Bloomberg streamlines US multistate net operating loss management software
Bloomberg Tax & Accounting has announced enhancements to State NOL Manager, formerly known as State Tax Analyzer, an all-in-one compliance, provision, and planning application for businesses in the US with net operating losses (NOLs) across multiple states.
Focused on NOLs and the differing complexity by state, the firm updates corporate state income tax rules and regulations across 44 states, the District of Columbia, and New York City. Most recently, CARES Act changes that affect tax years 2018, 2019, and 2020 were incorporated into State NOL Manager to equip tax professionals working on tax deliverables for these years.
State NOL Manager is embedded with Bloomberg Tax & Accounting's tax expertise, providing confidence that calculations are always up-to-date, accurate, and based on the latest enacted state tax law. This is designed to let users optimise the most demanding compliance, provision, and planning situations.
State NOL Manager integrates tax expertise with purpose-built calculations to bring efficiency and control to tasks including:
- Calculating NOL generation, utilisation, and expiration amounts by tax year.
- Analysis of carryback and carryforward NOLs.
- Identifying pre- and post-apportionment NOL states.
- Reporting on cumulative NOL ending balances by tax year.
"State NOL Manager eliminates the guesswork and stress of tracking losses across entities, tax periods, and states," said Evan Croen, vice president at Bloomberg Tax and Accounting Software. "The tool provides efficiency and insight that saves corporate tax departments hundreds of hours of effort each year."
73% of financial businesses confident in their long-term resilience
A survey of 250 banking and financial services companies has revealed how they are benefitting from the rapid adoption of new technology during the pandemic, research from Yobota has revealed.
The London-based technology company commissioned an independent survey among 250 senior decision-makers within banking and financial services companies. It found that 73% are confident in their business’ ability to withstand future disruptions as a result of having invested more heavily in technology during the pandemic.
The vast majority (76%) said their company has now put technology far more at the heart of its operations and business model than was the case 12 months ago.
Almost two-thirds (63%) admitted that, in the past, poor technology inhibited their ability to deliver better products or services to customers. However, 74% said that investing in digital solutions has helped their business to improve the customer experience in the past year.
Four in five (79%) banks and financial firms said embracing new technologies during the pandemic allowed them to successfully pivot their services to suit the current climate.
Improving customer retention and acquisition strategies was cited as another key outcome by 74% of businesses, while 76% pointed towards collecting more accurate data from customers as one of their main motivations for improving the technology they were using during the Covid-19 crisis.
Elsewhere, Yobota’s research found 75% of business leaders in the banking and finance sector had been able to streamline administrative processes by using new technology and 65% had lowered operational costs.
CME Group to launch Bloomberg short-term bank yield index (BSBY) futures in Q3
Derivatives marketplace CME Group has announced it will launch interest rate futures based on the Bloomberg Short-Term Bank Yield Index (BSBY). These new contracts will be available for trading in Q3, with OTC clearing of BSBY swaps introduced in Q4, pending regulatory review.
"In response to client demand for credit sensitive instruments, we are pleased to introduce BSBY futures to offer both price discovery and risk hedging for the BSBY Index," said Sean Tully, global head of Financial and OTC Products at CME Group. "Our launches of BSBY futures in Q3 - and cleared BSBY swaps in Q4 - will complement our existing short-term interest rate futures and Term SOFR index products, providing global market participants with a suite of capital-efficient risk management tools to manage their interest rate exposures going forward."
"The launch of CME Group futures and cleared swaps on the IOSCO-compliant BSBY index will be a promising development for FICC market structure," said Sonali Theisen, head of FICC E-Trading and Market Structure at Bank of America. "Alongside SOFR, we believe credit sensitive products will play a part in the evolution of the US derivatives market as it prepares for LIBOR cessation."
BSBY has been developed to address the needs of the market by providing a series of credit sensitive reference rates that incorporate bank credit spreads and define a forward term structure. BSBY seeks to measure the average yields at which large global banks access USD senior unsecured marginal wholesale funding. It adheres to the IOSCO Principles, and is a proprietary index calculated daily and published at 8:00 am (EST) on each US business day. BSBY is currently only available for use in the US markets. CME Group BSBY futures will be financially settled. They will be listed on and subject to the rules of CME.
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