The following documents provide a basic overview in relation to trading on the systems operated by the CSE.
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.
CSE & Other Listed | CSE | CSE2 |
Duration order | ||
IOC, FOK, RHO | ||
Priority – both lit and dark orders | PriceFirmTime | PriceTime |
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 |
CSE Listed | CSE | CSE2 |
Close | 4 pm ET | 5 pm ET |
CCP Session |
Other Listed | CSE | CSE2 |
Closing 5 pm ET | ||
CCP Session |
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.
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.
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.
This feature will prevent an incoming order from executing against a passive order from the same broker by cancelling the booked order.
This feature will prevent two orders from the same firm to trade against each other by means of an order cancel.
This feature will prevent two orders from the same firm to trade against each other by means of an order reprice.
Clients will have the option to receive fills for both orders without having a trade be reported to the public feed.
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).
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.
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
For further information, please email trading@thecse.com or call 416-367-7347.
We offer a pre-open and a closing session to ensure our customers are never locked into standard trading hours.
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 |
CSE’s Gateway Test Environment (GTE) mimics the behaviour of our production environment and is available for the purpose of functional testing.
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.
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.
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.
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.
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