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Capital Markets Institute Speaker Series
Capital Markets Academics Discuss:
Canadian Securities Administrators Trading Fee Rebate Pilot Study

Wednesday, September 12, 2018
05:00 PM – 07:00 PM

CSA Trading Fee Rebate Pilot Study

Fleck Atrium
Rotman School of Management, U of Toronto,
105 St George Street

Speaker(s) and Panelist(s):
• Katya Malinova, Associate Professor, DeGroote School of Business, McMaster University
• Andriy Shkilko, Associate Professor, Lazaridis School of Business and Economics, Wilfrid Laurier University
• Andreas Park, Associate Professor, University of Toronto Mississauga & Rotman School of Management
• Peter Haynes, Managing Director, Index Products,TD Securities Inc.
• Dan Kessous, Chief Executive Officer, Nasdaq Canada Inc
• Heather Killian, Executive Director, Prime Services Group, CIBC Capital Markets
• Kelly Reynolds, SVP Trading and Operations, Hillsdale Investment Management
• Jonathan Sylvestre, Head, Business Strategy, Equities Trading, Equity Capital Markets, TMX

Anita Anand, Head of Research & Policy, Capital Markets Institute
Professor & J.R. Kimber Chair in Investor Protection & Corporate Governance, Faculty of Law, University of Toronto

$25.00 plus HST per person (includes 1 seat for the session and refreshments)

The CSA appointed researchers, with expertise in Canadian equity market structure, will provide a brief presentation on the study which will be followed by a panel discussion with industry experts. The CSA has selected the following three of researchers to design and conduct the pilot study:
• Katya Malinova, Associate Professor, Mackenzie Investments Chair in Evidence-Based Investment Management at the DeGroote School of Business, McMaster University. Professor Malinova is an expert on financial market structure, including trading fees and rebates, dark trading, high frequency trading, and technological innovation.
• Andriy Shkilko, Associate Professor of Finance and Canada Research Chair in Financial Markets at Laurier’s Lazaridis School of Business and Economics. Professor Shkilko’s research focuses on securities trading and the structure of financial markets, including the effects of trading fees and rebates on market quality and order routing in U.S. options.
• Andreas Park, Associate Professor of Finance at the University of Toronto Mississauga and the Rotman School of Management, and Research Director at the Rotman FinHub. Professor Park’s areas of expertise include FinTech and financial market trading, and the economic impact of technological transformations on financial markets.

Using the United States Securities and Exchange Commission’s (SEC) Proposed Transaction Fee Pilot as a basis, the research group will determine the design of the proposed Canadian pilot study, and work with the CSA on stakeholder consultations, and finalizing and implementing the pilot study. The research group will also conduct ongoing data analysis, compile research reports on the progress of the test study, and produce a final report once the pilot study is complete.

The CSA intends to publish a notice and request for comment on the proposed pilot study in fall 2018.

Canadian securities regulators provide update on trading fees and rebates pilot study, August 1, 2018 here
CSA Staff Notice 23-322, Trading Fee Rebate Pilot Study, March 16, 2018 here



Capital Markets Institute / Rotman FinHub Panel @ Rotman
Understanding ICO’s – Benefits, Risks & Regulatory Considerations

Tuesday, November 13, 2018
9:00 a.m. to 12 noon (registration opens at 8:30am)
Rotman School of Management
Desautels Hall (2nd floor)
105 St. George Street, Toronto, Ontario



Capital Markets Institute Panel @ Rotman 
The Promise and Perils of Passive Investing 

Tuesday, November 23, 2018
9:00 a.m. to 12 noon (registration opens at 8:30am)
Rotman School of Management
Desautels Hall (2nd floor)
105 St. George Street, Toronto, Ontario


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