Trading and Access Fees

PDF icon CSE Trading Fee Schedule Effective January 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

Dark Trading*

- Less than $1.00

- Equal to or greater than $1.00

 

No charge

No charge

 

$0.0002 with a cap of $5

$0.0002

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

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

Dark Trading* No charge $0.0001

TSX Listed Securities (Including Rights and Warrants)

Price per Share Active 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 month*

-$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 month*

-$0.0014 $0.0016
Dark Trading* No charge $0.0001

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.

 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:

  Active Fee/Rebate Passive Fee
TSX Listed Securities trading for 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

TSX Listed Securities trading at $1.00 and above -$0.0014 $0.0016

TSX Listed Securities trading at $1.00 and above

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

– average for the month*

-$0.0014 $0.0015

TSX Listed Securities trading at $1.00 and above

Tier 2: >=15% TOB (NBB or NBO) on each side or >=30% in total for both sides combined

– average for the month*

-$0.0014 $0.0014
TSX-V Listed Securities trading for 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

TSX-V Listed Securities trading at $0.10 and above

-$0.0002

A flat fee of $15 for

volume>=200,000 shares

$0.0004

A flat fee of $15 for

volume>=200,000 shares

TSX and TSX-V Listed Securities Oddlot Trades -$0.0002 $0.0004
CSE Listed Securities (Including Oddlot Trades) No charge No charge

Dark Trading*

- TSX and TSX-V Listed Securities

- CSE Listed Securities trading for less than $1.00

- CSE Listed Securities trading at $1.00 and above

 

No charge

No charge

No charge

 

$0.0001

$0.0002 with a cap of $5

$0.0002

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

*Tier credits will be provided for TSX-listed securities trading equal to or greater than $1.00. A Trader ID or a Trader ID Group with orders that reach the stated target percentage of time at the NBBO on a per symbol basis will be awarded fee credits based on all of their eligible passive trades on that symbol for the month.  Eligible passive trades means passives trades excluding intentional crosses, registered unintentional crosses, odd-lot trades, flat fee trades and dark trading volumes. 

*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).

*Dark Trading - any trades where one or both sides is a dark order.

 

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

The active side of a trade is an incoming order that executes against an already-existing order and thereby takes liquidity from the market, and the passive side of a trade is the order that rests in the order book and provides liquidity to the 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. 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 Q9 Systems and 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