TD Bank announces plans to acquire US-based trading company

Acquisition will expand the lender's automated trading infrastructure

TD Bank announces plans to acquire US-based trading company

Toronto-Dominion Bank has announced its intent to acquire the Chicago-based fixed income trading company Headlands Tech Holdings, LLC.

The two parties said that they have entered into a definitive agreement, subject to certain closing conditions, for TD to acquire Headlands Tech. The latter has developed proprietary software to deliver fully automated electronic market-making in municipal and investment grade corporate bonds since 2013.

“This acquisition further strengthens our electronic bond trading infrastructure and underscores our commitment to delivering data-driven innovation and growing our global platform,” said Bob Dorrance, TD Securities chairman, CEO, and president. “Headlands Tech Global Markets’s platform and people will expand our US capabilities in the municipal and corporate bond markets.”

Headlands Tech employees will join TD Securities on the transaction’s completion, slated for around mid-2021.

“We built our business to provide clients with a superior, fully automated execution experience in fixed income products,” said Martin Mannion, Headlands Tech co-CEO. “Our team is a strong cultural fit with TD Securities, and we are confident that our proven expertise in electronic trading will complement the firm’s existing business, growth ambitions and dedication to exceptional client service.”