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.
In Episode 86 of Bid Out, we bring back two European market structure experts for an update on developments on the east side of the Atlantic. News flash: it is not just the US market that is in flux. To help us navigate the latest news out of Europe, we are joined once again by the dynamic duo of James Baugh, Head of European Market Structure at TD Securities and Evan Canwell, equity trader and market structure analyst in global trading at T Rowe. In this episode, our guests cover the breaking news of the long-awaited launch of a consolidated tape for Europe, what is included in the new tape, what changes are expected for version 2.0 and when the UK will catch up with its own version of a real time consolidated data feed. The discussion pivots to new venues and sources of liquidity including Systematic Internalisers and Periodic Auctions, two categories of market activity that now represent close to 30% of consolidated volume. James offers his take on 24-hour trading, suggesting there is limited to zero interest from the institutional community for more trading hours. The guys finish up with a discussion on AI and then a quick hit on what they would like to see changed in European market structure.
This podcast was recorded on October 21st, 2026.
03:04 The Consolidated Tape in Europe – What's All the Fuss?
17:44 Best Ex – The European Experience
21:02 The Search for Liquidity – Systematic Internalisers
26:39 Pros and Cons of Periodic Auctions
33:14 The Latest on 24 Hour Trading, Tokenization and PERPS
39:01 Growth in Bilateral Trading – Are We at the Tipping Point?
41:26 Will Europe Centralize Regulation?
43:24 AI and Trader Workflow
23 Sept 2026
Taking Off to the Great White North for a Look at Canadian Equity Market Structure
In Episode 85 of Bid Out, two equity market structure experts join Peter for a discussion on the latest developments in Canadian equity market structure. Matt Mackinnon of TD's index and market structure team and Rob Gouley, equity trader at OMERS, cover all the key features of the Canadian market before debating whether innovations elsewhere such as periodic auctions, crumbling quote indicators or trajectory crosses will be able to gain critical mass north of 49. The duo debates the merits of the new marketplace CIX which launched September 21 and also what the TMX is likely to do with its combined platform should it successfully complete the acquisition of CBOE Canada. Rob opines on what Canada gets right and wrong about market structure and Matt provides a detailed analysis of trends in inter-listed activity, suggesting that the headline story is misleading – Canada is doing just fine.
This podcast was recorded on September 21st, 2026.
Chapter Headings
03:35 - Unique Features of Canadian Equity Market Structure
08:05 - Buy Side Lens into Pros and Cons of Trading in Canada
14:01 - Is Canada Losing Share of Inter-listed Trading to the US?
19:44 - What Canada Gets Right and Wrong About Market Structure
28:28 - Should Canada Follow US Lead on OPR?
30:41 - Lynx's Outsized Influence on Top of Book Liquidity
37:19 - Is Canada Too Small for Innovative US Smart Markets
43:11 - The 411 on CIX
46:58 - Will 24 Hour Trading Gain Traction in Canada?
50:49 - TMX's Acquisition of CBOE Canada
10 Aug 2026
The Latest Developments in US Equity Market Structure
In Episode 84 of “Bid Out”, the show returns to its roots with a discussion on the latest developments in equity market structure in the US. Joining Peter on the pod are two market structure heavyweights, Reid Noch from TD Securities and Zach Goodwin, equity trader at CPP Investment Board. Reid gets right after it with a deep dive on the SEC proposal to eliminate Rule 611, otherwise known as the Order Protection Rule, a move that will bring with it some unintended and underappreciated consequences not the least of which is the relevance of the NBBO and whether the formula for allocating data revenue from the SIP needs to change. Zach puts on his trader hat for a discussion on the latest trading tools to combat adverse selection, and how AI is being utilized both in internal trading activity as well as external tools such as algo logic. The discussion finishes with some of the best and worst features of market structure in the US and around the world as well as predictions for the future state of equity trading.
This podcast was recorded on August 5th, 2026.
Chapter Headings
06:36 The Latest Developments on OPR
10:47 Tools to Neutralize the Speed Race
29:35 Understand the New Vehicles for Equity Risk - PERPS and Prediction Markets
40:59 Trading Tools for US Traders to Combat Adverse Selection
46:43 The Latest Developments in the US Exchange/ATS Landscape
50:07 What US Exchanges Can Learn from the World and Vice Versa
55:13 Future State of Equity Market Structure
Episode Guests
Reid Noch, Vice President, Sales & Trading, TD Securities (US)
Zac Goodwin, Equity trader for CPP Investment Board in Toronto
Reach and audience
Public platform figures. Ratings count people who left a rating, not total listeners.
Apple Podcasts (US)
5.0 / 5
2 ratings
Spotify
5.0 / 5
9 ratings
Podcast Authority Score: 33 / 100
A composite of feed quality, social presence, YouTube performance and engagement. Read the methodology.
Quality
39
Social presence
0
YouTube
0
Engagement
68
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