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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