The update directly regulates trading fees and execution rules for securities listed on Canadian exchanges, which is core to equity market infrastructure and brokerage operations.
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 fee caps for securities exchanges, which directly regulates the fees that marketplaces can charge for executing trades.
Mandatory inheritance: Conduct of Business requires the Governance parent tag, as the fee cap amendments represent rules governing how firms conduct their business operations.
2026-04-23 19:50:11·ataylor@vixio.com
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TITLE: Canadian Securities Administrators Adopt Final Amendments to Trading Fee Caps for Marketplaces
BODY:
On April 23, 2026, the Canadian Securities Administrators (CSA) 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 Canadian Dollar (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. The regulator considered all comments received and published a summary of comments and responses in Annex E of the notice. Comment letters are available on the Ontario Securities Commission (OSC) and Autorité des marchés financiers (AMF) websites.
In a related initiative, the Canadian Investment Regulatory Organization (CIRCO) 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 CSA will monitor the impact of the fee cap change over time and assess whether further changes are required. Any future changes will be subject to public consultation.
The final amendments will come into force on November 2, 2026, provided all necessary ministerial approvals are obtained.
News Release | BCSC About Find more about Media Room News Release CSA announces adoption of final amendments to trading fee caps charged by marketplaces Date: 2026-04-23 Number: 2026/026 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 media@acvm-csa.ca Ontario Securities Commission Debra Chan media_inquiries@osc.gov.on.ca For investor inquiries, please contact your local securities regulator .