CSA Lowers Trading Fee Cap to CAD $0.0017
Summary
The Canadian Securities Administrators (CSA) adopted final amendments to National Instrument 23-101 Trading Rules on April 23, 2026, lowering the active trading fee cap to CAD $0.0017 for all securities priced at CAD $1.00 or more that are listed on both Canadian recognized exchanges and U.S. registered national securities exchanges (U.S. Inter-listed Securities). The amendments will come into force on November 2, 2026, provided all necessary ministerial approvals are obtained. The CSA received 10 responses to its January 23, 2025 request for comment and will monitor the impact of the fee cap change over time, with any further changes subject to public consultation.
“Following this change, all securities priced at CAD $1.00 or more will have an active trading fee cap of CAD $0.0017.”
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GovPing monitors Ontario Securities Commission News for new banking & finance regulatory changes. Every update since tracking began is archived, classified, and available as free RSS or email alerts — 27 changes logged to date.
What changed
The CSA adopted final amendments to National Instrument 23-101 Trading Rules, lowering the maximum fee for executing orders in securities priced at CAD $1.00 or more that are listed on both Canadian and U.S. exchanges. All such U.S. Inter-listed Securities will now have an active trading fee cap of CAD $0.0017. In a related initiative, CIRO published amendments to align Canadian trading increments for certain U.S. Inter-listed Securities with U.S. minimum pricing increments.
Canadian recognized exchanges and marketplace operators that trade inter-listed securities will need to implement system changes to comply with the new fee cap by November 2, 2026. Broker-dealers and market participants should also review their trading increment practices in light of the related CIRO changes, as both initiatives aim to harmonize Canadian and U.S. trading requirements for inter-listed securities.
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Apr 24, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
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CSA announces adoption of final amendments to trading fee caps charged by marketplaces
April 23, 2026
For Immediate Release
TORONTO – The Canadian Securities Administrators (CSA) today announced the adoption of final amendments to National Instrument 23-101 Trading Rules and changes to Companion Policy 23-101 Trading Rules .
The final amendments lower the maximum fee for executing an order involving trades in securities priced at CAD $1.00 or more, listed on both a Canadian recognized exchange and a U.S. registered national securities exchange (U.S. Inter-listed Securities). Following this change, all securities priced at CAD $1.00 or more will have an active trading fee cap of CAD $0.0017. The CSA will monitor the impact of the change in the fee cap over time and assess if further changes to the fee cap are required. Any further changes will be subject to public consultation.
In a related initiative, the Canadian Investment Regulatory Organization published a Bulletin Amendments Respecting Trading Increments to align Canadian trading increments for certain U.S. Inter-listed Securities with the equivalent minimum pricing increment for these securities in the U.S.
The final amendments will come into force on November 2, 2026, provided all necessary ministerial approvals are obtained.
We received 10 responses to the request for comment published January 23, 2025. We have considered the comments received and thank all the commenters for their input. A list of those who submitted comments, a summary of the comments and our responses are contained in Annex E of the notice. Copies of the comment letters are available at www.osc.ca and www.lautorite.qc.ca.
The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.
For media inquiries, please contact:
Canadian Securities Administrators
Ilana Kelemen
[email protected]
Ontario Securities Commission
Debra Chan
[email protected]
For investor inquiries:
For investor inquiries, please contact your local securities regulator.
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