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.
| Chapitres: | |
|---|---|
| 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.
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