TD Securities selects Paxos Settlement Service for Commodities to drive Simultaneous Counterparty Settlement

November 13, 2023Paxos, the leading regulated blockchain infrastructure platform, has announced that TD Securities has become the latest financial institution to join the Paxos Settlement Service for Commodities. 

For the first time in the precious metals market, Paxos is facilitating the simultaneous settlement of cash and commodities trades. As part of the network, TD Securities will be able to facilitate fully automated settlement and streamline operations for both traditional and digital precious metals trades. 

With the numerous commodities trading firms still without automated confirmations and settlement, TD Securities’ adoption of the Paxos service is an important step to increasing efficiencies and common standards for commodities settlement. 

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.”

About Paxos

Paxos is the leading regulated blockchain infrastructure and tokenization platform. Its products are the foundation for a new, open financial system that can operate faster and more efficiently. Today, trillions of dollars are locked in inefficient, outdated financial plumbing that is inaccessible to millions of people. Paxos is replatforming the financial system to enable assets to instantaneously move anywhere in the world, at any time, in a trustworthy way.

Paxos partners with leading global enterprises to tokenize, custody, trade and settle assets. Its blockchain solutions are used by institutions like PayPal, Interactive Brokers, Mastercard, Mercado Libre, Nubank, Bank of America and Societe Generale. It is the issuer of numerous regulated digital assets including PayPal USD (PYUSD), Pax Dollar (USDP) and Pax Gold (PAXG). Prudentially regulated by the NYDFS in the US and the MAS in Singapore, Paxos is a top-funded fintech company with more than $540 million raised from leading investors including Oak HC/FT, Declaration Partners, Founders Fund, Mithril Capital and PayPal Ventures. With offices in New York, London and Singapore, Paxos takes a global approach to modernising the financial system.

About TD Bank Group

The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group (“TD” or the “Bank”). TD is the sixth largest bank in North America by assets and serves over 27.5 million customers in four key businesses operating in a number of locations in financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Auto Finance Canada; U.S. Retail, including TD Bank, America’s Most Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in The Charles Schwab Corporation; Wealth Management and Insurance, including TD Wealth (Canada), TD Direct Investing, and TD Insurance; and Wholesale Banking, including TD Securities and TD Cowen. TD also ranks among the world’s leading online financial services firms, with more than 16 million active online and mobile customers. TD had $1.9 trillion in assets on July 31, 2023. The Toronto-Dominion Bank trades under the symbol “TD” on the Toronto and New York Stock Exchanges.

Company Profile

About Paxos
Paxos is the leading regulated blockchain & tokenization infrastructure platform. It’s redefining financial markets by building prudentially regulated solutions that enable the instant movement of any asset to anyone in a trustworthy way. 

CEO & Co-Founder

Charles Cascarilla is the CEO and co-founder of Paxos, a regulated blockchain infrastructure platform that enables the movement of all assets in a trustworthy way. With more than 20 years of experience in financial services, Charles has a unique perspective on integrating blockchain technology with traditional systems. He co-founded institutional asset management complex Cedar Hill Capital Partners in 2005 and its venture capital subsidiary, Liberty City Ventures, in 2012.


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Paxos Brand Resources

Oak HC/FT, Declaration Partners, Founders Fund, Mithril Capital, PayPal Ventures