Market Leadership

Taking Off to the Great White North for a Look at Canadian Equity Market Structure

Sep. 24, 2026

Guests: Matt MacKinnon, Associate, Index Rebalance & Market Structure Research, TD Cowen and

Host: Peter Haynes, Managing Director and Head of Index and Market Structure Research, TD Securities

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 joins Rob Gouley, equity trader at OMERS. Together, they 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 discusses the merits of the new marketplace CIX—a new Canadian equity marketplace which just launched. They contemplate 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 while Matt provides a detailed analysis of trends in inter-listed activity, suggesting that the headline story is misleading and Canada is doing just fine.

Chapters:
3:35	Unique Features of Canadian Equity Market Structure
8:05	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	Will 24 Hour Trading Gain Traction in Canada?

This podcast was recorded on September 21, 2026.

Full transcription

Full transcript to come.

Disclaimer

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this recording was obtained from publicly available sources, has not been independently verified by TD Securities, may not be current, and TD Securities has no obligation to provide any updates or changes. All price references and market forecasts are as of the date of recording. The views and opinions expressed in this podcast are not necessarily those of TD Securities and may differ from the views and opinions of other departments or divisions of TD Securities and its affiliates. TD Securities is not providing any financial, economic, legal, accounting, or tax advice or recommendations in this podcast. The information contained in this podcast does not constitute investment advice or an offer to buy or sell securities or any other product and should not be relied upon to evaluate any potential transaction. Neither TD Securities nor any of its affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed.

Peter Haynes
Peter Haynes
Managing Director and Head of Index and Market Structure Research, TD Securities

Biography

Peter joined TD Securities in June 1995 and currently leads our Index and Market Structure research team. He also manages some key institutional relationships across the trading floor and hosts two podcast series: one on market structure and one on geopolitics. He started his career at the Toronto Stock Exchange in its index and derivatives marketing department before moving to Credit Lyonnais in Montreal. Peter is a member of S&P’s U.S., Canadian and Global Index Advisory Panels, and spent four years on the Ontario Securities Commission’s Market Structure Advisory Committee.

Matthew MacKinnon
Matthew MacKinnon
Associate, Index Rebalance & Market Structure Research, TD Cowen

Biography

Matthew MacKinnon joined the TD Securities Index and Market Structure research team within Institutional Equities in 2025. His work focuses primarily on index research, including index construction, rebalancing impacts and related market structure dynamics. He graduated from Queen's University with a Bachelor of Computer Science and Bachelor of Commerce.