TORONTO >> Loud blasts echoed in Toronto’s financial district today and smoke billowed from under a busy street, disrupting car traffic and subway service.

Fire department officials said a fire in an underground vault holding transformers was to blame. The cause of the blaze was under investigation.

Police Const. Allyson Douglas Cook said there were no indications of any terrorism link.

Police cleared the normally busy King street in front of the Bank of Nova Scotia headquarters during rush hour. Subways bypassed King Station and streetcars were diverted.

The area is where Toronto’s five major banks are headquartered.

No injuries were reported.