4 episodes

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.

Bid Out with Peter Haynes TD Securities

    • Business

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.

    The Gensler Market Structure Agenda

    The Gensler Market Structure Agenda

    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

    • 34 min
    Options Market Structure and the Mechanics of Retail Auctions in Options Trading

    Options Market Structure and the Mechanics of Retail Auctions in Options Trading

    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

    • 37 min
    European Equity Market Structure 2.0

    European Equity Market Structure 2.0

    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

    • 44 min
    Welcome to Bid Out with Peter Haynes

    Welcome to Bid Out with Peter Haynes

    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.

    • 37 sec

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