved and so did we. Read more