Last week brought one of the more consequential shifts in Canadian capital markets in some time. There were no major headlines and no fanfare, just a rather dry regulatory announcement — the kind that only capital markets geeks get excited about. U.S. capital markets are having a banner year. When the capital markets next door are booming and yours are not, the quiet work of making your own market easier to access is no longer housekeeping. It is about competitiveness and how easy or costly it is to raise capital here.