Candid Conversations for Financial Markets
This podcast series offers insights, transparency, and provocative yet achievable proposals for matters that move financial markets in Canada. It features candid conversations with experts and stakeholders, aiming to provide a deeper understanding of the Canadian financial landscape.
Episodes
EP 18 - Has Canada’s ‘Big-Bank’ Model Killed the Geese that Lay the Golden Eggs?
Canada's financial system evolved around a small number of large, diversified banking institutions. Regulatory changes in the late 1980s allowed banks to acquire investment dealers, bringing much of the securities industry under bank ownership.In our latest podcast, Thomas Kalafatis, Hullwright Advisors, considers the structural mismatch between the incentives of banks, and the equity financin
EP 17 - Canada Under the Financial Action Task Force (FATF) Microscope (Part 2)
The conversation examines the Report’s findings. Central to the discussion is the distinction between regulatory compliance and effectiveness: are Canada's rules producing meaningful enforcement and deterrence? Guest:Salvator CusimanoExecutive Director of Transparency International Canada
EP 17 - Canada Under the Financial Action Task Force (FATF) Microscope (Part 1)
Recorded ahead of the Report's release, the conversation examines Canada's historical performance, weaknesses in beneficial ownership transparency, the challenges posed by legal professional privilege, and the proposed creation of a federal financial crimes agency.The discussion also considers the economic and reputational consequences of inadequate safeguards, the importance of coordinati
EP 16 - Inside Canada's Open Banking Framework
With Canada’s Consumer-Driven Banking Act receiving Royal Assent in March 2026, and draft regulations now released, Canada’s consumer-driven banking framework, also known as open banking, is beginning to take shape.In this episode, we examine the legislation and key elements of the draft regulations, and whether its policy objectives of improving financial outcomes for people and businesses are be
EP 15 - Venture Capital in the Age of AI
In this episode, we explore why today’s venture capital market looks fundamentally different from previous cycles and the role artificial intelligence is playing in this transformation.The conversation includes:Changing patterns of venture capital allocation globally.Where investment is concentrating and how that is reshaping the broader venture ecosystem.How companies are accessing liquidity in a
EP 14 - Inside Canada’s Privacy Overhaul (Part 2): New Compliance Requirements
A quarter century after the Personal Information Protection and Electronic Documents Act (PIPEDA) reshaped Canada’s privacy landscape, Ottawa is proposing a sweeping overhaul.On June 15, 2026, the federal government introduced Bill C-36, legislation that would replace the private-sector privacy framework established under PIPEDA with a new regime: the Protecting Privacy and Consumer Data Act (PPCD
EP 14 - Inside Canada’s Privacy Overhaul (Part 1): The Policy Rationale and Legal Framework
A quarter century after the Personal Information Protection and Electronic Documents Act (PIPEDA) reshaped Canada’s privacy landscape, Ottawa is proposing a sweeping overhaul.On June 15, 2026, the federal government introduced Bill C-36, legislation that would replace the private-sector privacy framework established under PIPEDA with a new regime: the Protecting Privacy and Consumer Data Act (PPCD
EP 13 - Tokenization: Rewiring Capital Markets
This podcast sets out the impact of tokenization as a reconfiguration of specific parts of the capital markets value chain from issuance through to post-trade.It addresses where the frictions, skepticisms and opportunities lie.Duane Block, Managing Director with Alvarez & Marsal’s Crypto Advisory practice in Chicago speaks about why tokenization matters and its impact on market structure.The t
EP 12 - Breaking Up Should Not Be Hard to Do: The Value of Corporate Spinoffs
Corporate spinoffs—known in Canada as “butterflies”—are a powerful tool for unblocking capital and sharpening competition. They let companies separate business lines so each can focus, invest, and compete more effectively.In this episode we explain how spinoffs work in Canada and the U.S., why they matter for competition and capital markets, and what policy and tax design should do to make sure br
EP 11 - Data Portability and Consumer Control
Based on the Competition Bureau’s “Your Data, Your Control,” this episode connects policy to day-to-day outcomes.Canada is moving toward “your data, your rules.” That shift could reshape how you bank, shop, and compare prices.The big idea: data portability lets you take your information with you securely so switching providers is easy, competition heats up, and better products show up faster.This
EP10 - From Assets To Tokens
Tokenization—the representation of financial and private assets as digital tokens on a blockchain or distributed ledger—is moving from concept to reality. Across the financial services landscape, tokenization is more than a technological shift but emerging as a structural evolution with the potential to fundamentally transform how financial products are created, distributed, and serviced. Join us
EP09 - Tax Breaks & Drill Bits: Inside Flow-Through Shares
Flow-through shares are a uniquely Canadian financing mechanism at the intersection of tax policy, capital formation, and resource strategy.This episode will provide a focused perspective on the funding gap they were designed to solve and their ability mobilize capital for critical minerals including rare earths.GuestGeoff ClarkePartner, Miller Thomson LLP
EP08 - Why Do Some Markets Consistently Attract More IPOs Than Others? A Global View
Why do some exchanges consistently attract more listings while others struggle to get noticed?In this episode we explore:What truly shapes the frequency and size of IPOs globally.How policymakers, regulators, and exchanges can create conditions that boost listings.Practical lessons for market participants navigating today’s and tomorrow’s capital markets.GuestDr. Pedro Gurrola-PerezHead of Researc
EP07 – Prediction Markets Enter The Financial Mainstream
Prediction markets are no longer on the fringes — they are moving towards the financial mainstream. Platforms such as Kalshi and Polymarket have experienced rapid growth by allowing investors to buy and sell event contracts tied to real-world outcomes — elections, policy decisions, inflation prints, regulatory rulings, even championship games — turning uncertainty into a marketable asset.In the Un
EP06 – Why Stablecoins Matter to Canada – And the Path Forward
Stablecoins are growing fast — but is Canada ready? In this episode of Candid Conversations for Financial Markets, CCFIMPresident and CEO Laura Paglia is joined by Dr. Andreas Veneris, Professor of Finance at the University of Toronto and co-founder of the LedgerHub at Rotman.
EP05 – Market Data Costs: Swelling to Buy – Not Produce
Market data is no longer just a by-product — it’s become one of the most expensive necessities in Canadian capital markets. In this episode of Candid Conversations for Financial Markets, CFFiM President and CEO Laura Paglia is joined by R. Tee Williams, a global expert in market structure and data pricing, to break down the tangled costs behind something as simple as a stock quote.
EP04 – From Lambs to Lions: Competition is the Path to Competitiveness (Part 2)
In Episode 5 (Part 2) of Candid Conversations for Financial Markets, IIAC President and CEO Laura Paglia continues her discussion with Senator Colin Deacon on how to rebuild Canada’s competitiveness. This half focuses on real-world solutions: how Canada can strengthen its innovation ecosystem, attract domestic investment, support entrepreneurship, and modernize its regulatory framework.
EP03 – From Lions to Lambs: The Decline of Canadian Competitiveness (Part 1)
In Episode 4 (Part 1) of Candid Conversations for Financial Markets, IIAC President and CEO Laura Paglia sits down with Senator Colin Deacon to discuss why Canada's economy is losing ground in global competitiveness. Senator Deacon outlines the historic policy decisions, regulatory burdens, and complacency that have led to declining productivity and weakened innovation.
EP02 – “Drill Baby Drill”: Can US’ “Energy Emergency” Bring Wins for Canada
How is Canada positioned in the global race for energy and clean tech innovation? In Episode 2 of Candid Conversations for Financial Markets, IIAC President and CEO Laura Paglia speaks with Professor Ari Pandes (University of Calgary) about the future of Canada’s oil & gas sector, clean tech growth, and energy market dynamics between Canada and the U.S.
EP01 – Re-Energizing Canada’s Public Equity Markets
Canada’s public equity markets are at a turning point. In this premiere episode of Candid Conversations for Financial Markets, IIAC President and CEO Laura Paglia sits down with Thomas Kalafatis, Managing Partner of Hullwright Advisors, to examine the dramatic decline in TSX listings—down 50% since 2008—and what’s behind this hollowing out of the market.
