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David Nadig: The Complexities of Modern Markets - [Making Markets, EP.43]
Making Markets
Structure for Growth Requires Tailored Solutions
A distinct exchange, such as Canada's Toronto Venture Exchange, serves small companies by offering a streamlined regulatory environment that facilitates fundraising. This model illustrates the need for specialized frameworks that cater to smaller valuations, enabling businesses to access capital while ensuring accountability. Meanwhile, the U.S. lacks a similar structure, leading to attempts to integrate illiquid private securities into trading vehicles like ETFs, which is deemed problematic and likely to fail. The liquidity mismatches highlight the need for caution in financial product innovation, especially with low-quality assets like junk bonds.
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