Merry Christmas from Ticker Talk!

In this episode, we sit down with Richard Carleton, CEO of the Canadian Securities Exchange (CSE), to unpack the CSE’s acquisition of the National Stock Exchange of Australia and what it could mean for founders, early stage issuers and investors on both sides of the Pacific.

Richard shares the personal story behind his path from law and litigation into exchange leadership, along with a sharp perspective on why right sized regulation matters for growth companies. The conversation also explores the practical realities driving the Canada and Australia collaboration: capital access, liquidity, trading hours and why Australia’s institutional market structure can be an advantage for scaling businesses. Along the way, you’ll get a lighter glimpse into Richard’s life outside markets, from music and sport to a very Canadian “show and tell.”

What you’ll learn:

1. Why the CSE sees a clear opportunity for an early stage, growth focused exchange model in Australia
2. The key market structure difference Richard believes gives Australia an edge: institutions that still buy individual stocks
3. How cross-border listings can support liquidity, local participation, and capital formation when trading hours don’t overlap

Timestamps:

0:00 - Intro

0:52 - Why the CSE acquired the NSX

1:48 - Exchange built for early stage companies

4:30 - Richard’s early career

7:20 - Why markets shaped modern institutions

8:26 - Why Canada and Australia may align more closely

12:10 - Why scaling businesses is the shared challenge

13:10 - Why Australian capital markets matter to Canadian issuers

20:36 - How Richard moved from law into the Toronto Stock Exchange

22:05 - Market data, technology and early ETF innovation

27:20 - Show and tell

30:59 - Rapid fire questions

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