The firm becomes the first Canadian bank member of LCH SwapAgent.
Clients of TD Securities looking for the clearing of bilateral derivative transactions can use the services of SwapAgent as the Canadian investment bank has gone live as a new member of the clearinghouse, officials say.
SwapAgent, whose parent company is the LCH Group, offers processing, margining, and settlement services for non-cleared derivatives.
“SwapAgent is the clearinghouse for bilateral markets. It reduces trading frictions, standardizing bilateral derivatives, including cross currency swaps and swaptions,” according to LCH in response to an inquiry from FTF News.
“Generally, clients are already live on SwapAgent, for example, Bluecrest, as well as the proof of concept completed for KfW,” according to LCH.
“TD Securities is the first Canadian bank member for LCH SwapAgent. We now have 30 groups, covering 45 members across 13 countries of incorporation. At least nine are incorporated in the U.S./Canada,” according to LCH. In addition, CDSClear, also part of the LCH Group, has expanded into U.S. markets.
“By using the service, we believe our clients will benefit from its robust capabilities and potential reduction in costs and risks associated with the bilateral derivatives market,” says Jason Cope, executive managing director and head of global fixed income for TD Securities, in a prepared statement.
TD Bank Group established Toronto Dominion Securities in 1987 “to provide corporate, treasury, and investment banking services to corporate clients,” according to TD Securities. “A few years later, TD Bank Group further integrated its investment firm operations to create TD Securities Incorporated.”
TD Securities offers capital markets products and services to corporate, government, and institutional clients.
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