Trading Fees

Nasdaq CXC

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Canadian Equities | Pricing

CXC TRADING BOOK

Trading Fees

Interlisted* securities $1.00 or over
Liquidity removing fee $0.0026
Liquidity providing rebate $0.0022
Qualifying NBBO Incentive rebate(1) +0.0001
Qualifying Liquidity Adding Incentive rebate(2) +0.0001
Hidden liquidity removing fee $0.0026
Hidden liquidity providing rebate (Full rebate paid on Iceberg and X-berg orders) $0.0015
*TSX, TSX-V and CSE listed securities
Non-Interlisted securities $1.00 or over
Liquidity removing fee $0.0014
Liquidity providing rebate $0.0010
Qualifying NBBO Incentive rebate(1) +0.0001
Qualifying Liquidity Adding Incentive rebate(2) +0.0001
Hidden liquidity removing fee $0.0014
Hidden liquidity providing rebate (Full rebate paid on Iceberg and X-berg orders) $0.0005
*TSX, TSX-V and CSE listed securities
Exchange Traded Funds
Liquidity removing fee $0.0017
Liquidity providing rebate $0.0013
Qualifying NBBO Incentive rebate(1) +0.0001
Qualifying Liquidity Adding Incentive rebate(2) +0.0001
Hidden liquidity removing fee $0.0017
Hidden liquidity providing rebate (Full rebate paid on Iceberg and X-berg orders) $0.0005
Securities* below $1.00
Liquidity removing fee Free
Liquidity providing fee $0.0001
Qualifying NBBO Incentive rebate(1) +0.0001
Qualifying Liquidity Adding Incentive rebate(2) +0.0001
Hidden Liquidity removing fee Free
Hidden Liquidity providing fee $0.0001
Hidden Liquidity providing fee $0.0001
CXC Trading Incentive Program
(1) The NBBO Incentive will be applied to all NBBO Setting Trades (passive lit orders which improve the NBBO) from a Trader ID Group (All Trader IDs of a DEA Client or Nasdaq Canada Member (not including DEA Clients)) that contributes at least 20% of the total volume of all NBBO Setting Trades on CXC for all listed securities available to trade on CXC on a monthly basis.
(2) The Liquidity Adding Incentive will be applied on a monthly basis to all Eligible Trades (passive lit orders on a TSX or TSX-V listed security that result in a trade) from a Trader ID Group (All Trader IDs of a DEA Client or Nasdaq Canada Member (not including DEA Clients)) if the total volume of all Eligible Trades for that Trading ID Group meets a minimum percentage of total consolidated volume (TCV) per listing exchange. For TSX listed securities, the total volume of Eligible Trades for a Trader ID Group must meet at least 2.00% of TSX listed TCV. For TSX-V listed securities the total volume of Eligible Trades for a Trader ID Group must meet at least 0.50% of TSX-V listed TCV.
If a Trader ID Group qualifies for either the NBBO Incentive or the Liquidity Adding Incentive or both the NBBO Incentive or the Liquidity Adding Incentive, the liquidity providing fee will be zero for securities priced below one dollar.
For clarity, the trading activity of DEA Clients will be aggregated, where applicable, across the DEA Client’s Trader IDs associated with different Members.

Crosses

Intentional Cross Credit $0.00005 per share
* The list of interlisted securities for the purposes of the Nasdaq CXC fee schedule is the same as that used by the primary market.
Nasdaq CXC will credit to a maximum of $200 per cross. Credits will be paid on the first 400 million shares of intentional crosses each calendar month

Notes & Debentures *

Liquidity removing fee (per $1000 par value) $0.10
Liquidity provider rebate (per $1000 par value) $0.09
Hidden Liquidity removing fee $0.10
Hidden Liquidity providing fee $0.09
*TSX, TSX-V and CSE listed

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