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Derivatives

TD Refocuses Credit Effort

TD Securities has withdrawn from the U.S. high-yield market to focus on investment grade and asset-backed credit derivatives and to this end recently reduced its New York-based staff from 18 to 16.

TD Securities has withdrawn from the U.S. high-yield market to focus on investment grade and asset-backed credit derivatives and to this end recently reduced its New York-based staff from 18 to 16. Philippe Hatstadt, global head of credit structuring in London, said the firm remains committed to growing its franchise in the U.S., however, and will be looking to add staffers and have a fully operational team. He declined to specify the exact positions TD may fill, or comment on specific individuals who have left the firm as part of the reorganization.

Hal Holappa and Philip Chiaramonte, both senior credit structurers, have left as part of TD's plans, according to other officials. Holappa declined comment while Chiaramonte could not be reached. Meanwhile, Michael Mancini and Tom Mykityshyn, both credit derivatives sales staffers, also left the firm. Mancini is heading to HSBC for similar role (DW, 6/6) while Mykityshyn's plans could not be determined. Neither could be reached for comment.

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