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, equity trader at CPP Investment Board. Reid gets right after it with a deep dive on the SEC proposal to eliminate Rule 611, otherwise known as the Order Protection Rule, a move that will bring with it some unintended and underappreciated consequences not the least of which is the relevance of the NBBO and whether the formula for allocating data revenue from the SIP needs to change. Zach puts on his trader hat for a discussion on the latest trading tools to combat adverse selection, and how AI is being utilized both in internal trading activity as well as external tools such as algo logic. The discussion finishes with some of the best and worst features of market structure in the US and around the world as well as predictions for the future state of equity trading.
This podcast was recorded on August 5th, 2026.
Chapter Headings
06:36 The Latest Developments on OPR
10:47 Tools to Neutralize the Speed Race
29:35 Understand the New Vehicles for Equity Risk - PERPS and Prediction Markets
40:59 Trading Tools for US Traders to Combat Adverse Selection
46:43 The Latest Developments in the US Exchange/ATS Landscape
50:07 What US Exchanges Can Learn from the World and Vice Versa
55:13 Future State of Equity Market Structure
Episode Guests
Reid Noch, Vice President, Sales & Trading, TD Securities (US)
Zac Goodwin, Equity trader for CPP Investment Board in Toronto
For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.
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