Bid Out with Peter Haynes

TD Securities

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.

  1. JAN 14

    Important Index Events – What to Expect in 2026?

    For the first time in 78 episodes of Bid Out, Peter goes solo with a discussion on important index issues on the docket for 2026. While there are lots of unknowns, the year ahead is likely to be busy for index fund managers and given the potential for megacap IPOs such as SpaceX, Open AI and Anthropic, the fundamental investor community will be watching index treatment carefully. Interestingly, the important index event for the megacaps may not be the IPO inclusion; instead, the big event for these massive companies may be after share lock ups expire. Speaking of fundamental investors, this community wants its voice heard by S&P in Canada to keep Anglo-Teck in the local benchmark post completion of the merger, a prospect that requires a rule change or one-off exception by the index provider. Other important events are Russell's decision to move to semi-annual rebalancing and whether the index benchmark providers decide to proactively remove DATCOs, a prospect deemed much less likely given MSCI's recent decision to defer pending a broader analysis of operating companies. Finally, it is high time for S&P to bring foreign companies back into the S&P 500 Index after nearly 25 years on the sidelines. This podcast was recorded on January 13, 2026. Chapter Headings: 01:07 The Growing Divide Between Domestic and Global Benchmarks 03:19 The Gravitational Pull of Companies to the US Market 06:24 Following Brookfield Asset's Lead to R1 – What Canadian Companies are Next? 08:05 Time for S&P 500 To Make Foreign Names Index Eligible 10:20 Cross Border M&A – Index Implications for Rio-Glencore, Anglo- Teck 12:58 Fast Tracking MegaCap IPOs - The Most Important Topic for 2026 19:47 Russell Move to Semi Annual Rebalance Schedule 21:07 DATCOs – Next Steps Following MSCI Deferral 25:04 Equity Tokenization – Implications for Index Providers 26:54 Texas Stock Exchange – New Listings and Index Eligibility 28:19 Monitoring Potential Land Mines – ETF Benchmark Shifts and Index Rule Changes 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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

    30 min

  2. 12/08/2025

    Part 2 – Tokenization of Equities – The Implications

    In the second part of our two-part pod series on tokenization of equities, the conversation with our special guest Brett Redfearn, Founder and CEO of Panorama Financial Markets Advisory, moves from the basics of tokenization to the implications of this major market structure change. Brett discusses current token activity, the role of the issuer in the move to decentralized trading of equity tokens, the debate over OPR and whether it is relevant to the token movement and how sandbox experiments will work. In the latter part of the discussion, Brett opines on potential threats to traditional financial institutions such as exchanges and transfer agents and he provides advice to regulators and his crystal ball on the end state for equity market structure in 5-10 years.   This podcast was recorded on November 26, 2025.   Chapter Headings:                 00:39    Current Tokenization Activity 08:38    Issuer Involvement in Token Activity 11:23    Is the Elimination of OPR Essential to the Token Movement? 18:39    The Sandbox Experiments and Litigation 26:33    Threat to Trad-Fi Infrastructure 31:02    Advice to Regulators 36:06    Brett's Crystal Ball on Market Structure 5-10 years from now 38:47    How to Learn More About Tokenization 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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

    42 min

  3. 12/01/2025

    Part 1 - Tokenization of Equities – The Basics

    In the first of a two-part podcast series, Brett Redfearn joins for a discussion on the emerging high-profile topic of tokenization of equity trading, a direction of travel that represents the most significant market structure change in the past 20-30 years. Brett is arguably the world's pre-eminent thought leader on tokenization, marrying his expertise from his time as global head of market structure for JP Morgan and at the SEC as Head of Trading and Markets with his more recent consulting work with crypto technology providers on the evolving space of tokenization. In this episode, we work through the basics of crypto technology including important terminology and use cases for investors and issuers beyond the surface examples of custody, 24-7 trading and ability to trade notional rather than fixed share amounts. In the latter part of this episode, we dig into the definition of a security, who regulates the various products in the US and how it might be possible for secondary market rules to differ between de-fi activity in equity tokens and traditional financial markets. Part 2 will follow in the next few days.   This podcast was recorded on November 26, 2025   Chapter Headings:   04:46    Crypto Products vs Crypto Technology 07:08    Stablecoins and Tokenization 15:56    Use Cases for Investors and Issuers 27:36    Determining What is a Security -The Howey Test 32:53    Who Regulates Tokenization in the US? 36:22    How Can Secondary Trading in Defi and Trad-fi Have Different Rules? 43:05    The Nasdaq-DTCC Announcement 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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

    45 min

  4. 11/19/2025

    Assessing Threats to Canada's Capital Markets from Both Inside and Outside Canada's Borders

    In Episode 75 of Bid Out, we take another peak inside TD's recent Portfolio Management and Market Structure Conference to a fireside chat with Grant Vingoe, CEO of the Ontario Securities Commission.  In this wide-ranging discussion, Grant provides his perspective on the role of the regulator in Canada's fight for global capital and listings, steps the CSA has taken to help Canada's capital markets, the Commission's approach to market structure in light of the SEC's libertarian agenda and finally its oversight of digital assets, prediction markets and tokenization of securities including equities.   This podcast was recorded on November 6, 2025.   Chapter Times:   01:23    The SEC's Libertarian Agenda 05:28    CBOE Views Canada as Non-Core 13:29    Responding to Trump's America First Agenda 21:00    Addressing Critical Views on ESG's Mission Creep 25:04    What Canada Can Do to Make IPOs Great Again? 33:54    Digital Asset Regulation in Canada 37:23    Tokenization, Sports Betting and Prediction Markets 43:07    When Does A Regulator Need to Protect Retail Investors? 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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

    46 min

  5. 11/17/2025

    Index Concentration, Domicile Debates and the Growing Divide Between Domestic and Global Benchmarks

    Episode 74 comes at you from inside the 26th Annual TD Securities Portfolio Management and Market Structure Conference held in Toronto in early November.  In this episode, we replay a panel discussion with executives from the leading benchmark providers MSCI, S&P and FTSE-Russell alongside an index manager from State Street Investment Management. Topics discussed include the difficulty of reconciling domestic and global benchmark policies, evolving rules on domicile, concentration and capping rules and the emerging issue of eligibility for companies around the world running crypto treasury operations inside operating companies, so-called Digital Asset Treasury Companies.   Chapter Headings   02:54 Domestic Benchmark Overlap 06:52 What It Would Take to Make Canadian Names Eligible for S&P 500? 14:51 FTSE 100 Eligibility for non-UK Incorporated Issuers 27:38 Mag 7 Concentration 31:48 Eligibility of Digital Asset Treasury Companies 36:44 MSCI/FTSE Split on Viet Nam and South Korea 48:15 Implications of 24-hour Trading   This podcast was recorded on November 6, 2025  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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

    51 min

  6. 10/06/2025

    The Market Structure Implications of Removing Order Protection (Rule 611) in the US

    In Episode 73, we recap the recent SEC Roundtable on Rule 611 (aka the Trade Through or Order Protection Rule).  SEC Chair Paul Atkins has long been opposed to the rule that forces linkages between exchanges to ensure investors always receive the best price.  In his view, Atkins believes 611 stifles innovation and limits competition.  Joining us for the discussion are two of the roundtable participants, Hubert DeJesus of Blackrock and Professor James Angel from Georgetown University, both market structure experts, along with the TMX's Head of Product Doug Clark, an interested observer from his perch in Toronto. The group discusses the need for the rule, the lack of apparent opposition to its removal, the likelihood the rule disappears and market structure implications if it does get eliminated. The group also discusses the elephant in the room, tokenization of equity trading, and how the crypto market might benefit if 611 is removed.   This podcast was recorded on October 2, 2025.   Chapter Headings                 02:00    Why Rule 611 is Like Scaffolding? 06:08    Why No Market Participants Spoke Out in Support of the Rule? 16:57   What is An IBBO And EBBO? 20:23    Laundry List of Issues to Address if Rule is Eliminated 37:02    How Changes to SIP Fees are Implemented 42:23    Can Trad-Fi and De-Fi Co-exist in a Global Equity Ecosystem? 46:03    Using Exemptive Relief "Sandbox" For Equity Tokens and Potential For Litigation 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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

    53 min

  7. 06/27/2025

    Exploring the World of Market on Close Facilities – Part 2 – Europe and the UK

    In Episode 72 we cross the pond to meet with a couple European market structure experts for a deep dive on local market on close mechanisms.  This podcast is part two of a three-part discussion which launched in the Americas and will conclude in APAC next month.  Joining the podcast for a return visit is James Baugh, head of European Market Structure from TD Securities and Evan Canwell, Equity Trader and Market Structure Specialist at T Rowe in London.  The two experts discuss pivotal differences in the structure of closing auctions in Europe compared to North America, namely the fact that in Europe the end of day auctions occur standalone following the end of continuous trading, whereas in North America, closing auction price discovery takes place prior to the end of the regular trading session. This key difference impacts how traders use the facilities and how liquidity forms at the end of the regular trading session.   James and Evan also touch on the pros and cons of structural differences with auctions in Europe where larger marketplaces covered by the LSE and Euronext offer fully transparent facilities, whereas smaller markets use mostly non- transparent auction models.  The two cross the finish line with some quick hits on current market structure hot buttons in the region including the latest on a consolidated tape, the debate over high market data fees, the possibility of an Order Protection Rule and the timing of T + 1 settlement.   This podcast was recorded on June 26, 2025.   Chapter Headings:   8:25 - Dissecting the LSE"s Closing Auction 16:00 - How T Rowe Uses the MOC facility? 21:48 - Unique Features of MOCs on the Continent – Closing Times and Transparency 30:15 - Closing Auction Volume Metrics and Trends 34:24 - Alternative Closing Facilities – Do they Harm Price Discovery? 40:17 - The Impact of a Post Continuous Closing Auction on End of Day Liquidity? 48:05 - Market Structure Quick Takes – Consolidated Tape, Market Data Costs, OPR and T1 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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

    59 min

  8. 05/06/2025

    Exploring Market On Close Facilities – Part 1 – The Americas

    In Episode 71, Peter is joined by two market on close experts from Vanguard, portfolio managers Nick Birkett and John Kraynak. Nick has been trading the US close for the past eight years from his perch in the Scottsdale office. Prior to moving to the US, Nick was with the portfolio trading team at JP Morgan in London for 14 years. John is based out of Malvern and has been with Vanguard for 15 years. He manages portfolios for the international team and is active in trading closing order flow for Vanguard in Canada and Brazil and is involved in working with Mexican officials on the potential creation of a MOC auction modeled off the new relatively new, and very well received, TSX MOC facility. Nick and John go through the nuances of each model and order type important to closing auctions and debate the pros and cons of various features of each MOC facility. The two PMs finish up with tips for traders navigating on close risk in the Americas, a process that requires local knowledge that takes into consideration unique trading conventions in each market.    This podcast was recorded on May 5, 2025.   Chapter Headings:   01:11 - Does Concentration of Flow on Close Lead to Higher Intra Day Trading Costs? 07:24 - Model Preferences – Europe Style or American Style Closing Auction 16:30 - MOC Deep Dives – Canada, Mexico (work in progress), Brazil 33:56 - NYSE Allows Early Floor Look, Late Imbalance Flip Flops – Does That Cause Fairness Issues? 41:08 - Understanding Accessible MOC Volume – Case Study – Canada 45:22 - Broker Sponsored Closing Facilities – Good or Bad 48:25 - Advice for Traders Navigating the Close 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.

    52 min
See All (34)

Trailer

About

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.

Information

  • Creator
    TD Securities
  • Years Active
    2022 - 2026
  • Episodes
    34
  • Rating
    Clean
  • Copyright
    © TD Securities
  • Show Website
    Bid Out with Peter Haynes