TD Bank Uses Automation to Trade More Bonds With Fewer People

Toronto-Dominion Bankis 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.

The bank rose from 20th in 2021, to 9th last year and 6th so far this year — leapfrogging bigger banks like JPMorgan Chase & Co. and Citigroup Inc. in total number of trades — and it is now at the ...