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Frequently Asked Questions

How do I obtain more information about listing on Toronto Stock Exchange (TSX)?

If you would like more information about listing on Toronto Stock Exchange, please contact Business Development at (888) 873-8392 or (416) 947-4728, or e-mail at listings@tsx.com.

What information do you need to submit when applying to list?

When applying directly from another stock market or by taking over a Toronto Stock Exchange-listed company, you must submit an application and supporting documents demonstrating that the listing requirements are satisfied.

All officers, directors and 10% shareholders must complete Personal Information Forms. The Consent for Disclosure of Criminal Record Information will need to be completed with the Personal Information Form.

When applying by prospectus, you must provide 24 copies of the preliminary prospectus along with the required Personal Information Forms.

Toronto Stock Exchange Business Development can help you with the listing process. We would also be pleased to send you a listing package detailing all the information required; please e-mail listings@tsx.com or call (888) 873-8392 to request this package.

Who is your Toronto Stock Exchange contact for the application process?

After consulting with your Business Development contact and submitting a formal application, a Listed Issuer Services manager will be assigned to your company. He/she will serve as your primary contact throughout the application process.

Who ultimately approves a company for listing on Toronto Stock Exchange?

Listed Issuer Services managers evaluate all applications to ensure listing requirements are met, and will then recommend companies for listing approval to the Listings Committee. The Listings Committee is comprised of members of Listed Issuer Services. As well, the Listings Committee may consult Toronto Stock Exchange's Listings Advisory Committee, comprised of persons in the securities industry. If the Listings Committee accepts your company for listing, you will receive a letter informing you of Toronto Stock Exchange's conditional approval.

What does the term 'conditional approval' mean?

A company receiving conditional approval has been conditionally accepted for listing subject to meeting specific requirements or conditions within 90 days. Toronto Stock Exchange publishes the names of conditionally approved companies in the Daily Record, a daily TSX publication.

How much does it cost to list?

Toronto Stock Exchange fees

A non-refundable amount of $10,000 must be submitted at the time of the application and will be applied to the final Original Listing Fee. Once listed, there are additional fees for certain transactions (e.g. property acquisitions, public offerings, private placements, etc) as well as an Annual Sustaining Fee. You can see a complete list of all TSX listing fees by viewing the Listing Fee Schedule.

TSX Venture Exchange fees

Filing an application to list on TSX Venture Exchange costs between $5,000 and $15,000, with an annual ongoing fee payable after the first year. There are additional fees for certain transactions, such as property acquisitions, public offerings and private placements. You can see a complete list of all TSX Venture fees in TSX Venture Policy 1.3 - Schedule of Fees.

What is the role of a Registered Trader?

A Registered Trader is assigned to your stock to maintain a fair, orderly and continuous two-sided market. A Registered Trader helps reduce volatility and enhance liquidity by buying or selling against the market. Investors are assured of fair pricing, thanks to the Registered Trader's commitment to trade all orders of a certain size (known as a minimum guaranteed fill) within a set spread goal (the price difference between buy and sell orders). The minimum guaranteed fill and spread goal vary by company, depending on issuer size, public float and trading activity.

Who are Registered Traders?

Registered Traders are experienced traders who have a thorough knowledge of Toronto Stock Exchange rules. To qualify, a Registered Trader must have a solid track record and sound reputation.

Registered Traders are employed by a Toronto Stock Exchange Participating Organization, but have individual responsibility for your stock. Participating Organizations commit the capital that allows a Registered Trader to provide liquidity by trading stock in their own accounts.

How is a Registered Trader assigned to your stock?

Once a company is conditionally approved for listing, Toronto Stock Exchange invites all Registered Traders to apply to Toronto Stock Exchange's allocation committee for that security's assignment. The most appropriate applicant is selected based on performance rating, service levels, experience, current responsibilities and capital.

Note that a company may request its own Registered Trader, if they have an established relationship with a Participating Organization that they would like to further. A company should submit a written request for a particular Participating Organization to act as its Registered Trader at the same time as the submission of the listing application.

How many securities does a Registered Trader look after?

Typically, a Registered Trader is responsible for up to eight securities. As well, each Registered Trader has a designated backup.

How is a Registered Trader's performance rated?

Registered Trader responsibilities and standards of conduct are clearly defined by Toronto Stock Exchange rules. Market Regulation Services computer systems monitor average trade-weighted spread goals, size guarantees, and price and depth continuity on an on-going basis.

Registered Traders receive quarterly performance reviews by Toronto Stock Exchange. If a Registered Trader's performance is rated as unsatisfactory, Toronto Stock Exchange can assign a different Registered Trader to your security.

What benefits do Registered Traders provide the TSX market?

Enhanced liquidity

On some markets, quotation of a thinly traded security can be "no bid - no ask". On Toronto Stock Exchange, Registered Traders are responsible for ensuring a reasonable quoted market for all listed securities.

In the absence of a counterparty, the Registered Trader will post a bid (or ask) quotation that will trade against their own account, if an order at the market is entered. Prices posted by the Registered Trader must relate to the last trade price and the bid-ask spread must be fair.

Better prices

Tighter spreads mean better prices for investors. Your Registered Trader is obliged to keep the bid-ask spread on your stock within a defined range ("spread goal"). When the market lacks reasonably-priced orders, the Registered Trader enters a buy or sell order for his/her own account at a price that narrows the price spread.

Less volatility

Smaller price changes between trades mean lower volatility. Registered Traders help offset temporary imbalances between supply and demand by buying (or selling) stock for their own accounts.

TSX rules require 70 percent of a Registered Trader's trading to be "against the market". For example, if the market in a stock is going down, the Registered Trader should buy stock at a higher price than the last trade so as to stabilize prices and moderate price volatility.

Guarantees for retail investors

Registered Traders guarantee the best bid and ask prices for small market orders. When there are no public orders to buy (or sell), the order is automatically filled against the Registered Trader's account. The Registered Trader's willingness to commit capital means greater liquidity and faster fills.

Registered Traders buy or sell odd lots (orders less than a board lot) at the same price as board lots, which ensure investors an immediate fill at the market price.

Monitoring stock price and trading

Throughout the day, your Registered Trader closely monitors trading in your securities, and is well-equipped to answer questions on that trading activity. Registered Traders also help Market Surveillance spot trading anomalies and unusual price changes.

How do you get information about your Registered Trader?

Please call us at (888) 873-8392.

How is a trading symbol assigned?

You can request specific trading symbols and we will try to accommodate your choices. If none of the preferred symbols are available, Toronto Stock Exchange will assign a symbol. Symbols previously used by other issuers cannot be reassigned for 53 weeks.