Operators of Australia and New Zealand's leading fixed income trading platform, Yieldbroker Pty Ltd, today announced that The Toronto-Dominion Bank, Australia Branch (TD) will join the platform from early next month.
This follows the announcement in April that both ANZ and RBC had agreed to participate in Yieldbroker's dealer-to-client and inter-dealer markets alongside shareholder banks ABN Amro, Citi, Deutsche Bank and Macquarie Bank.
Since its 2001 launch, Yieldbroker has established itself as the dominant electronic trading platform in the Australian marketplace, providing domestic institutions with the ability to price or trade in over 700 debt securities. More recently Yieldbroker has extended its coverage into Asia through an interface with Reuter's RTFI trading platform and will soon be launching a low-cost, inter-bank trading platform.
Yieldbroker General Manager, Richard Swift, said "we are pleased to welcome TD on board at an exciting period in the company's development. Our ongoing investment in efficient flexible technology and partnership with Reuters has allowed us to offer market access on attractive terms, with the launch of our inter-bank platform providing further benefits through lower transaction costs and improved liquidity".
Yieldbroker's Client Relationship Manager, John Kimpton, concurred adding "TD shares our belief in the attractiveness of electronic trading in terms of efficiency and innovation. Their addition to the platform further enhances Yieldbroker's ability to provide greater liquidity and improved price transparency in Australasian debt markets."
"Our clients, both in Australia and those accessing via the Reuters interface in Asia, will benefit from a broader panel of pricemakers, particularly when seeking to price or trade less liquid securities".
TD's Head of Distribution - Asia, Chris Pashley said: "TD maintains a strong commitment to the Australian market and the relationship with Yieldbroker provides us with the ability to more efficiently service our domestic clients and, through the interface with Reuters, the potential to provide an improved service to our Asian client base."
Yieldbroker's Chairman, Paul Bide of Macquarie Bank welcomed TD and described the broadening in the number of banking participants "as a further step towards providing a shared dealer-to-client and inter-bank dealing infrastructure in debt markets, co-operatively owned and operated on behalf of the Australian banking community".
"Yieldbroker's mandate has always been to provide a low-cost, efficient and functionally agile trading platform for the benefit of its participants. After six years we have made strong inroads into the domestic debt markets and we are excited about the opportunities that the relationship with Reuters has provided in Asia."
"We are also actively pursuing projects to reduce execution and processing costs across the industry and will soon be launching a low-cost inter-bank trading platform and introducing straight-through-processing initiatives through key strategic partnerships" said Bide.