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.