TD Securities

What TD Securities does

TD Securities is the wholesale banking and capital markets arm of The Toronto-Dominion Bank (TD Bank Group), a top-10 North American bank by assets. Headquartered in Toronto with offices in New York, London, Dublin, Hong Kong, Singapore, Tokyo, Shanghai, and Sydney, the firm operates across North America, Europe, and Asia-Pacific with 5,001-10,000 employees. The platform is organized around four core service lines: Corporate and Investment Banking (sector-specific coverage across Communications & Media, Consumer & Retail, Financial Institutions, Financial Sponsors, Global Energy and Power, Health Care, Industrials, Mining & Metals, Real Estate, and Technology), Global Markets (fixed income, equity, FX, and commodities trading and distribution), Global Transaction Banking (trade finance and cash management), and Research and Strategy (TD Cowen Research with 2,300+ professionals covering US, Canada, Europe, and Asia-Pacific).

The firm's product portfolio spans digital platforms and physical products. Digital platforms include TDFX (online FX trading for 25+ currencies with 128-bit SSL encryption and multi-factor authentication), TDfacilitrade (trade finance portal with audit-trail transaction query and customized reporting), TD One Portal (client portal for research and trading), TD Prime Services (prime brokerage), TD Liquidity Manager, and WebBroker. Physical/structured products include Structured Notes (customized investment solutions linked to underlying assets), Dual Currency Deposits (hybrid FX-yield product requiring $250,000 minimum), and TD Cornerstone Commercial Realty (real estate brokerage). In 2025-2026, TD Securities integrated with LTX's AI-powered BondGPT as a fully integrated liquidity provider alongside Goldman Sachs, J.P. Morgan, Morgan Stanley, and Bank of America, and partnered with Luma Financial Technologies for structured products lifecycle management across Canadian wealth management.

TD Securities generates revenue across six streams: (1) M&A and corporate advisory fees, (2) underwriting fees from debt and equity issuance (IPO fees typically 3-7% of gross proceeds, debt fees typically 0.5-2%), (3) trading revenue from bid-ask spreads, sales credits, and trading positions in global markets, (4) transaction banking revenue from trade finance, cash management, and interest spreads, (5) subscription/recurring revenue from TD Cowen Research distribution, and (6) usage-based prime brokerage fees. Go-to-market is sales-led and enterprise-field-sales driven through sector-specific coverage teams managing direct relationships with large corporations, financial sponsors, government entities, and institutional investors, supplemented by self-serve digital platforms like TDFX and TDfacilitrade for mid-market clients. TD Securities operates as a wholly-owned subsidiary/division of TD Bank Group, with multiple underlying legal entities (TD Securities Inc., TD Securities (USA) LLC, TD Bank Europe Limited, TD Global Finance Unlimited Company, and others) supporting its regulated activities across Canada, the US, the UK, Ireland, Singapore, and beyond.

Name

TD Securities

Legal name

TD Securities Inc.

Website

https://tdsecurities.com

Company type

Private

Founded year

1855

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

TD Securities is the wholesale banking and capital markets arm of The Toronto-Dominion Bank, offering investment banking, global markets, transaction banking, and TD Cowen Research to corporations, financial sponsors, real estate investors, and institutional clients globally across 10+ offices.

Ownership category

akta.pro rank

Product category

Investment Banking

NAICS

Investment Banking and Securities Intermediation (523150), Securities and Commodity Contracts Intermediation and Brokerage (5231), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Security Brokers, Dealers & Flotation Companies (6211), National Commercial Banks (6021)

akta.pro primary industry

Prime Brokerage & Institutional Trading Services (FSAPADAF)

akta.pro secondary industries

Treasury & Risk Management Solutions (FX/MM, hedging, TMS integration) (FSABAIAE), Securities Borrowing & Lending (Equities/Bonds) (FSACAIAC), Corporate Bond Trading Platforms (FSAFACAB), Money Markets & Short-Term Funding (T-Bills, CP, CDs) (FSACAEAG)

Keywords

• Investment banking services
• Capital markets trading
• Foreign exchange trading
• Equity research
• Merger acquisition advisory

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices10 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Investment Banking and Advisory: Provides advisory services for mergers and acquisitions, capital markets transactions, and strategic corporate finance. Generates fees from transaction completion and ongoing advisory mandates.
2. Capital Markets (Debt and Equity Underwriting): Acts as underwriter, bookrunner, and lead manager for IPOs, secondary offerings, and debt issuances. Revenue from underwriting fees, spreads, and management fees on capital markets transactions.
3. Global Markets (Trading and Sales): Fixed income, equity, foreign exchange, and commodities trading and distribution. Generates revenue from bid-ask spreads, trading positions, and sales credits on securities transactions.
4. Global Transaction Banking: Trade finance, cash management, and transaction banking services for corporate clients. Revenue from transaction fees, interest spreads, and service fees.
5. Research and Strategy: Equity research, macroeconomic strategy, and industry analysis distributed to institutional clients. Revenue supports client acquisition and cross-selling of investment banking services.
6. Securities Lending and Prime Brokerage: Prime brokerage services including securities lending, margin lending, and clearing services for institutional clients. Revenue from interest spreads and service fees.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels6 records

Core offering

TD Securities is the wholesale banking and capital markets arm of The Toronto-Dominion Bank (TD Bank Group). It provides corporate and investment banking advisory (M&A, debt and equity underwriting), global markets trading (foreign exchange, fixed income, equities, commodities), global transaction banking (trade finance, cash management), equity and macro research through TD Cowen, and commercial real estate brokerage through TD Cornerstone Commercial Realty. Services are delivered to corporations, financial institutions, financial sponsors, government entities, and institutional investors across North America, Europe, and Asia-Pacific.

Product overview

TD Securities operates as a diversified capital markets and investment banking firm offering an integrated platform of products and services. Its core offerings span corporate and investment banking (coverage across sectors including technology, healthcare, consumer, energy, mining, real estate, financial institutions, and industrials), global markets (foreign exchange via TDFX platform, trade finance via TDfacilitrade, structured notes, dual currency deposits, and prime brokerage), global transaction banking, research and strategy (TD Cowen Research), and property brokerage through TD Cornerstone Commercial Realty. TD Securities also extends its capabilities through the LTX AI-powered bond trading ecosystem as a liquidity provider, and recently partnered with Luma Financial Technologies to deliver structured products lifecycle management to Canadian wealth professionals.

Differentiator

Problem solved

Functional benefit

Brands

• TD Cowen: Research and investment banking division of TD Securities, formerly known as Cowen before TD Bank's 2020 acquisition.
• TDFX
• TDfacilitrade
• Dual Currency Deposit (DCD)

Products and services

• TDFX Foreign Exchange Trading Platform Online FX trading platform enabling commercial and corporate clients to execute, track, and monitor foreign exchange transactions across 25+ currencies with real-time quotes, direct execution, 128-bit SSL encryption, and multi-factor authentication.
• TDfacilitrade Trade Finance Portal Online portal for managing trade finance needs, providing user-friendly navigation, transaction query for audit trails, and advanced customized reporting for TD commercial and corporate banking clients.
• Dual Currency Deposit (DCD) Hybrid investment product combining an investment strategy with a foreign exchange component, offering enhanced yields on USD or CAD deposits with potential currency conversion at maturity based on agreed exchange rates. Minimum deposit of $250,000.
• Structured Notes TD Securities-issued structured notes providing customized investment solutions linked to underlying assets, offered through a dedicated portal.
• TD Prime Services Prime brokerage platform providing institutional clients with consolidated access to trading, financing, securities lending, margin lending, and clearing services.
• Property Brokerage (TD Cornerstone Commercial Realty) Commercial real estate brokerage services covering multi-residential, industrial, retail, office, development land, and seniors housing sectors across Canada, transacting billions in asset and portfolio sales annually.
• TD Cowen Research Award-winning equity research covering technology, healthcare, commodities, financial services, and other sectors, produced by over 2,300 professionals across U.S. and Canadian operations, distributed to institutional clients.
• TD Liquidity Manager Liquidity management tool enabling clients to monitor and optimize their cash and liquidity positions across accounts.
• WebBroker Online brokerage platform for retail investors to access equity research, trade securities, and manage investment portfolios.
• Corporate and Investment Banking Advisory Full-service corporate and investment banking advisory including mergers and acquisitions, equity and debt underwriting, IPO advisory, leveraged buyouts, and strategic transactions across 12+ industry verticals.
• Global Markets Trading and Sales Fixed income, equity, foreign exchange, and commodities trading and distribution services for institutional clients globally, generating revenue from bid-ask spreads, trading positions, and sales credits.

Named customers10 records

Segments6 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

AI capability4 records

Feature4 records

Partnerships

Four partnerships are on record, tiered notable and core.

• Luma Financial TechnologiesnotableStrategic or Co-development Partner · 26 June 2026Luma Financial Technologies partnered with TD Securities Inc. to make Luma's lifecycle management, analytics, and performance reporting capabilities available to investment professionals across Canadian wealth management firms. The platform serves as a single hub for managing structured product holdings including TD Securities-issued notes and third-party notes, addressing automated lifecycle management and consolidated tracking needs.
• LTX (Broadridge Financial Solutions)notableTechnology or Integration · 7 May 2026TD Securities joined LTX's BondGPT platform as a fully integrated liquidity provider alongside Goldman Sachs, J.P. Morgan, Morgan Stanley, and Bank of America. TD Securities and J.P. Morgan each appointed representatives to LTX's Board of Directors. The platform now has over 40 liquidity providers and 100+ buy-side institutions.
• TD Cornerstone Commercial Realty Inc.coreOthersTD Cornerstone Commercial Realty Inc. is a registered real estate brokerage conducting the property brokerage activities of TD Securities Inc. Part of TD Securities' Real Estate Investment Banking Group.
• The Toronto-Dominion BankcoreOthersTD Securities is a trademark and division of The Toronto-Dominion Bank, operating as the investment banking and capital markets arm of TD Bank Group.

Scale indicators5 records

Recent moves5 records

Expansion highlights5 records

Regional players

• National Bank Financial Markets: Capital markets arm of National Bank of Canada, a major Canadian bank (though smaller than the Big Five). Comparable Canadian-domestic investment banking competitor, particularly active in Montreal-headquartered corporates and Quebec mid-market advisory space overlapping with TD Securities.

Broad incumbents

• Goldman Sachs: Global bulge-bracket investment bank and one of the five fully-integrated liquidity providers on LTX's BondGPT platform alongside TD Securities. Comparable in capital markets underwriting, M&A advisory, fixed income trading, and securities lending at a global scale that dwarfs TD Securities' franchise.
• Bank of America Securities: Investment banking and capital markets arm of Bank of America, fellow LTX/BondGPT integrated liquidity provider and broad wholesale bank. Comparable across U.S. investment banking, global markets, fixed income trading, and securities financing operations that overlap with TD Securities U.S. franchise.
• Morgan Stanley: Global bulge-bracket investment bank and fellow LTX/BondGPT liquidity provider. Comparable in capital markets, M&A advisory, and equity research (with TD Cowen Research being a smaller direct competitor in institutional research distribution).
• J.P. Morgan: World's largest bulge-bracket investment bank and fellow LTX Board member with TD Securities. Comparable across corporate and investment banking, global markets, prime brokerage (Securities Services), and Transaction Banking (including cash management and trade finance) that directly parallels TD Securities' full-service wholesale banking model.

Direct peers

• RBC Capital Markets: Wholesale banking arm of Royal Bank of Canada, another Big Five Canadian bank. Comparable as a fellow full-service Canadian investment bank with global markets, M&A advisory, and equity research franchises competing in the same domestic market as TD Securities, including in real estate IB.
• CIBC Capital Markets: Wholesale banking division of Canadian Imperial Bank of Commerce, another Big Five Canadian bank. Closely comparable in Canadian investment banking, debt and equity underwriting, and commodity-related coverage competing with TD Securities domestically.
• Scotiabank Global Banking and Markets: Capital markets arm of Bank of Nova Scotia, a Big Five Canadian bank with comparable global markets and investment banking services. Direct competitor across Canadian M&A advisory, equity research (e.g., Scotia Plaza transaction peer), and trading desks.
• BMO Capital Markets: Investment banking and capital markets division of Bank of Montreal, another Big Five Canadian bank. Directly comparable in Canadian investment banking league tables, global markets trading, and energy/mining sector coverage that competes head-to-head with TD Securities.

Emerging players

• Canaccord Genuity: Canadian-headquartered mid-market investment bank with strong capital markets and advisory franchises. Comparable as a Toronto-based competitor in Canadian mid-market equity capital markets and advisory, though smaller in scale and more specialized than TD Securities' broader full-service model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/td-securities

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments92 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TD Securities