Guests: Michael Seigne, Founder, Candor Partners and Paul Dotson, Managing Director, Institutional Equity, TD
Host: Peter Haynes, Managing Director and Head of Index and Market Structure Research, TD Securities
Episode 83 dives into a market structure topic that does not get enough attention; that is the rules governing issuers involved in share buyback programs. Joining the pod are two share buyback experts Michael Seigne from Candor Partners in the UK and Paul Dotson, TD's trader responsible for handling trading for issuers in buyback programs in the U.S. In this episode, Paul and Michael discuss the history of share buyback rules and the need for modernization given changes to market structure dynamics.
Research published separately by TD Securities and Candor suggests that less than half of daily volume is available to issuers limited to certain trading windows as a result of rule restrictions. According to Michael, these rule restrictions are even more onerous in Europe and the U.K. where they result in frictional costs that are double the trading costs in the U.S. The discussion ends with the politics of buybacks; a topic that comes and goes based on the political winds. It recently gained attention in the U.S. with rules enacted by the current Trump administration to limit buyback activity for companies in the defense sector.
| Chapitres: | |
|---|---|
| 1:38 | Current Buyback Rules |
| 4:05 | Hidden Costs to Issuers of Changing Trading Patterns by Natural Investors |
| 16:04 | Why are Buyback Trading Costs Higher in Europe? |
| 33:26 | What is an ASR (accelerated share repurchase) and How is it Different from 10b-5 or 10b-18 Plans? |
| 42:21 | Why Now is a Good Time to Push for Reforms? |
| 54:09 | The Politics of Buybacks |
This podcast was recorded on July 16th, 2026.
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