The Toronto-Dominion Bank acquire equity in Yieldbroker
Sydney - 23rd June 2009 - Yieldbroker Pty Limited, today announced that The Toronto-Dominion Bank (TD) had acquired an equal shareholding in the online trading company alongside existing equity participants Citi, Deutsche Bank, JP Morgan, Macquarie Bank, RBC, RBS and UBS.
The co-operatively owned venture is the dominant electronic trading platform in the Australian debt markets, providing institutional investors with the ability to view live indicative prices and request competitive two-way markets in over 700 debt securities. Yieldbroker also operates a dealer-to-dealer trading platform and has recently launched an auction system that is utilised by the AOFM for the issuance of Australian Government Treasury Bonds and Treasury Notes; by the RBA to conduct open market operations and by a number of semi-government borrowers.
In welcoming TD’s investment, the General Manager of Yieldbroker, Richard Swift, said "we are extremely pleased that TD has made a long term commitment to our trading platform. Yieldbroker has become an essential tool in providing effective service to institutional clients in local debt markets, and we look forward to working with TD to further develop this service in the future."
He added "liquidity remains a core concern for our clients. TD has been a strong participant in domestic debt markets over a sustained period and their continued involvement in Yieldbroker supports our ability to provide secondary market liquidity and price transparency."
While TD recently announced the relocation of their Australian Sales and Trading Operations to Singapore, they will continue to provide pricing and other services to domestic institutional investors.
The head of Fixed Income Distribution, Asia Pacific, Matt Barron, said that the investment in Yieldbroker "sends a strong statement about our continued commitment to the local debt markets. TD is dedicated to sustaining our current level of service to Australian and New Zealand clients and views our partnership with Yieldbroker as an important component of this service."
Founded in 1999 as a co-operative venture between leading debt market participants, Yieldbroker was formed to provide the systems infrastructure, regulatory framework and compliance oversight necessary to facilitate the growth of orderly electronic marketplaces in Australian and New Zealand debt securities and derivatives.
Commencing operation in 2001, Yieldbroker’s dealer-to-client market has become the dominant electronic trading platform in the local debt marketplace. A dealer-to-dealer market was added to the platform in 2007. Yieldbroker has also recently launched an auction system that is utilised by AOFM for the issuance of Australian Government Treasury Bonds and Treasury Notes, by the RBA to conduct open market operations and by a number of semi-government borrowers. For more information about Yieldbroker, please visit www.yieldbroker.com.
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