TD Securities Announces Integration of Public Finance and Automated Trading businesses

Combined business operating as TD Financial Products

Toronto / New York, October 20, 2025 – TD Securities (TDS) today announced the integration of its Public Finance business, previously operating out of TD Securities (USA) LLC, into TD Financial Products. The fully integrated business is now operational.

This strategic move is designed to create significant operational efficiencies while enhancing the client experience. By bringing together TDS’s traditional voice trading expertise with advanced algorithmic trading capabilities, clients will benefit from a comprehensive platform that combines personalized service, deep market insight, and cutting-edge analytics.

Importantly, TDS’s voice trading desk will remain a cornerstone of the offering, now bolstered by enhanced analytical tools and a fully automated algorithmic solution. This combination ensures that customers have the flexibility and sophistication to meet a full range of financing and trading needs.

“This integration represents the best of both worlds for our clients—our trusted voice trading desk alongside innovative, data-driven technology,” said Matthew Schrager, Managing Director and Co-Head, Automated Trading, TDS. “It allows us to operate more efficiently, deliver greater value to our clients, and provide our employees with an even stronger platform for growth and collaboration.”

As TDS continues to evolve its business model, the firm is also reinforcing its position as a destination for top industry talent. The integration creates an environment where professionals can work at the intersection of relationship-driven finance and advanced technology—an increasingly rare and valuable combination in today’s markets.

“Bringing these teams together is about more than efficiency—it’s about creating a place where talent can thrive,” added Rick Fogliano, Head of Municipal Products, TDS. “We are building a platform that empowers our people to innovate and deliver for our clients.”

The integration underscores TDS’ commitment to investing in the tools, technology, and talent needed to meet the evolving needs of its clients today and into the future.

About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the sixth largest bank in North America by assets and serves over 28.1 million customers in four key businesses operating in a number of locations in financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Auto Finance Canada; U.S. Retail, including TD Bank, America's Most Convenient Bank®, TD Auto Finance U.S., and TD Wealth (U.S.); Wealth Management and Insurance, including TD Wealth (Canada), TD Direct Investing, and TD Insurance; and Wholesale Banking, including TD Securities and TD Cowen. TD also ranks among the world's leading online financial services firms, with more than 18 million active online and mobile customers. TD had $2.0 trillion in assets on July 31, 2025. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto Stock Exchange and New York Stock Exchange.

Media Contact:
Amy Thompson
amy.thompson@td.com