Provided all necessary ministerial approvals are obtained, the Canadian Securities Administrators (CSA) advises that final amendments to National Instrument 23-101 Trading Rules and changes to Companion Policy 23-101 Trading Rules (the Final Amendments), will come into force on November 2, 2026.
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. 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. The regulator received 10 responses to the request for comment published January 23, 2025.
National Instrument 23-101 Trading Rules and changes to Companion Policy 23-101 Trading Rules is available for download from the websites of the participating jurisdictions.
For more information, please call Barbara Hendrickson at BAX Securities Law (647) 403-4606.
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