TD Securities integrates Paxos Settlement Service to modernize commodities trading

Rick Steves

TD Securities, a North American banking giant, embraces Paxos Settlement Service for Commodities, marking a revolutionary step in cash and asset settlement within the precious metals market.

In a move that signals a transformative shift in the precious metals market, Paxos, the foremost regulated blockchain infrastructure platform, has announced the integration of TD Securities into its innovative Settlement Service for Commodities.

This collaboration is set to usher in a new era for the settlement process, offering simultaneous settlement of cash and commodities and bridging a long-standing gap in the market.

Facilitation of concurrent settlement of cash and commodity trades

Paxos’s facilitation of concurrent settlement of cash and commodity trades is an industry first and represents a significant leap forward in the automation and streamlining of settlement processes for both traditional and digital precious metal trades. TD Securities’ adoption of Paxos’s service is poised to catalyze a shift towards increased efficiencies and standardized practices across the commodities trading sector.

The significance of Paxos’s role extends beyond just facilitating settlements. The platform is central to the financial system’s replatforming, unlocking trillions of dollars within outdated infrastructure and making assets instantly movable globally in a trustworthy manner.

Joe Quinlan, Global Head of FX & Commodities Middle Office at TD Securities, said: “Bridging the longstanding gap between cash and asset settlement networks, as well as collecting settlement obligations in a controlled way that mitigates risk, are fundamental elements to creating safe settlement for the commodities market. Aside from the risk mitigation, joining this settlement network enables us to drive significant benefits to our processes, increasing our overall settlement efficiency.”

Anoushka Rayner, Head of Growth – Commodities, Paxos, added: “In plugging the gap between cash and asset settlement, credit risk is reduced and capital efficiencies are realised, delivering real benefits to market participants such as TD Securities from day one. Not only does Paxos deliver simultaneous settlement but the Paxos Settlement Service also acts as a hub to accommodate all counterparty settlements regardless of whether the counterparty is on the network. TD Securities will be able to optimise its commodities business with full automation from post-trade confirmation to final settlement.”

Paxos stands as a beacon of regulated blockchain infrastructure and tokenization. With heavyweight partnerships with PayPal, Interactive Brokers, and Mastercard, Paxos is prudentially regulated by the NYDFS in the US and the MAS in Singapore.

TD Securities, part of the TD Bank Group, is a preeminent North American bank with $1.9 trillion in assets, demonstrating a strong online presence with over 16 million active online and mobile customers.

The strategic partnership between Paxos and TD Securities represents a critical step forward in modernizing the financial system, offering a glimpse into the future of commodities trading where efficiency, automation, and security are paramount.

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