"TD Securities” is a trademark of The Toronto-Dominion Bank ("TD") and represents certain investment banking, capital markets and wholesale banking activities conducted through certain subsidiaries and branches of TD. “TD Cowen” is a division of TD Securities and represents a marketing name of certain businesses within TD Securities.
TD Securities Inc. is regulated by the Canadian Investment Regulatory Organization of Canada. TD Securities Inc. is a member of the Canadian Investor Protection Fund and a member of Canadian Marketplaces.
TD, TD Bank Europe Limited and Cowen Execution Services Limited are regulated for investment business conducted in the UK by the UK Financial Conduct Authority. TD Global Finance unlimited company is regulated for investment business conducted in Ireland by the Central Bank of Ireland.
TD is registered as a swap dealer with the U.S. Commodity Futures Trading Commission and is a member of the National Futures Association. TD is also registered as a security-based swap dealer with the U.S. Securities and Exchange Commission. Cowen Financial Products LLC is registered as a security-based swap dealer with the U.S. Securities and Exchange Commission.
TD and Toronto Dominion (South East Asia) Limited are regulated by the Monetary Authority of Singapore.
TD Securities (USA) LLC, TD Prime Services LLC, TD Securities Automated Trading LLC, Cowen and Company, LLC, ATM Execution LLC and Westminster Research Associates LLC are registered with the U.S. Securities and Exchange Commission and are members of the Financial Industry Regulatory Authority (FINRA) and of the Securities Investor Protection Corporation (SIPC).
General
TD Securities means collectively TD Securities Inc., TD Securities (USA) LLC, TD Global Finance unlimited company, TD Bank Europe Limited, The Toronto-Dominion Bank, London Branch, TD Prime Services LLC, TD Securities Automated Trading LLC, Toronto Dominion (South East Asia) Limited and certain investments and corporate banking activities of The Toronto-Dominion Bank. References to we, our or us are references to TD Securities. By using or accessing this site, you accept and agree to be bound by and comply with these terms of use. If you do not accept these terms of use do not use or access this site. TD Securities reserves the right, in its sole discretion, to change or update these terms of use at any time and you agree to be bound by such changes and updates. Your continued use or access of this site means that you agree to any changes or updates.
Use of Site
We do not represent or warrant that this website will be accessible at all times and that access will not be interrupted, or that this website will be free of defects, errors, viruses or other harmful components.
Links to other websites from this site are for convenience only. No endorsement of any third-party products, services or information is expressed or implied by any information, material or content referred to or included on, or linked from or to this site. We are not responsible for any damages you incur in connection with linking to another website.
Liability Waiver
We are not responsible in any manner for direct, indirect, special or consequential damages, however caused, arising out of your use of this site and/or any web browser, even if we have been advised of the possibility of these damages, including any damages you may suffer if you transmit confidential or sensitive information to us or if we communicate such information to you at your request over the Internet. Your use of the site is not intended to and will not create a legal relationship of any kind between yourself and TD Securities, and will not amend or vary any existing legal relationship.
Disclaimer
Although the information contained in this site has been obtained from sources that we believe to be reliable, we do not guarantee its accuracy, and as such, the information may be incomplete or condensed. All opinions, estimates and other information included in this site constitute our judgment as of the date hereof. We may change the information and content included in this site at any time without notifying you, and we have no duty to update or correct any information or content included on this site. Information, estimates and opinions on this website are for informational purposes only and is not intended to provide financial, legal, accounting or tax advice and should not be relied upon in that regard. No information or opinion provided on this site is an offer to sell or a solicitation of an offer to buy securities, take any deposits or provide any financing. Our products and services are subject to the terms of any applicable agreement, including applicable disclaimers, restrictions and disclosures.
TD Securities and/or affiliated companies or persons may participate in an underwriting of, have a position in, or make a market in, the securities mentioned in this website, including options, futures or other derivative instruments thereon, and may, as principal or agent, buy and sell such products. TD Securities will furnish upon request publicly available information on which the research reports contained within this site are based.
Local Laws
The site contains material regarding our products and services, and such material, depending on the jurisdiction, may not be applicable or available in all jurisdictions. Every jurisdiction (including every Canadian province and every state in the U.S.) has specific laws regarding the types of products that may be offered to its residents, therefore not all products and services shown on this site may be available in all jurisdictions. Accordingly, we make no representations that material found on this site is appropriate for use in all jurisdictions, or that transactions, securities, products, instruments, services or other offerings discussed on this site are available or appropriate for sale or use in all jurisdictions, or by all investors or counterparties. Please be aware of the laws of your country or that otherwise apply to you in respect of any of the matters described on this site. If you access this site you do so of your own initiative, and are responsible for compliance with the laws that are applicable in your jurisdiction. Users of this site may not necessarily be able to deal directly with all entities whose material is available on this site. No software or information on this site may be downloaded or otherwise exported in contravention of any applicable laws or regulations, including all applicable export control laws and regulations.
To Canadian residents: if you wish to effect a transaction in any security discussed, please do so through a qualified salesperson of TD Securities Inc. or The Toronto-Dominion Bank, as required by statute. TD Securities Inc. accepts responsibility for the contents of any TD Securities (USA) LLC research reports appearing in this site.
To U.S. residents: if you wish to effect a transaction in any security discussed, please do so through a qualified salesperson of TD Securities (USA) LLC or The Toronto-Dominion Bank, as required by statute. TD Securities (USA) LLC accepts responsibility for the contents of any TD Securities Inc. research reports appearing in this site.
To European residents: if you wish to effect a transaction in any security discussed, please do so, as applicable through an approved person of TD Bank Europe Limited or The Toronto-Dominion Bank, London Branch, or TD Global Finance Unlimited Company.
To Australian residents: if you wish to effect a transaction in any security discussed, please do so through a representative of Toronto Dominion Australia Limited or Toronto Dominion (South East Asia) Limited.
To New Zealand residents: if you wish to effect a transaction in any security discussed, please do so through a representative of Toronto Dominion Australia Limited.
Information in this site issued in the U.K. and Europe has been reviewed and approved for issuance by as applicable, TD Bank Europe Limited, or The Toronto-Dominion Bank, London Branch or TD Global Finance unlimited company, and is being issued only to persons who (i) are persons falling within Article 19(5) ("Investment professional") of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the "Financial Promotion Order"), (ii) are persons falling within Article 49(2)(a) to (e) ("High net worth companies, unincorporated associations, etc.") of the Financial Promotion Order, or (iii) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any security discussed may otherwise lawfully be communicated or caused to be communicated. No recipient may pass on the information contained in this site to any person without the prior written consent of TD Securities. TD Securities Inc., TD Securities (USA) LLC, and TD Bank Europe Limited are wholly owned subsidiaries of The Toronto-Dominion Bank. TD Energy Trading Inc. is a wholly owned subsidiary of TD Securities Inc. TD Bank Europe Limited and The Toronto-Dominion Bank, London Branch are authorized and regulated by the Financial Services Authority. TD Securities Inc. is a Member of the Canadian Investor Protection Fund.
Email Disclaimer
Email communication including any information transmitted with it is intended only for the use of the addressee(s) and is confidential. If you are not an intended recipient or responsible for delivering the message to an intended recipient, any review, disclosure, conversion to hard copy, dissemination, reproduction or other use of any part of this communication is strictly prohibited, as is the taking or omitting of any action in reliance upon this communication. If you receive a communication in error or without authorization please notify us immediately by return email or otherwise and permanently delete the entire communication from any computer, disk drive, or other storage medium.
Trade-marks and Copyright
Certain names, words, titles, phrases, logos, icons, graphics or designs in the pages of this web site may constitute trade names, registered or unregistered trade-marks or service marks ("Trade-marks") of The Toronto-Dominion Bank ("TD Bank Group"), other members of the TD Bank Group or of third parties and used under license by TD Bank Group or TD Securities. However, the display of Trade-marks on pages at this site does not imply that any license has been granted to any third party.
All information in this site is protected under the copyright laws of Canada and/or other applicable countries. Otherwise, no one has permission to copy, redistribute, reproduce or republish, in any form, any information found in the pages of this site.
Any unauthorized downloading, re-transmission, or other copying or modification of Trade-marks or other contents of this site may be a violation of statutory or common law rights which could subject the violator to legal action.
Goldman Sachs Methodologies
The methodologies and applied algorithmic processes as described herein are patent pending to Goldman, Sachs & Co. TD Securities Inc. is not an affiliate of Goldman, Sachs & Co.
Applicable Law
TD Securities Inc. administers this site from Toronto, Canada. These terms of use shall be governed by the laws of the Province of Ontario and the federal laws of Canada applicable therein. You submit and attorn to the exclusive jurisdiction of the courts of the Province of Ontario to finally adjudicate or determine any suit, action or proceeding arising out of or in connection with your use of this site.
Privacy Recording Notification
As part of our compliance with applicable laws, for training purposes, to enhance customer service, authentication, security and to confirm our discussions with you, TD may record, retain and monitor all or a portion of its telephone, electronic and/or voice communications with counterparties to ensure compliance with all applicable legal and regulatory requirements.