News & Events

CSA / ACVM
For Immediate Release
January 26, 2017


Canadian Securities Regulators to Lower Trading Fee Cap for Non-Inter-listed Securities


Toronto – Canadian Securities Administrators (CSA) today published final amendments to National Instrument 23-101 Trading Rules, which lower the cap on active trading fees for securities that are listed on a Canadian exchange, but not listed on a U.S. exchange (non-inter-listed securities).

The amendments cap active trading fees for non-inter-listed securities at $0.0017 per security traded for an equity or per unit traded for an exchange-traded fund, if the execution price of the security or unit traded is greater than or equal to $1.00.

Active trading fees for securities that trade on both Canadian and U.S. exchanges (inter-listed securities) will continue to be capped at $0.0030 per share or unit traded at or above $1.00.

“These amendments are intended to address concerns raised regarding trading fee costs, specifically that the trading fee should reflect the value of the stocks traded, while also addressing liquidity needs in the Canadian marketplace,” said Louis Morisset, Canadian Securities Administrators Chair and President and CEO of the Autorité des marchés financiers.

The current cap of $0.0004 per share or unit price will remain in place for both inter-listed and non-inter-listed securities and units trading below $1.00.

If all ministerial approvals are obtained, the amendments will come into effect on April 10, 2017.

The notice can be found on CSA members’ websites.

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.


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For more information:

Kristen Rose
Ontario Securities Commission
416-593-2336


Alison Walker
British Columbia Securities Commission
604-899-6713


Nicole Tuncay
Alberta Securities Commission
403-297-4008


Jason (Jay) Booth
Manitoba Securities Commission
204-945-1660


Jane Anderson
Nova Scotia Securities Commission
902-424-0179


Andrew Nicholson
Financial and Consumer Services
Commission, New Brunswick
506-658-3021


John O’Brien
Office of the Superintendent of Securities
Newfoundland and Labrador
709-729-4909


Janice Callbeck
Office of the Superintendent of Securities
P.E.I
902-368-6288


Jeff Mason
Nunavut Securities Office
867-975-6591


Rhonda Horte
Office of the Yukon Superintendent
of Securities
867-667-5466


Shannon McMillan
Financial and Consumer Affairs
Authority of Saskatchewan
306-798-4160


Tom Hall
Northwest Territories Securities Office
867-767-9305


Sylvain Théberge
Autorité des marchés financiers
514-940-2176