Episode 52 is a detailed discussion unpacking two new ATSs in the US that offer solutions in the US market to help manage the complexity of liquidity discovery. In order to unpack this discussion, we call upon the CEOs of PureStream and OneChronos, industry veterans Armando Diaz and Vlad Khandros.  In this episode we learn about the key tolls built into the new ATSs to help solve institutional trading problems, not the least of which is the search for size in a marketplace with liquidity fragmented across 16 exchanges and over 40 ATSs.  Be sure to stick around to the end of this episode to hear Armando and Vlad's takes on the SEC proposed equity market structure reforms.

Chapter Headings: 

5:43 - PureStream Mission Statement

11:37 - Is Information Leakage a Concern?

21:37 - OneChronos – Is Complexity an Impediment to Adoption?

32:28 - What is Expressive Bidding?

35:15 – Should Brokers be Concerned About Exchange Disintermediation?

42:38 - Quick Take on Gensler's Equity Market Structure Proposals

Host: Peter Haynes, Managing Director and Head of Index and Market Structure Research, TD Securities

Peter joined TD Securities in June 1995 and currently leads our Index and Market Structure research team. He also manages some key institutional relationships across the trading floor and hosts two podcast series: one on market structure and one on geopolitics. He started his career at the Toronto Stock Exchange in its index and derivatives marketing department before moving to Credit Lyonnais in Montreal. Peter is a member of S&P’s U.S., Canadian and Global Index Advisory Panels, and spent four years on the Ontario Securities Commission’s Market Structure Advisory Committee.

For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

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