CSA Lowers Trading Fee Cap to CAD $0.0017 for Inter-Listed Securities
Summary
The Canadian Securities Administrators (CSA) adopted final amendments to National Instrument 23-101 Trading Rules, lowering the maximum fee for executing orders involving securities priced at CAD $1.00 or more that are inter-listed on both a Canadian recognized exchange and a U.S. registered national securities exchange. All such securities will have an active trading fee cap of CAD $0.0017, a reduction from prior levels. The CSA will monitor the impact of the change over time and any further changes will be 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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What changed
The CSA adopted final amendments to National Instrument 23-101 Trading Rules and Companion Policy 23-101 Trading Rules, specifically reducing the maximum execution fee cap for securities priced at CAD $1.00 or more that are inter-listed on Canadian and U.S. exchanges to CAD $0.0017. The amendments follow a consultation that received 10 responses from stakeholders. CIRO published a related bulletin on trading increments to align Canadian pricing increments with U.S. minimum pricing increments for U.S. Inter-listed Securities.
Marketplaces charging trading fees to participants for inter-listed securities should prepare systems updates to reflect the new CAD $0.0017 cap before November 2, 2026. The CSA has indicated it will assess whether further fee cap changes are required following implementation, with any such changes subject to public consultation.
Archived snapshot
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.
Published: April 23, 2026 CSA 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
This link will open in a new window 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
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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:
Ilana Kelemen
Canadian Securities Administrators
[email protected]
Debra Chan
Ontario Securities Commission
[email protected]
For investor inquiries, please contact your local securities regulator
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Additional news
- May 29, 2025 CSA extends comment period on proposed amendments to trading fee caps charged by marketplaces
- January 23, 2025 CSA publishes notice and request for comment on proposed amendments to trading fee caps charged by marketplaces
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