Episode Summary John corrects a fundamental misunderstanding: just because a company is listed on the TSX doesn't mean your trade actually executes there. In this episode, the hosts explore the world of Alternative Trading Systems (ATSs)—the competing marketplaces that ended exchange monopolies in Canada. They explain the trade-offs of this competition: lower fees and narrower spreads versus the complexity of market fragmentation. The discussion also demystifies "sinister" sounding Dark Pools, explaining their defensive role in protecting large pension fund trades while addressing the "free-rider" problem of public price discovery.

Key Concepts

• The End of Monopolies: Regulators introduced competition to lower costs, which means a big Canadian ban ...