All CSE Dealers are members in good standing of the Investment Industry Regulatory Organization of Canada (IIROC). These firms range from fully-integrated investment dealers to medium and smaller sized dealers with specialties in retail and institutional brokerage, corporate finance, registered professional trading and market making. Many firms are acting as market markers for securities listed on the Canadian Securities Exchange.

For more information about becoming a CSE Dealer and to receive an application, please email [email protected] or call 416-367-7347.

Market Model

The Canadian Securities Exchange offers a continuous auction market for issues listed on the CSE and for all issues listed on other Canadian stock exchanges. Orders are ranked by price/broker/time, and are matched in a high performance/low latency trading system.  In addition, the CSE is continuing to add services for dealers, including routing and risk management, designed to assist them in meeting their client and regulatory obligations.

Requirements

Each CSE Dealer firm must meet the following minimum requirements in order to obtain access to the trading facilities of the CSE:

• A member in good standing of IIROC
• Registered with a Canadian securities commission
• Sign the CSE Dealer Application & Agreement to comply with CSE's Trading Rules
• Complete the  CSE Dealer Application Form

Application Process

Dealers will be approved once the completed application and payment have been received and reviewed. The CSE is committed to providing service excellence and will process applications expeditiously.

Access & Trader Workstations

Dealers may use their existing order entry systems (IRESS, ITS Online, Fidessa, etc.) to access the CSE. Once approved, dealers should contact their vendor to request connectivity to the order entry gateways in the FIX protocol. Dealers will use the same trading number identification currently assigned to them by other Canadian exchanges.

Clearing & Settlement

The CSE is connected to the Canadian Depository for Securities (CDS) and to CSE Dealers. The trading system will assign a ticket number to each trade. CSE downloads a daily trade activity report to CDS which is then responsible for clearing and settling the trades through its Continuous Net Settlement System.

Fees

Each CSE Dealer must pay a one-time application fee of $2,500 plus GST/HST and a monthly participation fee of $500 for access to the CSE with their completed application.

Real-time Data

Access to real-time market data may be obtained either through an authorized CSE market data vendor or by processing feeds from the CSE directly. Please see How to Access Market Data.