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. Jun 8

    In Conversation with Justin Hughes – A Market Structure Enthusiast Doubling as a Portfolio Manager

    In Episode 81, we look at market structure evolution through the lens of a career financial services portfolio manager Justin Hughes from Karl Kapital. In this episode, Justin reflects on market structure evolution and the tradeoffs between competition and fragmentation that resulted from Regulation NMS. He explains why zero commissions was a much bigger catalyst to marketplace volume growth than most market structure experts believe and admits that some marketplace innovations in new product offerings are moving away from core investing principles. Justin does not believe 24-hour trading will have much of an impact on overall volumes and questions whether investors trading overnight understand the cost of convenience. He finishes up in a debate with the host over the move to semiannual reporting by issuers, a practice he is opposed to and concludes with some tips for investors looking at the private credit space.   This podcast was recorded on June 2nd, 2026.   Chapter Headings   01:47 A Look Back on Demutualization of Exchanges 10:48 The Importance of Zero Commissions on Volume Growth 15:18 The Need for Guardrails on New Product Innovation 19:25 The Pros and Cons of 24-Hour Trading 26:10 Why is Justin Opposed to Semi Annual Reporting Cadence? 32:23 What Investors in Private Credit Need to Know?   Karl Kapital Disclosure: https://fileshare.karlkapital.com/dl/d9kdbTxypKBr     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.

    39 min

  2. May 28

    Analyzing the Jam Packed Calendar of Upcoming Index Events

    In Episode 80, we are joined by two benchmark experts, Karl Schneider, Senior Portfolio Manager at State Street Investment Management, and Jeremy Lai, Portfolio Trader at TD Securities.  In this episode, Karl and Jeremy discuss all aspects of index provider decisions to fast-track mega-cap IPOs into benchmarks including S&P's proposal which remains an outlier and the need to have flexible inclusion rules for both new additions and large lock up share releases. Jeremy outlines the details making May 29 the largest MSCI rebalance in history, while Karl addresses the busy calendar of events in June including the inclusion of the first of many mega-cap IPOs and the need to ensure there is enough broker capital to satisfy the expected demands of the passive community.  Jeremy finishes up with some trading advice to fundamental investors who might want to take advantage of some of the market activity from indexers.   This podcast was recorded on May 14th, 2026.   Chapter Headings   03:45 Mega-Cap Index Inclusion – Trade-off between Representation and Investability 07:01 S&P Remains Outlier in Mega-Cap Fast Track Process 19:11 Why Lock Up Release for SpaceX is More Important than Inclusion? 28:24 Sector and Style Decisions 32:56 Why May 29 Represents Largest MSCI Rebalance in History? 38:47 Domestic Benchmarks, Redomicile and Teck debate in Canada 48:24 The Busy Index Calendar – Is the market able to handle this activity? 56:27 Advice to Fundamental Investors on Trading Around Index Events 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.

    1 hr

  3. Mar 10

    OPR and Other Market Structure Hot Buttons for 2026

    Episode 79 of Bid Out takes a look at recent industry debate surrounding the removal of the Order Protection Rule and related policies that will be impacted by this change.  With the SEC poised to eliminate a rule that is at the core of current equity market structure, we are joined on this episode by two industry experts, Mett Kinak from T Rowe Price and John Ramsay from IEX, for a discussion on what will rules will change and what rules and protocols need to change in a no OPR world, list that includes whether the industry needs access fee caps and what is the future of the NBBO.  The two banter back and forth on new ATSs for trading equity tokens and how tradfi and defi can co-exist in trading equities and they and finish up with a discussion on the need for strong Prediction Markets regulation.   This podcast was recorded on March 5, 2026.   Chapter Times:   04:30    The Importance of Roundtables and Biggest Surprise from OPR Event in Austin 09:40    Key Themes from Austin – Access Fee Caps and Future of the NBBO 18:10    Will Tick Size and Access Fee Caps Proceed as planned in November? 20:39    The Future of the NBBO Post OPR Removal 40:34    New ATSs for Tokenization and Fusion of Equity Trading in TradFi and DeFi 54:48    Prediction Markets Regulation 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.

    58 min

  4. 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.

    30 min

  5. 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.

    42 min

  6. 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.

    45 min

  7. 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.

    46 min

  8. 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.

    51 min
See All (37)

Trailer

Ratings & Reviews

5
out of 5
2 Ratings

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
    37
  • Rating
    Clean
  • Copyright
    © TD Securities
  • Show Website
    Bid Out with Peter Haynes

You Might Also Like