TSX Alpha Exchange Fee Schedule
Effective April 1, 2024
- Alpha1 Membership Fees2
Initial Application Fee: $3,000 Monthly Membership Fee: $1,250 - Alpha Trading Fees3
Cross Printing Facility: Free
Unintentional crosses are billed according to fees for Post-Open Continuous trades, except where otherwise specifiedOdd Lot Fill: Free Alpha Odd Lot Dealer Trading Fees on Symbols of Responsibility:
(Schedule 1 to the Odd Lot Dealer Agreement)All trading by Odd Lot Dealers is charged at the regular rates applicable to trading by all Alpha Members. TSX Alpha Exchange
Continuous Trades:4
Where trade price per share is:
ETF unintentional cross rates – For ETFs only, per-share liquidity providing fees for unintentional crosses is reduced to $0.0001. Any discounts to liquidity providing fees from the ALP Program for ETFs is not applied in the case of liquidity providing fees for unintentional crosses on ETFs. For ETFs where the trade price under $1, there is no charge for unintentional crosses.<$1.00 ≥$1.00
ETFs≥$1.00
Non-ETFsRemoving liquidity - Retail5 ($0.0007) Free ($0.0024) Removing liquidity - All other ($0.0007) Free ($0.0021) Providing liquidity - Post Only $0.0011 $0.0006 $0.0029 Providing liquidity - Non-Post Only $0.0011 $0.0004 $0.0027 Liquidity Provision (ALP) Program
TSX Alpha Exchange offers two separate ALP programs – one applicable to ETFs and the other applicable to non-ETFs. Under either program, an Alpha Member is eligible to receive reductions in TSX Alpha Exchange trading fees for liquidity provided under its or its clients' Trader IDs where the combined passive traded volume on TSX Alpha Exchange for the IDs for the month exceeds the specified % of total Canadian continuous traded volume (TCCV) for the month, according to the
following schedule:(Tiers 1 - 4) Tier 1 Tier 2 Tier 3 Tier 4 % TCCV Target for ETFs 0.25% 0.50% 0.75% 1.00% % TCCV Target for Non-ETFs 0.25% 0.50% 0.75% 1.00% Per share reduction in liquidity providing fees for applicable security class $0.000025 $0.00005 $0.000075 $0.0001 (Tiers 5 - 8) Tier 5 Tier 6 Tier 7 Tier 8 % TCCV Target for ETFs 1.50% 2.25% 3.00% 3.75% % TCCV Target for Non-ETFs 1.50% 2.25% 3.00% 3.75% Per share reduction in liquidity providing fees for applicable security class $0.000125 $0.00015 $0.000175 $0.0002 Notes:
- Measurement against TCCV targets and the application of rate reductions is done at the ‘ALP ID Group' level.
- Each ALP ID Group must be pre-approved by Alpha and may be comprised of one or more Trader IDs. An Alpha Member may request approval for participation by its own or its client Trader IDs by submitting the required form. The form is available upon request.
- Approval for an ALP ID Group is subject to conformance of the ALP ID Group with the following general conditions:
- An Alpha Member may request the grouping of Trader IDs, with the exception of Trader IDs associated with a routing arrangement (RA) or a direct electronic access (DEA) arrangement with a non-registrant client.
- Trader IDs associated with RAs or DEA arrangements referred to in (a) may be grouped together to comprise a single ALP ID Group for an RA or DEA client where that RA or DEA client determines the posting destination for nonmarketable orders sent through the respective Trader IDs, or otherwise where the Trader IDs are associated with the
same underlying client.
- Approval of an ALP ID Group automatically entitles the ALP ID Group to participate in each of the two ALP programs.
- The applicable reduction rate is applied against all of the passive board lot volume in the applicable security class by the ALP ID Group for the month. For example, an ALP ID Group with passive board lot volume in ETFs that exceeds a stated TCCV percentage target receives the applicable reduction rate for all of its passive board lot volume in ETFs for the month (except where otherwise noted for unintentional crosses involving ETFs).
- Only the ALP ID Group's passive traded board lot volume in the applicable security class on TSX Alpha Exchange is used for calculating its % TCCV. Volume traded on Alpha-X and Alpha DRK is not included in the calculation.
- The TCCV is calculated by Alpha and is determined based on combined Canadian continuous passive board lot trading volume in the applicable security class, excluding intentional crosses and opening and closing auctions, during standard continuous trading hours of 9:30 a.m. - 4:00 p.m. The following also applies:
- TCCV for ETFs is determined based on TSX-listed ETFs.
- TCCV for non-ETFs is determined based on TSX-listed and TSXV-listed securities other than ETFs, notes and debentures.
Alpha-X
Alpha-X Continuous Trades:4
Where trade price per share is:
<$1.00 ≥$1.00
ETFs≥$1.00
Non-ETFsRemoving liquidity $0.0004 $0.0012 $0.0012 Providing liquidity - Smart Limit $0 $0 $0 Providing liquidity - All Other ($0.0002) ($0.0006) ($0.0006) Alpha DRK
Alpha DRK Continuous Trades:4
Where trade price per share is:
<$1.00 ≥$1.00
ETFs≥$1.00
Non-ETFsRemoving liquidity $0.0001 $0.0004 $0.0004 Providing liquidity - Smart Peg $0.0002 $0.0010 $0.0010 Providing liquidity - All Other $0.0001 $0.0004 $0.0004 1 "Alpha" refers to Alpha Exchange as a whole, comprised of TSX Alpha Exchange, Alpha-X and Alpha DRK order books.
2 Initial application fees for new members and monthly membership fees are subject to GST/HST.
3 Other than as otherwise noted, Alpha Trading Fees are GST/HST exempt.
4 Rates are based on share volume executed, including for executions resulting from matches through Self Trade Management. A firmwide net credit for Post-Open Continuous trades is first applied to offset the firm's other trading charges. Any remaining net credit is paid out to the firm.
5 Rates applicable to ‘Retail' apply to any Trader ID identified by the Member as an ID through which orders originating from a ‘Retail Customer' (as defined by IIROC) are sent, but do not apply to any such ID that is for a ‘DEA client' (as defined in National Instrument 23103) unless the ‘DEA client' is a broker / dealer located in a non-Canadian jurisdiction that is acting as an "agent" for retail client order flow.
- Common Technology and Other Fees
(Monthly Charges, except as otherwise stated)6,7
Technology Fees
Product Applicable to Each of TSX, TSXV, Alpha 1 Gb Connectivity (Demarcation)8 No Charge 10 Gb Connectivity (Demarcation)7 $1,500 for first primary connection
$1,000 for additional primary connection
$1,000 for disaster recovery connectionNew FIX certification $3,000 (one-time) Session Bundle $250 / month / session bundle
Monthly fee cap at maximum $10,000 per firm
Each firm receives its first two session bundles at no chargeTesting Fees
Product Applicable to Each of TSX, TSXV, Alpha General Test Environment (GTE) only $2,000 Base amount for weekend tests $2,500 per test Broadcast Feed Fees
Product - Broadcast Feeds7,9 TSX TSXV TSX Alpha Exchange Alpha-X and Alpha DRK Participating Organization / Member – Internal Use License Fees10 Direct – public and own private content $3,000 $2,000 $2,000 No Charge Direct – own private content only $600 $400 $400 No Charge Indirect – own private content only $400 $250 $250 No Charge Vendor – External Use License Fee11 Public and private content $5,500 $4,000 $4,000 No Charge Private content only $1,500 $1,000 $1,000 No Charge Fee per decryption key / decrypted feed received (by key / for each Participating Organization / Member represented in decrypted private content) $150 $100 $100 No Charge 6 Technology, testing and broadcast feed fees are subject to GST/HST
7 'Common Technology and Other Fees' apply with respect to access to the common TMX equities marketplace network infrastructure whether accessing one or all of the TMX equities marketplaces. The ‘General Test Environment (GTE) only' fees similarly provide for access to the test environment for all TMX equities marketplaces.
8 Vendor and participating organization / member are responsible for carrier communication costs.
9 All uses of broadcast feeds must be approved by TSX / TSXV / Alpha in accordance with the terms of the applicable agreement(s). Additional fees may apply under the TMX Datalinx Rates and Alpha fee schedules, asapplicable.
10 Broadcast feed fees applicable to Participating Organizations / Members generally apply where the Participating Organization / Member is directly receiving a broadcast feed for internal use or where directly or indirectly receiving feed containing Participating Organization's / Member's own private content for internal use, as applicable. A Participating Organization / Member in receipt of a decryption key / feeds of decrypted private content pertaining to another Participating Organization / Member is considered a Vendor for the purposes of the fee schedule.
11 Broadcast feed fees applicable to vendors generally apply where directly receiving a broadcast feed for redistribution and/or where in receipt of a decryption key pertaining to the private content of a third party or in receipt of a feed containing the decrypted private content of a third party.