Canadian Equities

Pricing

Nasdaq Canada offers three trading books for trading TSX, TSX-Venture and CSE listed securities: CXC, CX2, and CXD.

Nasdaq CXC

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 Non Display Fee Schedule7
(Fee Effective April 1, 2019)
ProductTrading UsageAnalysis Usage
Level 1 - Top of Book$1,000$500
Level 2 - Full Book MBO or MBP$1,800$900
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
ProductProfessionalNon-Professional4Per Quote5
TSX Listed$14.40$1.00$0.0050
TSXV Listed$2.70$0.50$0.0050
CSE Listed$0.00$0.00$0.00
Nasdaq Basic Canada6$25.10$1.50$0.0075
Level 2 - Full Book MBO or MBP
ProductProfessionalNon-Professional4Per Quote5
TSX Listed$35.40$4.00$0.0125
TSXV Listed$5.90$2.00$0.0125
CSE Listed$0.00$0.00$0.00
Nasdaq Canada Last Sale Enterprise Pricing
CXC Last Sale – TSX, TSX-V and CSE listed securities$3,000

All prices are in Canadian dollars.

  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 the definition of a Non 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.

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

  6. Nasdaq Basic Canada is the consolidated Level 1 market data product created by Nasdaq Canada to simplify the technical effort of combining Quote and Trade data from CXC, CX2, and CXD data into a single market data stream. As such, the fees associated with Nasdaq Basic Canada are the summation of the underlying Level 1 market data fees for TSX, TSX-V, and CSE Listed instruments on the three Nasdaq Canada trading books.

  7. Please see Exchange Notice 2019-0225-01 for more information on the applications and definitions of Nasdaq Canada Non Display.


Nasdaq CX2

Real-Time Non Display Fee Schedule6
(Fee Effective April 1,2019)
ProductTrading UsageAnalysis Usage
Level 1 - Top of Book$400$200
Level 2 - Full Book MBO or MBP$800$400
Vendor Fee Schedule
Market Data CXMD & CXMMD$1,000 monthly
Additional Session$225 monthly
Real Time Data Access for Single User, Single Unit Display Fees
Level 1 - Top of Book
ProductProfessionalNon-Professional3Per Quote4
TSX Listed$5.00$0.00$0.0025
TSXV Listed$3.00$0.00$0.0025
CSE Listed$0.00$0.00$0.00
Nasdaq Basic Canada5$25.10$1.50$0.0075
Level 2 - Full Book MBO or MBP
ProductProfessionalNon-Professional3Per Quote4
TSX Listed$12.75$0.00$0.0050
TSXV Listed$6.00$0.00$0.0050
CSE Listed$0.00$0.00$0.00
Nasdaq Canada Last Sale Enterprise Pricing
CX2 Last Sale – TSX, TSX-V and CSE listed securities$2,000

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 
  3. A User that does not meet the definition of a Non 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.
  4. 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 and Non-Professional users.
    b) Per Quote fees are capped, per user, at the corresponding monthly Professional or Non-Professional Real-Time Data Access fee. 
  5. Nasdaq Basic Canada is the consolidated Level 1 market data product created by Nasdaq Canada to simplify the technical effort of combining Quote and Trade data from CXC, CX2, and CXD data into a single market data stream. As such, the fees associated with Nasdaq Basic Canada are the summation of the underlying Level 1 market data fees for TSX, TSX-V, and CSE Listed instruments on the three Nasdaq Canada trading books.
  6. Please see Exchange Notice 2019-0225-01 for more information on the applications and definitions of Nasdaq Canada Non Display.
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