The update directly regulates trading fees and execution rules for securities listed on Canadian exchanges, which falls squarely within equity market infrastructure and trading regulation.
Mandatory inheritance: Equities as the primary tag requires Investment Services as the secondary tag, reflecting the asset-management and trading services dimension of securities market regulation.
Specialism
The update establishes maximum trading fees (CAD $0.0017) for securities on Canadian exchanges, which constitutes a regulatory cap on merchant surcharges in the securities trading context.
Mandatory inheritance: Surcharging is a child of Supervision, so Supervision must be raised as the secondary tag.
2026-04-23 18:13:40·ataylor@vixio.com
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TORONTO – The Canadian Securities Administrators (CSA) today announced the adoption of final amendments to National Instrument 23-101 Trading Rules and changes to Companion Policy 23-101 Trading Rules.
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TITLE: Ontario Securities Commission Adopts Final Amendments to Trading Fee Caps for Marketplaces
BODY:
On April 23, 2026, the Canadian Securities Administrators (CSA), the council of securities regulators across Canada's provinces and territories, announced the adoption of final amendments to National Instrument 23-101 Trading Rules and changes to Companion Policy 23-101 Trading Rules.
The amendments lower the maximum fee for executing orders involving trades in securities priced at CAD $1.00 or more that are listed on both a Canadian recognized exchange and a U.S. registered national securities exchange (U.S. Inter-listed Securities). 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 received 10 responses to the request for comment published on January 23, 2025, and considered all feedback received before finalizing the amendments. The CSA intends to monitor the impact of the fee cap change over time and will assess whether further adjustments are required. Any future changes will be subject to public consultation.
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 for these securities in the U.S.
The final amendments will come into force on November 2, 2026, provided all necessary ministerial approvals are obtained. A summary of comments received and responses are contained in Annex E of the notice, with copies of comment letters available at www.osc.ca and www.lautorite.qc.ca.
CSA announces adoption of final amendments to trading fee caps charged by marketplaces | OSC Skip to content Search CSA announces adoption of final amendments to trading fee caps charged by marketplaces CSA April 23, 2026 For Immediate Release TORONTO – The Canadian Securities Administrators (CSA) today announced the adoption of final amendments to National Instrument 23-101 Trading Rules and changes to Companion Policy 23-101 Trading Rules . 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 (U.S. Inter-listed Securities). 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. In a related initiative, the Canadian Investment Regulatory Organization published a Bulletin Amendments Respecting Trading Increments to align Canadian trading increments for certain U.S. Inter-listed Securities with the equivalent minimum pricing increment for these securities in the U.S. The final amendments will come into force on November 2, 2026, provided all necessary ministerial approvals are obtained. We received 10 responses to the request for comment published January 23, 2025. We have considered the comments received and thank all the commenters for their input. A list of those who submitted comments, a summary of the comments and our responses are contained in Annex E of the notice. Copies of the comment letters are available at www.osc.ca and www.lautorite.qc.ca . The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets. For media inquiries, please contact: Canadian Securities Administrators Ilana Kelemen [email protected] Ontario Securities Commission Debra Chan [email protected] For investor inquiries: For investor inquiries, please contact your local securities regulator . Français