Finance

TD Folds US Muni, Credit Voice Teams Into Automated Trading

A Toronto-Dominion bank branch in Toronto.
Photographer: Cole Burston/Bloomberg

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By Chunzi Xu and Caleb Mutua

May 21, 2025 at 1:56 PM EDT

Updated on

May 21, 2025 at 3:18 PM EDT

Toronto-Dominion Bank is folding its US municipal fixed income business into its electronic trading unit, as the Canadian firm looks to streamline its operations amid a boom in automated trading.

Rick Fogliano, managing director of US municipal fixed income sales & trading, will report to Marty Mannion and Matt Schrager, co-heads of TD Securities Automated Trading, according to an April memo seen by Bloomberg.