The watchdog also charged the bank with “failing to supervise” the head of its US Treasuries trading desk who allegedly made “hundreds” of illegal trades over that period.

The firm was ordered to pay $6.5 million to the SEC, $6 million to FINRA to resolve ‘related charges’, and entered into a deferred prosecution agreement with the US Department of Justice and agreed to pay a total sanction of more than $15 million.

Mark Cave, associate director in the SEC’s division of enforcement, said: “Manipulative and deceptive trading undermines the integrity of our markets. Broker-dealers and other firms cannot ignore their employees’ manipulative conduct and must take meaningful steps to detect and prevent it. Today’s action results from our continuing commitment to combating illicit trading.” 

Specifically, a former TD Securities trader was found to have spoofed the US Treasury cash securities market through entering orders with no intention of executing to obtain more favourable execution prices on other orders which were taking place simultaneously which he did intend to execute. 

After these intended orders were filled (profiting TD Securities) the trader in question allegedly then cancelled the other orders.

The SEC has ruled that the firm “lacked adequate controls and that it failed to take reasonable steps to scrutinise the trader after receiving warnings of his potentially irregular trading activity”. 

Read more: JP Morgan hit with record $920 million penalty after admitting eight-year spoofing scheme 

Following the findings, TD Securities has consented to the entry of the SEC’s order finding that it violated an antifraud provision of the federal securities laws as well as having failed to reasonably supervise the trader in question.

The SEC confirmed that it had received assistance from the Fraud Section of the DOJ’s criminal division and FINRA throughout the investigation.

The post SEC charges TD Securities as former head of US Treasuries desk found to have allegedly made ‘hundreds’ of illegal trades appeared first on The TRADE.

Morgan Stanley appointed Pankaj Dhake as a new electronic sales trader, based in Mumbai. Dhake joins Morgan Stanley from CLSA, where he spent nearly seven years, most recently as an electronic sales trader. This followed a stint as an associate at CLSA – a position he held for nearly two years. Prior to joining CLSA, Dhake was a senior quantitative researcher at WorldQuant. Elsewhere in his career, Dhake served as a global equity derivatives trader at UBS.

Eric Kohler was appointed to Kepler Cheuvreux’s high touch trading team based in New York. Most recently Kohler worked as an international equity trader at Citi for more than three and a half years having previously served as a commodities sales and trading analyst at the firm. He has also served stints at both Morgan Stanley and UBS Wealth Management. In the role, he is set to help the firm grow its execution footprint and expertise across North America – a key strategic base for Kepler Cheuvreux.

Jamie Crank was named group executive technology and data at the Australian stock exchange, ASX. Prior to this appointment, he was general manager in the trading and markets division, and before that general manager of information and connectivity services for ASX.  He will officially begin his role on 9 September. According to ASX the appointment followed “an extensive external and internal search process”. Sydney-based Crank has worked in the industry across various exchanges for two decades. He has previously served at Chi-X Australia and the London Stock Exchange.

Crédit Agricole appointed Ryan Jones vice president, Latin American (LatAm) RFX trader, based in New York. Jones joins Crédit Agricole from Natixis Corporate and Investment Banking where he spent nearly three years, most recently as vice president, LatAm FX trader. Prior to that, Jones held the same position as an associate. Before joining Crédit Agricole, Jones spent three years at Standard Chartered Bank – also based in New York – most recently as a LatAm RFX trader.

The post People Moves Monday: TD Securities, Morgan Stanley, Kepler Cheuvreux and more… appeared first on The TRADE.

Specifically, TD is set to enhance and further innovate banking experiences for clients through adding Google Cloud services to its portfolio of technology solutions.

The move follows a previous collaboration between the parties which saw TD Securities’ Chicago-based subsidiary TD Securities Automated Trading (TSAT) use Google Cloud’s Kubernetes Engine (GKE) capabilities in a bid to keep up with market developments.

Dan Bosman, senior vice president and chief information officer at TD Securities and treasury and balance sheet management (TBSM), explained: “Google Cloud’s features are very well-suited to our business and provide a secure and scalable infrastructure that can support compute-intensive quantitative analysis, with an elevated developer experience.

“Google Cloud’s capabilities have helped us grow TDSAT’s trading volumes and portfolio size, and optimally serve our global clients. Additionally, the Google Cloud team has been truly collaborative, providing the resources we needed to help our technology integration process be as seamless as possible.”

Read more: Fireside Friday with… Google’s Rohit Bhat

The partnership will also allow TD to benefit from Google Cloud’s engineering support, including access to Google’s global network of engineers in order to optimise product use in a highly regulated environment.

Matt Renner, president, global field organisation, for Google Cloud, said: “Our multi-year strategic relationship with TD will leverage the power of Google Cloud’s secure cloud infrastructure and world class engineering talent with the goal of driving new levels of agility, customer-centricity, and engineering innovation to more easily adapt and respond to the changing needs of TD customers.”

The post TD to leverage Google Cloud infrastructure after signing multi-year agreement appeared first on The TRADE.

LCH SwapAgent’s member count has now grown to 44, spanning 12 countries, which have holistically registered over $5.9 trillion in notional at LCH SwapAgent in 2023 – with average daily volume (ADV) up 78% year-on-year.

“Welcoming TD Securities as LCH SwapAgent’s first Canadian bank member is a significant milestone, and we look forward to working with them as we continue to receive interest from users in North America,” said Nathan Ondyak, head of SwapAgent, LCH.

“The continued growth of SwapAgent is testament to the processing, margining and settlement benefits that our members derive from the service.”

LCH SwapAgent’s services claim to bring improved standardisation, efficiency and simplicity to the bilateral derivatives market.

Last year, SwagAgent added KfW to its service, having successfully processed the first transport currency trades between KfW and counterparties Bank of America, Commerzbank, Danske Bank and Santander.

Read more: LCH SwapAgent processes first trades for KfW

“We are delighted to be the first Canadian bank member of LCH SwapAgent,” said Jason Cope, executive managing director and head of global fixed income at TD Securities.

“By using the service, we believe our clients will benefit from its robust capabilities and potential reduction in costs and risks associated with the bilateral derivatives market.”

The post TD Securities joins LCH SwapAgent as first Canadian bank member appeared first on The TRADE.

Using Tradefeedr’s unified data API, clients of TD Securities will be able to access and analyse all their trading data, increasing transparency and engagement for all parties.

Trading data from TD Securities will flow to the Tradefeedr platform automatically making TCA, client analysis, comparisons and benchmarking more consistent.

Using Tradefeedr will also allow TD Securities to have a data dialogue with its buy-side clients, with all parties using the same analytical tools for review meetings or algo analysis.  

“We are delighted to welcome TD Securities as our newest Liquidity Provider,” said Balraj Bassi, co-founder and chief executive of Tradefeedr.

“Connecting to the world’s leading financial institutions allows us to capture, standardise and analyse more trading data, which delivers new insights and better decision making for all.”

Earlier this year, FlexTrade integrated Tradefeedr’s FX pre-trade forecast data into its multi-asset platform, FlexTRADER EMS, to deliver enhanced data-driven workflows.

The new offering is available for FlexTrade’s buy-side clients and will help improve transparency and enhance trade decision-making.

Tradefeedr’s data analytics network now includes 21 liquidity providers, 50 major buy-side firms and 10 trading platforms.

“Tradefeedr allows us to conduct TCA and standardise our client reporting using trusted independent analytics,” said Ellie Griffiths, global head of eFX sales at TD Securities. 

“In addition, we are now able to deepen relationships with clients by identifying growth opportunities, using data to increase engagement.”

The post Tradefeedr welcomes TD Securities as latest liquidity provider appeared first on The TRADE.

Rabobank and TD Securities have become the 23rd and 24th dealers to join the fixed income network for axe indications, Neptune.

The network provides a venue for investors to sift through bond axes and inventory data from bank counterparts and allows a more targeted approach to executing large size orders in fixed income.

It already has 21 dealers live and providing axe information in real-time, with the 22nd bank expected to go live in August this year.

In May, Bank of America Merrill Lynch joined the network, following other investment banks like Citi, Jefferies, Nomura and Deutsche Bank.

Grant Wilson, CEO at Neptune Networks, explained the addition of Rabobank and TD Securities now indicates the maturity of the platform.

“Both banks are important counterparties in their areas of the market and will further satisfy buy-side client demand for the highest-quality data in the bond market to satisfy pre and post trade needs including managing liquidity risk,” he said.

Neptune’s network provides axe data on more than 30,000 securitise with over $140 billion in gross notional across 20 denominations, which is generated from over 30,000 pre-trade axe indications daily. 

The post Rabobank and TD Securities become latest to join Neptune appeared first on The TRADE.