TSX DRK - Fee Schedule

Effective June 1, 2023

  • TSX DRK Trading Fees1, 2

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

    Where trade price per share is:

    <$1.00≥$1.00 for Non-Interlisted Equities5≥$1.00 for Interlisted Equities≥$1.00 for ETFs
    Removing Displayed with Dark5
    Removing Dark with Displayed
    Fee / share / side
    $0.00020 $0.0015 $0.0027 $0.0017
    Removing Displayed with Dark5
    Removing Dark with Displayed
    Fee / share / side (Retail6)
    $0.00015 $0.0015 $0.0027 $0.0017

    TSX Post-Open Continuous DRK Trades in Equities and ETFs3, 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
    Dark Order Volume (excl. CMO+ and Conditional) - Removing with SDL or pegged IOC/FOK7 $0 $0.0002 $0.0004 $0.0001 $0.0003
    Dark Order Volume (excl. CMO+ and Conditional) - Removing Max / trade / side $5 $5 $5 $5
    Dark Order Volume (excl. CMO+ and Conditional) - Removing with other Dark order8 $0.0002 $0.0010 $0.0010 $0.0001 $0.0003
    Dark Order Volume (excl. CMO+ and Conditional) - Removing with other Dark order8 - Max / trade / side $5 $5
    Dark Order Volume (excl. CMO+ and Conditional) - Removing with other Dark order (Retail6 $0.00015 $0.0010 $0.0010 $0.0001 $0.0003
    Dark Order Volume (excl. CMO+ and Conditional) - Removing with other Dark order (Retail6) - Max / trade / side $5 $5
    Dark Order Volume (excl. CMO+ and Conditional) - Providing with PDL order $0.0001 $0.0004 $0.0008 $0.0001 $0.0003
    Dark Order Volume (excl. CMO+ and Conditional) - Providing Max / trade / side $5 $10 $10 $5 $5
    Dark Order Volume (excl. CMO+ and Conditional) - Providing with other Dark order9 $0 $0 $0 $0 $0
    Regular CMO+ trades10 - Fee / share / side $0.00005 $0.00025 $0.0005 $0.0002 $0.0002
    Regular CMO+ trades10 - Max / trade / side  $5 $10 $10 $5 $5
    Unintentional CMO+ crosses11 - Fee / share / side $0 $0 $0 $0 $0
    Conditional trades12 - Fee / share / side $0.00005 $0.0003 $0.0008 $0 $0
    Unintentional Conditional crosses13 - Fee / share / side $0 $0 $0 $0 $0

    ETF unintentional cross rates – For post-open continuous DRK trades in ETFs, there is no charge for unintentional crosses.

    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 occurs above or equal to $1.00, excluding intentional crosses and opening and closing auctions and occurs during continuous trading hours of 09:30 – 16:00. DCCV does 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 is based on trades that occur on TSX listed securities only. Trades of TSX-listed securities on TSX DRK are used to determine whether a tier threshold is met or exceeded. Rebates apply to executions on TSX-listed securities only.
    • 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 are 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 Rates for removing displayed order volume apply when removing both the disclosed and undisclosed portion of iceberg order volume.

    6 Rates applicable to ‘Retail' apply for client orders sent by any Trader ID identified by the Member as an ID through which orders originating from a ‘Retail Customer' (as defined by IIROC) are sent, but do not apply for any such ID that is for a ‘DEA client' (as defined in National Instrument 23- 103) unless the ‘DEA client' is a broker / dealer located in a non-Canadian jurisdiction that is acting as an "agent" for retail client order flow.

    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 portions of iceberg order volume.

    10 Rates apply to trades between two CMO+ orders. Where a 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 fee 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 Rates apply to trades between two Conditional orders, and trades in the Conditional order book between Conditional orders and matched opted-in Dark orders. Rates related to removing and providing set forth in the table titled "TSX Post-Open Continuous Trades in Equities and Exchange Traded Funds" apply to trades in the Dark book between Dark orders and the residual portions of Conditional orders.

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

  • TSX DRK Trading Fees on TSXV1, 2

    TSX DRK – Post-Open Continuous Trades Involving Displayed Orders in Equities, Notes and Debentures3, 4

    Where trade price per share is:

    <$1.00≥$1.00
    Removing Displayed with Dark5
    Removing Dark with Displayed
    Fee / share / side
    $0.00020 $0.0015
    Removing Displayed with Dark5
    Removing Dark with Displayed
    Fee / share / side (Retail6)
    $0.00015 $0.0015

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

    Where trade price per share is:

    <$1.00$1.00 - $4.99≥$5.00
    Dark Order Volume (excl. CMO+ and Conditional) Removing - with SDL or pegged IOC/FOK7 $0 $0.0002 $0.0004
    Dark Order Volume (excl. CMO+ and Conditional) Removing - Max / trade / side $5 $5
    Dark Order Volume (excl. CMO+ and Conditional) Removing - with other Dark order8 $0.0002 $0.0010 $0.0010
    Dark Order Volume (excl. CMO+ and Conditional) Removing - with other Dark order (Retail6) $0.00015 $0.0010 $0.0010
    Dark Order Volume (excl. CMO+ and Conditional) 
    Providing - with PDL order
    $0.0001 $0.0004 $0.0008
    Dark Order Volume (excl. CMO+ and Conditional)
    Providing - Max / trade / side
    $5 $10 $10
    Dark Order Volume (excl. CMO+ and Conditional)
    Providing - with other Dark order9
    $0 $0 $0
    Regular CMO+ trades10 - Fee / share / side $0.00005 $0.00025 $0.0005
    Regular CMO+ trades10 - Max / trade / side  $5 $10 $10
    Unintentional CMO+ crosses11 - Fee / share / side $0 $0 $0
    Conditional trades12 - Fee / share / side $0.00005 $0.0003 $0.0008
    Unintentional Conditional crosses13 - Fee / share / side $0 $0 $0

    1 For all other fees applicable to trading on TSXV, see the TSXV 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. Rates apply to all instruments and classes for which rates have not otherwise been specified. (Notes and debentures fees are applied per $1000 par value traded.) Where applicable, a firm-wide net credit for Post-Open Continuous trades is first applied to offset the firm's other trading charges. Any remaining net credit is 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 Rates applicable to ‘Retail' apply for client orders sent by any Trader ID identified by the Member as an ID through which orders originating from a ‘Retail Customer' (as defined by IIROC) are sent, but do not apply for any such ID that is for a ‘DEA client' (as defined in National Instrument 23- 103) unless the ‘DEA client' is a broker / dealer located in a non-Canadian jurisdiction that is acting as an "agent" for retail client order flow.

    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 portions of iceberg order volume.

    10 Rates apply to trades between two CMO+ orders. Where a 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 fee 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 Rates apply to trades between two Conditional orders, and trades in the Conditional order book between Conditional orders and matched opted-in Dark orders. Rates related to removing and providing set forth in the table titled "TSX Post-Open Continuous Trades in Equities and Exchange Traded Funds" apply to trades in the Dark book between Dark orders and the residual portions of Conditional orders.

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