Market Leadership

European Market Structure in Focus

Oct. 23, 2026

Guests: James Baugh, Managing Director, Head of European Market Structure, TD Securities and Evan Canwell, CFA, Equity Trader and Market Structure Analyst, T. Rowe Price

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

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 U.S. 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 U.K. 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.

Chapters:
3:04	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

This podcast was recorded on October 21st, 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.

James Baugh
James Baugh
Managing Director, Head of European Market Structure, TD Securities

Biography

James Baugh is Head of European Market Structure, TD Securities. James joined the firm in 2021 and has been instrumental in helping to develop the region's liquidity strategy. Prior to this, he spent five years at Citi as European Head of Market Structure and 11 years at London Stock Exchange, where as Head of Equity Sales he was directly responsible for initiatives like Turquoise Plato Block Discovery. As a graduate of Newcastle University, Baugh began his career as a commodity analyst before spending the next six years at Dow Jones in a variety of roles including the management of their European Power Index business.

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.