TD to Buy Headlands for Push Into Quantitative Bond Trading
- Headlands provides fully automated market-making services
- Toronto-Dominion has said it’s open to deals amid downturn
This article is for subscribers only.
Toronto-Dominion Bank agreed to buy Headlands Tech Global Markets LLC, a quantitative fixed-income trading company, to help expand in the municipal and corporate bond markets.
Headlands, with 15 employees and offices in Chicago and San Francisco, was founded in 2013 and has proprietary software that offers fully automated market-making services, Toronto-Dominion said in a statement Tuesday. Financial details of the purchase weren’t disclosed, but the bank said it will have a “minimal impact” on capital.