Notice 2023-009 - Changes to CSE Market Access and Data Fees

Friday, October 27, 2023

The CSE received regulatory approval to implement market data fee changes that will take effect on January 1, 2024. The changes will affect CSE’s connectivity, market data access, and market data usage fees (New Fees). There will be no changes to End User Interactive Access fees.

The new CSE Market Data Fee Schedule is available here.

A comparison of the New Fees with the current fees is available here.

Summary

Over the past few years, the CSE experienced sustained growth in listings and trading participation. In 2023, the CSE reached a total of 833 listings, and last year the total number of new listings was greater than any equity exchange globally.^[1] As a percentage of the total volume of trading in Canadian listed securities, CSE Trading has risen from 2.7% in 2015 to 7.8% at the end of 2022, with a high of 13% in 2021.

The CSE has not changed its basic connectivity fees since inception over 20 years ago. As a result of our continuous growth, the increased value that CSE brings to the Canadian capital markets, and our ongoing commitment to support our issuers, marketplace participants and investors, we have completed a review of our overall fee structure, including Market Data and Connectivity fees. The New Fees that have received regulatory approval are described below.

Access Fee Changes

•  The current Gateway Access fee will be split into individual billable services so that we can provide our clients with additional optionality.
•  Data Feed Licensing will be explicitly separated from Data Feed Distribution.
•  Data Feed Licensing will be billed per location.
•  A FIX Session fee will be introduced, with each session billed as a bundled pair (CSE and CSE2).
•  A Weekend Testing fee will be introduced.
•  Fees for certain CSE services including Port, Multicast, and Data Feed Licensing will increase.

Usage Fee Changes

• A Non-Display Usage fee category will be introduced.
• A Real-Time Distribution fee (previously included in the Indirect Data Feed – External fee) will be introduced.
• A $500 monthly cap for Non-Professional CSE Listed L1 Real-Time Interactive Access fees will be introduced.

Agreement Updates

• All clients receiving CSE Market Data Feed(s) must have a valid agreement for the receipt of Market Data with an up-to-date Exhibit A describing their current data usage; an Exhibit A detailing the new usage categories is available here.
• To ensure uninterrupted service and correct billing when the New Fees take effect on January 1, 2024, please send an updated Exhibit A to [email protected] no later than November 30, 2023. 
• To prevent any charges for FIX Session bundles or Ports that are not in use, please contact [email protected] to request cancellations in a timely manner.

Please contact [email protected] with any questions or concerns you may have related to these changes — we are always available to assist you.

^{[1] In 2022, CSE listed 120 issuers, TSX listed 113, ASX listed 107, JPX listed 107, Nasdaq listed 85, LSEG listed 74, HKEX listed 69 and NYSE listed 20.}