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Canadian Equities

Trading

Nasdaq offers three platforms for trading TSX and TSX-Venture listed securities, Nasdaq CXC, Nasdaq CX2, and Nasdaq CXD.

Market Hours: 8:30 AM, EST – 5:00 PM, EST

Nasdaq CXC

Trading Fees
TSX and TSX Venture Interlisted* securities $1.00 or over
Liquidity removing fee$0.0026
Liquidity provider rebate$0.0022
Hidden liquidity provider rebate (Full rebate paid on Icebergs)$0.0015
TSX and TSX Venture Non-Interlisted securities $1.00 or over
Liquidity removing fee$0.0014
Liquidity provider rebate$0.0010
Hidden liquidity provider rebate (Full rebate paid on Icebergs)$0.0005
TSX listed ETFs $1.00 or over
Liquidity removing fee$0.0014
Liquidity provider rebate$0.0010
Hidden liquidity provider rebate (Full rebate paid on Icebergs)$0.0005
All securities under $1.00
Liquidity removing fee$0.0003
Liquidity provider rebate$0.0001
Notes & Debentures
Liquidity removing fee (per $1000 par value)$0.1000
Liquidity provider rebate (per $1000 par value)$0.0900

*The list of interlisted securities for the purposes of the Nasdaq CXC fee schedule is the same as that used by the primary market.

Administration Fee
Monthly$500.00
Crosses
Intentional Cross Credit†$0.00005
Smart Routing
Standard strategiesFree
Custom strategies$0.0002/share
Custom strategies (Notes & Debentures)$0.02/$1000 par
Real-Time Open Feed Fee Schedule¹
 User / SubscriberDistributor / Vendor
ProductPrimaryAdditional²PrimaryAdditional²
Level 1 - Top of Book$300$75$600$150
Level 2 - Full Book MBO or MBP$600$150$1,000$250
Real-Time Open Feed Fee Schedule via Third Party Distributor³
 User via Third PartyVendor via Third Party
ProductPrimaryAdditional²PrimaryAdditional²
Level 1 - Top of Book$100$25$500$125
Level 2 - Full Book MBO or MBP$200$50$800$200
Real Time Data Access for Single User, Single Unit Display Fees
Level 1 - Top of Book
ProductProfessionalRetail Professional4Non-ProfessionalRetail Professional4
TSX Listed$12.00$6.00$0.00$0.000
TSXV Listed$5.25$2.63$0.00$0.000
Level 2 - Full Book MBO or MBP
ProductProfessionalRetail Professional4Non-ProfessionalRetail Professional4
TSX Listed$30.00$24.00$0.00$0.0125
TSXV Listed$10.00$7.38$0.00$0.0125
Test Environment
Session Fee*First session free $500 per month for unlimited sessions
Chi-Controls
Monthly$1,500

All prices are in Canadian dollars.

For additional information, please contact Nasdaq CXC Sales at 888-310-1560.

* Nasdaq CXC’s test environment is available over the internet from 7am to 11pm 365 days a year
† Nasdaq CXC will credit to a maximum of $100 per cross. Credits will be paid on the first 400 million shares market wide per calendar month

  1. Nasdaq CXC market data customers that receive an Open Feed directly from Nasdaq CXC will be provided with one free unicast recovery session as part of the product offering. Multiple usages of multicast market data by the customer or a Related Party is considered to be a single Open Feed only. All additional unicast recovery sessions will be considered additional Open Feeds and will be charged accordingly. The determination of what constitutes an Open Feed may be different than that employed by Nasdaq CXC and may differ between vendors.

    The Market Data Fees for Clients subscribing to TMX IP products will be charged at the Use/Subscriber Vendor/Distributor Feed Fee Schedule as applicable. For Clients entering into an agreement with the TMX to receive Nasdaq CXC data via the TMX IP, in the case of any inconsistency between the terms of the Nasdaq CXC Data Distribution Agreement and the agreement with the TMX IP, the terms of the Nasdaq CXC Data Distribution Agreement will override.

  2. A Primary Open Feed is defined as the first Open Feed that is consumed by a market data customer. In the case where both a Level 1 and Level 2 feed are consumed by a customer, the Primary Open Feed will be considered to be the Level 2 feed. In the case where multiple Open Feeds are consumed by a customer (whether from Nasdaq CXC directly or a third party), the most expensive Open Feed will be considered the Primary Open Feed. All other Open Feeds will be considered additional Open Feeds and charged at their appropriate rate.
  3. Third party Open Feed fees apply to clients receiving data from distributors/vendors of Nasdaq CXC level 1 and Level 2 feed products.
  4. A User that does not meet either the definition of a Non Professional or Retail Professional below shall be deemed to be a Professional and is subject to the fees specified for Professionals.

    Non-Professional is defined as a natural person who is not a securities professional and who is acting in his/her personal capacity and not as a principal, officer, partner, employee nor agent of any business, nor on behalf of any individual. To provide further clarification but without being limited, the definition excludes brokers, dealers, investment advisors, or persons otherwise employed by organizations conducting professional activities involving the buying and selling of instruments, such as stocks, bonds, options, futures contracts and other trading vehicles. A Non-Professional cannot be registered or qualified with:

    a) Any provincial, state, or other government securities agency or other entity that performs functions that are equivalent to those of such persons;
    b) Any securities exchange or association or other entity that performs functions that are equivalent to those of such persons;
    c) Any commodities or futures exchange or association or other entity that performs functions that are equivalent to those of such persons; and
    d) Any Alternative Trading System or other entity that performs functions that are equivalent to those of such persons.

    Retail Professional – is defined as a Registered Representative who trades or advises on trades or branch staff who support a Registered Representative who trades or advises on trades in securities, options, futures contracts, or futures contract options exclusively with Retail Customers and shall include a Registered Representative (mutual funds) approved by IIROC but does not include a Registered Representative working on a retail trading desk.

  5. Per Quote fees, follow the same principles as all other real-time single unit data fees, but have additional fee features

    a) Per Quote fees are applicable to Professional, Retail Professional and Non-Professional users.
    b) Per Quote fees are capped, per user, at the corresponding monthly Professional, Retail Professional or Non-Professional Real-Time Data Access fee.


Nasdaq CX2

Trading Fees
TSX and TSX Venture listed securities $1.00 or over
Liquidity removing rebate$0.0010
Liquidity provider fee$0.0014
Liquidity removing rebate fee (Large Size Trade)¹$0.0012
Liquidity provider fee (Large Size Trade)¹$0.0014
Hidden liquidity removing feeFree
Hidden liquidity provider fee$0.0004
Odd Lot Liquidity removing feeFree
TSX and TSX Venture listed securities under $1.00
Liquidity removing rebate$0.0010
Liquidity provider fee$0.0014
Liquidity removing rebate (Large Size Trade) ²$0.0012
Liquidity provider fee (Large Size Trade) ²$0.0014
Hidden liquidity removing feeFree
Hidden liquidity provider fee$0.0004
Odd Lot Liquidity removing feeFree
Notes & Debentures
Liquidity removing fee (per $1000 par value)$0.0800
Liquidity provider rebate (per $1000 par value)$0.0000
Administration Fee
Monthly$350.00
Crosses
Intentional CrossFree
Vendor Fee Schedule
Market Data CXMD & CXMMD$1,000 monthly
Additional Session$225 monthly

All prices are in Canadian dollars.

For additional information, please contact Nasdaq CXC Sales at 888-310-1560.


¹ A large size transaction to which this fee applies for securities $1.00 or over is defined as a single order that is entered on NCX2 with a volume above or equal to 50K shares that results in a trade with a minimum volume of 50K shares.
² A large size transaction to which this fee applies for securities under $1.00 is defined as a single order that is entered on NCX2 with a volume above or equal to 100K shares that results in a trade with a minimum volume of 100K shares

Nasdaq CXD

Effective March 1, 2017


Trading Fees
Securities $5.00 and over
Liquidity removing fee$0.0006
Liquidity provider fee$0.0006
Securities $1.00 and up to $5.00
Liquidity removing fee$0.0003
Liquidity provider fee$0.0003
Securities under $1.00
Liquidity removing feeFree
Liquidity provider fee$0.0001
Securities $1.00 and over (At the Touch)*
Liquidity removing feeFree
Liquidity provider fee$0.0002
Securities under $1.00 (At the Touch)*
Liquidity removing feeFree
Liquidity provider fee$0.0001
ETFs (All Prices)
Liquidity removing fee$0.0003
Liquidity provider feeFree
Notes & Debentures (All Prices)
Liquidity removing fee (per $1000 par value)$0.02
Liquidity provider fee (per $1000 par value)$0.02
Unintentional Crosses (All Securities at All Prices)
Liquidity removing feeFree
Liquidity provider feeFree
Intentional Crosses (All Securities at All Prices)
Liquidity removing feeFree
Liquidity provider feeFree

* Trades matched without price improvement subject to the UMIR Dark Rule

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