Trading

TSX Markets Fee Schedule

Effective April 1, 2012

One Time Set-Up Fees for New Participating Organizations and Members

Toronto Stock Exchange Fee
Application Fee:

 $5,000
Registration Fee (trading applicant): $60,000
$45,000 of the registration fee will be applied as a credit towards the first year's trading fees.
Registration Fee (non-trading applicant): $15,000
$45,000 will be applied as a trading registration upgrade fee with the trading activation of a PO number
$45,000 of the registration upgrade fee will be applied as a credit towards the first year's trading fees

TSX Venture Exchange Fee
Application Fee:

 $1,000
Registration Fee (trading applicant): $30,000
$22,500 of the registration fee will be applied as a credit towards the first year's trading fees.
Registration Fee (non-trading applicant): $7,500
$22,500 will be applied as a trading registration upgrade fee with the trading activation of a PO number.
$22,500 of the registration upgrade fee will be applied as a credit towards the first year's trading fees.

Trading Fees (volume-based, except as otherwise stated)

Toronto Stock Exchange Fee
Basic Fee:

 $1,500 per month per participating organization
Opening Trades:

 $0.0030 / share / side up to a maximum of $30.00 per side
Monthly fee cap at maximum $100,000 per firm
Must Be Filled (MBF): $0.0030 / share / side up to a maximum of $90.00 per side
Market on Close (MOC):

 $0.0030 / share / side up to a maximum of $30.00 per side
Extended Trading:

 $0.0010 / share / side
Market Makers: Applies to symbols of responsibility
High Priced Equities

Charge $0.0033 per active share
Credit $0.0033 per passive share
Low Priced Equities Charge $0.00015 per active share
Credit $0.00015 per passive share

Fees waived for Opening trades
MOC and Extended Trading billed at the normal rate for each product
Net Market Maker credits will be applied to offset the firm's other trading charges and any residual credit will be rebated back to the firm
. For a Market Maker other than an ETF Market Maker, the first $20,000 of net monthly fee generated on trading in its symbol of responsibility will be waived.1

ETF Market Makers will be credited an additional $0.001 per passive share (for equities over $1) to help offset trading fees incurred from active ETF hedging activities

Charge per active share for High Priced Equities is reduced to $0.0010 if traded against passive Dark Order volume

Charge per active share for Low Priced Equities is reduced to $0.0001 if traded against passive Dark Order volume.
1 The exclusion of ETF Market Makers from this fee waiver takes effect on November 1, 2011
Symbol Credits

 A Tier B symbol credit of $100 per symbol of responsibility per month is awarded to Market Makers who meet their monthly performance scores and who have at least one execution during the month on their symbol of responsibility.

A Market Maker symbol credit of $20 per symbol of responsibility per month is awarded to all Market Makers. This $20 credit is in addition to the above Tier B symbol credit.

Minimum Guaranteed Fill (MGF) Cancellations:
 $100 per cancellation
Attributed to the participant responsible for causing an MGF trade to be cancelled
MGF and Odd Lot Fill: $0.0039 per share for High Priced Equities
$0.0010 per share for Low Priced Equities
Applies to trades executed against the Market Maker guaranteed fill service

Special Settlement Terms: $0.0010 / share / side up to a maximum of $100.00 per side
The following TSX security categories are excluded from the calculation of post-open continuous market fees and cross printing fees, and are billed as follows:
Rights/Warrants: Active side - charged 1/40th of 1% of the value traded up to a maximum of $50 / trade, minimum charge $0.50 / trade
Passive side - no charge
Intentional crosses and opening trades - charged 1/80th of 1% of the value / side up to a maximum of $50 / trade

Notes/Debentures: $0.10 per $1000 par value / side
Exchangeables: Each trade (including intentional crosses) charged a flat fee of $2.00 / side
TSX Venture Exchange Fee
Basic Fee: $750 per month per member

Opening Trades: $0.0012 / share / side up to a maximum of $60.00 per side
Monthly fee cap at maximum $55,000 per firm
Market on Close (MOC): $0.0012 / share / side up to a maximum of $60 per side
Extended Trading: $0.0002 / share / side
Toronto Stock Exchange and TSX Venture Exchange Post-Open Continuous Market Fees

Low Priced Equity Fee:
Post-Open Continuous Market Trades for all TSX/TSXV equities where the trade price per-share is under $1:

Fees to Take Liquidity Fee / Share
Base Tier $0.0002
Rewards Tier1 $0.00015
Active volume traded against Dark Order volume $0.0001

Liquidity Provider Credit Credit / Share
Base Tier $0.0001
1TMX Customer Reward Tier rate applies when all Rewards Program Qualification Criteria are met:
  • A firm's monthly volume in Low Priced equity Post-Open Continuous trading, including Dark Order volume, is greater by 20 million shares or more than the firm's average monthly volume in Low Priced equity Post-Open Continuous trading in Q4 2010
  • The Rewards Tier rate will be applied to active volume, excluding Dark Order volume, that is in excess of the average monthly active volume from Q4 2010.
  • Refer to 'Notice to Participating Organizations & Members' #2011-022 for an example of the application of the Rewards Tier rate

High Priced Equity Fee:
Post-Open Continuous Market Trades for all TSX/TSXV equities where the trade price per-share is $1 or over:

Fees to Take Liquidity 2 Fee / Share
Monthly active volume: X 250MM shares $0.0035
Monthly active volume: X > 250MM shares $0.0034
Monthly active volume: X > 250MM shares 3 $0.0033
Active volume traded against Dark Order volume $0.0010

Liquidity Provider Credit 2 Credit / Share
Monthly passive volume: X 250MM shares $0.0031
Monthly passive volume: X > 250MM shares $0.0031
Monthly passive volume: X > 250MM shares3 $0.0032

2 Volume thresholds are based on volume activity billed as post-open continuous market trades.
3 TMX Customer Reward Tier rate applies only when all Rewards Program Qualification Criteria are met

  • A minimum of 80% of all executed volume, including Dark Order volume, across all Canadian marketplaces must be on TMX.
  • Qualification for this reward tier is based on meeting the trading threshold for a preceding 6 month period. The discount for the customer reward tier rates will be calculated and accumulated monthly and paid initially after the first six month period, and thereafter will be paid monthly subject to continuing qualification.
  • Orders marked jitney are not volume activity billed as post-open continuous market trades, and are billed at the base rate.
  • Where liquidity is provided by the undisclosed portion of an iceberg during the post-open continuous market the credit is capped at a credit of $0.0002 per share for equities where the trade price per-share is $1 or over, or capped at $0.000 for equities where the trade price per-share is under $1, for such undisclosed volume.
  • Undisclosed iceberg volume, Dark Order volume, volume traded against Dark Order volume, and jitney volume are not included in the determination of the volume thresholds for post-open continuous market trades.
  • A firm-wide net post-open continuous market credit will first be applied to offset the firm’s other trading charges. Any remaining net credit will be paid out to the firm.


Cross Printing Facility: FREE
Unintentional crosses are billed according to post-open continuous market fees
Specialty Crosses: FREE
Basis, VWAP, Contingent, Special Trading Session, Internal crosses

NEX Fee
Trades: $0.0005 / share / side
$3.00 per side minimum / $50.00 per side maximum

TSX Venture Exchange Listing Incentive Program
For details on the TSX Venture Exchange Listing Incentive Program refer to Notice to Participating Organizations & Members #2008-011.

Toronto Stock Exchange's Electronic Liquidity Provider (ELP) Program
Post-Open Continuous Market Trades for all TSX equities specified by TSX for pre-approved qualifying ELPs where the trade price per-share is $1 or over:

Charge $0.0033 per active share4
Credit $0.0032 per passive share4

4 Applies to standard continuously traded active and passive shares only. Volume based on activity generated by the ELP as standard post-open continuous market trades.
Dark Orders are excluded from the ELP program and qualification criteria, and are billed at the Dark Order Type rates.
Charge per active share for High Priced Equities is reduced to $0.0010 if traded against Dark Order volume

Each individual ELP within a Participating Organization or its direct market access customer must be pre-qualified based on its proven experience in conducting high-frequency electronic trading. Once pre-qualified, each direct market access customer of a Participating Organization that undertakes proprietary trading or proprietary traders within a Participating Organization may be assigned a unique ELP-eligible TraderID. The above ELP rates will apply individually to each pre-qualified ELP that has traded ELP-eligible securities at least 65% passively with a minimum daily average of 500,000 passive shares within 25 or more ELPeligible equities in a month. Participation in the ELP program is subject to an ELP subscriber agreement.
 
Toronto Stock Exchange and TSX Venture Exchange - Dark Order Types (Mid-Point, Dark Limit
Dark Order volume for all TSX and TSXV equities is excluded from the calculation of post-open continuous market fees.
For Dark Orders where the trade price per-share is $1 or over:

Taking Dark Liquidity
Taking Displayed Liquidity

Providing Dark Liquidity		 Charge $0.0010 per active share trading against Dark Order volume
Charge $0.0035 per active share trading against displayed order volume

FREE - no fee or rebate for passive shares

For Dark Orders where the trade price per-share is less than $1:
Taking Dark Liquidity
Taking Displayed Liquidity

Providing Dark Liquidity		 Charge $0.0001 per active share trading against Dark Order volume
Charge $0.0002 per active share trading against displayed order volume

FREE - no fee or rebate for passive shares

Other Fees

Product TSX TSXV TSX and TSXV
Connectivity (LANX) No Charge8
New STAMP / FIX certification $3,000
Session bundle set-up $500 per bundle
Broadcast Feeds (TBF / CBF):
Participating Organization/Member8 $9,000 per month $6,000 per month $12,500 per month
Vendor $10,000 per month $6,500 per month $14,500 per month
Additional broadcast feeds9 $600 per port per month
Base amount for weekend tests $2,500 per test
GTE only $2,000 per month

8 Vendor and participating organization/member are responsible for carrier communications costs
9 For standard 2 port set-up, limit 2 connections per port


All fees are in Canadian dollars and are subject to applicable taxes.