Coming Home – A Detailed Look at Canadian Equity Market Structure
Guests: Doug Clark, Head of Equity Product Design, TMX Group, and Rob Gouley, Equity Trading Principal, OMERS
Host: Peter Haynes, Managing Director and Head of Index and Market Structure Research, TD Securities
In Episode 69, two Canadian market structure experts, Doug Clark, Head of Equity Product Design for TMX Group, and Rob Gouley, Equity Trading Principal, 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 U.S. 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 U.S. MOC mechanism. Doug provides a 411 on both Alpha X in Canada and the recent launch of AlphaX U.S., 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.
| Chapters: | |
|---|---|
| 5:45 | The Elevator Pitch on Trading in Canada |
| 10:00 | Canadian Trading Volume on F Class Shares in U.S. |
| 13:50 | The Pros and Cons of Transparent Broker IDs |
| 17:30 | New Marketplace Innovations in Canada |
| 28:58 | TMX Dips its Toes into U.S. 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 |
This podcast was recorded on January 24, 2025.
Full transcript to come.
