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Artwork for Bid Out

Bid Out with Peter Haynes

TD Securities
United States
Tokenization Of Equities
Equity Tokenization
Share Buybacks
Rule 611
Canada
Crypto Technology
Securities and Exchange Commission
Regulatory Authorities
OPR 611
U.S. Market Concentration
Spacex
Regulatory Reform
Ontario Securities Commission
Closing Auction
Stablecoins
Howey Test
ESMA
DTCC
Megacap Ipos

Hosted by Peter Haynes, Head of Index and Market Structure Research, Bid Out is a made in Canada podcast series that explores market structure issues impacting trading and portfolio management globally. The monthly series interviews industry leaders and experts across the entire spectrum of capital markets to understand trends and recent developments shaping capital markets.

PublishesTwice monthlyEpisodes40Founded4 years ago
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Artwork for Bid Out

Latest Episodes

In Episode 84 of “Bid Out”, the show returns to its roots with a discussion on the latest developments in equity market structure in the US. Joining Peter on the pod are two market structure heavyweights, Reid Noch from TD Securities and Zach Goodwin... more

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 an... more

In Episode 82, we complete our round the world review of global market on close mechanisms with a trip through the APAC region. Joining us for the APAC discussion are two regional market structure experts: Winnie Khattar, Head of Market Development f... more

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 tradeoffs between competiti... more

In Episode 80, we are joined by two benchmark experts, Karl Schneider, Senior Portfolio Manager at State Street Investment Management, and Jeremy Lai, Portfolio Trader at TD Securities.  In this episode, Karl and Jeremy discuss all aspects of index p... more

Episode 79 of Bid Out takes a look at recent industry debate surrounding the removal of the Order Protection Rule and related policies that will be impacted by this change.  With the SEC poised to eliminate a rule that is at the core of current equit... more

For the first time in 78 episodes of Bid Out, Peter goes solo with a discussion on important index issues on the docket for 2026. While there are lots of unknowns, the year ahead is likely to be busy for index fund managers and given the potential fo... more

In the second part of our two-part pod series on tokenization of equities, the conversation with our special guest Brett Redfearn, Founder and CEO of Panorama Financial Markets Advisory, moves from the basics of tokenization to the implications of th... more

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Recent Guests

Michael Singh
Founder of Candor Partners; UK-based firm focusing on issuers and share transactions
Candor Partners
Episode: The Need for Regulatory Reform to Share Buyback Trading Rules
Paul Dotson
Managing Director at TD Securities; based in New York; leads TD's work with issuers on buybacks
TD Securities
Episode: The Need for Regulatory Reform to Share Buyback Trading Rules
Winnie Khattar
Head of Market Development for BlackRock in the Asia Pacific Region
BlackRock
Episode: Market On Close (MOC) Mechanisms Part 3 – What Traders Need to Know About APAC MOC Facilities?
Khashayar Sirti
Head of APAC Trading for UBS Asset Management
UBS Asset Management
Episode: Market On Close (MOC) Mechanisms Part 3 – What Traders Need to Know About APAC MOC Facilities?
Justin Hughes
Portfolio manager at Karl Kapital, San Francisco
Karl Kapital
Episode: In Conversation with Justin Hughes – A Market Structure Enthusiast Doubling as a Portfolio Manager
Karl Schneider
Senior Portfolio Manager in the Systematic Equities Group of State Street Investment Management
State Street
Episode: Analyzing the Jam Packed Calendar of Upcoming Index Events
Jeremy Lai
Portfolio Trader at TD Securities
TD Securities
Episode: Analyzing the Jam Packed Calendar of Upcoming Index Events
Mett Kinak
Head of Global Trading
T Rowe
Episode: OPR and Other Market Structure Hot Buttons for 2026
John Ramsay
Chief Policy Expert
IEX
Episode: OPR and Other Market Structure Hot Buttons for 2026

Host

Peter Haynes
Host of the show with a focus on index and market-structure research; leads discussions on benchmark design, market structure, and policy implications.

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FoundersDavid Senra

Talking Points

Recent interactions between the hosts and their guests.

Analyzing the Jam Packed Calendar of Upcoming Index Events
Q: What would you do if you were S&P regarding the Canadian merger and domicile issues for Tech Resources?
They discuss the straw-man proposal and the need for objective, quantitative rules to determine Canadian eligibility without enabling purely opportunistic listings to game benchmarks.
Analyzing the Jam Packed Calendar of Upcoming Index Events
Q: Can you explain exactly how index rules work today for these lockup releases?
The guests explain that most benchmarks reflect unlocks in the next quarterly update, with S&P offering annual treatment; accelerated reflection is possible for large unlocks, but depends on data availability and share class structure.
Analyzing the Jam Packed Calendar of Upcoming Index Events
Q: Can you tell our listeners a little bit about your recent career history and your current responsibilities?
Karl discusses his 30-year career at State Street, highlighting his 27 years as a portfolio manager on the Equity Index team and his current role overseeing a team of 25 PMs in Boston with five trillion in index assets under management.
Part 1 - Tokenization of Equities – The Basics
Q: What do people mean when they say tokenize IBM stock in token form, and how can this be done?
Tokenization can occur in on-chain environments (with smart contracts, staking, DeFi activities) or off-chain (trading in traditional matching engines). Different models exist, including derivatives-like security tokens, token receipts held on chain, and issuer-sponsored native tokens that reflect traditional securities with similar rights and governance, enabling faster settlement and broader transferability.
Part 1 - Tokenization of Equities – The Basics
Q: First of all, what is the difference between crypto as a product and crypto as technology?
The products are a mixed bag (cryptocurrencies, NFTs, security tokens, etc.) with varying utility, while the technology is built on cryptography, distributed ledgers, and consensus mechanisms that can enable more efficient traditional financial activities, including tokenized securities.

Audience Metrics

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Frequently Asked Questions About Bid Out

What is Bid Out about and what kind of topics does it cover?

The show focuses on market structure, indexing, and the evolving mechanics of global capital markets. Episodes frequently feature benchmark designers, buy-side traders, regulators, and exchanges discussing how indices are constructed, how trades are executed, and how policy changes—such as rules around order protection and tokenization—shape liquidity, investability, and governance. A recurring emphasis is on real-world implications for ETFs, mutual funds, and institutional portfolios, with pragmatic perspectives on liquidity, regulatory timelines, and cross-border dynamics. Noteworthy strengths include deep dives into mega-cap inclusions, domicile debates between domestic and global benchmarks, and practical insights from practitioners at ... more

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Which podcasts are similar to Bid Out?

These podcasts share a similar audience with Bid Out:

1. Money Stuff: The Podcast
2. Trillions
3. The Markets
4. Odd Lots
5. Invest Like the Best with Patrick O'Shaughnessy

How many episodes of Bid Out are there?

Bid Out launched 4 years ago and published 40 episodes to date. You can find more information about this podcast including rankings, audience demographics and engagement in our podcast database.

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What guests have appeared on Bid Out?

Recent guests on Bid Out include:

1. Michael Singh
2. Paul Dotson
3. Winnie Khattar
4. Khashayar Sirti
5. Justin Hughes
6. Karl Schneider
7. Jeremy Lai
8. Mett Kinak

To view more recent guests and their details, simply upgrade your Rephonic account. You'll also get access to a typical guest profile to help you decide if the show is worth pitching.

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