Japan
Leaning On Client Partnerships as Commodity Volatility Intensifies
Amid ongoing geopolitical disruption and market volatility, we are reinforcing our client-first approach while advancing plans to expand our global commodities footprint.
David Swinburne, Managing Director and Global Head of Commodities at TD Securities, speaks about how the firm’s growth has been shaped by client demand across physical and financial markets. The bank now operates globally in precious and base metals, and it maintains a strong presence in North American energy markets with ambitions to further expand into Europe and Asia.
Commodity markets have faced sustained volatility driven by tariff uncertainty, higher prices and geopolitical tensions including disruptions in the Middle East. This has increased demand for balance sheet support, credit capacity and more sophisticated risk management strategies. In response, TD Securities has focused on strengthening partnerships with clients, providing support across both 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.
The approach has been reflected by strong performance in the Energy Risk Commodity Rankings, where TD Securities was named top dealer for precious metals, leading dealer-broker for base metals and overall commodities dealer. According to Swinburne, the recognition stems from consistent client support and the strength of the firm’s team and platform.
Looking ahead, TD Securities is focused on 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. With uncertainty expected to persist, our strategy remains centered on proactive engagement and long-term client partnerships — positioning as a steady counterparty in an increasingly volatile landscape.
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