TD Securities

Visit website

Ellie Griffiths, Global Head of eFX Sales
TD Securities
60 Threadneedle Street,

Company Overview
FX Products and services:
Spot (RFQ & Stream), Forwards, Swaps, NDFs, Options, Algorithms.
Bank clients
Broker clients
Corporate clients
Fund investment clients
Global Footprint:
TD Securities offers a wide range of capital markets products and services to corporate, government, and institutional clients who choose us for our innovation, execution, and experience. Our services include underwriting and distributing new issues, providing trusted advice and industry-leading insight, extending access to global markets, and delivering integrated transaction banking solutions.
With more than 4,900 professionals operating out of 16 offices around the world, we help clients meet their needs today and prepare for tomorrow.
Algorithms Offered & Their Execution Styles
Names of key fx algo strategies:
XTX Implementation Shortfall: Passive liquidity seeking algorithm, minimising overall slippage to arrival price.
Pegged: Order price pegged to bid/mid/offer with/without an offset and a rate of peg refresh determined by the client.
TWAP: Time weighted average price strategy that splits the order into evenly sized slices executed for a specified duration or over a set time window with a guaranteed fill; Optimal TWAP allows clients to execute without specifying any slicing parameters as the algo automatically generates the slice schedule and sizes based on the algorithm's duration and order size.
VWAP: Volume weighted average price strategy that splits the order into slices determined by a weighted distribution of historical market volume executed for a specified duration or over a set time window with a guaranteed fill.
Limit Order: Limit order execution.

TD offers a wide suite of passive algorithmic strategies aimed at reducing market impact and information leakage.
TWAP and VWAP strategies tap TD Securities' deep liquidity pool, offering a guaranteed fill over the specified duration.
TD Securities has an exclusive credit intermediary relationship with Curex which enables access to Curex's suite of passive algorithmic strategies as well as their passive, no last look, top of book execution liquidity pool.
TD Securities' partnership with XTX also enables us to offer the XTX Implementation Shortfall algorithm to clients and enable them to face TD Securities rather than face XTX directly.
Also available:
Customisation available
Supported currency pairs:
All G10 and wide range of deliverable EM currencies.
Features & Functionality
Inflight execution modification possible
Algo safety controls offered
TCA / Analytics Offered
Pre trade analytics
Post trade transaction performance
Breakdown of child executions
Independent third party TCA
Customised reports
Execution consultation services
Distribution Channels Available
Proprietary platform
Via third party platforms
Other associated services:
FX Connect
Voice via eFX Sales
Liquidity Access
Access to external sources
Access to internal sources
Other associated services:
'- Deep source of internal liquidity leveraging TD's franchise Retail, Wealth, Commercial, Cooperate and Institutional businesses (TWAP, VWAP)
- External liquidity via XTX and Curex (XTX, Peg, Limit strategies)
Service Offering
Segregated execution
247 technical support
Trade execution consultancy
Facilitation of buy-side reporting
Global support
Other associated services:
TD Securities provides an extensive range of algo strategies and execution services, backed by support from our eFX Sales teams globally in Toronto, New York, London and Singapore. Thanks to our strong credit rating and sizeable balance sheet, we offer exclusive algo and liquidity solutions with third party vendors such as XTX and Curex not found elsewhere on the Street to maximise client execution and strategy optionality. Our suite of passive algos have been shown to provide superior performance and minimise information leakage in aggregated comparisons of algo orders across the Street.