A subsidiary of Toronto Dominion Bank has agreed to buy Kennedy, Cabot & Co., a California discount brokerage firm, for a reported price tag of $155 million.

The deal by Toronto Dominion's Waterhouse Securities Inc. discount brokerage unit, announced Wednesday, would give the Canadian bank a firmer toehold in the securities discounting business in the United States. Toronto Dominion made its first cross-border foray in 1996 when it bought New York-based Waterhouse.

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