(March 23 – 11:25 ET) – TD Securities has lured 10 U.S. Treasury traders away from rival BMO Nesbitt Burns to start a government bond trading operation in New York, reports industry newsletter, Bond Week.

The new team will be based in New York, reporting to both Mark Faircloth, the head of global fixed-income at TDSI based in Toronto, and Peter Bethenfalvy, president of TDSI in New York, according to Bond Week. The team is headed by Jeff Alcheh. Alcheh told Bond Week that the move is “just a much better opportunity for us.” He did would not elaborate on the comment.

Bethenfalvy called the new team one “with a proven track record of profitability over the long run.” He says it will boost TDSI’s rapidly expanding fixed-income business in the U.S., which has included high-yield business, leveraged loan trading, eurobonds and credit derivatives.
-IE Staff