TD Bank Uses Automation to Trade More Bonds With Fewer People

Portfolio Managers See Canada Stock Market As Long-Term Winner — Photographer: Laura Proctor/Bloomberg

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By Chunzi Xu and Caleb Mutua

June 16, 2025 at 7:00 AM EDT

Toronto-Dominion Bank is winning more Wall Street business trading bonds, and doing it with fewer people.

The Canadian bank has built up a computer-driven trading team over the past few years that has helped it rise up the US league tables in investment grade corporate bond transactions on the biggest venue for electronic bond trading, MarketAxess Holdings Inc.