Monday, July 12, 2010

Toronto-Dominion Bank Moving In To Precious Metals Markets

The Toronto-Dominion Bank is setting up a new trading department for platinum, palladium, silver and gold.
“It’s a really interesting growth market,” said Patrick Meneley, head of investment banking at TD Securities. He said trading is “highly specialized and very intricate, and fits hand-in-glove with our investment-banking and sales and trading businesses.”

By building a trading team, TD is hoping to do more business for its corporate clients in the mining world, by helping them buy, sell and hedge the metals they produce. That may help the firm win more deals with miners as they do other business, such as mergers.

“There are a lot of ways clients use metals traders to manage their risk,” Mr. Meneley said.

In so doing, they will be competing against the already-established player in the fielld: ScotiaMocatta. As the article makes clear, investment-banking opportunities are the main driver. Evidently, the upsurge in mining-company private placements attracted them; TD management thinks the financing boom will continue.

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