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.

Episode 51 is an excerpt from our recent Portfolio Management and Market Structure Conference held in late 2022.  In this panel discussion, index benchmark experts from S&P, MSCI and FTSE discuss the important issues impacting global benchmarks including capacity limitations of ESG oriented indices.  Other important topics discussed in this 45 minute panel include multi voting share eligibility, whether China should be proactively moved to Stand Alone status, differences on South Korea classification and rule proposals to insulate the S&P 500 from the next Tesla. Chapter Headings: Should Multi Voting Shares Be index Eligible? (6:40) Avoiding the Next Tesla (14:00) It is all about China (18:00) Why are FTSE and MSCI at odds on South Korea's Developed Status? (31:35) Chasing ESG Benchmarks with Limited Capacity (37:50) Disclaimer: This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this recording was obtained from publicly available sources, has not been independently verified by TD Securities, may not be current, and TD Securities has no obligation to provide any updates or changes. All price references and market forecasts are as of the date of recording. The views and opinions expressed in this podcast are not necessarily those of TD Securities and may differ from the views and opinions of other departments or divisions of TD Securities and its affiliates. TD Securities is not providing any financial, economic, legal, accounting, or tax advice or recommendations in this podcast. The information contained in this podcast does not constitute investment advice or an offer to buy or sell securities or any other product and should not be relied upon to evaluate any potential transaction. Neither TD Securities nor any of its affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed.

In Episode 50, we bring together an all-star cast of market structure experts to dig into the SEC's proposed equity market structure reforms that total some 1656 pages of reading. Our guests first try to explain what the SEC is hoping to accomplish with its proposed rules, and what changes, if any, Canada will need to mimic. We then tackle several of the important proposals in detail including tick reform, access fees, new round lot definitions and the relevance of the NBBO, order transparency, retail auctions and best execution. We finish with musings over bargaining chips the SEC can dangle to get some of the most important reforms across the finish line, because it is not clear if all of these rules will survive industry scrutiny and potential litigation. Chapter Headings: 5:40 – What is the SEC Trying to Accomplish? 10:30 – What Rules, if Any, Does Canada Need to Mimic? 17:40 – Buy Side Concerns with Tick Reform 25:05 – Impact of Lower Access Fees on Liquidity 33:45 – Data – Will the Industry be Overwhelmed? 43:20 – Order by Order Competition – Retail Auctions 49:20 – Information Leakage During Auctions 58:10 – Regulation Bes Ex – Read Through for Institutions 1:06:40 – Gensler – Potential Bargaining Chips 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. Guest 1: Mehmet Kinak, Global Head of Equity Trading, T. Rowe Price Guest 2: Jim Toes, President, Security Traders Association Guest 3: Doug Clark, Head of Equity Product Design, TMX Group Series Link: https://www.tdsecurities.com/ca/en/bid-out This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this recording was obtained from publicly available sources, has not been independently verified by TD Securities, may not be current, and TD Securities has no obligation to provide any updates or changes. All price references and market forecasts are as of the date of recording. The views and opinions expressed in this podcast are not necessarily those of TD Securities and may differ from the views and opinions of other departments or divisions of TD Securities and its affiliates. TD Securities is not providing any financial, economic, legal, accounting, or tax advice or recommendations in this podcast. The information contained in this podcast does not constitute investment advice or an offer to buy or sell securities or any other product and should not be relied upon to evaluate any potential transaction. Neither TD Securities nor any of its affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed.

Episode 49 of Bid Out explores the future of digital asset technology in a post FTX world. Our guests, Mark Garabedian from Wellington Capital Management and Jeremy Lai from TD Securities, take us on a journey of discovery on what went wrong with FTX including differentiating decentralized from centralized finance as well as opining on the comments of FTX's former CEO Sam Bankman-Fried during his recent personal apology tour. Along the way, Jeremy and Mark explain the institutional use cases of distributed ledger technology in capital markets and how far along the infrastructure providers are in solving for table stakes issues such as KYC, AML and cyber risk. Mark finishes with a review of his peer group on the buy side, indicating that Wellington is not alone in its support for digital ledger technology and its potential to change the infrastructure of global capital markets. Chapter Headings: 1:39 - Wellington Commits to Digital Assets 6:19 – Defi vs Cefi 18:15 – Institutional Use Case for Distributed Ledger Technology 28:00 – Explaining Some of the Key Terms in Digital Assets 35:55 – Where are We in the Digital Asset Journey? 42:07 – Sam's Personal Apology Tour Disclaimer  For relevant disclosures, visit https://www.tdsecurities.com/ca/en/tds-bidout-episode-49

In this second part of our two-part series on options and equity market structure, we are rejoined by Andrew Schultz, Head of Strategic Options Business at Susquehanna International Group, and Mett Kinak, Global Head of Equity Trading, T. Rowe Price Group. In this episode, Mett's feet are put to the fire with respect to SEC Chair Gary Gensler's proposed equity market structure reforms. Mett weighs in on whether auctions modelled after options market structure can be repurposed for retail equity trading. He also raises concerns about potential tick increment reforms, proposed changes that should steer away from one-size-fits-all solutions, and the harmonization of traded prices across all types of venues. Mett concludes the episode with his thoughts on the Gensler agenda from the D.C. Circuit's recent decision on market data governance. Listen in to understand how this decision could be viewed as an ominous cloud over market structure reform. Chapter Headings 1:25 - Retail Auctions: Does This Concept Work in Equities? 13:00 - The Tick Increment Reform & Thoughtful Decisions 22:20 - Harmonizing Traded Prices Across all Types of Venues 25:30 – Best Execution Definitions: Which One Do We follow? 27:55 – The Aftermath of the D.C. Circuit Ruling on Market Data Governance Disclaimer  For relevant disclosures, visit https://www.tdsecurities.com/ca/en/tds-bidout-episode-48

In Episode 47, the first of a special, two-part series, we dive into market structure with Andrew Schultz, Head of Strategic Options Business at Susquehanna International Group. We are also joined by Mett Kinak, Global Head of Equity Trading at T. Rowe Price. Together, we discuss the nuances of options trading, as well as the mechanics of auctions for retail orders. Auctions is a hot topic in equities market structure, especially given SEC Chair Gary Gensler's recent comments on options auctions and order competition. In the second part of this series, we will analyze Gensler's remarks at the Piper Sandler Global Exchange Conference, including his high-level plans for equity market structure reform. Chapter Headings 2:50 - What is Driving Growth in Options Volumes? 9:30 - Key Differences in Options vs. Equity Market Structures 15:10 - Retail Auctions in Options: How Does it Work? 25:00 - Key Options Terms, and What They Mean 29:58 - The Best Execution in Options 34:41 - Recent Improvements and Next Steps Disclaimer For relevant disclosures, visit https://www.tdsecurities.com/ca/en/tds-bidout-episode-47

In Episode 46, our resident European market structure expert Niki Beattie provides an update on key topics of interest in the UK, and across the continent. Niki addresses the evolving debate on the consolidated tape debate, which raises the question on whether to codify a ban across the entire EU on Payment for Order Flow (PFOF). Niki also examines the post-Brexit listings battle between Amsterdam and the London Stock Exchange (LSE), and she explains how the continent and the UK are diverging on Markets in Financial Instruments Directive (MiFID) rules for dark trading. She believes the pre-pandemic talk of shortening the standard trading day is back on the table. Niki also criticizes the London Metal Exchange (LME) nickel debacle, and she thinks the LME's position is at risk unless management listens to the industry and modernizes. She concludes the episode with her perspective on the potential convergence of digital and equity market structures, firmly believing that the two asset classes may be on a collision course. Chapter Headings What Market Structure Issues are Top of Mind for the European Buy Side? (1:20) Are European SIs Facing the Same Leakage Questions as U.S. Single Dealer Platforms? (13:31) PFOF in Europe and Its Connection to the Consolidated Tape Debate (20:38) What is Driving Amsterdam's Success vs. the LSE in the Listings Battle? (26:00) Revisiting the Length of the European Trading Day (34:00) What Factors Led to the LME Nickel Fiasco? (34:44) Will Digital and Equity Market Structures Converge? (37:48) Disclaimer For relevant disclosures, visit https://www.tdsecurities.com/ca/en/tds-bidout-episode-46

Hosted by Peter Haynes, Head of Index and Market Structure Research, Bid Out is a made in Canada podcast series that explores market structure issues impacting trading and portfolio management globally. The monthly series interviews industry leaders and experts across the entire spectrum of capital markets to understand trends and recent developments shaping capital markets. This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this recording was obtained from publicly available sources, has not been independently verified by TD Securities, may not be current, and TD Securities has no obligation to provide any updates or changes. All price references and market forecasts are as of the date of recording. The views and opinions expressed in this podcast are not necessarily those of TD Securities and may differ from the views and opinions of other departments or divisions of TD Securities and its affiliates. TD Securities is not providing any financial, economic, legal, accounting, or tax advice or recommendations in this podcast. The information contained in this podcast does not constitute investment advice or an offer to buy or sell securities or any other product and should not be relied upon to evaluate any potential transaction. Neither TD Securities nor any of its affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed.