Trading Resources
Trade on one of Canada’s most dynamic marketplaces.The CSE delivers products and services designed to lower trading costs, increase efficiency, reduce complexity, and facilitate market making.
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Order Types

Order Types & Functionality

The following documents provide a basic overview in relation to trading on the systems operated by the CSE.

CSE Order Types & FunctionalityCSE2 Order Types & Functionality

Understanding the distinction between CSE and CSE2

The CSE offers two trading books: CSE, which transacts the most volume in Canada for CSE listed securities, and CSE2, which offers a rebate fee model to traders looking to better manage their trade execution costs for marketable orders.

Order Types
CSE & Other Listed CSE CSE2
Duration order
IOC, FOK, RHO
Priority – both lit and dark orders PriceFirmTime PriceTime
The Open & Continuous Trading Types
CSE Listed CSE CSE2
Pre-Open 7-9:30 am ET  
Opening match  
Continuous trading 9:30 am ET – 4 pm ET 8 am ET – 5 pm ET
Other Listed CSE CSE2
Pre-Open 7-8 am ET  
Opening match 8 am ET  
Continuous trading 8 am ET – 5 pm ET  
The Close
CSE Listed CSE CSE2
Close 4 pm ET 5 pm ET
CCP Session  
Other Listed CSE CSE2
Closing 5 pm ET    
CCP Session    
Market Making
CSE & Other Listed CSE CSE2
Auto-filled odd lots
GMF auto fills
Participation

Order entry & trading end at 5 pm ET for all securities in both books.

Trade Cancellation and Correction Policy

Trade cancellation and trade amendments policies for the CSE

The section outlines the trade cancellation and trade amendments policies for the CSE. Dealers may request trades be cancelled because of wash trading, dealer errors, system errors, suspected violations of the Guaranteed Fill requirements, or as a result of a ruling by the Canadian Investment Regulatory Organization (CIRO), (formerly IIROC/MFDA). Generally, unless directed by CIRO, cancellations or corrections will only be done with the consent of both parties.

Self-Trade Prevention

An unintended wash trade can be cancelled at the sole request of the dealer. The CSE offers four options for a dealer to avoid wash trading but wash trades can still occur.

Cancel Oldest

This feature will prevent an incoming order from executing against a passive order from the same broker by cancelling the booked order.

Cancel Newest

This feature will prevent two orders from the same firm to trade against each other by means of an order cancel.

Reprice

This feature will prevent two orders from the same firm to trade against each other by means of an order reprice.

Suppress Trade from Tape

Clients will have the option to receive fills for both orders without having a trade be reported to the public feed.

Trading Rules

Trading Rules

CSE’s market activity is monitored in accordance with CSE’s Trading Rules and the Universal Market Integrity Rules (UMIR) enforced by CIRO (IIROC/MFDA).

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Trading Fees

Trading Fees

As one of Canada’s most dynamic marketplaces, the CSE delivers products and services designed to lower costs, increase efficiency, reduce complexity, and facilitate market making opportunities for the dealer community.

CSE Fee ScheduleCSE2 Fee Schedule

CSE Listed Securities (including warrants and rights)

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 $0.0001 $0.0001

A $20 per symbol credit per month will be issued to Oddlot Market Makers on their assigned CSE listed securities.

Other Listed includes TSX, TSX-V and Cboe Canada Listed Securities.

1 The 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.

2 Dark Trading – any trades where one or both sides is a dark order.

3 Tier credits are provided for Other 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.
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 a.m. EST to 4:00 p.m. EST (6.5 hours).

4 Inter-listed securities are eligible for inter-listed pricing on CSE, only if they are identified in the subset of the list of TSX inter-listed securities published monthly on the TMX Group website or in the list of Cboe Canada inter-listed securities published quarterly on the Cboe Canada website.

In General

  • Each dealer will be charged a basic monthly participation fee of $500.
  • 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.

For further information, please email trading@thecse.com or call 416-367-7347.

Trading Hours

We are here for you. On your time.

We offer a pre-open and a closing session to ensure our customers are never locked into standard trading hours.

CSE

Session CSE Listed Securities Other Listed Securities
Pre-open 07:00 07:00
Open 09:30 08:00
Close 16:00 17:00
Closing Price Session Starts 16:15
Closing Price Session Ends 17:00
System Shutdown 20:00 20:00

Gateway Test Environment

Introduction

CSE’s Gateway Test Environment (GTE) mimics the behaviour of our production environment and is available for the purpose of functional testing.

Hours of Operation

This section provides the GTE hours of operation for the CSE book (Table 1) and CSE2 book (Table 2); the GTE is available during these hours seven days a week except for holidays.1

Session CSE Listed Securities Other Listed Securities
Pre-Open 07:00 ET 07:00 ET
Open 09:30 ET 08:00 ET
Close 16:00 ET 22:00 ET
Closing Price Session Start 16:15 ET –
Closing Price Session End 17:00 ET –
System Shutdown 23:10 ET 23:10 ET

1Scheduled times are subject to change for specific testing requirements that may occur.

Download the CSE GTE Overview

Uniform Test Symbols

CSE has a set of reserved production test symbols (i.e., uniform test symbols) that are primarily used for the CIRO industry-wide Business Continuity Plan (BCP) testing conducted every two years. CSE’s uniform test symbols are recognized by CIRO as test symbols and remain halted in the CSE trading engine until they are required for production environment testing.

Buy-ins

CSE Buy-In Service

The CSE has developed a fair and efficient “buy-in” service that supports CDS in cases where a seller has failed to deliver a security following a trade. This service locates alternate sellers capable of immediately delivering the defaulted security, allowing CDS to clear the failed position.

Participation Request

The CSE will email and post on its portal the Preliminary Buy-In list at 1:30 pm and Final Buy-In list at 2:45 pm. Dealers may email their participation request to buyins@thecse.com starting at 1:30 pm. The cut-off time for participation is 3:00 pm.

  • The CSE will allocate the Buy-In volume on an “equal by dealer” basis.
  • Once the Buy-Ins have been allocated, the CSE will generate trades marked for Cash Today settlement between the CSE and each of the dealers participating in the Buy-ins.
  • National Last Sale Price (NLSP) (calculated just prior to 3 pm) + CSE Premium.
  • The CSE will, no later than 3:30 pm, manually enter the trades. These trades will be cleared and settled by CDS on a same-day basis. Once completed, the trades will be manually reported to the participating dealer.
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