Brexit: TD shifts bond trading to Dublin
TD Securities has confirmed that is is shifting its bond trading business to Dublin, citing a need to “respond to the changing business environment as a result of Brexit”.
The broader TD Bank Group, headquartered in Toronto, Canada, claims some 25 million customers globally, with 13 offices worldwide. TD Securities offers capital markets products and services to customers including corporations, governments and institutions.
The Irish Taoiseach (prime minister) Leo Varadkar, who is currently coming to the end of a trade mission to Canada, described TD Securities’ plan as “a great win for Ireland, as we seek to deepen and expand the range of financial services companies investing in Ireland”.
He added: “TD Securities is a major player in world financial markets, and I am particularly pleased that they have decided to expand their existing operations in Ireland.
“Trade missions such as the one I am just concluding are aimed specifically at helping to bring about these kinds of announcements.
“The Canadian banking system has a renowned reputation for both stability and innovation, and Ireland is delighted to welcome this new business to our shores.”
The news that TD Securities is planning to shift its bond-trading business to Dublin follows earlier announcements by IDA Ireland, the quasi-governmental Irish association that promotes foreign direct investment in the country, concerning what it says has been a steady influx of businesses setting up Irish operations in response to the continuing uncertainty posed by Brexit.
In July, it confirmed the shift of Bank of America’s EU legal entitities to Dublin, which in turn followed confirmation by two other major banking entities, Citi and Barclays, that they were preparing to site key operations there as well.
In addition to giving financial services businesses the reassurance that they will be able to continue to passport their services across the European Union’s borders, Ireland has the added appeal of being primarily an English-speaking jurisdiction, unlike such Continental rivals as Frankfurt, Luxembourg, Brussels and Paris.