Market Maker Program
Enhancing liquidity and improving market quality.The role of a Market Maker is to enhance liquidity, improve market quality with respect to price discovery, and provide liquidity to fill specific order types. The Market Maker achieves this by ensuring that there is a continuous two-sided market with a consistently narrow spread for their securities of responsibility, posting orders as necessary to meet these goals.
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Overview

Every security is assigned a Market Maker on the CSE.

Market Makers commit to a guaranteed minimum fill on qualifying client orders for the securities they are assigned. They also provide liquidity through the provision of automated execution on tradable odd lot orders.

Market making assignments undergo regular performance reviews.

Two-sided Market

Ensures a two-sided market during primary market continuous trading and at the opening match for the CSE listed symbols on their assigned securities.

Spread

Ensures a spread is maintained that satisfies a goal set at the time of the Market Maker’s application for symbol assignment.

Additional Liquidity

Provides additional liquidity to the retail trading community with an automated guaranteed minimum fill facility.

Volume

Ensures that their assigned securities have volume at the national best bid and offer for a defined amount of time each day.

Filling Tradable Odd Lots

Provides additional liquidity to assist in filling tradable odd lots through an automated odd lot execution facility.

Reporting

Trading irregularities must be reported to the CSE and CIRO (IIROC/MFDA) to ensure an orderly trading environment.

GMF Facility

The GMF1 facility is an automatic execution facility designed to benefit investors by providing guaranteed fills when there is a quote in the CLOB2 at the NBBO3. This only occurs when there is insufficient liquidity to provide a complete fill for an investor’s order. The GMF is subject to maximum size and qualification criteria. It supports all CSE listed securities with assigned Market Makers.

1Guaranteed Minimum Fill
2Central Limit Order Book
3National Best Bid and Offer

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Performance Metrics

CSE Market Makers are expected to adhere to their committed performance metrics.

The CSE monitors Market Maker performance on the following criteria:

Spread

Measures the Market Maker’s success in maintaining pre-agreed spread goals.

Top of Book Presence

Measures a Market Maker’s success in meeting a pre-determined percentage of time for top-of-book presence and maintaining an orderly two-sided market.

Past Performance

Dealers’ past performance in meeting their market making obligations on the CSE is factored into the ongoing evaluation.

How to Apply

Becoming a Market Maker

The Exchange is accepting applications from Market Makers who wish to offer a GMF for securities.

Review Period

Firms will have until the end of the 3rd business day following the end of a calendar month to submit bid applications on new listings for the prior calendar month. Bid applications shall always include:

  • Guaranteed Minimum Fill (GMF) quantity
  • Spread Goal
How Securities are Allocated

Bids received will be subject to a review process to determine the winning bidder. Factors considered in each bid – and subject to review/oversight by the CSE Market Making Committee – are as follows (in no particular order or weighting):

  • GMF quantity (submitted)
  • Spread goal (submitted)
  • Market making firm performance (history)
  • Market making firm current symbol allocation
  • Issuer endorsement and/or separate commercial arrangements between Market Maker and Issuer
  • Overall CSE program symbol-firm allocation/concentration
  • Other factors as determined by the CSE Market Making Committee from time-to-time
Application Delivery

Applications may be delivered by email to trading@thecse.com.

Email

trading@thecse.com

Phone

Tel: 416-367-7347
Fax: 416-572-4160

Address

First Canadian Place,
100 King Street West, Suite 7210
Toronto ON, Canada – M5X 1E1

Market Maker Application

The CSE Market Maker application form must be completed in full. For applications covering multiple securities, an appendix may accompany the form indicating the guaranteed fill volume and spread goal for each security.
Download Application Form

Exchange Market Makers

Exchange Market Makers

We are invested in increasing liquidity and enhancing market quality.

Company Name Dealer ID
Canaccord Genuity Corporation 33
CIBC World Markets Inc. 79
Citadel Securities Canada ULC 5
Independent Trading Group 84
Integral Wealth Securities Limited 17
TD Securities Inc. 7
Virtu ITG Canada Corp. 14
W.D. Latimer Co. Limited 36

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