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 grow in Europe but “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 visiting Canada, said: “This is a great win for Ireland as we seek to deepen and expand the range of financial services companies who are investing in Ireland. 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. As we face into the challenges of Brexit, we are determined to pursue and seize new opportunities and investment projects from key companies worldwide.”
Peter Walker, vice chair and regional head Europe & Asia-Pacific, TD Securities, added: “As we continue to grow our business in Europe, we are pleased to announce the expansion of our Dublin office, which will also position us well for all outcomes of Brexit negotiations. TD Securities has a long standing history in Ireland and our fully licensed broker-dealer will continue to benefit from Ireland’s commitment to economic growth.”
The news on TD Securities follows earlier announcements by IDA Ireland, regarding the shifting of businesses to the country amidst ongoing uncertainty around Brexit.
In July, it confirmed the shift of Bank of America’s EU legal entitities to Dublin. That followed confirmation by Citi that it had chosen Dublin as one of a number of European cities in which to base its broader European expansion post-Brexit. And prior to that, UK bank Barclays announced that it would rely on a licenced EU subsidiary based in Dublin to maintain passported activities post-Brexit.
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