News Releases

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

Jan 26, 2017

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
media_inquiries@osc.gov.on.ca

Alison Walker
British Columbia Securities Commission
604-899-6713

Jason Booth
The Manitoba Securities Commission
204-945-1660

Jane Anderson
Nova Scotia Securities Commission
902-424-0179

Jeff Mason
Nunavut Securities Office
867-975-6591

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

Nicole Tuncay
Alberta Securities Commission
403-297-4008

Sylvain Théberge
Autorité des marchés financiers
514-940-2176

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

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

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

Tom Hall
Office of the Superintendent of Securities,
Northwest Territories
867-767-9305