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Anna Serin, Director of Listings Development at the Canadian Securities Exchange, checks in from Perth, Australia, where the CSE has officially completed its acquisition of the National Stock Exchange of Australia (NSX).
Joined by Bruce Campbell of StoneCastle Investment Management, Anna breaks down the latest market trends — from gold’s volatility and the U.S. dollar’s rebound, to investor sentiment and Bitcoin’s surprising resilience.
The episode also features CSE CEO Richard Carlton and NSX CEO Max Cunningham, who discuss how this landmark partnership is opening new doors for cross-border listings and a stronger connection between Canadian and Australian capital markets.
ANNA: Welcome to The Market, This Month. I’m Anna Serin, Director of Listings Development with the Canadian Securities Exchange — and today’s episode comes to you from beautiful Perth, Australia.
It’s been an exciting month for the CSE as we mark a major milestone — the completion of our acquisition of the National Stock Exchange of Australia, or NSX. The NSX, previously a publicly listed company, has now been delisted and is fully owned by the CSE. It continues to operate locally under CEO Max Cunningham and his experienced team in Sydney.
Over the past two weeks, CSE CEO Richard Carlton and I have been travelling across Australia with Max and the NSX team on a national roadshow, meeting with brokers, legal and accounting firms, investment bankers, and advisors. The response has been tremendous. There’s real excitement about what this partnership means for the future of the NSX, Australian capital markets, and the growing bridge between Canada and Australia’s vibrant issuer communities.
Adding to the momentum, ASIC — Australia’s national regulator — has now formally recognized the CSE as one of a small handful of designated foreign exchanges. This makes it even easier for CSE-listed issuers to engage with Australian investors and explore dual-market opportunities.
Already, we’re seeing a strong pipeline of companies — especially in the resource and technology sectors — from both countries. Many in the market have told us this partnership is long overdue: Australia needed a marketplace designed for startup and growth-stage issuers, something that’s long been part of the CSE’s DNA.
Today, we’ll connect with Richard Carlton and Max Cunningham to talk about what’s next for the NSX and how this acquisition will shape the future of Australia’s capital markets. And of course, I’m joined once again by Bruce Campbell from StoneCastle Investment Management to break down the markets this month.
We’ll take a look at gold, which has seen its share of volatility lately; the U.S. dollar, which appears to be firming; investor sentiment, through the lens of the Schwab Investment Movement Index; and Bitcoin, where crypto-related issuers continue to outperform despite choppy trading.
It’s a big episode — part market breakdown, part milestone moment — all coming to you from the heart of Australia’s resource capital. Let’s dive in.
ANNA: All right, Bruce — welcome to this month’s episode of The Market, This Month. It’s so exciting to connect with you while I’m in Perth. How are you?
BRUCE: I’m great! It’s awesome — you’re actually a day ahead of me. It’s got that Back to the Future vibe, since you’re in Perth and I’m in Kelowna.
ANNA: That’s right — so I can tell you the future! Maybe we should make some good stock picks today. [laughs]
BRUCE: [laughs] Exactly.
ANNA: Thanks so much for joining me for the November episode. I appreciate you taking time away from that important ballgame! By the time this goes live, we’ll know how it ended. Let’s start with the big transaction — the CSE’s acquisition of the NSX in Australia. We’ll dig into that later, but first, let’s talk about gold. It wouldn’t be The Market, This Month if we didn’t.
BRUCE: [laughs] True. Gold’s been climbing steadily for much of the past year and a half, but the last few days have brought more volatility. When that happens, you get arguments from both sides — some say it has further to run, others say it’s topped out. I’m seeing something different.
There’s an equivalent of the VIX for gold — a volatility index — and it stayed fairly steady during the rally, but recently spiked to around 35 before easing back to 22. Normally, when it’s under 20, gold moves in smaller daily increments. So, we’re seeing a normal pattern. Another interesting stat: when gold drops 10 per cent over six days — which just happened — it’s historically traded higher two months later 100 per cent of the time. So, the odds of a rebound are strong.
ANNA: Interesting. With only a 10 per cent drop — though big — should investors be worried?
BRUCE: Not really. I saw a meme halfway through the dip — Matthew McConaughey happy on one day, depressed the next — “Gold at $4,100 on the way up vs $4,100 on the way down.” [laughs] It’s funny because despite the move, gold’s only back to where it was a month ago. Nothing alarming.
ANNA: Good perspective. When I was in Sydney, I saw long lines outside the bullion exchanges — people buying and selling physical gold.
BRUCE: Yeah, the bears are using those photos to call a top, but remember: some of those people are selling, some are buying. It’s two lines.
ANNA: Exactly! And from what I saw, it was mostly everyday investors, not finance professionals.
BRUCE: Which line was longer?
ANNA: [laughs] Good question — I should’ve checked! I’ll find out from our Australian friends.
BRUCE: Perfect.
ANNA: Let’s talk about the U.S. dollar. What’s happening there?
BRUCE: The dollar’s been weak since around April but recently looks to have formed a bottom. Gold and the dollar usually move inversely, so a strengthening dollar often puts short-term pressure on gold — which is what we’re seeing now.
ANNA: It does feel unpredictable, though, with so many competing forces.
BRUCE: Definitely. And there’s political influence too — both Donald Trump and Scott Bassett have said they favour a weaker dollar to boost competitiveness. That talk alone can push sentiment lower.
ANNA: Let’s move to investor sentiment. You track something called the Schwab Investment Movement Index — what does that tell us?
BRUCE: It’s a sentiment measure based on Schwab’s retail trading accounts. Historically, retail investors are late to enter or exit the market, so their behaviour can be a contrarian indicator.
Back in 2021, when markets peaked, the index hit 75 — signalling exuberance. Now, it’s around 45 even as the S&P 500 hits new highs. That tells us sentiment isn’t overheated, and there’s still room for the market to broaden and climb.
ANNA: So, still upside potential?
BRUCE: Exactly.
ANNA: Now, crypto. Bitcoin’s been choppy, yet crypto-linked stocks are outperforming. What’s driving that?
BRUCE: Bitcoin hit $120,000 then dropped to $100,000, but bitcoin-sensitive stocks — miners, ETFs, treasury holders — have jumped 25 per cent over the past month. Investors are rewarding the companies tied to the ecosystem more than the asset itself.
ANNA: It always seems volatile.
BRUCE: It is. There’s still limited institutional ownership, so it moves fast in both directions — that won’t change anytime soon.
ANNA: Before we move to the big CSE news, what should investors be watching next month?
BRUCE: Interest rates and earnings. The Federal Reserve’s next decision is due soon — this episode will air afterward — but everyone’s watching for another potential cut in December. Meanwhile, we’re mid-earnings season, and so far, results — especially in tech — have been strong. That momentum could continue.
ANNA: I’m excited to see more tech listings come to market. It’s great to see the sector diversifying alongside resources.
BRUCE: Absolutely — more opportunities for investors, and the next generation is especially interested in AI, blockchain, and crypto-related innovations.
ANNA: Speaking of exciting, it’s been a fantastic two weeks here in Australia. You need to join me next time so we can host a travelling Market This Month series! [laughs]
BRUCE: [laughs] That sounds great.
ANNA: The CSE has officially acquired the NSX — a big step forward. Canadian issuers are eager to access the Australian market. From your perspective, what does this mean for investors?
BRUCE: It’s great news. More access to capital and liquidity is always positive. This partnership gives Canadian and Australian companies a way to cross-list efficiently. It also reinforces the value of global connectivity — even as we’ve seen a year of tariffs and isolation, this is a win for globalization.
ANNA: Exactly. What makes this unique is that it connects two markets that share the same startup-growth DNA and low-cost capital approach. It’s a win-win for issuers on both sides.
BRUCE: Couldn’t agree more.
ANNA: Bruce, it’s always great talking with you — I’ve missed you! Next month we’ll both be back in Canada for our year-end wrap-up.
BRUCE: Time is flying! Looking forward to it. Have a great trip.
ANNA: Thanks, Bruce. I’m now joined by CSE CEO Richard Carlton and NSX CEO Max Cunningham. Thank you for joining me.
RICHARD: Great to be here.
MAX: Pleasure.
ANNA: It’s been an exciting two weeks here in Australia. We’ve just come off the acquisition of the NSX in Sydney. Let’s talk about the bridge we’re building and what it means going forward.
RICHARD: We’ve had an incredibly warm welcome from Australia’s financial community. There’s clear demand for competitive market services tailored to early-stage companies. Since announcing this transaction, we’ve seen strong interest from Canadian and international issuers wanting to access Australian markets for capital formation and liquidity. As we integrate, our focus is on making those opportunities as efficient and low-cost as possible.
ANNA: Absolutely. Max, how does this create a unique offering in Australia?
MAX: It’s rare to see a deal where every stakeholder is this supportive. Everyone recognizes the need for a marketplace that truly supports smaller companies. The NSX, as part of the CSE family, now has the runway for investment, access to CSE technology and marketing support, and a consistent framework for growth. We’ll be promoting each other across both markets to create cross-border connectivity.
ANNA: I’ll be raising the NSX flag in Canada!
MAX: [laughs] We’ll get friendship pins made.
ANNA: [laughs] Richard, how have regulators responded to the acquisition?
RICHARD: Honestly, very positively. ASIC has been efficient, supportive, and collaborative throughout the process. They’ve designated the CSE as a recognized foreign exchange — one of only a few globally — which is a big vote of confidence.
MAX: I agree. ASIC’s engagement has been serious and constructive. Over the past year, we’ve rebuilt the NSX team with experienced professionals, and that’s been recognized by the regulator.
ANNA: When Richard became CEO of the CSE, he built a strong team with deep market experience — and you’ve done the same at the NSX. Your team is impressive. Why are Canadian issuers so excited about accessing the Australian market?
MAX: We’ve seen incredible interest. At Beaver Creek a couple of months ago, issuers were actively seeking us out to discuss the transaction. Many Canadian issuers already have Australian connections — whether operations, shareholders, or technical teams — and vice versa. There’s huge crossover, particularly in mining. This partnership creates consistency, transparency, and lower costs, which issuers really value.
ANNA: We even met one of our issuers based here in Fremantle — Critical Infrastructure Technologies — an amazing example of that cross-border presence. Richard, one question I often get: if I list on the CSE, do I automatically get to list on the NSX?
RICHARD: [laughs] Not quite. Both Canada and Australia share common legal and securities frameworks, but some harmonization work is still needed — especially around reporting requirements. We’re focused on reducing duplication and management burden for dual-listed issuers.
ANNA: At the end of the day, the CSE and NSX share a similar culture and approach — it’s a natural fit. Max, what’s next for the NSX?
MAX: We’re advancing a scalable new trading platform that will strengthen broker connectivity and enable new products. In the short term, we expect to see a few more companies transition from the ASX and some new Canadian issuers join before year-end. The 2026 pipeline looks healthy.
ANNA: Fantastic. For our Canadian and U.S. viewers, where can they find more about the NSX?
MAX: Visit nsx.com.au and follow us on LinkedIn. We’re also launching our new podcast, Ticker Talk, on 7 November — available on YouTube and all major platforms.
ANNA: Are we podcast competitors now? [laughs]
MAX: No — partners! You’ll have to be a guest.
RICHARD: [laughs] A little sibling rivalry never hurts.
MAX: [laughs] Richard’s actually on our Christmas episode — wearing a hat!
ANNA: [laughs] I heard about that! It’s been such a pleasure travelling with you both. The reception here in Australia has been incredible and makes me so optimistic about what’s ahead. We’ll have the NSX team visit Canada soon, and we’ll be back here again before long.
MAX: Richard’s moving to Perth!
ANNA: [laughs] He hasn’t told Jane yet!
RICHARD: [laughs] I’ve volunteered as an unpaid advocate for Western Australia’s Tourism Bureau — it’s gorgeous here.
ANNA: [laughs] It really is. Thank you both for joining me.
MAX: Thanks, Anna.
RICHARD: Thank you.
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