In Episode 69, two Canadian market structure experts, Doug Clark, Head of Equity Product Design for TMX Group, and Rob Gouley, Equity Trading Principle, OMERS, join the podcast to dig in on all things Canadian equity market structure. The conversation starts with a quick elevator pitch on what are the key differentiating features about trading in Canadian shares versus other market models, including the troublesome growth in F Class trading of Canadian shares in the US OTC market. Rob provides his perspective on venue innovation in Canada, and also gives a positive take on the TSX's revised market on close mechanism, which now looks and feels a lot like Nasdaq's US MOC mechanism. Doug provides a 411 on both Alpha X in Canada, and the recent launch of AlphaX US, and Rob outlines the better late than never CSA response to the SEC's market structure rule changes. The two speakers end up in a thought exercise on what Canada's market would look like if Canada banned OPR and Fair Access.

This podcast was recorded on January 24, 2025.

Chapter Times:

05:45 - The Elevator Pitch on Trading in Canada

10:00 - Canadian Trading Volume on F Class Shares in US

13:50 - The Pros and Cons of Transparent Broker IDs

17:30 - New Marketplace Innovations in Canada

28:58 - TMX Dips its Toes into US Ocean

35:50 - Canada's Reboot on Market on Close

39:52 - Canadian New Issue Market in Atrophy

43:55 - Canada's Response to SEC on Ticks and Access Fees

50:43 - A Case for Canada to Ban OPR and Fair Access

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.

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