The Canadian Securities Administrators (CSA) adopted final amendments to its trading rules and related guidance that lower the maximum fee for executing an order in U.S. Inter-listed Securities priced at CAD 1.00 or more, setting a uniform active trading fee cap of CAD 0.0017 for all securities at or above that price level.

The revised cap applies to securities listed on both a Canadian recognized exchange and a U.S. registered national securities exchange. The CSA will monitor the impact of the change over time and assess whether further adjustments to the fee cap are needed, with any additional changes to be subject to public consultation. In a related initiative, the Canadian Investment Regulatory Organization published amendments on trading increments to align Canadian minimum pricing increments for certain U.S. Inter-listed Securities with the equivalent U.S. increment. The CSA also reported receiving 10 responses to its January 23, 2025 request for comment and published a summary of comments and responses in an annex.

The amendments are set to come into force on November 2, 2026, subject to obtaining the necessary ministerial approvals.

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