In Episode 54, we tackle the complex and not well socialized topic of fault lines within the equity market infrastructure. When system problems occur, market participants scream for a day and then go back to business when normalcy returns. This begs the question: is there enough post mortem analysis of system issues at the overall industry level and why does this post mortem activity remain primarily behind the scenes in Canada? Our guests for this episode are two experts in market infrastructure - Etienne Phaneuf, CEO of ArchES Computing and Stephen Plut, Managing Director and Co-Founder of ITS Online – and by the end of this episode, we hope all our listeners are better educated on system complexity and some of the risks to future market stability and resiliency. Chapter Headings: 6:20 - Do We Need More Attention to System Outages in Canada? 10:42 – The Teck B Router SNAFU 15:06 - Hardware vs Software Solutions – Introducing FPGA Cards 27:55 – Impact of Narrower Tick Sizes – Canada and US Not Alike 35:40 - Not All Messages are Created Equal 40:20 – Is Canada Different than Other Geographies? 41:42 – Cyber Risk to System Up Time Disclaimer: This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this recording was obtained from publicly available sources, has not been independently verified by TD Securities, may not be current, and TD Securities has no obligation to provide any updates or changes. All price references and market forecasts are as of the date of recording. The views and opinions expressed in this podcast are not necessarily those of TD Securities and may differ from the views and opinions of other departments or divisions of TD Securities and its affiliates. TD Securities is not providing any financial, economic, legal, accounting, or tax advice or recommendations in this podcast. The information contained in this podcast does not constitute investment advice or an offer to buy or sell securities or any other product and should not be relied upon to evaluate any potential transaction. Neither TD Securities nor any of its affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed.