The update directly regulates the trading and settlement of securities listed on Canadian exchanges, including fee caps for executing equity orders, which is core to the Equities category's Strong Yes criteria.
Mandatory inheritance: Equities as the primary tag requires Investment Services as the secondary tag, reflecting the asset-management and trading infrastructure dimension of securities market regulation.
Specialism
The update establishes maximum trading fee caps for marketplace execution, which directly regulates the fees charged by trading venues and affects market conduct standards.
Mandatory inheritance: Market Abuse/Market Conduct is a child of Supervision, so Supervision must be raised as the secondary tag.
Keywords
Canadian Securities Administrators, CSA, amendments, trading fee caps
2026-04-23 19:50:39·ataylor@vixio.com
Meta Id
3092336
Content ID
3100818
GUID
00853cd909c3fb1755a14f1f92b67bbf
Pipeline Progress
🔄 Pipeline Journey
⏱
28s
total
✓
Queued19:50:11
+21s
✓
Metadata19:50:32
+0s
✓
S3 Content19:50:32
+0s
✓
Extracted19:50:32
+3s
✓
LLM Gen19:50:35
+4s
✓
Stored19:50:39
TITLE: Canadian Securities Administrators Adopts 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 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 the change, all securities priced at CAD $1.00 or more will have an active trading fee cap of CAD $0.0017. The CSA received ten responses to the request for comment published on January 23, 2025, and has considered all comments received. A summary of the comments and the CSA's responses are contained in Annex E of the notice, with copies of comment letters available on the Ontario Securities Commission and Autorité des marchés financiers websites.
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. 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.
REFERENCES:
Canadian Securities Administrators. "CSA announces adoption of final amendments to trading fee caps charged by marketplaces." April 23, 2026. https://www.securities-administrators.ca
CSA announces adoption of final amendments to trading fee caps charged by marketplaces | AMF Go to menu Go to main content Published: April 23, 2026 CSA 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 This link will open in a new window 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 This link will open in a new window and www.lautorite.qc.ca This link will open in a new window . 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: Ilana Kelemen Canadian Securities Administrators [email protected] Debra Chan Ontario Securities Commission [email protected] For investor inquiries, please contact your local securities regulator This link will open in a new window . Additional news May 29, 2025 CSA extends comment period on proposed amendments to trading fee caps charged by marketplaces January 23, 2025 CSA publishes notice and request for comment on proposed amendments to trading fee caps charged by marketplaces Share Share the page by e-mail, This link will open in a new window Share the page on LinkedIn, This link will open in a new window Share the page on Facebook, This link will open in a new window Share the page on X, This link will open in a new window