TSXV Fee Schedule
Effective October 1st, 2019
- TSXV Membership Fees1
Initial Application Fee: $1,000 Registration Fee
*$22,500 of the registration fee will be applied as a credit towards the first year's trading fees
*$22,500 will be applied as a trading registration upgrade fee with the trading activation of a PO number
*$22,500 of the registration upgrade fee will be applied as a credit towards the first year's trading fees
Monthly Membership Fee: $750
- TSXV Trading Fees2
Opening Trades: $0.0012 / share / side up to a maximum of $60 / trade / side
Monthly fee cap at maximum $55,000 per firm
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: $0.0002 / share / side Odd Lot Fill: $0.000025 per share where trade price is under $0.10
$0.000075 per share where trade price is ≥ $0.10 and < $1.00
$0.0005 per share where trade price is $1 or over
Applies to trades auto-executed against the TSX Venture Exchange Odd Lot Dealer during Post-Open Continuous trading and in the MOC
Cross Printing Facility: Free
Unintentional crosses are billed according to Post-Open Continuous fees
Internal Crosses: Free NEX Trades: $0.0004 / share / side up to a maximum of $50 / trade / side
1 Initial application and registration fees and monthly membership fees are subject to GST/HST.
2 Other than as otherwise noted, TSXV Trading Fees are GST/HST exempt.
TSXV Post-Open Continuous Trades in Equities, Notes and Debentures:3, 4
Where trade price per share is:
<$0.10 $0.10–$0.99 ≥$1.00 Removing Displayed Order Volume5 $0.000025 $0.000075 $0.0015 Providing Displayed Order Volume $0.000025 $0.000075 ($0.0011) Removing Dark Order Volume (excl. CMO+)6 with SDL or pegged IOC/FOK7 $0 $0 $0.0002 Removing Dark Order Volume (excl. CMO+)6 with other Dark Order8 $0.000025 $0.000075 $0.0010 Removing Dark Order Volume (excl. CMO+)6 with non-Dark Order $0.000025 $0.000075 $0.0015 Providing Dark Order Volume (excl. CMO+)6, 9 $0 $0 $0
Trades involving Contra Midpoint Only (CMO+) Orders):3, 4, 10
Where trade price per share is:
<$1.00 $1.00–$4.99 ≥$5.00 Regular CMO+ trades - Fee / share / side $0.00005 $0.00025 $0.0005 Regular CMO+ trades - Max/ trade / side $5 $10 $10 Unintentional CMO+ crosses11 - Fee / share / side $0 $0 $0
TSX Venture Exchange Odd Lot Dealer Trading Fees on Symbols of Responsibility:
A symbol credit of $40 per symbol of responsibility per month is awarded to Odd Lot Dealers on their symbol of responsibility
Odd Lot Fill:
($0.00000) 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 Responsibility12:
Where trade price per share is:
<$1.00 ≥$1.00 Removing Displayed Order Volume5 $0 $0.0015 Providing Displayed Order Volume ($0.00005) ($0.0019) Removing Dark Order Volume (excl. CMO+)6 with SDL or pegged IOC/FOK7 $0 $0.0002 Removing Dark Order Volume (excl. CMO+)6 with other Dark Order8 $0 $0.0010 Removing Dark Order Volume (excl. CMO+)6 with non-Dark Order $0 $0.0015 Providing Dark Order Volume (excl. CMO+)6, 9 ($0.00005) $0
3 Rates are based on share volume executed, including for executions resulting from matches through Self Trade Management. (Notes and debentures fees are applied per $1000 par value traded.) Where applicable, 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.
4 Rates apply to all instruments and classes for which rates have not otherwise been specified.
5 Rates for removing displayed order volume apply when removing both the disclosed and undisclosed portion of iceberg order volume.
6 Rost-open continuous trading fees for dark order volume do not apply to trades between two CMO+ orders. Fees applicable to trades between two CMO+ orders are reflected separately
7 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.
8 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.
9 Rates for providing dark order volume apply to executions of the undisclosed portion of iceberg order volume.
10 CMO+ fee schedule applies to trades between two CMO+ orders. Where the trade involves a removing CMO+ order and a non-CMO+ providing dark order, the CMO+ removing order is charged according to the CMO+ schedule and the non-CMO+ providing dark order is charged the fees normally applicable in the circumstances for providing non-CMO+ dark order volume.
11 Applies to CMO+ trades between the same broker, regardless of whether the broker has marked one or both sides of the trade as anonymous.
12 Fees waived for trades in assigned NEX securities. All other specialty products are billed at regular rates. Trades by the Odd Lot Dealer involving CMO+ orders are charged at the regular CMO+ rates.
- Common Technology and Other Fees
(Monthly Charges, except as otherwise stated)13, 14
Product Applicable to Each of TSX, TSXV, TSXA 1 Gb Connectivity (Demarcation)15 No Charge 10 Gb Connectivity (Demarcation)15 $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)
Product Applicable 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 Feeds15,16 TSX TSXV TSX Alpha Exchange Participating Organization / Member – Internal Use License Fees16 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 Fee18 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
13 Technology, testing and broadcast feed fees are subject to GST/HST
14 '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.
15 Vendor and participating organization / member are responsible for carrier communication costs.
16 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.
17 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.
18 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.