TSX Fee Schedule

Effective November 1, 2017

  • TSX Participating Organization Membership Fees1
    Initial 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

    Monthly Membership Fee: $1,500

    1 Initial application and registration fees for new participating organizations and monthly membership fees are subject to GST/HST.

  • TSX Trading Fees2
    Opening Trades: $0.0030 / share / side up to a maximum of $30 / trade / side
    Monthly fee cap at maximum $100,000 per firm
    Must Be Filled (MBF): $0.0030 / share / side up to a maximum of $90 / trade / side
    Market on Close (MOC): $0.0002 / share / side where trade price is under $1
    $0.0025 / share / side where trade price is $1 and over
    Per trade cap at maximum of $25 / trade / side
    Extended Trading: $0.0010 / share / side
    Minimum Guaranteed Fill (MGF): $0.0004 per share where trade price is under $1
    $0.0030 per share where trade price is $1 or over for interlisted equities3
    $0.0017 per share where trade price is $1 or over for non-interlisted equities4
    $0.0017 per share where trade price is $1 or over for ETFs
    Applies to trades executed against the Market Maker guaranteed fill service
    Odd Lot Fill: $0.00025 per share where trade price is under $1
    $0.0005 per share where trade price is $1 or over
    Applies to trades auto-executed against the Market Maker during Post-Open Continuous trading and in the MOC
    MGF Cancellations: $100 per cancellation
    Attributed to the participant responsible for causing an MGF trade to be cancelled
    Special Settlement Terms: $0.0010 / share / side up to a maximum of $100 / trade / side
    Cross Printing Facility: Free
    Unintentional crosses are billed according to fees for Post-Open Continuous trades
    Specialty Crosses: Free
    Basis, VWAP, Contingent, Special Trading Session, Internal crosses
    Notes/Debentures: $0.10 per $1000 par value / side

    1 Initial application and registration fees for new participating organizations and monthly membership fees are subject to GST/HST.

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

    3 A list of interlisted equities for which interlisted rates will apply during the given month will be made available on the TSX website at the beginning of
    each month. For ETFs that are interlisted, the ETF rates shall apply.

    4 Rates apply to any other traded products for which rates have not been otherwise specified.

    TSX Post-Open Continuous Trades in Equities and Exchange Traded Funds (ETFs):5,6

    Where trade price per share is:

    <$0.10$0.10–$0.99≥$1.00 for Interlisted Equities7≥$1.00 for Non-Interlisted Equities≥$1.00 for ETFs
    Removing Displayed Order Volume8 $0.000025 $0.000075 $0.0027 $0.0015 $0.0017
    Providing Displayed Order Volume $0.000025 $0.000075 ($0.0023) ($0.0011) ($0.0013)
    Removing Dark Order Volume with SDL or pegged IOC/FOK9 $0 $0 $0.0002 $0.0002 $0.0002
    Removing Dark Order Volume with other Dark Order10 $0.000025 $0.000075 $0.0010 $0.0010 $0.0010
    Removing Dark Order Volume with non-Dark Order $0.000025 $0.000075 $0.0027 $0.0015 $0.0017
    Providing Dark Order Volume11 $0 $0 $0 $0 $0

    TSX Market Maker Trading Fees on Symbols of Responsibility:12,13

    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.

    Odd Lot Fill:

    ($0.0000) per share
    Rate applies to liquidity provided against auto-execution of odd lots during Post-Open Continuous Trading and in the MOC.

    Post-Open Continuous Trades on Symbols of Responsibility:

    Where trade price per share is:

    <$1.00≥$1.00 for Interlisted Equities7≥$1.00 for Non-Interlisted Equities≥$1.00 for ETFs
    Removing Displayed Order Volume8 $0 $0.0027 $0.0015 $0.0017
    Providing Displayed Order Volume ($0.00005) ($0.0030) ($0.0019) ($0.0021)
    Removing Dark Order Volume with SDL or pegged IOC/FOK9 $0 $0.0002 $0.0002 $0.0002
    Removing Dark Order Volume with other Dark Order 10 $0 $0.0010 $0.0010 $0.0010
    Removing Dark Order Volume with non-Dark Order $0 $0.0027 $0.0015 $0.0017
    Providing Dark Order Volume11 ($0.00005) $0 $0 $0

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

    Rates apply to post-open continuous trades in equities, ETFs and any other traded products for which rates have not been otherwise specified.

    A list of interlisted equities for which interlisted rates will apply during the given month will be made available on the TSX website at the beginning of each month. For ETFs that are interlisted, the ETF rates shall apply.

    Rates for removing displayed order volume apply when removing both the disclosed and undisclosed portion of iceberg order volume.

    Applies to any IOC/FOK marked SDL or to any pegged Dark Order marked IOC or FOK when removing resting dark liquidity. See the TMX Equities Markets Order Type and Functionality Guide for a description of pegged Dark Orders.

    10 Applies to Dark Limit orders and any other Dark Orders that are not marked as SDL, IOC or FOK when executing actively against resting dark liquidity. See the TMX Equities Markets Order Type and Functionality Guide for a description of all Dark Orders.

    11 Rates for providing dark order volume apply to executions of the undisclosed portion of iceberg order volume.

    12 Fees waived for opening, Notes and Debentures trades. All other specialty products are billed at regular rates.

    13 For a Market Maker other than an ETF Market Maker, the first $20,000 of net monthly fee generated on trading in its symbols of responsibility will be waived.

  • Common Technology and Other Fees

    (Monthly Charges, except as otherwise stated)14, 15

    Technology Fees

    ProductApplicable to Each of TSX, TSXV, TSXA
    1 Gb Connectivity (Demarcation)16 No Charge
    10 Gb Connectivity (Demarcation)16 $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 set-up $500 per bundle (one-time)

    Testing Fees

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

    Broadcast Feed Fees

    Product - Broadcast Feeds16, 17TSXTSXVTSX Alpha Exchange
    Participating Organization / Member – Internal Use License Fees18
    Direct – public and own private content $3,000 $2,000 $2,000
    Direct – own private content only $600 $400 $400
    Indirect – own private content only $400 $250 $250
    Vendor – External Use License Fee19
    Public and private content $5,500 $4,000 $4,000
    Private content only $1,500 $1,000 $1,000
    Fee per decryption key / decrypted feed received (by key / for each Participating Organization / Member represented in decrypted private content) $150 $100 $100

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

    15 '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.

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

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

    18 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 will be considered a Vendor for the purposes of the fee schedule.

    19 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. 

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