Bid Out with Peter Haynes

In Episode 85 of Bid Out, two equity market structure experts join Peter for a discussion on the latest developments in Canadian equity market structure. Matt Mackinnon of TD's index and market structure team and Rob Gouley, equity trader at OMERS, cover all the key features of the Canadian market before debating whether innovations elsewhere such as periodic auctions, crumbling quote indicators or trajectory crosses will be able to gain critical mass north of 49. The duo debates the merits of the new marketplace CIX which launched September 21 and also what the TMX is likely to do with its combined platform should it successfully complete the acquisition of CBOE Canada. Rob opines on what Canada gets right and wrong about market structure and Matt provides a detailed analysis of trends in inter-listed activity, suggesting that the headline story is misleading – Canada is doing just fine.

This podcast was recorded on September 21st, 2026.

Chapter Headings

03:35 - Unique Features of Canadian Equity Market Structure
08:05 - Buy Side Lens into Pros and Cons of Trading in Canada
14:01 - Is Canada Losing Share of Inter-listed Trading to the US?
19:44 - What Canada Gets Right and Wrong About Market Structure
28:28 - Should Canada Follow US Lead on OPR?
30:41 - Lynx's Outsized Influence on Top of Book Liquidity
37:19 - Is Canada Too Small for Innovative US Smart Markets
43:11 - The 411 on CIX
46:58 - Will 24 Hour Trading Gain Traction in Canada?
50:49 - TMX's Acquisition of CBOE Canada

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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In Episode 84 of “Bid Out”, the show returns to its roots with a discussion on the latest developments in equity market structure in the US. Joining Peter on the pod are two market structure heavyweights, Reid Noch from TD Securities and Zach Goodwin, equity trader at CPP Investment Board. Reid gets right after it with a deep dive on the SEC proposal to eliminate Rule 611, otherwise known as the Order Protection Rule, a move that will bring with it some unintended and underappreciated consequences not the least of which is the relevance of the NBBO and whether the formula for allocating data revenue from the SIP needs to change. Zach puts on his trader hat for a discussion on the latest trading tools to combat adverse selection, and how AI is being utilized both in internal trading activity as well as external tools such as algo logic. The discussion finishes with some of the best and worst features of market structure in the US and around the world as well as predictions for the future state of equity trading.

This podcast was recorded on August 5th, 2026.

Chapter Headings

06:36 The Latest Developments on OPR

10:47 Tools to Neutralize the Speed Race

29:35 Understand the New Vehicles for Equity Risk - PERPS and Prediction Markets

40:59 Trading Tools for US Traders to Combat Adverse Selection

46:43 The Latest Developments in the US Exchange/ATS Landscape

50:07 What US Exchanges Can Learn from the World and Vice Versa

55:13 Future State of Equity Market Structure

Episode Guests

Reid Noch, Vice President, Sales & Trading, TD Securities (US)

Zac Goodwin, Equity trader for CPP Investment Board in Toronto

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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Episode 83 dives into a market structure topic that does not get enough attention, that is the rules governing issuers involved in share buyback programs. Joining the pod are two share buyback experts: Michael Seigne from Candor Partners in the UK and Paul Dotson, TD's trader responsible for handling trading for issuers in buyback programs in the US. In this episode, Paul and Michael discuss the history of share buyback rules and the need for modernization given changes to market structure dynamics. Research published separately by TD Securities and Candor suggests that less than ½ of daily volume is available to issuers limited to certain trading windows as a result of rule restrictions which, according to Michael, are even more onerous in Europe and the UK and result in frictional costs that are double the trading costs in the US. The discussion ends with the politics of buybacks, a topic that comes and goes based on the political winds and gained attention in the US recently with rules enacted by the Current Trump Administration to limit buyback activity for companies in the defense sector.

This podcast was recorded on July 16th, 2026.

Chapter Headings:

01:38 Current Buyback Rules

04:05 Hidden Costs to Issuers of Changing Trading Patterns by Natural Investors

16:04 Why Buyback Trading Costs are Higher in Europe?

33:26 What is an ASR and How is it Different from 10b-5 or 10b-18 Plans?

42:21 Why Now is a Good Time to Push for Reforms?

54:09 The Politics of Buybacks

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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In Episode 82, we complete our round the world review of global market on close mechanisms with a trip through the APAC region. Joining us for the APAC discussion are two regional market structure experts: Winnie Khattar, Head of Market Development for Blackrock in the Asia Pacific Region; and Khashayar Sirti, Head of APAC Trading for UBS Asset Management. Winnie and Khash work in tandem to walk through the nuances of each of the 14 different markets in the region with market on close mechanisms including India, a market that will debut its MOC facility in August. The two panelists finish with some thoughts on the sustainability of positive momentum in the region and what is needed for inflows to continue.

This podcast was recorded on June 29th, 2026.

Chapter Headings

01:28 Using Local vs Global Brokers to Access APAC Markets

03:33 The New Market on Close Mechanism in India

11:51 Navigating Closing Benchmark Activity in China's Retail Dominated Tape

17:44 How Taiwan's Daily Price Move Limitations Impact Closing Activity in Highly Volatile Stocks?

27:33 Off Again, On Again – The History of MOC in Hong Kong

32:39 The Outlier – Korea

39:04 The ASEAN Nations

48:35 Australia Has a New Competitor to ASX

54:52 Japan's New Auction Model is Gaining Traction 

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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In Episode 81, we look at market structure evolution through the lens of a career financial services portfolio manager Justin Hughes from Karl Kapital. In this episode, Justin reflects on market structure evolution and the tradeoffs between competition and fragmentation that resulted from Regulation NMS. He explains why zero commissions was a much bigger catalyst to marketplace volume growth than most market structure experts believe and admits that some marketplace innovations in new product offerings are moving away from core investing principles. Justin does not believe 24-hour trading will have much of an impact on overall volumes and questions whether investors trading overnight understand the cost of convenience. He finishes up in a debate with the host over the move to semiannual reporting by issuers, a practice he is opposed to and concludes with some tips for investors looking at the private credit space.

This podcast was recorded on June 2nd, 2026.

Chapter Headings

01:47 A Look Back on Demutualization of Exchanges

10:48 The Importance of Zero Commissions on Volume Growth

15:18 The Need for Guardrails on New Product Innovation

19:25 The Pros and Cons of 24-Hour Trading

26:10 Why is Justin Opposed to Semi Annual Reporting Cadence?

32:23 What Investors in Private Credit Need to Know?

Karl Kapital Disclosure:

https://fileshare.karlkapital.com/dl/d9kdbTxypKBr

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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In Episode 80, we are joined by two benchmark experts, Karl Schneider, Senior Portfolio Manager at State Street Investment Management, and Jeremy Lai, Portfolio Trader at TD Securities.  In this episode, Karl and Jeremy discuss all aspects of index provider decisions to fast-track mega-cap IPOs into benchmarks including S&P's proposal which remains an outlier and the need to have flexible inclusion rules for both new additions and large lock up share releases. Jeremy outlines the details making May 29 the largest MSCI rebalance in history, while Karl addresses the busy calendar of events in June including the inclusion of the first of many mega-cap IPOs and the need to ensure there is enough broker capital to satisfy the expected demands of the passive community.  Jeremy finishes up with some trading advice to fundamental investors who might want to take advantage of some of the market activity from indexers.

This podcast was recorded on May 14th, 2026.

Chapter Headings

03:45 Mega-Cap Index Inclusion – Trade-off between Representation and Investability

07:01 S&P Remains Outlier in Mega-Cap Fast Track Process

19:11 Why Lock Up Release for SpaceX is More Important than Inclusion?

28:24 Sector and Style Decisions

32:56 Why May 29 Represents Largest MSCI Rebalance in History?

38:47 Domestic Benchmarks, Redomicile and Teck debate in Canada

48:24 The Busy Index Calendar – Is the market able to handle this activity?

56:27 Advice to Fundamental Investors on Trading Around Index Events

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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Episode 79 of Bid Out takes a look at recent industry debate surrounding the removal of the Order Protection Rule and related policies that will be impacted by this change.  With the SEC poised to eliminate a rule that is at the core of current equity market structure, we are joined on this episode by two industry experts, Mett Kinak from T Rowe Price and John Ramsay from IEX, for a discussion on what will rules will change and what rules and protocols need to change in a no OPR world, list that includes whether the industry needs access fee caps and what is the future of the NBBO.  The two banter back and forth on new ATSs for trading equity tokens and how tradfi and defi can co-exist in trading equities and they and finish up with a discussion on the need for strong Prediction Markets regulation.

This podcast was recorded on March 5, 2026.

Chapter Times:

04:30    The Importance of Roundtables and Biggest Surprise from OPR Event in Austin

09:40    Key Themes from Austin – Access Fee Caps and Future of the NBBO

18:10    Will Tick Size and Access Fee Caps Proceed as planned in November?

20:39    The Future of the NBBO Post OPR Removal

40:34    New ATSs for Tokenization and Fusion of Equity Trading in TradFi and DeFi

54:48    Prediction Markets Regulation

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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For the first time in 78 episodes of Bid Out, Peter goes solo with a discussion on important index issues on the docket for 2026. While there are lots of unknowns, the year ahead is likely to be busy for index fund managers and given the potential for megacap IPOs such as SpaceX, Open AI and Anthropic, the fundamental investor community will be watching index treatment carefully. Interestingly, the important index event for the megacaps may not be the IPO inclusion; instead, the big event for these massive companies may be after share lock ups expire. Speaking of fundamental investors, this community wants its voice heard by S&P in Canada to keep Anglo-Teck in the local benchmark post completion of the merger, a prospect that requires a rule change or one-off exception by the index provider. Other important events are Russell's decision to move to semi-annual rebalancing and whether the index benchmark providers decide to proactively remove DATCOs, a prospect deemed much less likely given MSCI's recent decision to defer pending a broader analysis of operating companies. Finally, it is high time for S&P to bring foreign companies back into the S&P 500 Index after nearly 25 years on the sidelines.

This podcast was recorded on January 13, 2026.

Chapter Headings:

01:07 The Growing Divide Between Domestic and Global Benchmarks

03:19 The Gravitational Pull of Companies to the US Market

06:24 Following Brookfield Asset's Lead to R1 – What Canadian Companies are Next?

08:05 Time for S&P 500 To Make Foreign Names Index Eligible

10:20 Cross Border M&A – Index Implications for Rio-Glencore, Anglo- Teck

12:58 Fast Tracking MegaCap IPOs - The Most Important Topic for 2026

19:47 Russell Move to Semi Annual Rebalance Schedule

21:07 DATCOs – Next Steps Following MSCI Deferral

25:04 Equity Tokenization – Implications for Index Providers

26:54 Texas Stock Exchange – New Listings and Index Eligibility

28:19 Monitoring Potential Land Mines – ETF Benchmark Shifts and Index Rule Changes

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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In the second part of our two-part pod series on tokenization of equities, the conversation with our special guest Brett Redfearn, Founder and CEO of Panorama Financial Markets Advisory, moves from the basics of tokenization to the implications of this major market structure change. Brett discusses current token activity, the role of the issuer in the move to decentralized trading of equity tokens, the debate over OPR and whether it is relevant to the token movement and how sandbox experiments will work. In the latter part of the discussion, Brett opines on potential threats to traditional financial institutions such as exchanges and transfer agents and he provides advice to regulators and his crystal ball on the end state for equity market structure in 5-10 years.

This podcast was recorded on November 26, 2025.

Chapter Headings:

00:39    Current Tokenization Activity

08:38    Issuer Involvement in Token Activity

11:23    Is the Elimination of OPR Essential to the Token Movement?

18:39    The Sandbox Experiments and Litigation

26:33    Threat to Trad-Fi Infrastructure

31:02    Advice to Regulators

36:06    Brett's Crystal Ball on Market Structure 5-10 years from now

38:47    How to Learn More About Tokenization

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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In the first of a two-part podcast series, Brett Redfearn joins for a discussion on the emerging high-profile topic of tokenization of equity trading, a direction of travel that represents the most significant market structure change in the past 20-30 years. Brett is arguably the world's pre-eminent thought leader on tokenization, marrying his expertise from his time as global head of market structure for JP Morgan and at the SEC as Head of Trading and Markets with his more recent consulting work with crypto technology providers on the evolving space of tokenization. In this episode, we work through the basics of crypto technology including important terminology and use cases for investors and issuers beyond the surface examples of custody, 24-7 trading and ability to trade notional rather than fixed share amounts. In the latter part of this episode, we dig into the definition of a security, who regulates the various products in the US and how it might be possible for secondary market rules to differ between de-fi activity in equity tokens and traditional financial markets. Part 2 will follow in the next few days.

This podcast was recorded on November 26, 2025

Chapter Headings:

04:46    Crypto Products vs Crypto Technology

07:08    Stablecoins and Tokenization

15:56    Use Cases for Investors and Issuers

27:36    Determining What is a Security -The Howey Test

32:53    Who Regulates Tokenization in the US?

36:22    How Can Secondary Trading in Defi and Trad-fi Have Different Rules?

43:05    The Nasdaq-DTCC Announcement

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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