The Need for Regulatory Reform to Share Buyback Trading Rules

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 US. 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 ½ of daily volume is available to issuers limited to certain trading windows as a result of rule restrictions which, according to Michael, are even more onerous in Europe and the UK and result in frictional costs that are double the trading costs in the US. The discussion ends with the politics of buybacks, a topic that comes and goes based on the political winds and gained attention in the US recently with rules enacted by the Current Trump Administration to limit buyback activity for companies in the defense sector.

This podcast was recorded on July 16th, 2026.

Chapter Headings:

01:38 Current Buyback Rules

04:05 Hidden Costs to Issuers of Changing Trading Patterns by Natural Investors

16:04 Why Buyback Trading Costs are Higher in Europe?

33:26 What is an ASR 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

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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