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TSX DRK - Fee Schedule

Effective July 1, 2020

  • TSX DRK Trading Fees1,2

    TSX DRK - Post-Open Continuous Trades in Equities and Exchange Traded Funds (ETFs)3,4

    Where trade price per share is:

    <$0.10$0.10–$0.99≥$1.00 for Interlisted Equities5≥$1.00 for Non-Interlisted Equities≥$1.00 for ETFs
    Removing Dark Order Volume (excl. CMO+)6 with other Dark Order7 $0.000025 $0.000075 $0.0010 $0.0010 $0.0010
    Removing Dark Order Volume (excl. CMO+)6 with non-Dark Order $0.000025 $0.000075 $0.0027 $0.0015 $0.0017
    Providing Dark Order Volume (excl. CMO+)6,8 $0 $0 $0 $0 $0

    TSX DRK - Post-Open Continuous Active DRK-Seeking Trades in Equities and Exchange Traded Funds (ETFs):3,4

    Where trade price per share is:

    <$1.00$1.00 - $4.99 for Equities≥$5.00 for Equities$1.00 - $4.99 for ETFs≥$5.00 for ETFs
    Removing Dark Order Volume (excl. CMO+)6 with SDL or pegged IOC/FOK9 $0 $0.0002 $0.0004 $0.0002 $0.0004
    Removing Dark Order Volume (excl. CMO+)6 - Max / trade / side $0 $5 $5 $5 $5

    Trades Involving Contra Midpoint Only (CMO+) Orders3,4,10

    Where trade price per share is:

    <$1.00Equities -
    $1.00–$4.99
    Equities ≥$5.00ETFs ≥$1.00
    Regular CMO+ trades - Fee / share / side $0.00005 $0.00025 $0.0005 $0.0002
    Regular CMO+ trades - Max / trade / side $5 $10 $10 $5
    Unintentional CMO+ crosses11 - Fee / share / side $0 $0 $0 $0

    TSX DRK - Market Makers Post-Open Continuous Trades on Symbols of Responsibility12,13

    Where trade price per share is:

    <$1.00≥$1.00 for Interlisted Equities5 - Tier A≥$1.00 for Interlisted Equities5 - Tier B≥$1.00 for Non-Interlisted Equities - Tier A≥$1.00 for Non-Interlisted Equities - Tier B≥$1.00 for ETFs
    Removing Dark Order (excl. CMO+)6 Volume with other Dark Order7 $0 $0.0010 $0.0010 $0.0010 $0.0010 $0.0010
    Removing Dark Order (excl. CMO+)6 Volume with non-Dark Order $0 $0.0027 $0.0027 $0.0015 $0.0015 $0.0017
    Providing Dark Order Volume (excl. CMO+)6,8 ($0.00005) $0 $0 $0 $0 $0

    TSX DRK – Market Maker Post-Open Continuous Active DRK-Seeking Trades on Symbols of Responsibility:12,13

    Where trade price per share is:

    <$1.00$1.00 - $4.99 for Equities≥$5.00 for Equities$1.00 - $4.99 for ETFs≥$5.00 for ETFs
    Removing Dark Order Volume (excl. CMO+)6 with SDL or pegged IOC/FOK9 $0 $0.0002 $0.0004 $0.0002 $0.0004
    Removing Dark Order Volume (excl. CMO+)6 - Max / trade / side $0 $5 $5 $5 $5

    TSX DRK – Liquidity Provision Program (TSX Listed Only)

    TSX DRK offers two separate DRK LP programs – one applicable to ETF securities only and the second applicable to non-ETFs. TSX participating organizations/members are eligible to receive rebates for DRK liquidity provided under its or its clients' Trader IDs, where the combined passive traded volume on TSX DRK exceeds the specified % of total dark Canadian continuous traded volume (DCCV) for the month, according to the following schedule:

    Tier 1Tier 2
    Target % of DCCV For Non-ETF 2.50% 4.25%
    Target % of DCCV For ETF 8.00% 12.50%
    Per share rebate for Equities $1 - $4.99 & >$1 ETF $0.0001 $0.0002
    Per share rebate for ≥$5 Equities & ETF $0.0002 $0.0004

    Notes

    • DCCV is calculated by TSX and is determined based on the combined continuous passive board lot trading volume that occur above or equal to $1.00, excluding intentional crosses and opening and closing auctions and occur during continuous trading hours of 09:30 – 16:00. DCCV will not include executions on debenture products.
    • DCCV will include volume executed on the following venues:
      1. TSX DRK
      2. MatchNow
      3. Nasdaq CXD
      4. Aequitas NEO-D
      5. ICX
      6. Liquidnet
    • DCCV will be based on trades that occur on TSX listed securities only. Trades of TSX-listed securities on TSX DRK will be used to determine whether a tier threshold is met or exceeded.
    • The execution of the undisplayed portion of iceberg orders is excluded from DCCV calculations and is not counted towards tier threshold goals or calculations.
    • Approval for an DRK LP ID Group is subject to the following general conditions:
      1. A TSX participating organizations/member may request the grouping of Trader IDs, with the exception of Trader IDs associated with a routing arrangement (RA) or a direct electronic access (DEA) arrangement with a non-registrant client;
      2. Trader IDs associated with RAs or DEA arrangements referred to in (a) may be grouped together to comprise a single DRK LP ID Group for an RA or DEA client where that RA or DEA client determines the posting destination for non-marketable orders sent through the respective Trader IDs, or otherwise where the Trader IDs are associated with the same underlying client; and
      3. Trader IDs associated with a participating organization/member and not associated with a RA or DEA client can be grouped together insofar as they represent a single line-of-business and require the approval and sign off by TSX.
    • Only the DRK LP ID Group's DRK passive traded board lot volume will be used for calculating tier threshold and rebate level in the associated pricing and security tier.

    1 For all other fees applicable to trading on TSX, see the TSX Trading Fee Schedule.

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

    3 Rates are based on share volume executed, including for executions resulting from matches through Self Trade Management. 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 trades in equities, ETFs and any other traded products for which rates have not been otherwise specified.

    5 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.

    6 Post-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 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.

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

    9 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 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 opening, Notes and Debentures trades. All other specialty products are billed at regular rates. Trades by the Market Maker involving CMO+ orders are charged at the regular CMO+ rates.

    13 For a Market Maker other than an ETF Market Maker, the first $1,000 of net monthly fee generated on trading in its symbols of responsibility will be waived.

  • TSXV DRK Trading Fees1,2

    TSX DRK - Post-Open Continuous Trades in Equities, Notes and Debentures3,4

    Where trade price per share is:

    <$0.10$0.10–$0.99≥$1.00
    Removing Dark Order Volume (excl. CMO+)5 with other Dark Order6 $0.000025 $0.000075 $0.0010
    Removing Dark Order Volume (excl. CMO+)5 with non-Dark Order $0.000025 $0.000075 $0.0015
    Providing Dark Order Volume (excl. CMO+)5,7 $0 $0 $0

    TSX DRK Post-Open Continuous Active DRK-Seeking Trades in in Equities, Notes and Debentures:6, 7

    Where trade price per share is:

    <$1.00$1.00 - $4.99≥$5.00
    Removing Dark Order Volume (excl. CMO+)5 with SDL or pegged IOC/FOK8 $0 $0.0002 $0.0004
    Removing Dark Order Volume (excl. CMO+)5 - Max / trade / side $0 $5 $5

    Trades Involving Contra Midpoint Only (CMO+) Orders3,4,9

    Where trade price per share is:

    <$1.00$1.00–$4.99≥$5.00
    Regular CMO+ trades - Fee / share / side $0.00005 $0.00025 $0.0002
    Regular CMO+ trades - Max / trade / side $5 $10 $10
    Unintentional CMO+ crosses10 - Fee / share / side $0 $0 $0

    Odd Lot Dealer Post-Open Continuous Trades on Symbols of Responsibility11

    Where trade price per share is:

    <$1.00≥$1.00
    Removing Dark Order Volume (excl. CMO+)5 with other Dark Order4 $0 $0.0010
    Removing Dark Order Volume (excl. CMO+)5 with non-Dark Order $0 $0.0015
    Providing Dark Order Volume (excl. CMO+)5,7 ($0.00005) $0

    Post-Open Continuous DRK-Seeking Trades on Symbols of Responsibility:11

    Where trade price per share is:

    <$1.00$1.00 - $4.99≥$5.00
    Removing Dark Order Volume (excl. CMO+)5 with SDL or pegged IOC/FOK6 $0 $0.0002 $0.0004
    Removing Dark Order Volume (excl. CMO+)5 - Max / trade / side $0 $5 $5


    1
    For all other fees applicable to trading on TSXV, see the TSXV Trading Fee Schedule.

    2 Other than as otherwise noted, TSXV DRK Trading Fees are GST/HST exempt.

    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 Post-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.

    6 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.

    7 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.

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

    9 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.

    10 Applies to CMO+ trades between the same broker, regardless of whether the broker has marked one or both sides of the trade as anonymous.

    11 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.