Canadian Index and Market Structure Bulletin

Research evidence excerpt

Canadian Index and Market Structure Bulletin

Index Products Group ■ North American Index and Market Structure Bulletin Page 2 of 15

Announcements/Podcasts

Bid Out – Equity Market Structure

In Episode 81, we look at market structure evolution through the lens of a career financial services portfolio manager Justin Hughes from Karl

Kapital. In this episode, Justin reflects on market structure evolution and the trade-offs between competition and fragmentation that resulted from

Regulation NMS. He explains why zero commissions was a much bigger catalyst to marketplace volume growth than most market structure

experts believe and admits that some marketplace innovations in new product offerings are moving away from core investing principles. Justin

does not believe 24-hour trading will have much of an impact on overall volumes and questions whether investors trading overnight understand

the cost of convenience. He finishes up in a debate with the host over the move to semi annual reporting by issuers, a practice he is opposed to

and concludes with some tips for investors looking at the private credit space.

Geopolitics with Frank McKenna

Episode 78 - Frank and Peter found heaven in the May episode of Geopolitics with the marriage of a live audience for Episode 78 before a

Jays game at the Rogers Center and a special guest appearance in the second half of this podcast by former Toronto Blue Jays President

Paul Beeston to talk baseball. Frank covers a wide range of topics in the first 30 minutes including his view on the wars in Iran and Ukraine

as well as Canadian hot button topics such as the upcoming CUSMA negotiations and the upcoming separation vote in Alberta. He also

takes a moment to remember the life of his friend Robert Irving from Moncton who passed away recently.