Bid Out with Peter Haynes

As has become tradition, each year at our annual portfolio management and market structure conference we include a panel with index providers from the Big 3, FTSE-Russell, MSCI and S&P Dow Jones.  In our recent event held November 7th, we added a portfolio manager from Vanguard's International Team, Michael Perre, to the discussion to provide a user's perspective on some of the hot button items for index benchmark providers.  Topics covered in this discussion include recent consultations on domicile and capping, South Korea's status as a split country and the possibility it moves either to Emerging for FTSE or Developed for MSCI and accountability for index provider errors that leave a footprint in the market.  The panelists also discuss whether indexing is a crowded trade.  Other participants include Catherine Yoshimoto from FTSE, Jean-Maurice Ladure from MSCI and Louis Bellucci from S&P.   Chapter Headings   1:00 - Who Do Indexers Sell to if the Bubble Bursts? 12:54 - S&P's Domicile Consultation 29:00 Accountability for Index Provider Errors 36:53 - South Korea's Split Status 44:47 - Is Indexing a Crowded Trade Yet? 48:15 - Capping Benchmarks and RIC Rules For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure [https://www.tdsecurities.com/ca/en/legal#PodcastDisclosure]. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

In Episode 66, we welcome two of Canada's leading pension experts for a discussion on issues impacting Canada's world renowned Maple 8 funds.  Malcolm Hamilton and Bob Baldwin are two Canadians who are lifelong followers of pension funds and share with our listeners the key reasons why Canada's Maple 8 funds are world leaders.  Bob explains the case for Alberta to leave CPP, a topic he has written about extensively, which puts the Chief Actuary of Canada on the hotseat to determine fair value on Alberta's share of the fund.  Other topics include the debate over ownership of Canadian assets, managing the increase in life expectancy and a crystal ball look at pension issues 10 years from now.   This podcast was recorded on August 13, 2024.   Chapter Headings –   2:02 - Why Canada's Pension Funds are the Envy of the World? 11:06 - Explaining Alberta's Case for Leaving CPP 23:24 - Canada's Chief Actuary Assia Billig 26:44 - The Case for Owning More Canadian Assets 38:28 - Solving for Expanding Life Expectancy 47:04 - Bob's Crystal Ball – Maple 8 Pension Issues 10 Years from Now For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure [https://www.tdsecurities.com/ca/en/legal#PodcastDisclosure]. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

If you are looking to learn about a recent market structure developments in the US, then take the next hour and listen to one of the US market's leading experts, Brett Redfearn.  We touch on all of the important issues of the past few years including market data reform, the new Texas Stock Exchange, and current hot buttons regarding access fees, tick increments, and best ex and order competition.  Brett's resume is second to none in the US market structure space, with experience as an exchange executive, a market structure analyst for JP Morgan, heading up Trading and Markets at the SEC, working for a crypto exchange, and now as a consultant to participants in all areas of capital markets. He pulls no punches in this episode, including his take on winners and losers post exchange demutualization.   This podcast was recorded on July 19, 2024.   Guest: Brett Redfearn, Founder & CEO, Panorama Financial Markets Advisory   Chapter Times:   05:58 - The Texas Stock Exchange 10:02 - The Never Ending CAT Debate 14:39 - Impact of Supreme Court Ruling on Chevron 19:18 - Brett's Mission on Market Data 27:56 - The Concept of Platform Theory 37:23 - Tick Increments and Access Fees 45:00 - Impact of Decimalization on NBBO 50:20 - Best Ex and Order Competition 56:09 - Is the Market Better Off With Demutualized Exchanges? For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure [https://www.tdsecurities.com/ca/en/legal#PodcastDisclosure]. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

In part two of our exploration into equity market structure issues for APAC, our expert guests John Fildes from Bain and Company and George Molina from Templeton Global Investors return to tie up loose ends on equity trading in the region.  In this episode, the speakers cover all things Korea, first with news of a competitive exchange offering coming in 2025 and next with a discussion on the ever-increasing trading interest from retail in the country. Finally, we ask George to discuss the impact of a short selling ban in Korea on liquidity, and then we move to a discussion on T plus 1 in the region, Made in Brazil trading Do's and Don'ts and an update on the forgotten market in the region, Australia.  We finish with George rubbing his crystal ball to tell us what to expect in trading APAC 5-10 years down the road.   This podcast was recorded on July 2, 2024.   Chapter Headings: 00:56 - Competition Comes to Korea 09:57 - FSC Extends Short Selling Ban in Korea 12:00 - T + 1 in the Region 15:52 - Made in Brazil Trading Do's and Don'ts 23:20 - APAC's Forgotten Market – Australia 29:41 - George's Crystal Ball For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure [https://www.tdsecurities.com/ca/en/legal#PodcastDisclosure]. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

In Episode 63, we continue our journey around the globe analyzing market structure developments with a podcast dedicated to the APAC region.  Joining us are two experts in global trading, John Fildes from Bain and Company and George Molina, Head of Global Trading for Templeton Global Investors.  In this first of a two part series on APAC, John and George compare trading in APAC to other regions in the world, update listeners on the climate for investing in China and address badly needed changes to closing auction models in Japan (pending) and India (needed).   This podcast was recorded on July 2, 2024.   Chapter Headings 1:03 – General Differences Between North American, Europe and APAC Trading 3:11 – Will Exchange Competition Grow in the Region? 10:26 – The Climate for Investing in China 17:12 – Modernizing Japan's Market Including the Launch of a MOC Facility 26:25 – India's Close Price Uses 30 Minute VWAP – When Will That Change? 35:05 – Are APAC Investors and Traders Properly Engaged in Market Structure Developments? Guests:   John Fildes, Capital Markets Practice Lead and Expert Partner, Bain & Company George Molina, Senior Vice President, Head of Asia, EM & LAM Trading, Franklin Templeton Investments For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure [https://www.tdsecurities.com/ca/en/legal#PodcastDisclosure]. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.