TSX Markets Fee Schedule
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 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 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: |
$0.003 / share / side up to a maximum of $30.00 per side |
| Must Be Filled (MBF): | $0.003 / share / side up to a maximum of $90.00 per side |
| Market on Close (MOC): |
$0.003 / share / side up to a maximum of $30.00 per side |
| Extended Trading: |
$0.001 / 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 $0.0003 per active share Credit $0.0003 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 Net Market Maker charges under the active/passive schedule will apply if such charges are in excess of $20,000 per symbol per month 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 |
| 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: | $0.001 / 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 |
| Toronto Stock Exchange and TSX Venture Exchange Post-Open Continuous Market Fees | |
Low Priced Equity Fee Schedule:
Post-Open Continuous Market Trades for all TSX/TSXV equities where the trade price per-share is under $1:
Charge $0.0003 per active share1
Credit $0.0001 per passive share1
1 Applies to standard continuously traded active and passive shares only.
High Priced Equity Fee Schedule:
Post-Open Continuous Market Trades for all TSX/TSXV equities where the trade price per-share is $1 or over:
| Fees to Take Liquidity2 | Fee / Share |
|---|---|
Monthly active volume: X  250MM shares 3 |
$0.0035 |
| Monthly active volume: X > 250MM shares | $0.0034 |
| Monthly active volume: X > 250MM shares4 | $0.0033 |
2 Applies to active shares only.
2 Applies to active shares only.
3 Volume thresholds are based on volume activity billed as post-open continuous market trades.
4 TMX Customer Reward Tier rate applies only when all Rewards Program Qualification Criteria are met
| Liquidity Provider Credit 5 | Credit / Share |
|---|---|
| Monthly passive volume: X 250MM shares 6 |
$0.0031 |
| Monthly passive volume: X > 250MM shares | $0.0031 |
| Monthly passive volume: X > 250MM shares7 | $0.0032 |
4 Applies to passive shares only.
5 Applies to passive shares only
6 Volume thresholds are based on volume activity billed as post-open continuous market trades.
7 TMX Customer Reward Tier rate applies only when all Rewards Program Qualification Criteria are met
TMX Customer's Rewards Program Qualification Criteria
- A minimum of 80% of all executed 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 and jitney volume are not included in the determination of the volume thresholds for post-open continuous market trades.
- Any net post-open continuous market credit will be applied to offset the firm’s other trading charges.
| 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 share8 Credit $0.0032 per passive share8 8 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.
|
Other Fees
| Product | TSX | TSXV | TSX and TSXV |
|---|---|---|---|
| Connectivity (LANX) | No Charge9 |
||
| New STAMP / FIX certification | $3,000 |
||
| Session bundle set-up | $500 per bundle |
||
| Broadcast Feeds (TBF / CBF): | |||
| Participating Organization/Member9 | $9,000 per month | $6,000 per month | $12,500 per month |
| Vendor10 | $10,000 per month | $6,500 per month | $14,500 per month |
| Additional broadcast feeds | $600 per port per month | ||
| Base amount for weekend tests | $2,500 per test |
||
| GTE only | $2,000 per month | ||
9 Vendor and participating organization/member are responsible for carrier communications costs
10 For standard 2 port set-up, limit 2 connections per port
