TD Securities is closing down its exotic derivatives business globally. Bob Dorrance, vice chair of wholesale banking, told employees the group is reducing its focus on "less profitable and more complex activities," according to an internal memo obtained by DW. Jeff Keay, an official in the corporate and public affairs group, did not return calls left on his voicemail. TD's credit business will continue to sell vanilla products to clients globally, but its structured credit client business will be limited to Canada, according to the memo. It will retain a global proprietary structured credit effort. In addition, the advanced equity product group will be closed, but vanilla equity options trading will continue from London, Tokyo and Chicago. Dorrance added the Canadian house will not continue its Asia expansion.
April 26, 2005