TD Securities Inc. has offered an explanation for the unusually high trading volume of TELUS Corp. shares yesterday.

The firm says it purchased 13,699,610 non-voting shares of TELUS in an over-the-counter transaction. The shares represent 11.4 % of TELUS’ non-voting shares.

TD Securities says it does not intend to increase this position, and that the transaction was done as part of the firm’s normal course trading operations.

The firms says the shares have been successfully placed with a broad range of investors.