Financial Services

What Are PERPs and What Could They Mean for Stock Trading?

Jun. 19, 2026

Guests: Reid Noch, Vice President, Electronic Trading, TD Securities and Scott Smith, Managing Director and Head of Financial Services Specialty Sales, TD Securities

Host: Jaret Seiberg, Managing Director, Washington Research Group - Financial Services Policy Analyst, TD Cowen

TD Cowen financial policy analyst Jaret Seiberg hosts the TD Cowen Two Cents Podcast. This month, it features a deep dive with TD Cowen market structure expert Reid Noch into the rollout of perpetual futures and into the push for the United States Securities and Exchange Commission (SEC) to eliminate the National Best Bid and Offer rule. We also get a market update from TD Cowen specialty salesperson Scott Smith.

This podcast was originally recorded on June 9, 2026

Full transcript

Transcript to come.

Disclaimer

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Reid Noch
Reid Noch
Vice President, Electronic Trading, TD Securities

Biography

Reid Noch covers U.S. Equity Market Structure at TD Cowen, where he analyzes regulatory, venue and macro developments shaping the U.S. equity landscape. His work focuses on market structure evolution, trading venue dynamics and the intersection of policy and liquidity. Reid is a committee member of the Equity Markets & Trading group at SIFMA and an active member of STANY. Prior to joining TD, he covered U.S. equity market structure at RBC CM.

Scott Smith
Scott Smith
Managing Director and Head of Financial Services Specialty Sales, TD Securities

Biography

Scott Smith is a Managing Director and Head of Financial Services Specialty Sales at TD Securities in New York. He has over 30 years of institutional sales experience, having led FIG Specialty Sales at Credit Suisse and BofA for 17 years. Scott has also worked in financials specialty sales at JPM and at Lehman Brothers. He began his career in equity research at Lehman Brothers covering the business services sector with a focus on payments companies. Scott graduated from Columbia University with a BA in Psychology.

Jaret Seiberg
Jaret Seiberg
Managing Director, Washington Research Group - Financial Services Policy Analyst, TD Cowen

Biography

Jaret Seiberg is the financial services and housing policy analyst for TD Cowen Washington Research Group, which was recently named #1 in the Institutional Investor Washington Strategy category. The team has been consistently ranked among the top macro policy teams for the past decade. Before joining TD Cowen in August 2016, he served in similar roles at Guggenheim Securities, MF Global, Concept Capital and Stanford Financial Group. He began following financial policy in the early 1990s as a journalist covering efforts in Congress to complete the last of the laws from the savings and loan crisis. He tracked the merger wave of the 1990s and Glass-Steagall repeal in 1999 as the deputy Washington bureau chief for American Banker and as the Washington bureau chief for The Daily Deal. His bailiwick at TD Cowen includes issues related to commercial banks, housing, payments, investment banking, M&A, taxes, the CFPB, crypto currency, cannabis and Capitol Hill.

Mr. Seiberg has a BA from The American University and an MBA from the University of Maryland at College Park. He speaks regularly at industry events, is often quoted in the media, and appears on CNBC and Bloomberg TV.

Material prepared by the TD Cowen Washington Research Group is intended as commentary on political, economic, or market conditions and is not intended as a research report as defined by applicable regulation.