Partnership approach pays off for TD Securities

TD outperforms in Commodity Rankings as firms seek support amid market volatility and disruption

Over the past two years, commodities markets have faced sustained volatility driven by tariff uncertainty, geopolitical tensions and supply disruptions, including the prolonged closure of the Strait of Hormuz.

For firms exposed to commodity prices, this environment has increased demand for balance sheet support, credit capacity and more sophisticated risk management strategies. In response to these needs, TD Securities has focused on strengthening partnerships with clients, providing support across physical supply and derivatives-based hedging solutions.

Precious metals, the firm’s largest commodities business, highlights the growing complexity clients face. In addition to price volatility, risks tied to location, timing and form – particularly amid tariff uncertainty – have become more pronounced.

“There’s a tremendous amount of uncertainty, and our role is to help clients navigate it,” says David Swinburne, managing director and global head of commodities at TD Securities. “This is a relationship business – consistency and client support are what set us apart.”

TD Securities’ approach has been reflected in its strong performance in the Energy Risk Commodity Rankings 2026, where it was voted top dealer for precious metals, leading dealer-broker for base metals, and overall commodities dealer.

We understand the commodity lifecycle, and that translates well across markets

David Swinburne, TD Securities

According to Swinburne, the recognition stems from consistent client support and the strength of the firm’s team and platform. “Our commodities business has really been built to accommodate clients,” he says. “We’ve built our commodities franchise around evolving client needs – and that continues today.”

Importantly, this includes being active in physical and financial commodity markets. The bank’s expanding commodities franchise includes a global presence in precious and base metals, and a strong presence in North American energy markets.

Looking ahead, TD Securities is exploring building out its energy capabilities internationally, particularly in Europe and Asia. The firm sees strong overlap between its metals and energy client base and aims to deliver a more integrated commodities offering.

“We understand the commodity lifecycle, and that translates well across markets,” says Swinburne.

With supply uncertainty, geopolitical tension and policy unpredictability expected to persist, TD Securities’ strategy remains centred on proactive engagement and long-term client partnerships, says Swinburne. In today’s increasingly volatile environment, having a steady counterparty is key.