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Notice 2015-005 CSE TRADING FEE SCHEDULE

September 1, 2015

The Canadian Securities Exchange is pleased to announce a new trading fee schedule to take effect on October 1, 2015.  The schedule introduces three principal changes:  
  • For TSX listed securities with a price per share of $1.00 or higher that trade more than 1 million shares a day on average in H1 or H2 ("Designated Securities"), the fee will be inverted from a traditional maker/taker model.  The active side of the trade will receive a 14 mil rebate while the passive side of the trade will be charged an 18 mil fee. The list of Designated Securities will be determined by the CSE.
  • For TSX listed securities trading at or above $1.00 and not on the list of Designated Securities, the rebate is increased from $0.0020 to $0.0021.
  • The fees for CSE, TSX and TSX-Venture listed securities trading below $1.00 have been harmonized on a competitive take/take basis.
The new fees are intended to significantly reduce costs for dealers, in particular when executing agency orders in very active orders or stocks trading below $1.00 listed on Canadian exchanges. A notice will be issued in June and December each year identifying the Designated Securities. The first list of Designated Securities is available: Designated Securities

The fee schedule to take effect on October 1, 2015 is as follows:

For CSE listed securities (including rights and warrants)

Price per Share
Active Fee
Passive Fee
Equal to or greater than $1.00
$0.0002
$0.0002
$0.10 - $0.99
$0.00008
$0.00008
Less than $0.10
$0.00004 with a cap of $15
$0.00004 with a cap of $15

For TSX-V listed securities (including rights and warrants)

Price per Share
Active Fee
Passive Fee
Equal to or greater than $1.00
$0.0002
$0.0002
$0.10 - $0.99
$0.00008
$0.00008
Less than $0.10
$0.00004 with a cap of $15
$0.00004 with a cap of $15

For TSX listed securities (including rights and warrants)

Price per Share
Active Fee/Rebate
Passive Fee/Rebate
Equal to or greater than $1.00
$0.0025
-$0.0021
Designated Securities* -$0.0014 $0.0018
$0.10 - $0.99 $0.00008 $0.00008
Less than $0.10
$0.00004 with a cap of $15
$0.00004 with a cap of $15

*Designated Securities: TSX listed securities with a price per share of $1.00 or higher that trade more than 1 million shares a day on average in H1 and H2.  A notice will be issued in June and December each year identifying the Designated Securities.  The list of Designated Securities will be determined by the CSE and made available on the CSE website: Designated Securities

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.

For CSE, TSX and TSX-V listed Debentures or Notes (Par $1,000 Par Value)

Fee to Take Liquidity
$0.09
Rebate for Providing Liquidity
$0.07

For CSE listed Government Bonds

A flat fee of $9.75 per side per trade

For Market Maker Fees

For securities subject to fees/rebates on a maker/taker basis, Market Maker trades will be subject to fees as per the fee schedule.  For all other securities,  Market Maker trades will neither earn a rebate or be subject to a fee.

For Oddlot Trading

All oddlots will be charged a fee of $0.0002 per share.  Market Makers will be neither charged a fee nor earn a rebate for oddlot trades.

In General

Each dealer will be charged a basis monthly participation fee of $500

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.

Unintentional crosses will have each side designated as active or passive and will be either charged a fee or earn a rebate, as they are part of the continuous auction market.

Intentional crosses will neither be charged a fee nor earn a rebate until further notice.

There is no minimum monthly trading fee and it is expected that some dealers will earn 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.

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