The Financial Post reports in its Friday edition that TD Bank is folding its U.S. municipal fixed income business into its electronic trading unit, as the company looks to streamline its operations amid a boom in automated trading. A Bloomberg dispatch to the Post says that Rick Fogliano, managing director of U.S. municipal fixed income sales and trading, will report to Marty Mannion and Matt Schrager, co-heads of TD Securities Automated Trading, according to an April memo. "As we build on the strength of our global fixed income franchise, we want to maintain our focus on streamlining our reporting lines and further aligning and integrating our businesses," said the memo from Justin Boye and Damian Engen, co-heads of global fixed income at TD. The move comes after TD Securities Automated Trading assumed management of the U.S. investment-grade voice trading business in the second half of last year, Mr. Mannion and Mr. Schrager said Tuesday. TDSAT was formed in 2021 after TD acquired quantitative fixed-income trading firm Headlands Tech. TD is looking to gain an edge as electronic credit trading grows in the U.S., enabling more investors to buy and sell large volumes of securities faster and more efficiently.