The Canadian Securities Administrators (CSA) published a rule change that will lower the maximum active trading fee to C$0.0017 ($0.0012) per share for securities orders priced at C$1 ($0.73) or more that are listed on both US and Canadian exchanges.
The fee cap represents the highest amount a trading venue can charge for an order that removes liquidity by trading against an already posted order.
Previously, the Canadian cap for those securities was C$0.0030 ($0.0022) per share. The change will come into effect on November 2, 2026, and follows similar efforts undertaken by the SEC in 2024 for US markets.
In December 2025, industry self-regulator the Canadian Investment Regulatory Organization (CIRO) published a related rule that would allow it to change Canadian tick sizes of certain securities listed on both US and Canadian exchanges, so they better match the US tick sizes under Regulation NMS Rule 612. That change is expected to go live on the same date as the fee changes.
The CSA had originally proposed an even lower cap of C$0.0010 ($0.00073) per share, matching the SEC’s $0.0010 cap without adjusting for foreign exchange.
However, some commenters warned that this low fee could make it harder for Canadian marketplaces to compete for orders by offering rebates to liquidity providers, which are in part funded by the fees. The same issue was previously noted by the SEC in its own fee change discussions.
Previous SEC action
The SEC planned to implement its own tick size and fee cap changes under Reg NMS in 2025, but the process was stalled amid litigation and is now set for November 2, 2026 – the same implementation date as the Canadian changes.
The SEC’s original plans involved adding a new $0.005 minimum tick size for certain stocks priced at $1 or more and reducing access fee caps for protected quotations in stocks priced at $1 or more to $0.001 per share.