Upgrade to derivatives system dents trading revenue at TD
TD Bank souped up its derivatives valuation system in the three months to end-October. The upgrade cost C$96 million ($72 million), eating into the revenues of its wholesale banking division.
Total trading-related revenue for the unit was C$411 million for the quarter, down 17.8% on the previous quarter and 15.1% a year ago. Executives said the cost of the systems change were taken from the fixed income revenue line specifically. Interest rate and credit revenues were C$150 million, down 29.9%
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