TSX Alpha Exchange Fee Schedule

Effective April 1, 2024

• Alpha¹ Membership Fees²

  Initial Application Fee:	$3,000
  Monthly Membership Fee:	$1,250

• Alpha Trading Fees³

  Cross Printing Facility:	Free Unintentional crosses are billed according to fees for Post-Open Continuous trades, except where otherwise specified
  Odd Lot Fill:	Free
  Alpha Odd Lot Dealer Trading Fees on Symbols of Responsibility: (Schedule 1 to the Odd Lot Dealer Agreement)	All trading by Odd Lot Dealers is charged at the regular rates applicable to trading by all Alpha Members.

  TSX Alpha Exchange

  Continuous Trades:⁴

  Where trade price per share is:

  	<$1.00	≥$1.00 ETFs	≥$1.00  Non-ETFs
  Removing liquidity - Retail5	($0.0007)	Free	($0.0024)
  Removing liquidity - All other	($0.0007)	Free	($0.0021)
  Providing liquidity - Post Only	$0.0011	$0.0006	$0.0029
  Providing liquidity - Non-Post Only	$0.0011	$0.0004	$0.0027

  ETF unintentional cross rates – For ETFs only, per-share liquidity providing fees for unintentional crosses is reduced to $0.0001. Any discounts to liquidity providing fees from the ALP Program for ETFs is not applied in the case of liquidity providing fees for unintentional crosses on ETFs. For ETFs where the trade price under $1, there is no charge for unintentional crosses.

  Liquidity Provision (ALP) Program

  TSX Alpha Exchange offers two separate ALP programs – one applicable to ETFs and the other applicable to non-ETFs. Under either program, an Alpha Member is eligible to receive reductions in TSX Alpha Exchange trading fees for liquidity provided under its or its clients' Trader IDs where the combined passive traded volume on TSX Alpha Exchange for the IDs for the month exceeds the specified % of total Canadian continuous traded volume (TCCV) for the month, according to the
  following schedule:

  (Tiers 1 - 4)	Tier 1	Tier 2	Tier 3	Tier 4
  % TCCV Target for ETFs	0.25%	0.50%	0.75%	1.00%
  % TCCV Target for Non-ETFs	0.25%	0.50%	0.75%	1.00%
  Per share reduction in liquidity providing fees for applicable security class	$0.000025	$0.00005	$0.000075	$0.0001

  (Tiers 5 - 8)	Tier 5	Tier 6	Tier 7	Tier 8
  % TCCV Target for ETFs	1.50%	2.25%	3.00%	3.75%
  % TCCV Target for Non-ETFs	1.50%	2.25%	3.00%	3.75%
  Per share reduction in liquidity providing fees for applicable security class	$0.000125	$0.00015	$0.000175	$0.0002

  Notes:

  • Measurement against TCCV targets and the application of rate reductions is done at the ‘ALP ID Group' level.
  • Each ALP ID Group must be pre-approved by Alpha and may be comprised of one or more Trader IDs. An Alpha Member may request approval for participation by its own or its client Trader IDs by submitting the required form. The form is available upon request.
  • Approval for an ALP ID Group is subject to conformance of the ALP ID Group with the following general conditions:
    1. An Alpha Member may request the grouping of Trader IDs, with the exception of Trader IDs associated with a routing arrangement (RA) or a direct electronic access (DEA) arrangement with a non-registrant client.
    2. Trader IDs associated with RAs or DEA arrangements referred to in (a) may be grouped together to comprise a single ALP ID Group for an RA or DEA client where that RA or DEA client determines the posting destination for nonmarketable orders sent through the respective Trader IDs, or otherwise where the Trader IDs are associated with the
       same underlying client.
  • Approval of an ALP ID Group automatically entitles the ALP ID Group to participate in each of the two ALP programs.
  • The applicable reduction rate is applied against all of the passive board lot volume in the applicable security class by the ALP ID Group for the month. For example, an ALP ID Group with passive board lot volume in ETFs that exceeds a stated TCCV percentage target receives the applicable reduction rate for all of its passive board lot volume in ETFs for the month (except where otherwise noted for unintentional crosses involving ETFs).
  • Only the ALP ID Group's passive traded board lot volume in the applicable security class on TSX Alpha Exchange is used for calculating its % TCCV. Volume traded on Alpha-X and Alpha DRK is not included in the calculation.
  • The TCCV is calculated by Alpha and is determined based on combined Canadian continuous passive board lot trading volume in the applicable security class, excluding intentional crosses and opening and closing auctions, during standard continuous trading hours of 9:30 a.m. - 4:00 p.m. The following also applies:
    
    1. TCCV for ETFs is determined based on TSX-listed ETFs.
    2. TCCV for non-ETFs is determined based on TSX-listed and TSXV-listed securities other than ETFs, notes and debentures.

  Alpha-X

  Alpha-X Continuous Trades:⁴

  Where trade price per share is:

  	<$1.00	≥$1.00 ETFs	≥$1.00  Non-ETFs
  Removing liquidity	$0.0004	$0.0012	$0.0012
  Providing liquidity - Smart Limit	$0	$0	$0
  Providing liquidity - All Other	($0.0002)	($0.0006)	($0.0006)

  Alpha DRK

  Alpha DRK Continuous Trades:⁴

  Where trade price per share is:

  	<$1.00	≥$1.00 ETFs	≥$1.00  Non-ETFs
  Removing liquidity	$0.0001	$0.0004	$0.0004
  Providing liquidity - Smart Peg	$0.0002	$0.0010	$0.0010
  Providing liquidity - All Other	$0.0001	$0.0004	$0.0004

  ¹ "Alpha" refers to Alpha Exchange as a whole, comprised of TSX Alpha Exchange, Alpha-X and Alpha DRK order books.

  ² Initial application fees for new members and monthly membership fees are subject to GST/HST.

  ³ Other than as otherwise noted, Alpha Trading Fees are GST/HST exempt.

  ⁴ Rates are based on share volume executed, including for executions resulting from matches through Self Trade Management. A firmwide net credit for Post-Open Continuous trades is first applied to offset the firm's other trading charges. Any remaining net credit is paid out to the firm.

  ⁵ Rates applicable to ‘Retail' apply to any Trader ID identified by the Member as an ID through which orders originating from a ‘Retail Customer' (as defined by IIROC) are sent, but do not apply to any such ID that is for a ‘DEA client' (as defined in National Instrument 23103) unless the ‘DEA client' is a broker / dealer located in a non-Canadian jurisdiction that is acting as an "agent" for retail client order flow.

• Common Technology and Other Fees

  (Monthly Charges, except as otherwise stated)^6,7

  Technology Fees

  Product	Applicable to Each of TSX, TSXV, Alpha
  1 Gb Connectivity (Demarcation)8	No Charge
  10 Gb Connectivity (Demarcation)7	$1,500 for first primary connection $1,000 for additional primary connection $1,000 for disaster recovery connection
  New FIX certification	$3,000 (one-time)
  Session Bundle	$250 / month / session bundle Monthly fee cap at maximum $10,000 per firm Each firm receives its first two session bundles at no charge

  Testing Fees

  Product	Applicable to Each of TSX, TSXV, Alpha
  General Test Environment (GTE) only	$2,000
  Base amount for weekend tests	$2,500 per test

  Broadcast Feed Fees

  Product - Broadcast Feeds7,9	TSX	TSXV	TSX Alpha Exchange	Alpha-X and Alpha DRK
  Participating Organization / Member – Internal Use License Fees10
  Direct – public and own private content	$3,000	$2,000	$2,000	No Charge
  Direct – own private content only	$600	$400	$400	No Charge
  Indirect – own private content only	$400	$250	$250	No Charge
  Vendor – External Use License Fee11
  Public and private content	$5,500	$4,000	$4,000	No Charge
  Private content only	$1,500	$1,000	$1,000	No Charge
  Fee per decryption key / decrypted feed received (by key / for each Participating Organization / Member represented in decrypted private content)	$150	$100	$100	No Charge

  ⁶ Technology, testing and broadcast feed fees are subject to GST/HST

  ⁷ 'Common Technology and Other Fees' apply with respect to access to the common TMX equities marketplace network infrastructure whether accessing one or all of the TMX equities marketplaces. The ‘General Test Environment (GTE) only' fees similarly provide for access to the test environment for all TMX equities marketplaces.

  ⁸ Vendor and participating organization / member are responsible for carrier communication costs.

  ⁹ All uses of broadcast feeds must be approved by TSX / TSXV / Alpha in accordance with the terms of the applicable agreement(s). Additional fees may apply under the TMX Datalinx Market Data Distribution Rates and Alpha Market Data Fees fee schedules, asapplicable.

  ¹⁰ Broadcast feed fees applicable to Participating Organizations / Members generally apply where the Participating Organization / Member is directly receiving a broadcast feed for internal use or where directly or indirectly receiving feed containing Participating Organization's / Member's own private content for internal use, as applicable. A Participating Organization / Member in receipt of a decryption key / feeds of decrypted private content pertaining to another Participating Organization / Member is considered a Vendor for the purposes of the fee schedule.

  ¹¹ Broadcast feed fees applicable to vendors generally apply where directly receiving a broadcast feed for redistribution and/or where in receipt of a decryption key pertaining to the private content of a third party or in receipt of a feed containing the decrypted private content of a third party.