• Market Maker Program
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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Every security is assigned a Market Maker on the CSE.

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.


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.


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.


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.

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Performance Metrics

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


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

Review Period
How Securities are Allocated
Application Delivery



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.

Exchange Market Makers

Exchange Market Makers

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