Acquisition expands TD Securities’ automated investing infrastructure and capabilities
TORONTO, March 23, 2021 /PRNewswire/ – The Toronto-Dominion Lender (“TD”) (TSX: TD) (NYSE: TD) and Headlands Tech Holdings, LLC (“Headlands Tech”) now announced a definitive arrangement, topic to sure closing situations, for TD to receive Headlands Tech World Marketplaces, LLC, a Chicago-centered quantitative preset money investing corporation.
“This acquisition more strengthens our digital bond buying and selling infrastructure and underscores our dedication to offering data-driven innovation and expanding our world-wide system,” reported Bob Dorrance, Chairman, Main Executive Officer and President, TD Securities. “Headlands Tech World wide Markets’ platform and people will broaden our U.S. abilities in the municipal and company bond marketplaces. We seem ahead to welcoming the staff and operating jointly to supply an improved buying and selling experience for our purchasers.”
Founded in 2013, with offices in Chicago and San Francisco, Headlands Tech Worldwide Marketplaces has created proprietary software program to provide absolutely automatic electronic industry-making in municipal and expense grade company bonds. The firm’s 15 employees, which includes Co-CEOs Martin Mannion and Matthew Schrager, will sign up for TD Securities at closing.
“We designed our organization to present consumers with a exceptional, totally automatic execution experience in set money items,” claimed Co-CEO, Martin Mannion, Headlands Tech International Markets. “Our staff is a strong cultural in shape with TD Securities, and we are self-confident that our tested knowledge in digital investing will complement the firm’s existing company, progress ambitions and perseverance to outstanding customer services.”
TD’s buy of Headlands Tech World-wide Marketplaces is predicted to close mid-2021 subject matter to receipt of regulatory approvals, and pleasure of other customary closing problems. Upon closing, TD expects the transaction to have a minimal affect on capital.
TD Securities served as economical advisor in relationship with this transaction. Evercore served as money advisor to Headlands Tech.
Caution With regards to Forward-Looking Information and facts
From time to time, The Toronto-Dominion Lender (the “Lender” or “TD”) will make penned and/or oral ahead-searching statements, like in this document, in other filings with Canadian regulators or the United States (U.S.) Securities and Trade Commission (SEC), and in other communications. In addition, reps of the Bank may possibly make ahead-hunting statements orally to analysts, buyers, the media and other folks. All this sort of statements are designed pursuant to the “safe harbour” provisions of, and are supposed to be ahead-looking statements less than, relevant Canadian and U.S. securities legislation, which includes the U.S. Private Securities Litigation Reform Act of 1995. Ahead-hunting statements include, but are not confined to, statements produced in this doc, statements created in the Bank’s Management’s Dialogue and Analysis for the quarter ended January 31, 2021 (“Q1 2021 MD&A”) below the headings “How we Done, which includes below the sub-headings “Economic Summary and Outlook” and “The Bank’s Reaction to COVID-19” and below the heading “Handling Chance”, statements manufactured in the Bank’s Management’s Dialogue and Evaluation (“2020 MD&A”) in the Bank’s 2020 Yearly Report underneath the headings “Economic Summary and Outlook” and “The Bank’s Reaction to COVID-19”, for the Canadian Retail, U.S. Retail, and Wholesale Banking segments beneath headings “Key Priorities for 2021”, and for the Corporate section, “Concentrate for 2021”, and in other statements regarding the Bank’s goals and priorities for 2021 and outside of and approaches to attain them, the regulatory natural environment in which the Bank operates, the Bank’s predicted economical general performance, and the prospective economic, economic and other impacts of the Coronavirus Sickness 2019 (COVID-19). Ahead-hunting statements are generally identified by words and phrases these kinds of as “will”, “would”, “really should”, “think”, “count on”, “foresee”, “intend”, “estimate”, “strategy”, “purpose”, “target”, “may perhaps”, and “could”.
By their very character, these ahead-on the lookout statements need the Bank to make assumptions and are issue to inherent pitfalls and uncertainties, basic and specific. In particular in light-weight of the uncertainty connected to the physical, money, economic, political, and regulatory environments, these hazards and uncertainties – many of which are outside of the Bank’s regulate and the consequences of which can be complicated to predict – may well result in true success to vary materially from the anticipations expressed in the ahead-looking statements. Possibility aspects that could cause, separately or in the mixture, this sort of discrepancies include things like: strategic, credit, industry (including equity, commodity, overseas exchange, curiosity price, and credit rating spreads), operational (which include engineering, cyber stability, and infrastructure), design, insurance coverage, liquidity, funds adequacy, lawful, regulatory compliance and perform, reputational, environmental and social, and other hazards. Illustrations of such possibility components contain the economic, financial, and other impacts of the COVID-19 pandemic common enterprise and financial conditions in the areas in which the Lender operates geopolitical danger the potential of the Bank to execute on extended-phrase approaches and shorter-term essential strategic priorities, such as the successful completion of acquisitions and tendencies, organization retention strategies, and strategic designs technologies and cyber safety chance (which include cyber-attacks or information stability breaches) on the Bank’s information engineering, internet, network entry or other voice or information communications techniques or expert services product chance fraud to which the Financial institution is exposed the failure of 3rd events to comply with their obligations to the Lender or its affiliate marketers, which includes relating to the care and management of info, and other pitfalls arising from the Bank’s use of third-celebration provider companies the impression of new and changes to, or application of, existing guidelines and rules, including without the need of limitation tax guidelines, money tips and liquidity regulatory guidance and the financial institution recapitalization “bail-in” routine regulatory oversight and compliance threat greater competitors from incumbents and new entrants (which include Fintechs and massive technology competition) shifts in buyer attitudes and disruptive technological know-how environmental and social risk publicity connected to major litigation and regulatory issues means of the Financial institution to bring in, create, and retain important talent modifications to the Bank’s credit rankings variations in forex and curiosity fees (together with the likelihood of destructive fascination charges) greater funding expenses and industry volatility thanks to industry illiquidity and competitors for funding Interbank Made available Rate (IBOR) transition chance vital accounting estimates and changes to accounting criteria, procedures, and methods used by the Financial institution present and prospective intercontinental credit card debt crises environmental and social hazard and the occurrence o
f purely natural and unnatural catastrophic occasions and statements ensuing from these types of activities.
The Bank’s acquisition of Headlands Tech World-wide Marketplaces, LLC is topic to sure closing disorders. There is no assurance that the acquisition will be completed as explained in this doc or at all. There can be no assurance that the Lender will comprehend the anticipated added benefits or success, and real results could vary materially from the expectations expressed in the ahead-wanting statements. Examples of substance assumptions made by the Lender in the forward-on the lookout statements involve assumptions pertaining to predicted strategic and other advantages, based on the Bank’s expertise.
The Lender cautions that the previous list is not exhaustive of all doable hazard variables and other aspects could also adversely affect the Bank’s outcomes. For extra in depth facts, you should refer to the “Threat Elements and Administration” area of the 2020 MD&A, as may be updated in subsequently filed quarterly reviews to shareholders and news releases (as applicable) associated to any occasions or transactions mentioned below the headings “Considerable Functions” in the related MD&A, which relevant releases may be identified on www.td.com. All these types of things ought to be thought of thoroughly, as well as other uncertainties and opportunity events, and the inherent uncertainty of ahead-wanting statements, when making choices with respect to the Financial institution and the Lender cautions visitors not to area undue reliance on the Bank’s ahead-hunting statements.
Product economic assumptions underlying the forward-searching statements contained in this doc are set out in the 2020 MD&A under the headings “Economic Summary and Outlook” and “The Bank’s Response to COVID-19”, for the Canadian Retail, U.S. Retail, and Wholesale Banking segments, “Vital Priorities for 2021”, and for the Company segment, “Concentrate for 2021”, every single as may well be current in subsequently submitted quarterly experiences to shareholders.
Any ahead-on the lookout statements contained in this document symbolize the sights of administration only as of the day hereof and are offered for the reason of assisting the Bank’s shareholders and analysts in comprehending the Bank’s monetary place, goals and priorities and expected economic general performance as at and for the durations finished on the dates introduced, and may not be proper for other purposes. The Lender does not undertake to update any ahead-seeking statements, regardless of whether prepared or oral, that may well be manufactured from time to time by or on its behalf, apart from as expected beneath applicable securities legislation.
About TD Financial institution Group
The Toronto-Dominion Financial institution and its subsidiaries are collectively identified as TD Lender Group (“TD” or the “Financial institution”). TD is the fifth greatest bank in North The us by property and serves around 26 million customers in three important firms operating in a range of places in fiscal centres close to the world: Canadian Retail, which include TD Canada Believe in, TD Vehicle Finance Canada, TD Prosperity (Canada), TD Direct Investing, and TD Insurance policy U.S. Retail, such as TD Lender, America’s Most Practical Bank®, TD Auto Finance U.S., TD Prosperity (U.S.), and an expense in The Charles Schwab Corporation and Wholesale Banking, like TD Securities. TD also ranks amid the world’s leading on line monetary providers companies, with extra than 14 million lively on the web and mobile prospects. TD had CDN$1.7 trillion in belongings on January 31, 2021. The Toronto-Dominion Bank trades less than the image “TD” on the Toronto and New York Inventory Exchanges.
About Headlands Tech International Marketplaces
Headlands Tech World-wide Markets (HTGM) is a FINRA-registered broker-dealer that provides proprietary liquidity to set profits markets. Leveraging a one of a kind absolutely automatic method, HTGM is equipped to supply exact and well timed pricing throughout hundreds of hundreds of devices in the mounted profits universe. Established in 2013, HTGM has developed to become 1 of the major participants in the U.S. municipal bond market, executing countless numbers of trades for each day with hundreds of counterparties throughout the economical landscape. With a expanding presence in other asset courses such as expenditure-quality company bonds, HTGM is committed to leveraging its technological innovation to enhance liquidity and transparency throughout the set money marketplaces.
Supply TD Lender Group