Politics & Policy

Elections and Unrest It Seems Everywhere

Oct. 30, 2026

Guests: Frank McKenna, Deputy Chair, TD Securities

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

This podcast was recorded on October 21, 2026.

Frank and Peter suggest that October's episode of Geopolitics comes during the busiest geopolitical calendar in the seven years of this podcast series. The conversation begins with a journey into the listener mailbag, allowing Frank to respond to skepticism that the Canadian Government is truly willing to sell airports and other infrastructure assets, and whether a blue wave at mid-terms will make a difference for Canada. The pod then pivots to the recent election results in Canada where in Frank's mind, separatists were devastated in both Alberta and Quebec, with less than 25% in each province voting with the vein of separation.

The conversation turns to unrest in France, where Frank suggests as many as five layers of factors combined to cause the recent rioting. He thinks that countries in the EU like France that are spending beyond their means may end up facing a "Greece moment" where there simply is no choice but to rein in fiscal spending and reduce entitlements. The geopolitical conversation ends where if often does, with the tragic situation in Ukraine and the on and off hostilities in the Middle East.

Chapters:
1:07	Listener Mailbag – Frank Gets Pushback
8:35	Post-Mortem – Alberta and Quebec Go to the Polls
17:41	Is Unrest in France a Canary?
24:09	The Wars in Ukraine and Iran

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.

Frank McKenna
Frank McKenna
Deputy Chair, TD Securities

Biography

As Deputy Chair, Frank is focused on supporting TD Securities' continued global expansion. He has been an executive with TD Bank Group since 2006 and previously served as Premier of New Brunswick and as Canadian Ambassador to the United States.

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.