Canadian Equities

Pricing

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

CXC TRADING BOOK

Trading Fees
Interlisted* securities $1.00 or over
Liquidity removing fee$0.0026
Liquidity providing rebate$0.0022
Qualifying NBBO Incentive rebate(1)+0.0001
Qualifying Liquidity Adding Incentive rebate (2)+0.0001
Hidden liquidity removing fee$0.0026
Hidden liquidity providing rebate (Full rebate paid on Iceberg and X-berg orders)$0.0015
*TSX, TSX-V and CSE listed securities
Non-Interlisted securities $1.00 or over
Liquidity removing fee$0.0014
Liquidity providing rebate$0.0010
Qualifying NBBO Incentive rebate(1)+0.0001
Qualifying Liquidity Adding Incentive rebate(2)+0.0001
Hidden liquidity removing fee$0.0014
Hidden liquidity providing rebate (Full rebate paid on Iceberg and X-berg orders)$0.0005
*TSX, TSX-V and CSE listed securities
Exchange Traded Funds
Liquidity removing fee$0.0017
Liquidity providing rebate$0.0013
Qualifying NBBO Incentive rebate(1)+0.0001
Qualifying Liquidity Adding Incentive rebate(2)+0.0001
Hidden liquidity removing fee$0.0017
Hidden liquidity providing rebate (Full rebate paid on Iceberg and X-berg orders)$0.0005
Securities* between $0.10 and $1.00
Liquidity removing feeFree
Liquidity providing fee$0.0001
Qualifying NBBO Incentive rebate(1)+0.0001
Qualifying Liquidity Adding Incentive rebate(2)+0.0001
Hidden Liquidity removing feeFree
Hidden Liquidity providing fee$0.0001
*interlisted and non-interlisted securities listed on TSX, TSX-V and CSE
Securities* below $0.10
Liquidity removing feeFree
Liquidity providing fee$0.00001
Qualifying NBBO Incentive rebate(1)+0.0001
Qualifying Liquidity Adding Incentive rebate(2)+0.0001
Hidden Liquidity removing feeFree
Hidden Liquidity providing fee$0.00001
*interlisted and non-interlisted securities listed on TSX, TSX-V and CSE

CXC Trading Incentive Program

(1) The NBBO Incentive will be applied to all NBBO Setting Trades (passive lit orders which improve the NBBO) from a Trader ID Group (All Trader IDs of a DEA Client or Nasdaq Canada Member (not including DEA Clients)) that contributes at least 20% of the total volume of all NBBO Setting Trades on CXC for all listed securities available to trade on CXC on a monthly basis.

(2) The Liquidity Adding Incentive will be applied on a monthly basis to all Eligible Trades (passive lit orders on a TSX or TSX-V listed security that result in a trade) from a Trader ID Group (All Trader IDs of a DEA Client or Nasdaq Canada Member (not including DEA Clients)) if the total volume of all Eligible Trades for that Trading ID Group meets a minimum percentage of total consolidated volume (TCV) per listing exchange. For TSX listed securities, the total volume of Eligible Trades for a Trader ID Group must meet at least 2.00% of TSX listed TCV. For TSX-V listed securities the total volume of Eligible Trades for a Trader ID Group must meet at least 0.50% of TSX-V listed TCV.

(3) If a Trader ID Group qualifies for either the NBBO Incentive or the Liquidity Adding Incentive or both the NBBO Incentive or the Liquidity Adding Incentive, the liquidity providing fee will be zero for securities priced below one dollar.

Crosses
Intentional Cross Credit†$0.00005 per share

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

† Nasdaq CXC will credit to a maximum of $100 per cross. Credits will be paid on the first 400 million shares of intentional crosses each calendar month

Notes & Debentures*
Liquidity removing fee (per $1000 par value)$0.10
Liquidity provider rebate (per $1000 par value)$0.09
Hidden Liquidity removing fee$0.10
Hidden Liquidity providing fee$0.09
*TSX, TSX-V and CSE listed

CX2 TRADING BOOK

Trading Fees
TSX-listed Securities (Not including ETFs)
Liquidity removing rebate – Retail Traders*$0.0017
Liquidity removing rebate$0.0014
Liquidity providing fee$0.0020
Large Size Transaction** liquidity providing fee$0.0013
Large Size Transaction** Liquidity removing rebate$0.0012
Hidden liquidity removing rebate***Free
Hidden liquidity providing fee***$0.0004

*A Retail Trader is an account for a Retail Customer as defined by IIROC and also excludes an account for a DEA Client.

**A Large Size Transaction is defined as a single order that is entered on the CX2 Trading Book with a volume above or equal to 50K shares that results in a trade with a minimum volume of 50K shares.

***List pricing applies to Iceberg and X-berg orders.

ETF Securities
Liquidity removing rebate$0.0010
Liquidity providing fee$0.0014
Hidden liquidity removing rebate*Free
Hidden liquidity providing fee*$0.0004
*list pricing applies to Iceberg and X-Berg orders
TSX-V, CSE Securities
Liquidity removing rebate$0.0010
Liquidity providing fee$0.0014
Hidden Liquidity removing rebate**Free
Hidden Liquidity providing fee**$0.0004
*list pricing applies to Iceberg and X-Berg orders
Notes & Debentures*
Liquidity removing fee (per $1000 par value)$0.08
Liquidity providing rebate (per $1000 par value)Free
*TSX, TSX-V and CSE listed

CXD TRADING BOOK

Trading Fees
Trading Fees for trades inside the Protected NBBO
Securities* $5.00 and over
Liquidity removing fee$0.0006
Liquidity providing fee$0.0006
Securities* $1.00 and up to $5.00
Liquidity removing fee$0.0003
Liquidity providing fee$0.0003
*TSX, TSX-V and CSE Securities
Securities* under $1.00
Liquidity removing feeFree
Liquidity providing fee$0.0001
Unintentional Crosses (all prices)Free
Intentional Crosses (all prices)Free
*TSX, TSX-V and CSE Securities
Trading Fees for trades at the Protected NBBO (At the Touch)
Securities* $1.00 and over
Liquidity removing feeFree
Liquidity providing fee$0.0002
*TSX, TSX-V and CSE Securities
Securities* under $1.00
Liquidity removing feeFree
Liquidity providing fee$0.0001
Unintentional Crosses (all prices)Free
Intentional Crosses (all prices)Free
*TSX, TSX-V and CSE Securities
Exchange Traded Funds* (all prices at or between the NBBO)
Liquidity removing fee$0.0003
Liquidity providing feeFree
Unintentional Crosses (all prices)Free
Intentional Crosses (all prices)Free
*TSX, TSX-V and CSE Securities
Notes & Debentures
Liquidity removing fee (per $1000 par value)$0.02
Liquidity providing fee (per $1000 par value)$0.02
Unintentional Crosses (all prices)Free
Intentional Crosses (all prices)Free
*TSX, TSX-V and CSE listed
ODD LOT TRADING FEES (All Trading Books)
Liquidity removing feeFree
Liquidity providing feeFree
*TSX, TSX-V and CSE listed
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