TD Waterhouse Group, the discount brokerage arm of Toronto-Dominion Bank of Canada, on Wednesday became the latest North American financial company to plant its flag in the Japanese retail securities market.

TD Waterhouse is forming a joint venture with Bank of Tokyo-Mitsubishi to be called BTM-TD Waterhouse Securities Co. The venture, which will get a $53.3 million investment during the first year, will be majority-owned by Bank of Tokyo-Mitsubishi, said John See, vice chairman of TD Waterhouse. New York-based TD Waterhouse will own 45% of the venture, which is to be launched next spring.

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