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Friday, January 18, 2013

TMX picks former TD exec to head Canadian Depository for Securities, (NYSE: TD)

Toronto Stock Exchange operator TMX Group Ltd said on Friday it hired former Toronto-Dominion Bank executive Jean Desgagne to head the Canadian Depository for Securities Limited (CDS), its latest step to integrate the clearinghouse it combined with last year.Desgagne, who steps in on Feb. 19, was senior vice president of Trading Risk Services at the Canadian bank. He will replace Ian Gilhooley, who retired at the end of 2012.At TD, Desgagne was responsible for the oversight of valuation, market risk, liquidity and collateral for the bank's global trading business.CDS, which settles and clears securities transactions in Canada for equity, fixed income and money markets, holds over C$4 trillion ($4.03 trillion) on deposit and processes more than 374 million domestic transactions each year. It handles another 41 million cross-border transactions with the United States.

The Toronto-Dominion Bank is a Canada-based bank. Shares of TD fell by 0.14% or $-0.12/share to $83.75. In the past year, the shares have traded as low as $72.63 and as high as $86.56. On average, 476757 shares of TD exchange hands on a given day and today's volume is recorded at 200392.