TD’s prop-style trading shop rises up bond rankings

Ascent of bank’s bond trading business comes amid electronification changes in US fixed income market structure

Credit: Torontonian/Alamy

A bank market-making business spun out of a proprietary trading firm is rocketing up the rankings of fixed income trading platforms, Risk.net can reveal.

Driven by electronification in the US fixed income market, TD Securities Automated Trading has seized on the opportunity to expand its footprint in corporate bonds over the past year. In December 2024, it took the top corporate credit sell-side spot by trade count on MarketAxess, up from 11th place in August 2024 and 13th in December 2023. The

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