TSXV Fee Schedule

Effective November 22, 2021

  • TSXV Membership Fees1
    Initial Application Fee: $1,000
    Registration Fee
    (trading applicant):
    $30,000

    *$22,500 of the registration fee will be applied as a credit towards the first year's trading fees

    Registration Fee
    (non‐trading applicant):
    $7,500

    *$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:3 $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
    $0.00225 / share / side where trade price is $1 and over
    Per-order cap of $75 applies to orders placed before the first imbalance message is published4,5
    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 fees for Post-Open Continuous trades
    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.

    3 No opening trade fees will be charged in respect of a market-wide "re-open".

    4 Fee cap eligibility is based on the aggregate board lot volume traded per order within the MOC on a given day. Order volume traded within the continuous trading session will not contribute to the cap calculation.

    5 Continuous orders from a previous day that trade within the MOC facility are eligible to be capped irrespective of order placement time.

    TSXV Post-Open Continuous Trades in Equities, Notes and Debentures:6, 7

    Where trade price per share is:

    <$0.10$0.10–$0.99≥$1.00
    Removing Displayed Order Volume8 $0.000025 $0.000075 $0.0015
    Providing Displayed Order Volume $0.000025 $0.000075 ($0.0011)
    Removing Dark Order Volume (excl. CMO+ and Conditional)9 with other Dark Order10 $0.000025 $0.000075 $0.0010
    Removing Dark Order Volume (excl. CMO+ and Conditional)9 with non-Dark Order $0.000025 $0.000075 $0.0015
    Providing Dark Order Volume (excl. CMO+ and Conditional)9, 11 $0 $0 $0

    TSXV Post-Open Continuous Active DRK-Seeking Trades 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+ and Conditional)9 with SDL or pegged IOC/FOK12 $0 $0.0002 $0.0004
    Removing Dark Order Volume (excl. CMO+ and Conditional)9 - Max / trade / side $0 $5 $5

    Trades involving Contra Midpoint Only (CMO+) Orders and Conditional:6, 7

    Where trade price per share is:

    <$1.00$1.00–$4.99 ≥$5.00
    Regular CMO+ trades13 - Fee / share / side $0.00005 $0.00025 $0.0005
    Regular CMO+ trades13 - Max/ trade / side $5 $10 $10
    Unintentional CMO+ crosses14 - Fee / share / side $0 $0 $0
    Conditional trades < 25,000 shares
    or < $250,000 in value15 - Fee / share / side
    $0.0001 $0.0005 $0.0010
    Conditional trades ≥ 25,000 shares
    and ≥ $250,000 in value15 - Fee / share / side
    $0.00005 $0.0003 $0.0008
    Unintentional Conditional crosses16 - Fee / share / side $0 $0 $0

    TSX Venture Exchange Odd Lot Dealer Trading Fees on Symbols of Responsibility:

    Symbol Credits:

    A symbol credit of $40 per symbol of responsibility per month is awarded to Odd Lot Dealers on their symbols 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 Responsibility17:

    Where trade price per share is:

    <$1.00≥$1.00
    Removing Displayed Order Volume8 $0 $0.0015
    Providing Displayed Order Volume ($0.00005) ($0.0019)
    Removing Dark Order Volume (excl. CMO+ and Conditional)9 with other Dark Order10 $0 $0.0010
    Removing Dark Order Volume (excl. CMO+ and Conditional)9 with non-Dark Order $0 $0.0015
    Providing Dark Order Volume (excl. CMO+ and Conditional)9, 11 ($0.00005) $0

    Post-Open Continuous Active DRK-Seeking Trades on Symbols of Responsibility:17

    Where trade price per share is:

    <$1.00$1.00 - $4.99≥$5.00
    Removing Dark Order Volume (excl. CMO+ and Conditional)9 with SDL or pegged IOC/FOK12 $0 $0.0002 $0.0004
    Removing Dark Order Volume (excl. CMO+ and Conditional)9 - Max / trade / side $0 $5 $5

    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 will first be applied to offset the firm's other trading charges. Any remaining net credit will be paid out to the firm.

    Rates apply to all instruments and classes for which rates have not been otherwise specified.

    Rates for removing displayed order volume apply when removing both the disclosed and undisclosed portion of iceberg order volume.

    Post-open continuous trading fees for dark order volume do not apply to trades between two CMO+ orders or between two Conditional orders, or trades in the Conditional order book between Conditional orders and matched opted-in Dark orders. Fees applicable to these trades are indicated separately. Post-open continuous trading fees for Dark order volume apply to trades in the Dark book between Dark orders and the residual portions of Conditional orders.

    10 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.

    11 Rates for providing Dark order volume apply to executions of the undisclosed portion of iceberg order volume.

    12 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.

    13 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.

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

    15 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.

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

    17 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+ and Conditional orders are charged at the regular CMO+ and Conditional rates.

  • Common Technology and Other Fees

    (Monthly Charges, except as otherwise stated)18, 19

    Technology Fees

    ProductApplicable to Each of TSX, TSXV, TSXA
    1 Gb Connectivity (Demarcation)20 No Charge
    10 Gb Connectivity (Demarcation)20 $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)

    Testing Fees

    ProductApplicable 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 Feeds20,21TSXTSXVTSX Alpha Exchange
    Participating Organization / Member – Internal Use License Fees22
    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 Fee23
    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

    18 Technology, testing and broadcast feed fees are subject to GST/HST.

    19 ‘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.

    20 Vendor and Participating Organization / Member are responsible for carrier communication costs.

    21 All uses of broadcast fees 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.

    22 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 the purposes of the fee schedule.

    23 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.