Trading and Access Fees

PDF icon CSE Trading Fee Schedule Effective September 1, 2019

CSE Listed Securities (Including Rights and Warrants)

Price per Share Active Fee Passive Fee
Less than $0.10 $0.00004 with a cap of $15 $0.00004 with a cap of $15
$0.10 - $0.99 $0.00008 $0.00008
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

- Less than $1.00

- Equal to or greater than $1.00

 

No charge

No charge

 

$0.0001 with a cap of $5

$0.0001

TSX-V Listed Securities (Including Rights and Warrants)

Price per Share Active Fee/Rebate Passive Fee
Less than $0.10

-$0.0002

A flat fee of $10 for

volume>=400,000 shares

$0.0004

A flat fee of $10 for

volume>=400,000 shares

Less than $0.10

Tier 1: >=15% TOB (NBB or NBO) on either side

– average for the month3

-$0.0002 $0.0003
Equal to or greater than $0.10

-$0.0002

A flat fee of $15 for

volume>=200,000 shares

$0.0004

A flat fee of $15 for

volume>=200,000 shares

Equal to or greater than $0.10

Tier 1: >=15% TOB (NBB or NBO) on either side

– average for the month3

-$0.0002 $0.0003
Dark Trading2 No charge $0.00005

TSX Listed Securities (Including Rights and Warrants)

Price per Share Active Fee/Rebate Passive Fee
Less than $1.00

-$0.0002

A flat fee of $15 for

volume>=200,000 shares

$0.0004

A flat fee of $15 for

volume>=200,000 shares

Equal to or greater than $1.00 -$0.0014 $0.0018

Equal to or greater than $1.00

Tier 1: >=15% TOB (NBB or NBO) on either side

– average for the month3

-$0.0014 $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

-$0.0014 $0.0016
Dark Trading2 No charge $0.00005

 Debentures or Notes (Par $1,000 Par Value)

  Active Fee Passive Rebate
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 Fee/Rebate Passive Fee
CSE Listed $0.0002 $0.0002

TSX and TSX-V Listed

-$0.0002 $0.0004

 Unintentional Cross

  Active Fee Passive Fee
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

Market Maker

Trades by Market Makers in assigned securities are subject to the following fees:

TSX Listed Securities

  Active Fee/Rebate Passive Fee
Less than $1.00

-$0.0002

A flat fee of $15 for

volume>=200,000 shares

$0.0004

A flat fee of $15 for

volume>=200,000 shares

Equal to or greater than $1.00 -$0.0014 $0.0016

Equal to or greater than $1.00

Tier 1: >=15% TOB (NBB or NBO) on either side

– average for the month3

-$0.0014 $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

-$0.0014 $0.0014
Oddlot Trades -$0.0002 $0.0004

TSX-V Listed Securities

  Active Fee/Rebate Passive Fee
Less than $0.10

-$0.0002

A flat fee of $10 for

volume>=400,000 shares

$0.0002

A flat fee of $10 for

volume>=400,000 shares

Less than $0.10

Tier 1: >=15% TOB (NBB or NBO) on either side

– average for the month3

-$0.0002 $0.0001

Equal to or greater than $0.10

-$0.0002

A flat fee of $15 for

volume>=200,000 shares

-$0.0002

A flat fee of $15 for

volume>=200,000 shares

Equal to or greater than $0.10

Tier 1: >=15% TOB (NBB or NBO) on either side

– average for the month3

-$0.0002 $0.0001
Oddlot Trades -$0.0002 $0.0004

CSE Listed Securities

  Active Fee Passive Fee
CSE Listed Securities (Including Oddlot Trades) No charge No charge

Dark Trading2

  Active Fee Passive Fee
CSE, TSX and TSX-V Listed Securities No charge No charge

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 listed securities trading equal to or greater than $1.00 and TSX-V 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.

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).

 

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