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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 financing needs of emerging businesses in Canada.See full paper here: https://cffim-fcmfi.ca/wp-content/uploads/2026/09/Too-Big-to-Challenge-Has-Canadas-Big-Bank-Model-Killed-the-Geese-that-Lay-the-Golden-Eggs.pdfThe paper also recommends effective mechanisms for enhancing market incentives for ownership and reinvestment. It considers the carve out of equity capital markets activities, including investment banking, into independently managed, Canadian-headquartered businesses through domestic and foreign institutional investment, with continued involvement by, and to the benefit of, Canada’s largest banks.

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 Cusimano Executive Director of Transparency International Canada

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 coordinating enforcement across jurisdictions, and whether regulatory obligations are sufficiently focused on actual risks. Guest: Salvator Cusimano Executive Director of Transparency International Canada

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 being met. Guests Abhishek SinhaBanking & Capital Markets, Partner | EY Canada Puneet MannBanking & Capital Markets, Partner | EY Canada

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 challenging exit environment andThe growing role of venture secondaries.Guest Miguel LuiñaManaging Director, Co-Head of Venture Capital & Growth Equity, Hamilton Lane

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 (PPCDA). In Part II of this two-part podcast series, we examine the practical implications of the proposed PPCDA, including enhanced consent requirements, greater transparency around automated decision-making, expanded rights to data deletion and mobility, and a new framework for de-identified and anonymized information. We also explore heightened expectations surrounding cross-border data transfers, third-party service provider oversight, privacy management programs, and security safeguards—and what these changes could mean for organizations as they prepare for a new era of privacy regulation in Canada. Guest: Stephen Burns, Partner, Bennett Jones LLP

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 (PPCDA). In Part I of this two-part podcast series we focus on why the government is pursuing privacy reform now, how the PPCDA is different from the current PIPEDA regime, the recognition of privacy as a fundamental right, and the introduction of private right of action for Canadians. Guest: Stephen Burns, Partner, Bennett Jones LLP

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 topics covered on this podcast also include: Foundational Token ModelsRaising Capital and Connecting with InvestorsThe Secondary MarketSettlement, Clearing, Custody, Servicing

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 breaking up isn’t hard to do. Guest: Manu Kakkar | President, Kakkar CPA Professional Corporation

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 episode gets practical about what a working framework needs to overcome in human behavior, privacy guardrails and system design.. Guest: Azza Raslan | Acting Manager of Competition Law with the Competition Bureau’s Policy, Planning and Advocacy Directorate

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 for a strategic, forward-looking discussion as we examine: Who is leading the charge. What is driving the momentum. Implications for industry participants – asset managers, wealth managers, custodians. The real-world benefits. Operational realities and execution challenges. Broader market impacts and competitive dynamics.Regulatory developments in major markets. Guest: German Soto | Chief Product & Digital Assets Officer | Broadridge Financial Solutions, Inc.

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. Guest Geoff ClarkePartner, Miller Thomson LLP

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.Guest Dr. Pedro Gurrola-Perez Head of Research, The World Federation of Exchanges Ltd.

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 United States, oversight by the Commodity Futures Trading Commission has helped provide regulatory legitimacy to a space once viewed as a speculative novelty. Meanwhile, major exchange operators — including CME Group, Cboe, and Intercontinental Exchange — are exploring or supporting prediction-based products. Brokerage platforms such as Interactive Brokers and Robinhood are also expanding access and infrastructure, while several asset managers have filed for exchange-traded funds designed to provide direct exposure to election-related prediction markets. Research from the U.S. Federal Reserve System has further concluded that prediction markets can serve as a valuable complement to existing forecast tools in both research and policy settings. In Canada, while interest in event-based markets is growing, the ecosystem is still at an earlier stage of commercial and policy development compared with the United States. The podcast will explore what the rise of prediction markets could mean for the future of financial markets.

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.