CSA Final Amendments Lower Trading Fee Cap to CAD $0.0017
Summary
The Canadian Securities Administrators (CSA) adopted final amendments to National Instrument 23-101 Trading Rules and Companion Policy 23-101 Trading Rules on April 23, 2026, lowering the maximum active trading fee cap for securities priced at CAD $1.00 or more to CAD $0.0017. The amendments apply to all securities listed on both a Canadian recognized exchange and a U.S. registered national securities exchange (U.S. Inter-listed Securities). The CSA will monitor the impact of the change and assess whether further fee cap adjustments are required, with any future changes subject to public consultation. A related CIRO bulletin aligns Canadian trading increments for U.S. Inter-listed Securities with U.S. minimum pricing increments.
“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).”
Marketplaces and broker-dealers executing orders in U.S. Inter-listed Securities priced at CAD $1.00 or more should assess the impact of the reduced fee cap on their order-routing economics and any fee-sharing or rebate arrangements with Canadian exchanges ahead of the November 2, 2026 effective date.
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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, reducing the active trading fee cap from the prior level to CAD $0.0017 per share for securities priced at CAD $1.00 or more that are listed on both a Canadian recognized exchange and a U.S. registered national securities exchange. The amendments follow a request for comment published January 23, 2025, which generated 10 responses; the CSA considered all comments and published a summary of comments and responses in Annex E of the notice. The final amendments come into force on November 2, 2026, contingent on ministerial approval.
Canadian marketplaces and broker-dealers executing trades in U.S. Inter-listed Securities priced at CAD $1.00 or more should prepare for the reduced fee cap ahead of the November 2, 2026 effective date. Firms should review their order-routing and execution arrangements to account for the new fee ceiling and monitor CIRO's related bulletin on aligned trading increments for U.S. Inter-listed Securities.
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.
For Immediate Release
April 23, 2026
CSA announces adoption of final amendments to trading fee caps charged by marketplaces 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 media@acvm-csa.ca Ontario Securities Commission Debra Chan media_inquiries@osc.gov.on.ca
For investor inquiries, please contact your local securities regulator.
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