Trading and Access Fees
CSE Trading Fee Schedule Effective August 1, 2023
CSE2 Fee Schedule Effective October 24, 2022
The following CSE trading fee schedule effective date: August 1, 2023
CSE Listed Securities (Including Rights and Warrants)
| Active | Passive | |
|---|---|---|
| Less than $1.00 |
$0.00015 A flat fee of $2 for volume>=200,000 shares |
$0.00015 A flat fee of $2 for volume>=200,000 shares |
| Equal to or greater than $1.00 | $0.0002 | $0.0002 |
|
Equal to or greater than $1.00 >=10% CSE's total volume1 |
$0.0002 | $0.0001 |
|
Dark Trading2 |
No charge |
No charge4 |
TSX and TSX-V Listed Securities (Including Rights and Warrants)
| Active | Passive | |
|---|---|---|
| Less than $1.00 |
-$0.0006 A flat fee of $2 for volume>=200,000 shares |
$0.0008 A flat fee of $2 for volume>=200,000 shares |
|
Less than $1.00 Tier 1: >=15% TOB (NBB or NBO) on either side – average for the month3 |
-$0.0006 | $0.0007 |
| Equal to or greater than $1.00 |
-$0.0012 A flat fee of $2 for volume>=200,000 shares |
$0.0018 A flat fee of $2 for volume>=200,000 shares |
|
Equal to or greater than $1.00
Tier 1: >=15% TOB (NBB or NBO) on either side – average for the month3 |
-$0.0012 | $0.0017 |
|
Equal to or greater than $1.00 Tier 2: >=15% TOB (NBB or NBO) on each side or >=30% in total for both sides combined – average for the month3 |
-$0.0012 | $0.0016 |
| Dark Trading2 | No charge | No charge4 |
Debentures or Notes (Par $1,000 Par Value)
| Active | Passive | |
|---|---|---|
| CSE Listed | $0.09 | -$0.07 |
| TSX and TSX-V Listed | $0.09 | -$0.08 |
CSE Listed Government Bonds
A flat fee of $9.75 per side per trade
Oddlot Trading
| Active | Passive | |
|---|---|---|
| CSE Listed | No charge | No charge |
| TSX and TSX-V Listed: Less than $1.00 | -$0.0002 | $0.0003 |
|
TSX and TSX-V Listed: Equal to or greater than $1.00 |
-$0.0003 | $0.0004 |
Unintentional Cross
| Active | Passive | |
|---|---|---|
| CSE Listed | Subject to a fee or rebate | Subject to a fee or rebate |
|
TSX and TSX-V Listed (With Trader IDs Filed) |
No charge | No charge |
|
TSX and TSX-V Listed (With No Trader IDs Filed) |
Subject to a fee or rebate | Subject to a fee or rebate |
CSE Closing Price (CCP) Session Trading
| Active | Passive | |
|---|---|---|
| CSE Listed | No charge | No charge |
Market Maker
Trades by Market Makers in assigned securities are subject to the following fees:
CSE Listed Securities
| Active | Passive | |
|---|---|---|
| CSE Listed Securities (Including Oddlot and CCP Session Trades) | No charge | No charge |
TSX and TSX-V Listed Securities
| Active | Passive | |
|---|---|---|
| Less than $1.00 |
-$0.0006 A flat fee of $2 for volume>=200,000 shares |
$0.0007 A flat fee of $2 for volume>=200,000 shares |
|
Less than $1.00 Tier 1: >=15% TOB (NBB or NBO) on either side – average for the month3 |
-$0.0006 | $0.0006 |
| Equal to or greater than $1.00 |
-$0.0012 A flat fee of $2 for volume>=200,000 shares |
$0.0016 A flat fee of $2 for volume>=200,000 shares |
|
Equal to or greater than $1.00 Tier 1: >=15% TOB (NBB or NBO) on either side – average for the month3 |
-$0.0012 | $0.0015 |
|
Equal to or greater than $1.00 Tier 2: >=15% TOB (NBB or NBO) on each side or >=30% in total for both sides combined – average for the month3 |
-$0.0012 | $0.0014 |
|
Oddlot Trades Less than $1.00 Equal to or greater than $1.00 |
-$0.0002 -$0.0003 |
$0.0003 $0.0004 |
Dark Trading2
| Active | Passive | |
|---|---|---|
|
CSE, TSX and TSX-V Listed Securities (Including non-assigned securities) |
No charge | No charge4 |
A $20 per symbol credit per month will be issued to oddlot Market Makers on their assigned CSE listed securities.
1The credit is applied per symbol to eligible passive trades for the trader with the greatest trading volume. The trader must achieve a monthly minimum volume of 10% of the CSE total volume in that symbol. Intentional crosses, registered unintentional crosses, odd-lot trades, flat fee trades and dark trading volumes are not eligible for this Tier Credit Program.
2Dark Trading - any trades where one or both sides is a dark order.
3Tier credits will be provided for TSX-V and TSX listed securities. Trading Top of Book (TOB) fee credits are awarded on a per symbol basis and are applied to all eligible passive trades on a monthly basis from a Trader ID or a Trader ID Group reaching the stated target percentage of time at the NBBO. Intentional crosses, registered unintentional crosses, odd-lot trades, flat fee trades and dark trading volumes are excluded from the eligible passive trades and do not qualify for the credits. The TOB fee credits also apply to Market Maker trades.
4There will be no charge for passive dark trading during the CSE's trial period through December 31, 2023.
Percentage time at the NBB/NBO = (total amount of time at the NBB/NBO) divided by (the total amount of trading time for the month). Trading time is measured from 9:30 am EST to 4:00 pm EST (6.5 hours).
The following CSE2 trading fee schedule effective date: October 24, 2022
CSE, TSX and TSX-V Listed Securities (Including Rights and Warrants)
| Active | Passive | |
|---|---|---|
| Less than $1.00 (Retail*) | -$0.0008 | $0.0009 |
| Less than $1.00 | -$0.0004 | $0.0009 |
| Volume Incentive Program** | $0.0008 | |
| Equal to or greater than $1.00 (Retail**) | -$0.0027 | $0.0028 |
| Equal to or greater than $1.00 | -$0.0020 | $0.0028 |
| Volume Incentive Program** | $0.0027 |
*Retail rates are available for Trader IDs that are identified by Dealers as those that originate orders from Retail Clients (as defined by IIROC). Retail rates for Trader IDs associated with DEA Clients (as defined in NI 23-103) are only available to Dealers located in a non-Canadian jurisdiction provided that the Dealer is acting as an agent for Retail Client order flow, otherwise non-retail rates apply.
**The credit is applied to eligible passive trades for the related Trader ID(s). The related Trader ID(s) must achieve a monthly passive volume of 300 million shares across all CSE2 traded securities (CSE listed, TSX listed, and TSX-V listed). Intentional crosses, registered unintentional crosses, odd-lot trades, and dark trading volume are not eligible for the Volume Incentive Program.
| Dark Trading* | No charge | No charge** |
*There will be no charge for passive dark trading during the CSE trial period through December 31, 2023.
Debenture or Notes (per $1,000 Par Value)
| Active | Passive | |
|---|---|---|
| CSE Listed | $0.09 | -$0.07 |
| TSX and TSX-V Listed | $0.09 | -$0.08 |
CSE Listed Government Bonds
| Active | Passive | |
|---|---|---|
| CSE Listed Government Bonds | $9.75 per side per trade | $9.75 per side per trade |
Oddlot Trading
| Active | Passive | |
|---|---|---|
| CSE, TSX and TSX-V Listed | No charge | No charge |
Unintentional Cross
| Active | Passive | |
|---|---|---|
|
CSE, TSX and TSX-V Listed (With Trader IDs Filed) |
No charge | No charge |
|
CSE, TSX and TSX-V Listed (With No Trader IDs Filed) |
Subject to a fee or rebate | Subject to a fee or rebate |
Intentional Cross (CSE, TSX and TSX-V Listed)
| Credits* | -$0.0002 per share (Cap of $200 per trade) |
Access Fee
Each CSE Dealer is charged a monthly participation fee of $500.
Dealer Application Fee
Upon approval each CSE Dealer is charged a one-time fee of $2,500.
General
Trades occurring in the market-on-open facility will have each side designated as active or passive, according to time priority, and will either be charged a fee or earn a rebate on the same terms as in the continuous auction market.
The active side of a trade is the order that takes liquidity from the CSE and the passive side of a trade is the order that provides liquidity to the CSE.
Intentional crosses will neither be charged a fee nor earn a rebate until further notice.
There will be no minimum monthly trading fee and it is expected that some dealers will be earning a rebate from the CSE each month. For those who prefer, dealers may elect to defer realizing their rebates and instead preserve same as a rolling credit against future fee payments otherwise due to the CSE.
The fees and rebates described above are subject to change.
Market Access Fees
| Service | Fee | Description |
|---|---|---|
| Gateway Market Access | $3,000 per month |
FIX Order Entry, FIX Certification, Gateway Test Environment, Session Bundles, Drop Copies/Broadcast Feed, Weekend Tests, 1 and 10 Gb Connectivity at Equinix data centres. Note: 1. Subject to system availability, no restriction on the number of Order Entry connections. 2. End User fees apply for the distribution of Market Information. |
| Additional Connection | $500 per month | Per additional primary and back-up connection |