Candid Conversations for Financial Markets

Canada's financial system evolved around a small number of large, diversified banking institutions. Regulatory changes in the late 1980s allowed banks to acquire investment dealers, bringing much of the securities industry under bank ownership.In our latest podcast, Thomas Kalafatis, Hullwright Advisors, considers the structural mismatch between the incentives of banks, and the equity financing needs of emerging businesses in Canada.See full paper here: https://cffim-fcmfi.ca/wp-content/uploads/2026/09/Too-Big-to-Challenge-Has-Canadas-Big-Bank-Model-Killed-the-Geese-that-Lay-the-Golden-Eggs.pdfThe paper also recommends effective mechanisms for enhancing market incentives for ownership and reinvestment. It considers the carve out of equity capital markets activities, including investment banking, into independently managed, Canadian-headquartered businesses through domestic and foreign institutional investment, with continued involvement by, and to the benefit of, Canada’s largest banks.

The conversation examines the Report’s findings. Central to the discussion is the distinction between regulatory compliance and effectiveness: are Canada's rules producing meaningful enforcement and deterrence? Guest:Salvator CusimanoExecutive Director of Transparency International Canada

Recorded ahead of the Report's release, the conversation examines Canada's historical performance, weaknesses in beneficial ownership transparency, the challenges posed by legal professional privilege, and the proposed creation of a federal financial crimes agency.The discussion also considers the economic and reputational consequences of inadequate safeguards, the importance of coordinating enforcement across jurisdictions, and whether regulatory obligations are sufficiently focused on actual risks.Guest:Salvator CusimanoExecutive Director of Transparency International Canada

With Canada’s Consumer-Driven Banking Act receiving Royal Assent in March 2026, and draft regulations now released, Canada’s consumer-driven banking framework, also known as open banking, is beginning to take shape.In this episode, we examine the legislation and key elements of the draft regulations, and whether its policy objectives of improving financial outcomes for people and businesses are being met.GuestsAbhishek SinhaBanking & Capital Markets, Partner | EY CanadaPuneet MannBanking & Capital Markets, Partner | EY Canada

In this episode, we explore why today’s venture capital market looks fundamentally different from previous cycles and the role artificial intelligence is playing in this transformation.The conversation includes:Changing patterns of venture capital allocation globally.Where investment is concentrating and how that is reshaping the broader venture ecosystem.How companies are accessing liquidity in a challenging exit environment andThe growing role of venture secondaries.GuestMiguel LuiñaManaging Director, Co-Head of Venture Capital & Growth Equity, Hamilton Lane