Acquisition expands TD Securities’ automated buying and selling infrastructure and capabilities
TORONTO, March 23, 2021 /CNW/ – The Toronto-Dominion Bank (“TD”) (TSX: TD) (NYSE: TD) and Headlands Tech Holdings, LLC (“Headlands Tech”) right now declared a definitive arrangement, issue to sure closing problems, for TD to purchase Headlands Tech International Markets, LLC, a Chicago-dependent quantitative set income trading firm.
“This acquisition further more strengthens our digital bond buying and selling infrastructure and underscores our commitment to providing facts-pushed innovation and increasing our world platform,” stated Bob Dorrance, Chairman, Main Govt Officer and President, TD Securities. “Headlands Tech Worldwide Markets’ platform and men and women will expand our U.S. capabilities in the municipal and corporate bond marketplaces. We glance ahead to welcoming the workforce and operating with each other to deliver an increased buying and selling working experience for our clientele.”
Launched in 2013, with workplaces in Chicago and San Francisco, Headlands Tech Worldwide Marketplaces has produced proprietary application to provide absolutely automatic electronic current market-generating in municipal and expense grade company bonds. The firm’s 15 employees, such as Co-CEOs Martin Mannion and Matthew Schrager, will join TD Securities at closing.
“We created our business to supply clientele with a top-quality, completely automated execution knowledge in fixed revenue merchandise,” mentioned Co-CEO, Martin Mannion, Headlands Tech Global Markets. “Our crew is a potent cultural match with TD Securities, and we are self-confident that our proven abilities in electronic investing will complement the firm’s present business enterprise, advancement ambitions and commitment to excellent customer service.”
TD’s invest in of Headlands Tech Worldwide Markets is anticipated to near mid-2021 subject matter to receipt of regulatory approvals, and satisfaction of other customary closing problems. On closing, TD expects the transaction to have a minimum affect on money.
TD Securities served as economic advisor in link with this transaction. Evercore served as economic advisor to Headlands Tech.
Caution Concerning Ahead-Hunting Data
From time to time, The Toronto-Dominion Financial institution (the “Financial institution” or “TD”) makes penned and/or oral forward-hunting statements, including in this document, in other filings with Canadian regulators or the United States (U.S.) Securities and Trade Fee (SEC), and in other communications. In addition, associates of the Financial institution may well make ahead-wanting statements orally to analysts, traders, the media and other people. All this kind of statements are made pursuant to the “secure harbour” provisions of, and are meant to be ahead-looking statements less than, relevant Canadian and U.S. securities legislation, like the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements incorporate, but are not constrained to, statements created in this document, statements created in the Bank’s Management’s Discussion and Assessment for the quarter ended January 31, 2021 (“Q1 2021 MD&A”) below the headings “How we Performed, including less than the sub-headings “Financial Summary and Outlook” and “The Bank’s Response to COVID-19” and below the heading “Running Threat”, statements made in the Bank’s Management’s Dialogue and Evaluation (“2020 MD&A”) in the Bank’s 2020 Yearly Report below 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 underneath headings “Vital Priorities for 2021”, and for the Corporate segment, “Focus for 2021”, and in other statements concerning the Bank’s targets and priorities for 2021 and beyond and procedures to attain them, the regulatory setting in which the Lender operates, the Bank’s predicted economical functionality, and the opportunity financial, fiscal and other impacts of the Coronavirus Illness 2019 (COVID-19). Forward-seeking statements are normally discovered by terms these types of as “will”, “would”, “need to”, “feel”, “assume”, “anticipate”, “intend”, “estimate”, “approach”, “intention”, “goal”, “may perhaps”, and “could”.
By their really character, these forward-wanting statements need the Lender to make assumptions and are matter to inherent pitfalls and uncertainties, general and distinct. Especially in light of the uncertainty associated to the actual physical, economic, economic, political, and regulatory environments, these hazards and uncertainties – several of which are past the Bank’s regulate and the consequences of which can be hard to predict – could bring about precise success to vary materially from the anticipations expressed in the forward-on the lookout statements. Possibility things that could induce, separately or in the combination, these kinds of variations include: strategic, credit rating, industry (which includes fairness, commodity, foreign trade, fascination price, and credit rating spreads), operational (including technologies, cyber protection, and infrastructure), design, insurance, liquidity, cash adequacy, authorized, regulatory compliance and conduct, reputational, environmental and social, and other pitfalls. Illustrations of these kinds of threat elements contain the economic, economical, and other impacts of the COVID-19 pandemic general business and financial circumstances in the areas in which the Lender operates geopolitical risk the capability of the Bank to execute on extensive-term approaches and shorter-expression vital strategic priorities, like the successful completion of acquisitions and tendencies, organization retention strategies, and strategic ideas know-how and cyber stability chance (like cyber-assaults or data stability breaches) on the Bank’s facts engineering, world wide web, community entry or other voice or information communications systems or products and services product risk fraud to which the Financial institution is exposed the failure of 3rd functions to comply with their obligations to the Lender or its affiliate marketers, which include relating to the care and handle of data, and other challenges arising from the Bank’s use of third-celebration assistance suppliers the effect of new and alterations to, or application of, present-day guidelines and polices, including with out limitation tax legal guidelines, cash suggestions and liquidity regulatory advice and the lender recapitalization “bail-in” regime regulatory oversight and compliance chance amplified competition from incumbents and new entrants (like Fintechs and huge technology rivals) shifts in customer attitudes and disruptive technological know-how environmental and social risk publicity relevant to significant litigation and regulatory issues means of the Lender to draw in, create, and retain key talent variations to the Bank’s credit rating rankings alterations in currency and interest costs (including the risk of unfavorable interest rates) improved funding costs and marketplace volatility due to marketplace illiquidity and levels of competition for funding Interbank Provided Level (IBOR) changeover hazard crucial accounting estimates and modifications to accounting specifications, insurance policies, and solutions applied by the Lender present and potential worldwide credit card debt crises environmental and social possibility and the incidence of natural and unnatural catastrophic oc
casions and claims resulting from such gatherings.
The Bank’s acquisition of Headlands Tech International Marketplaces, LLC is matter to particular closing disorders. There is no assurance that the acquisition will be finished as explained in this document or at all. There can be no assurance that the Bank will notice the expected gains or final results, and genuine benefits could vary materially from the expectations expressed in the forward-searching statements. Examples of materials assumptions built by the Bank in the forward-on the lookout statements include assumptions relating to expected strategic and other positive aspects, based on the Bank’s working experience.
The Bank cautions that the previous record is not exhaustive of all doable risk elements and other aspects could also adversely influence the Bank’s results. For extra specific facts, be sure to refer to the “Chance Components and Administration” area of the 2020 MD&A, as may be current in subsequently submitted quarterly reviews to shareholders and news releases (as relevant) similar to any gatherings or transactions talked about underneath the headings “Important Events” in the pertinent MD&A, which relevant releases could be observed on www.td.com. All this kind of factors should really be viewed as thoroughly, as very well as other uncertainties and potential activities, and the inherent uncertainty of ahead-wanting statements, when making choices with regard to the Bank and the Financial institution cautions visitors not to area undue reliance on the Bank’s forward-seeking statements.
Substance financial assumptions underlying the forward-looking statements contained in this document are set out in the 2020 MD&A underneath 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, “Essential Priorities for 2021”, and for the Company segment, “Emphasis for 2021”, each individual as may perhaps be updated in subsequently filed quarterly reviews to shareholders.
Any ahead-hunting statements contained in this document symbolize the sights of administration only as of the date hereof and are offered for the intent of aiding the Bank’s shareholders and analysts in knowing the Bank’s economical place, targets and priorities and expected money overall performance as at and for the intervals ended on the dates offered, and might not be correct for other applications. The Lender does not undertake to update any ahead-wanting statements, regardless of whether composed or oral, that may be created from time to time by or on its behalf, other than as needed below relevant securities legislation.
About TD Financial institution Team
The Toronto-Dominion Financial institution and its subsidiaries are collectively identified as TD Lender Team (“TD” or the “Financial institution”). TD is the fifth premier lender in North America by property and serves over 26 million prospects in 3 key companies functioning in a selection of destinations in money centres about the world: Canadian Retail, which include TD Canada Rely on, TD Vehicle Finance Canada, TD Prosperity (Canada), TD Immediate Investing, and TD Insurance plan U.S. Retail, together with TD Lender, America’s Most Convenient Bank®, TD Automobile Finance U.S., TD Wealth (U.S.), and an financial investment in The Charles Schwab Corporation and Wholesale Banking, including TD Securities. TD also ranks amongst the world’s top online monetary solutions companies, with additional than 14 million active on the net and cellular buyers. TD had CDN$1.7 trillion in belongings on January 31, 2021. The Toronto-Dominion Bank trades underneath the symbol “TD” on the Toronto and New York Stock Exchanges.
About Headlands Tech World-wide Marketplaces
Headlands Tech World wide Marketplaces (HTGM) is a FINRA-registered broker-dealer that presents proprietary liquidity to preset earnings marketplaces. Leveraging a special completely automatic solution, HTGM is ready to supply exact and well timed pricing throughout hundreds of 1000’s of instruments in the fastened money universe. Established in 2013, HTGM has grown to come to be a person of the biggest members in the U.S. municipal bond marketplace, executing countless numbers of trades for every day with hundreds of counterparties throughout the economical landscape. With a growing existence in other asset classes these types of as expenditure-grade company bonds, HTGM is dedicated to leveraging its technology to strengthen liquidity and transparency throughout the fastened revenue marketplaces.
Supply TD Financial institution Group
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