March 24, 2022
Equities Notice 2022-004

TMX Group

TMX Equity Trading Notice

TSX and TSXV Fee Changes for Securities trading under $1

TMX Equities would like to announce the following fee changes on the Toronto Stock Exchange ("TSX") and TSX Venture Exchange ("TSXV"), effective April 1, 2022. The fee changes are applicable to post-open continuous trades under $1 on TSX and TSXV, and odd lot trades under $1 on TSXV only. TSX has received regulatory approval for the fee changes, and the TSXV fee changes are subject to regulatory approval.

These changes are intended to harmonize fees on trades under $1 within TSX and TSXV, and stay competitive within the Canadian market. This change will: simplify the fee schedule whereby all trades under $1 will be charged the same fee; reduce passive fees to $0 for trades under $1; and introduce a discounted rate for retail participants. The updated fee schedules can be found here for TSX and TSXV.

Table 1: Fee Changes Effective April 1, 2022

Active Fee ($ / share) Passive Fee ($ / share)
Market Category On trades where the trade price is… Current New Current New

Post-Open Continuous- Retail

< $0.10 $0.000025 $0.00015 $0.000025 $0
$0.10 – $0.99 $0.000075 $0.00015 $0.000075 $0
Post-Open Continuous- Non-Retail < $0.10 $0.000025 $0.00020 $0.000025 $0
$0.10 – $0.99 $0.000075 $0.00020 $0.000075 $0

Odd lot fill*

< $0.10 $0.000025 $0.00025 $0 $0
$0.10 – $0.99 $0.000075 $0.00025 $0 $0

*Applies to trades auto-executed against the TSX Venture Exchange Odd Lot Dealer during Post-Open Continuous trading and in the MOC

Similar to the retail rate currently available on TSX Alpha Exchange, participants that wish to identify one or more Trader IDs as "Retail" for the purposes of the differentiated fee levels must complete the required form. Note that only client orders sent through these designated Retail Trader IDs will get the discounted retail active fee. Your account manager will be contacting you with a list of your TraderIDs that are currently classified as "Retail" to help complete the form.

For more information regarding this notice, please contact the Account Management Team or