Cowen Inc.

Name

Cowen Inc.

Legal name

Cowen Inc.

Website

https://cowen.com

Company type

Private

Founded year

1918

Operating status

Operating

Ownership category

akta.pro rank

Product category

Investment Banking and Capital Markets

NAICS

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)

akta.pro primary industry

Treasury & Risk Management Solutions (FX/MM, hedging, TMS integration) (FSABAIAE)

akta.pro secondary industries

Treasury & Liquidity Operations (Cash Positioning, Funding, Collateral Ops) (FSABALAH), Securities Borrowing & Lending (Equities/Bonds) (FSACAIAC)

Keywords

• Investment banking services
• Capital markets trading
• Equity research advisory
• Global transaction banking
• Commercial real estate brokerage

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices8 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Investment Banking: Corporate and investment banking services including M&A advisory, capital markets transactions, and strategic advisory for corporate and institutional clients
2. Global Markets: Trading and market-making across equities, fixed income, currencies and derivatives with revenue from bid/offer spreads and positioning
3. Research & Strategy: Equity research, macroeconomic strategy, and sector analysis distributed to institutional clients with TD Cowen branding covering multiple industries
4. Property Brokerage: Real estate investment banking and commercial brokerage services transacting billions of dollars in asset and portfolio sales annually through TD Cornerstone Commercial Realty Inc.
5. Global Transaction Banking: Trade finance, transaction banking, and liquidity management services for corporate clients including Dual Currency Deposits and TDfacilitrade platform

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels8 records

Core offering

Cowen Inc. operates as TD Cowen, a division of TD Securities, providing corporate and investment banking, global markets trading, global transaction banking, and equity research to institutional, corporate, and government clients. The firm also runs the Property Brokerage team handling commercial real estate transactions across Canadian multi-residential, industrial, retail, office, development, and seniors housing sectors. Client-facing proprietary platforms include TDFX for currency trading, TDfacilitrade for trade finance, Dual Currency Deposits, TD Prime Brokerage, and Structured Notes.

Product overview

TD Securities operates as a capital markets and investment banking firm, offering a comprehensive suite of financial services through both proprietary platforms and advisory services. The core offerings include TDFX (online FX trading platform for 25+ currencies), TDfacilitrade (trade finance online portal), and Dual Currency Deposits (structured FX-linked deposit products). TD Cowen serves as the research division representing marketing names for businesses within TD Securities. The Property Brokerage team provides real estate investment banking advisory across Canada covering multi-residential, industrial, retail, office, development, and seniors housing sectors. Additional client-facing platforms include TD Liquidity Manager, TD Prime Brokerage, Structured Notes, WebBroker, and TD Prime Services. The company also provides industry-specific coverage across Communications & Media, Consumer & Retail, Financial Institutions, Global Energy and Power, Health Care, Industrials, Mining & Metals, Real Estate, and Technology sectors.

Differentiator

Problem solved

Functional benefit

Products and services

• Corporate and Investment Banking Capital markets and investment banking services including M&A advisory, capital markets transactions, and strategic advisory for corporate and institutional clients, executed through relationship-based coverage and direct engagement by senior bankers.
• Global Markets Trading and market-making across equities, fixed income, currencies and derivatives, with revenue from bid/offer spreads and positioning for institutional and corporate clients globally.
• Research and Strategy Equity research, macroeconomic strategy, and sector analysis distributed under TD Cowen branding covering multiple industries including Communications & Media, Consumer & Retail, Financial Institutions, Global Energy and Power, Health Care, Industrials, Mining & Metals, Real Estate, and Technology.
• Property Brokerage Part of the Real Estate Investment Banking Group, offering commercial property brokerage services transacting asset and portfolio sales across multi-residential, industrial, retail, office, development, and seniors housing sectors in Canada.
• Global Transaction Banking Trade finance, transaction banking, and liquidity management services for corporate clients, including Dual Currency Deposits and the TDfacilitrade platform.
• TDFX Online Trading Platform Online FX trading platform enabling execution, tracking and monitoring of currency transactions in over 25 currencies with real-time quotes, market commentary, economic research, multi-company trading, multi-user access, and wire settlement capabilities.
• TDfacilitrade Portal Online portal for trade finance needs featuring user-friendly interface, time-saving drop-down menus, robust transaction query for audit trails, and advanced customized reporting for corporate clients.
• Dual Currency Deposit (DCD) Hybrid structured deposit product combining an investment strategy and a foreign exchange component that offers enhanced yields on USD or CAD deposits with potential currency conversion at maturity at agreed conversion rates. Requires minimum $250,000 deposit.
• TD Prime Brokerage Prime brokerage services for institutional clients including hedge funds and asset managers.
• Structured Notes Structured notes platform offering customized investment products.

Named customers8 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Six partnerships are on record, tiered core.

• Canadian Investment Regulatory Organization (CIRO)coreOthersTD Securities Inc. is regulated by CIRO and is a member of the Canadian Investor Protection Fund and Canadian Marketplaces. This regulatory relationship is fundamental to operating as a securities dealer in Canada.
• Securities Investor Protection Corporation (SIPC)coreOthersTD Securities (USA) LLC and TD Financial Products LLC are members of SIPC, providing customer protection against broker failure up to applicable limits.
• Financial Industry Regulatory Authority (FINRA)coreOthersTD Securities (USA) LLC and other U.S. entities are registered with FINRA and subject to its rules and oversight for securities regulation.
• Financial Conduct Authority (FCA)coreOthersTD Bank Europe Limited, TD Execution Services Limited, and The Toronto-Dominion Bank London Branch are authorized and regulated by the FCA in the UK for investment and banking activities.
• Central Bank of IrelandcoreOthersTD Global Finance unlimited company is regulated by the Central Bank of Ireland and authorized as an Investment Firm under applicable EU regulations.
• Monetary Authority of SingaporecoreOthersTD and Toronto Dominion (South East Asia) Limited are regulated by the Monetary Authority of Singapore for banking and securities operations in Singapore.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• RBC Capital Markets: Investment banking and capital markets arm of Royal Bank of Canada, one of Canada's Big Six banks. Directly comparable as a domestic Canadian peer offering M&A advisory, equity research, trading, and FX/treasury services with similar client overlap in Canadian real estate and corporate banking.
• National Bank Financial Markets: Capital markets division of National Bank of Canada, a comparable Canadian investment bank with strong franchises in equity research, trading, and real estate advisory—directly competing with TD Cowen in Canadian property brokerage and mid-market M&A.
• BMO Capital Markets: Investment banking and capital markets division of Bank of Montreal, a Canadian peer with comparable full-service offerings in M&A advisory, capital markets underwriting, FX trading, and equity research serving similar institutional and corporate clients across North America.
• Stifel Financial: Mid-market-focused investment bank with strong US middle-market M&A, equity research, and institutional brokerage franchises. Comparable peer in middle-market advisory and research distribution, with overlapping institutional client base.
• CIBC Capital Markets: Investment banking and capital markets division of Canadian Imperial Bank of Commerce, another Big Six Canadian bank with parallel capabilities in M&A advisory, underwriting, equities trading, and FX/treasury services targeting institutional investors and mid-to-large corporates.
• Canaccord Genuity: Independent investment bank with strong healthcare, technology, and growth-company advisory franchises in North America. Comparable mid-market M&A advisory competitor with similar sector coverage and institutional research distribution.
• Scotiabank Global Banking and Markets: Capital markets arm of Bank of Nova Scotia, a comparable Canadian peer offering investment banking, equity research, trading, and transaction banking services with similar North American and select Latin American coverage.

Broad incumbents

• Morgan Stanley: Global bulge-bracket with leading institutional securities and investment banking franchises. Overlaps with TD Cowen in equity research, M&A advisory, and capital markets but with significantly greater global footprint and scale in flagship mega-mandates.
• JPMorgan: World's largest investment bank by revenue, competing across all of TD Cowen's service lines including FX trading, transaction banking, M&A advisory, and capital markets underwriting. Operates at a scale and balance sheet multiple orders of magnitude larger.
• Goldman Sachs: Global bulge-bracket investment bank with substantially larger balance sheet and broader international presence. Competes with TD Cowen in M&A advisory, capital markets underwriting, and trading but operates at a vastly larger scale across all geographies and asset classes.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/tdsecurities

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Cowen Inc.