Candid Conversations for Financial Markets

Canadian Forum for Financial Markets
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Welcome to Candid Conversations for Financial Markets Podcast Series. Our podcasts are designed to provide insights, transparency, and provocative yet achievable proposals for matters that move financial markets in Canada.

Episodes

  1. May 27

    EP 12 - Breaking Up Should Not Be Hard to Do: The Value of Corporate Spinoffs

    Corporate spinoffs—known in Canada as “butterflies”—are a powerful tool for unblocking capital and sharpening competition. They let companies separate business lines so each can focus, invest, and compete more effectively. In this episode we explain how spinoffs work in Canada and the U.S., why they matter for competition and capital markets, and what policy and tax design should do to make sure breaking up isn’t hard to do. Guest: Manu Kakkar | President, Kakkar CPA Professional Corporation

    41 min

  2. May 20

    EP 11 - Data Portability and Consumer Control

    Based on the Competition Bureau’s “Your Data, Your Control,” this episode connects policy to day-to-day outcomes. Canada is moving toward “your data, your rules.” That shift could reshape how you bank, shop, and compare prices. The big idea: data portability lets you take your information with you securely so switching providers is easy, competition heats up, and better products show up faster. This episode gets practical about what a working framework needs to overcome in human behavior, privacy guardrails and system design.. Guest: Azza Raslan | Acting Manager of Competition Law with the Competition Bureau’s Policy, Planning and Advocacy Directorate

    26 min

  3. Apr 22

    EP10 - From Assets To Tokens

    Tokenization—the representation of financial and private assets as digital tokens on a blockchain or distributed ledger—is moving from concept to reality. Across the financial services landscape, tokenization is more than a technological shift but emerging as a structural evolution with the potential to fundamentally transform how financial products are created, distributed, and serviced. Join us for a strategic, forward-looking discussion as we examine: Who is leading the charge. What is driving the momentum. Implications for industry participants – asset managers, wealth managers, custodians. The real-world benefits. Operational realities and execution challenges. Broader market impacts and competitive dynamics.Regulatory developments in major markets. Guest: German Soto | Chief Product & Digital Assets Officer | Broadridge Financial Solutions, Inc.

    35 min

  4. Apr 9

    EP09 - Tax Breaks & Drill Bits: Inside Flow-Through Shares

    Flow-through shares are a uniquely Canadian financing mechanism at the intersection of tax policy, capital formation, and resource strategy. This episode will provide a focused perspective on the funding gap they were designed to solve and their ability mobilize capital for critical minerals including rare earths. Guest Geoff ClarkePartner, Miller Thomson LLP

    28 min
  5. EP08 - Why Do Some Markets Consistently Attract More IPOs Than Others? A Global View

    Mar 17

    EP08 - Why Do Some Markets Consistently Attract More IPOs Than Others? A Global View

    Why do some exchanges consistently attract more listings while others struggle to get noticed? In this episode we explore: What truly shapes the frequency and size of IPOs globally.How policymakers, regulators, and exchanges can create conditions that boost listings.Practical lessons for market participants navigating today’s and tomorrow’s capital markets.Guest Dr. Pedro Gurrola-Perez Head of Research, The World Federation of Exchanges Ltd.

    41 min
  6. EP07 – Prediction Markets Enter The Financial Mainstream

    Mar 10

    EP07 – Prediction Markets Enter The Financial Mainstream

    Prediction markets are no longer on the fringes — they are moving towards the financial mainstream. Platforms such as Kalshi and Polymarket have experienced rapid growth by allowing investors to buy and sell event contracts tied to real-world outcomes — elections, policy decisions, inflation prints, regulatory rulings, even championship games — turning uncertainty into a marketable asset. In the United States, oversight by the Commodity Futures Trading Commission has helped provide regulatory legitimacy to a space once viewed as a speculative novelty. Meanwhile, major exchange operators — including CME Group, Cboe, and Intercontinental Exchange — are exploring or supporting prediction-based products. Brokerage platforms such as Interactive Brokers and Robinhood are also expanding access and infrastructure, while several asset managers have filed for exchange-traded funds designed to provide direct exposure to election-related prediction markets. Research from the U.S. Federal Reserve System has further concluded that prediction markets can serve as a valuable complement to existing forecast tools in both research and policy settings. In Canada, while interest in event-based markets is growing, the ecosystem is still at an earlier stage of commercial and policy development compared with the United States. The podcast will explore what the rise of prediction markets could mean for the future of financial markets.

    29 min
  7. EP06 – Why Stablecoins Matter to Canada – And the Path Forward

    11/11/2025

    EP06 – Why Stablecoins Matter to Canada – And the Path Forward

    Stablecoins are growing fast — but is Canada ready? In this episode of Candid Conversations for Financial Markets, CCFIMPresident and CEO Laura Paglia is joined by Dr. Andreas Veneris, Professor of Finance at the University of Toronto and co-founder of the LedgerHub at Rotman.

    31 min
  8. EP05 – Market Data Costs: Swelling to Buy – Not Produce

    08/25/2025

    EP05 – Market Data Costs: Swelling to Buy – Not Produce

    Market data is no longer just a by-product — it’s become one of the most expensive necessities in Canadian capital markets. In this episode of Candid Conversations for Financial Markets, CFFiM President and CEO Laura Paglia is joined by R. Tee Williams, a global expert in market structure and data pricing, to break down the tangled costs behind something as simple as a stock quote.

    20 min
  9. EP04 – From Lambs to Lions: Competition is the Path to Competitiveness (Part 2)

    05/08/2025

    EP04 – From Lambs to Lions: Competition is the Path to Competitiveness (Part 2)

    In Episode 5 (Part 2) of Candid Conversations for Financial Markets, IIAC President and CEO Laura Paglia continues her discussion with Senator Colin Deacon on how to rebuild Canada’s competitiveness. This half focuses on real-world solutions: how Canada can strengthen its innovation ecosystem, attract domestic investment, support entrepreneurship, and modernize its regulatory framework.

    35 min
  10. EP03 – From Lions to Lambs: The Decline of Canadian Competitiveness (Part 1)

    05/05/2025

    EP03 – From Lions to Lambs: The Decline of Canadian Competitiveness (Part 1)

    In Episode 4 (Part 1) of Candid Conversations for Financial Markets, IIAC President and CEO Laura Paglia sits down with Senator Colin Deacon to discuss why Canada's economy is losing ground in global competitiveness. Senator Deacon outlines the historic policy decisions, regulatory burdens, and complacency that have led to declining productivity and weakened innovation.

    18 min
  11. EP02 – “Drill Baby Drill”: Can US’ “Energy Emergency” Bring Wins for Canada

    04/16/2025

    EP02 – “Drill Baby Drill”: Can US’ “Energy Emergency” Bring Wins for Canada

    How is Canada positioned in the global race for energy and clean tech innovation? In Episode 2 of Candid Conversations for Financial Markets, IIAC President and CEO Laura Paglia speaks with Professor Ari Pandes (University of Calgary) about the future of Canada’s oil & gas sector, clean tech growth, and energy market dynamics between Canada and the U.S.

    31 min
  12. EP01 – Re-Energizing Canada’s Public Equity Markets

    04/14/2025

    EP01 – Re-Energizing Canada’s Public Equity Markets

    Canada’s public equity markets are at a turning point. In this premiere episode of Candid Conversations for Financial Markets, IIAC President and CEO Laura Paglia sits down with Thomas Kalafatis, Managing Partner of Hullwright Advisors, to examine the dramatic decline in TSX listings—down 50% since 2008—and what’s behind this hollowing out of the market.

    33 min
  • 12 Episodes

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Welcome to Candid Conversations for Financial Markets Podcast Series. Our podcasts are designed to provide insights, transparency, and provocative yet achievable proposals for matters that move financial markets in Canada.

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