The Canadian Securities Administrators (CSA) adopted final amendments to its trading rules that reduce the maximum fee for executing an order in U.S. inter-listed securities priced at CAD 1.00 or more. As a result, all securities priced at CAD 1.00 or more will be subject to an active trading fee cap of CAD 0.0017. The changes amend National Instrument 23-101 Trading Rules and its Companion Policy and apply to securities listed on both a Canadian recognized exchange and a U.S. registered national securities exchange. In a related initiative, the Canadian Investment Regulatory Organization published a bulletin on amendments respecting trading increments to align Canadian trading increments for certain U.S. inter-listed securities with the equivalent minimum pricing increment in the United States; the CSA also reported receiving 10 comment submissions on its January 23, 2025 request for comment. The amendments are scheduled to come into force on November 2, 2026, subject to required ministerial approvals. The CSA plans to monitor the impact of the revised fee cap, with any further changes to be proposed through public consultation.
Alberta Securities Commission 2026-04-23
Canadian Securities Administrators lower active trading fee cap for U.S. inter-listed securities to CAD 0.0017
The Canadian Securities Administrators adopted amendments to National Instrument 23-101 Trading Rules to reduce the maximum active trading fee for executing orders in U.S. inter-listed securities priced at CAD 1.00 or more to CAD 0.0017, extending this cap to all such securities. The changes apply to securities listed on both a Canadian recognized exchange and a U.S. registered national securities exchange, and are accompanied by Canadian Investment Regulatory Organization amendments to align Canadian trading increments for certain U.S. inter-listed securities with U.S. minimum pricing increments.