Acquisition expands TD Securities’ automated buying and selling infrastructure and capabilities
TORONTO, March 23, 2021 /PRNewswire/ – The Toronto-Dominion Financial institution (“TD”) (TSX: TD) (NYSE: TD) and Headlands Tech Holdings, LLC (“Headlands Tech”) at this time introduced a definitive settlement, topic to sure closing circumstances, for TD to accumulate Headlands Tech World Markets, LLC, a Chicago-based quantitative mounted revenue buying and selling firm.
“This acquisition additional strengthens our digital bond buying and selling infrastructure and underscores our dedication to delivering data-driven innovation and rising our world platform,” mentioned Bob Dorrance, Chairman, Chief Government Officer and President, TD Securities. “Headlands Tech World Markets’ platform and folks will increase our U.S. capabilities within the municipal and company bond markets. We stay up for welcoming the staff and dealing collectively to ship an enhanced buying and selling expertise for our purchasers.”
Based in 2013, with workplaces in Chicago and San Francisco, Headlands Tech World Markets has developed proprietary software program to ship totally automated digital market-making in municipal and funding grade company bonds. The agency’s 15 workers, together with Co-CEOs Martin Mannion and Matthew Schrager, will be part of TD Securities at closing.
“We constructed our enterprise to offer purchasers with a superior, totally automated execution expertise in mounted revenue merchandise,” mentioned Co-CEO, Martin Mannion, Headlands Tech World Markets. “Our staff is a powerful cultural match with TD Securities, and we’re assured that our confirmed experience in digital buying and selling will complement the agency’s current enterprise, progress ambitions and dedication to distinctive shopper service.”
TD’s buy of Headlands Tech World Markets is predicted to shut mid-2021 topic to receipt of regulatory approvals, and satisfaction of different customary closing circumstances. Upon closing, TD expects the transaction to have a minimal affect on capital.
TD Securities served as monetary advisor in reference to this transaction. Evercore served as monetary advisor to Headlands Tech.
Warning Relating to Ahead-Trying Data
Occasionally, The Toronto-Dominion Financial institution (the “Financial institution” or “TD”) makes written and/or oral forward-looking statements, together with on this doc, in different filings with Canadian regulators or the US (U.S.) Securities and Trade Fee (SEC), and in different communications. As well as, representatives of the Financial institution might make forward-looking statements orally to analysts, buyers, the media and others. All such statements are made pursuant to the “protected harbour” provisions of, and are supposed to be forward-looking statements underneath, relevant Canadian and U.S. securities laws, together with the U.S. Non-public Securities Litigation Reform Act of 1995. Ahead-looking statements embody, however aren’t restricted to, statements made on this doc, statements made within the Financial institution’s Administration’s Dialogue and Evaluation for the quarter ended January 31, 2021 (“Q1 2021 MD&A”) underneath the headings “How we Carried out, together with underneath the sub-headings “Financial Abstract and Outlook” and “The Financial institution’s Response to COVID-19” and underneath the heading “Managing Threat”, statements made within the Financial institution’s Administration’s Dialogue and Evaluation (“2020 MD&A”) within the Financial institution’s 2020 Annual Report underneath the headings “Financial Abstract and Outlook” and “The Financial institution’s Response to COVID-19”, for the Canadian Retail, U.S. Retail, and Wholesale Banking segments underneath headings “Key Priorities for 2021”, and for the Company phase, “Focus for 2021”, and in different statements concerning the Financial institution’s aims and priorities for 2021 and past and methods to realize them, the regulatory atmosphere through which the Financial institution operates, the Financial institution’s anticipated monetary efficiency, and the potential financial, monetary and different impacts of the Coronavirus Illness 2019 (COVID-19). Ahead-looking statements are sometimes recognized by phrases comparable to “will”, “would”, “ought to”, “imagine”, “count on”, “anticipate”, “intend”, “estimate”, “plan”, “aim”, “goal”, “might”, and “may”.
By their very nature, these forward-looking statements require the Financial institution to make assumptions and are topic to inherent dangers and uncertainties, common and particular. Particularly in gentle of the uncertainty associated to the bodily, monetary, financial, political, and regulatory environments, such dangers and uncertainties – lots of that are past the Financial institution’s management and the results of which might be troublesome to foretell – might trigger precise outcomes to vary materially from the expectations expressed within the forward-looking statements. Threat components that would trigger, individually or within the combination, such variations embody: strategic, credit score, market (together with fairness, commodity, international change, rate of interest, and credit score spreads), operational (together with expertise, cyber safety, and infrastructure), mannequin, insurance coverage, liquidity, capital adequacy, authorized, regulatory compliance and conduct, reputational, environmental and social, and different dangers. Examples of such threat components embody the financial, monetary, and different impacts of the COVID-19 pandemic; common enterprise and financial circumstances within the areas through which the Financial institution operates; geopolitical threat; the power of the Financial institution to execute on long-term methods and shorter-term key strategic priorities, together with the profitable completion of acquisitions and inclinations, enterprise retention plans, and strategic plans; expertise and cyber safety threat (together with cyber-attacks or knowledge safety breaches) on the Financial institution’s info expertise, web, community entry or different voice or knowledge communications methods or companies; mannequin threat; fraud to which the Financial institution is uncovered; the failure of third events to adjust to their obligations to the Financial institution or its associates, together with regarding the care and management of data, and different dangers arising from the Financial institution’s use of third-party service suppliers; the affect of latest and adjustments to, or utility of, present legal guidelines and rules, together with with out limitation tax legal guidelines, capital pointers and liquidity regulatory steering and the financial institution recapitalization “bail-in” regime; regulatory oversight and compliance threat; elevated competitors from incumbents and new entrants (together with Fintechs and massive expertise rivals); shifts in shopper attitudes and disruptive expertise; environmental and social threat; publicity associated to important litigation and regulatory issues; capacity of the Financial institution to draw, develop, and retain key expertise; adjustments to the Financial institution’s credit score rankings; adjustments in foreign money and rates of interest (together with the potential for unfavourable rates of interest); elevated funding prices and market volatility as a result of market illiquidity and competitors for funding; Interbank Provided Price (IBOR) transition threat; important accounting estimates and adjustments to accounting requirements, insurance policies, and strategies utilized by the Financial institution; current and potential worldwide debt crises; environmental and social threat; and the prevalence of pure and unnatural catastrophic occasions and claims ensuing from such occasions.
The Financial institution’s acquisition of Headlands Tech World Markets, LLC is topic to sure closing circumstances. There isn’t a assurance that the acquisition shall be accomplished as described on this doc or in any respect. There might be no assurance that the Financial institution will understand the anticipated advantages or outcomes, and precise outcomes may differ materially from the expectations expressed within the forward-looking statements. Examples of fabric assumptions made by the Financial institution within the forward-looking statements embody assumptions concerning anticipated strategic and different advantages, based mostly on the Financial institution’s expertise.
The Financial institution cautions that the previous checklist just isn’t exhaustive of all doable threat components and different components may additionally adversely have an effect on the Financial institution’s outcomes. For extra detailed info, please consult with the “Threat Elements and Administration” part of the 2020 MD&A, as could also be up to date in subsequently filed quarterly reviews to shareholders and information releases (as relevant) associated to any occasions or transactions mentioned underneath the headings “Important Occasions” within the related MD&A, which relevant releases could also be discovered on www.td.com. All such components must be thought of fastidiously, in addition to different uncertainties and potential occasions, and the inherent uncertainty of forward-looking statements, when making choices with respect to the Financial institution and the Financial institution cautions readers to not place undue reliance on the Financial institution’s forward-looking statements.
Materials financial assumptions underlying the forward-looking statements contained on this doc are set out within the 2020 MD&A underneath the headings “Financial Abstract and Outlook” and “The Financial institution’s Response to COVID-19”, for the Canadian Retail, U.S. Retail, and Wholesale Banking segments, “Key Priorities for 2021”, and for the Company phase, “Focus for 2021”, every as could also be up to date in subsequently filed quarterly reviews to shareholders.
Any forward-looking statements contained on this doc symbolize the views of administration solely as of the date hereof and are introduced for the aim of aiding the Financial institution’s shareholders and analysts in understanding the Financial institution’s monetary place, aims and priorities and anticipated monetary efficiency as at and for the durations ended on the dates introduced, and will not be applicable for different functions. The Financial institution doesn’t undertake to replace any forward-looking statements, whether or not written or oral, which may be made occasionally by or on its behalf, besides as required underneath relevant securities laws.
About TD Financial institution Group
The Toronto-Dominion Financial institution and its subsidiaries are collectively often known as TD Financial institution Group (“TD” or the “Financial institution”). TD is the fifth largest financial institution in North America by property and serves over 26 million prospects in three key companies working in various places in monetary centres across the globe: Canadian Retail, together with TD Canada Belief, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD Insurance coverage; U.S. Retail, together with TD Financial institution, America’s Most Handy Financial institution®, TD Auto Finance U.S., TD Wealth (U.S.), and an funding in The Charles Schwab Company; and Wholesale Banking, together with TD Securities. TD additionally ranks among the many world’s main on-line monetary companies corporations, with greater than 14 million energetic on-line and cellular prospects. TD had CDN$1.7 trillion in property on January 31, 2021. The Toronto-Dominion Financial institution trades underneath the image “TD” on the Toronto and New York Inventory Exchanges.
About Headlands Tech World Markets
Headlands Tech World Markets (HTGM) is a FINRA-registered broker-dealer that gives proprietary liquidity to mounted revenue markets. Leveraging a singular totally automated strategy, HTGM is ready to present correct and well timed pricing throughout lots of of hundreds of devices within the mounted revenue universe. Based in 2013, HTGM has grown to grow to be one of many largest members within the U.S. municipal bond market, executing hundreds of trades per day with lots of of counterparties throughout the monetary panorama. With a rising presence in different asset lessons comparable to investment-grade company bonds, HTGM is dedicated to leveraging its expertise to enhance liquidity and transparency throughout the mounted revenue markets.
SOURCE TD Financial institution Group