Welcome Cocktail

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Breakfast and Registration

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Welcome Address

Robert Tasca

Managing Director, Derivatives Products and Services, TMX Group

Fireside Chat - Walt Lukken and Luc Fortin

Luc Fortin will kick off the conference alongside Walt Lukken, President and CEO of the FIA, to discuss the evolving dynamics of global derivatives markets. The conversation will address major regulatory shifts, market structure changes, and how exchanges are adapting to handle risk. They will also explore how the industry can collaborate to reduce cross-border friction and leverage emerging technologies.

Walt Lukken

President and CEO of FIA

Luc Fortin

President and Chief Executive Officer, Montréal Exchange
Global Head of Trading, TMX Group

The G(r)eek Corner: How Multi-Asset Managers Are Leveraging Derivatives to Generate Alpha

Step into a technical deep-dive designed for the sophisticated practitioner. This panel brings together leading multi-asset managers to peel back the curtain on how they navigate the complex landscape of both listed and over-the-counter (OTC) derivatives to drive performance and manage risk.

Moderator

Etienne Ménard

Head of Product, Equity Derivatives, TMX Group

Speakers

John Bichajian

Managing Director & Portfolio Manager, Derivatives & Quantitative Strategies, SLC Management

Puneet Kohli

Investment Director of Risk Mitigating Strategies, CalSTRS

Francis Campeau

Head Trader, Trans-Canada Capital

Morning Break

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STIR-ing the Pot: Why the Canadian Short-End Is the Hottest Spot for Liquidity and Opportunity

This panel will focus on the rapidly evolving landscape in the short-end of the Canadian yield curve. With the geopolitical and economic backdrop creating new market dynamics, this session will explore the significant growth of the CORRA and 2-year GoC bond futures in recent months and discuss how these instruments are creating unprecedented liquidity and new strategic opportunities for market participants. Further developments will also be discussed.

Moderator

Alexandre Prince

Executive Director, Interest Rates Derivatives, TMX Group

Speakers

Victor Bellefeuille

Director, Interest Rate Derivatives Trading, National Bank Financial

Nick Neary

Fixed Income Portfolio Manager, Alphadyne Asset Management

Pier-Olivier Perron

STIR Trader, Scotiabank

Lunch

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Repackaging Risk: ETF options, Structured Notes, and Buffer ETFs

This panel will explore how ETF options are increasingly used to hedge structured notes, providing liquidity, transparency, and scalability for issuers. Panelists will discuss practical approaches to hedging, along with key risk management considerations and the growing role of listed options markets.

The session will also examine the rise of structured note “look-alikes,” such as buffer ETFs, which deliver defined outcome strategies in a liquid, standardized format. Speakers will compare how these products are built, priced, and used by investors, and consider how they may complement or compete with traditional structured notes going forward.

Moderator

Ron Hochman

Managing Director, Equity Derivatives, TMX Group

Speakers

Matt McFarland

Senior Vice President, Capital Markets, Vest

Igor Rehak

Managing Director, Head of Canadian Equity Option Trading, Global Equity Derivatives, TD Securities

Jimmy Xu

Managing Director and Head, Liquid of Alternatives and Non linear ETF, BMO Global Asset Management

Global Derivatives Markets Disruptors’ Impact on Technology

Derivatives markets are undergoing seismic technological shifts. Round-the-clock trading, tokenization, and event contracts are driving unprecedented changes across market ecosystems and forcing firms to reimagine the front-, middle-, and back-office solutions they use today.

Moderator

Colm Boyle

Manager, Operational & Technical Services, Derivatives Operations Trading, TMX Group

Speakers

Marc Natale

Global Head of Market Development, Murex

Mikael Ohlsson

Head of Product, Scila

Guillaume Poitevin

Chief Revenue Officer, Horizon Trading Solutions

Afternoon Break

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Repo 2.0: The Future of Canadian Repo Through Central Clearing

This panel examines the evolution of Canada’s Repo 2.0 and CCMS, analyzing how central clearing enhances market stability and delivers efficiencies to the marketplace. The discussion will also explore essential incentives for broad buy-side adoption, such as the Sponsored Repo model.

Moderator

Elie Elkhal

Managing Director, Commercial Services, CCP Clearing, CDCC

Speakers

Danny Auger

Advisor, Bank of Canada

Ciaran Dayal

Managing Director and Head of Collateral Management and Funding Canada, Scotiabank

Steve Everett

Chief Commercial Officer, CDS and Head of Post-Trade Innovations

Bruno Gosselin

Portfolio Manager, Caisse de dépôt et placement du Québec

Credit Transformed: Canada’s New Era of Listed Futures

The arrival of the FTSE Canada Bank Credit Index Futures (BCS) marks a transformative shift in the Canadian fixed income landscape, offering the first exchange-traded solution for managing credit spread risk. This panel will explore how this new instrument provides institutional investors with an enhanced tool for risk transfer, transparency and capital efficiency. By examining the global surge in credit futures popularity, our experts will discuss how Canada’s new listed derivatives bridge the gap between local market needs and international trading standards.

Moderator

Marina Mets

Head of Americas, Fixed Income, FTSE Russell

Speakers

Anthony Farinaccio

Head of Canadian Investment Grade Credit Trading, TD Securities

Joseph Hunter

BMO Capital Markets

Rami Jrad

Trader, ETFs Market Making, Global Equity Derivatives, National Bank Capital Markets

Andrew Sage

Polar Asset Management

Cocktail Reception - Chapelle du Séminaire

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Breakfast

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From Concept to Utility: Why Market Infrastructure Innovation Takes so Long—and What It Takes to Deliver

In this fireside chat, Mark F. Nichols from EY and I will explore how Canada’s market infrastructure is evolving at a critical inflection point—where strong ideas often struggle to translate into industry-wide execution. We’ll examine why initiatives stall despite broad general global/regional alignment, what it truly takes to move from concept to functioning utility, and how emerging forces like tokenization and 24x5 markets are often misunderstood in terms of their real operational impact. Against this backdrop, we’ll challenge whether Canada is positioned for incremental change or a more fundamental structural leap, and what must shift—across governance, incentives, and execution—to ensure the next wave of innovation delivers tangible outcomes rather than prolonged debate.

Moderator

Steve Everett

Chief Commercial Officer, CDS and Head of Post-Trade Innovations

Speaker

Mark Nichols

Partner Digital Assets & Market Infrastructure Consulting Leader, EY

MARKET OPEN CEREMONY

TMX Leaders and Sponsors

Break

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Geopolitical/Economic discussion

The era of predictable globalization has been replaced by a fragmented, highly charged geopolitical landscape where shifting alliances, regulatory national security reviews, and sudden macro shocks directly alter market dynamics. This fireside panel dissects how these macro shifts translate into real-world price action, examines the limitations of traditional risk models under the weight of non-linear events, and highlights where market participants can uncover mid-term opportunities amidst the noise.

Moderator

Kelsey Gunderson

Chief Client Officer, TMX Markets

Speakers

Candice Bangsund

Vice President and Portfolio Manager, Global Asset Allocation and Private Markets Solutions, Fiera Capital

Phil Harwood

Partner, FGS Longview

Kambiz Kazemi

Chief Investment Officer, Validus

Building Durable Portfolios with Futures and CTAs

In an era of elevated volatility, geopolitical uncertainty, and increasingly correlated traditional asset classes, this panel examines how futures and Commodity Trading Advisors (CTAs) can serve as genuine portfolio diversifiers and return generators. Bringing together leading practitioners, the discussion explores how sophisticated investors can construct more resilient, durable portfolios through risk mitigating strategies, managed futures, and global macro.

Moderator

Dr. Ranjan Bhaduri

Founder and CEO, Bodhi Research Group

Speakers

Puneet Kohli

Investment Director of Risk Mitigating Strategies, CalSTRS

Michael Pomada

CEO, Crabel Capital Management

Marc-André Soublière

Founding Partner & Chief Investment Officer, Lawrence River Capital

Closing Remarks

Karen McMeekin

President, CDCC and Co-Head, Post-Trade Services, TMX Group