Re: Small trades
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Welcome to the Crystallex HUB on AGORACOM
Crystallex International Corporation is a Canadian-based gold company with a successful record of developing and operating gold mines in Venezuela and elsewhere in South America
Message: Small trades
No probs. Big B, note big players, Participating Organizations and Members pays a much smaller fee per trade than you and I since they pay upfront fees and trades tons, here is an eaxmple from TSX fee structure
TSX Markets Fee Schedule
One Time Set-Up Fees for New Participating Organizations and Members
|
Application Fee: |
$5,000 plus GST |
| Registration Fee (trading applicant): | $60,000 plus GST |
| $45,000 plus GST of the registration fee will be applied as a credit towards the first year’s trading fees. |
|
| Registration Fee (non-trading applicant): | $15,000 plus GST |
| $45,000 plus GST will be applied as a trading registration upgrade fee with the trading activation of a PO number $45,000 plus GST of the registration fee will be applied as a credit towards the first year's trading fees |
|
Application Fee: |
$1,000 plus GST |
| Registration Fee (trading applicant): | $30,000 plus GST |
| $22,500 plus GST of the registration fee will be applied as a credit towards the first year’s trading fees. |
|
| Registration Fee (non-trading applicant): | $7,500 plus GST |
| $22,500 plus GST will be applied as a trading registration upgrade fee with the trading activation of a PO number. $22,500 plus GST of the registration fee will be applied as a credit towards the first year's trading fees. |
Trading Fees (volume-based, except as otherwise stated)
|
Basic Fee: |
$1,500 per month per participating organization |
|
Opening Trades: |
$0.003 / share / side up to a maximum of $30.00 per side |
| Must Be Filled (MBF): | $0.003 / share / side up to a maximum of $90.00 per side |
|
Market on Close (MOC): |
$0.003 / share / side up to a maximum of $30.00 per side |
|
Extended Trading: |
$0.001 / share / side |
|
Market Makers: Applies to symbols of responsibility |
|
| High Priced Equities |
Charge $0.0033 per active share Credit $0.0033 per passive share |
| Low Priced Equities | Charge $0.0003 per active share Credit $0.0003 per passive share Fees waived for Opening trades MOC and Extended Trading billed at the normal rate for each product Net Market Maker credits will be applied to offset the firm’s other trading charges and any residual credit will be rebated back to the firm Net Market Maker charges under the active/passive schedule will be capped at $0.00 per trader ETF Market Makers will be credited an additional $0.001 per passive share to help offset trading fees incurred from active ETF hedging activities |
|
Minimum Guaranteed Fill (MGF) Cancellations: |
$100 per cancellation Attributed to the participant responsible for causing an MGF trade to be cancelled |
| MGF and Odd Lot Fill: | $0.0039 per share for High Priced Equities $0.0010 per share for Low Priced Equities Applies to trades executed against the Market Maker guaranteed fill service |
| Special Settlement Terms: | $0.001 / share / side up to a maximum of $100.00 per side |
| The following TSX security categories are excluded from the calculation of post-open continuous market fees and cross printing fees, and are billed as follows: |
|
| Rights/Warrants: | Active side - charged 1/40th of 1% of the value traded up to a maximum of $50 / trade, minimum charge $0.50 / trade Passive side - no charge Intentional crosses and opening trades - charged 1/80th of 1% of the value / side up to a maximum of $50 / trade |
| Notes/Debentures: | $0.10 per $1000 par value / side |
| Exchangeables: | Each trade (including intentional crosses) charged a flat fee of $2.00 / side |
| Basic Fee: | $750 per month per member |
| Opening Trades: | $0.0012 / share / side up to a maximum of $60.00 per side |
Low Priced Equity Fee Schedule:
Post-Open Continuous Market Trades for all TSX/TSXV equities where the trade price per-share is under $1:
Monthly active volume: X  62.5MM shares 2 |
$0.0008 |
| Monthly active volume: 62.5MM < X 125MM shares |
$0.0007 |
| Monthly active volume: X > 125MM shares | $0.0006 |
1 Applies to active shares only.
2 Volume thresholds are based on volume activity billed as post-open continuous market trades.
| Monthly passive volume: X 62.5MM shares 4 |
$0.0001 |
| Monthly passive volume: 62.5MM < X 125MM shares |
$0.0002 |
| Monthly passive volume: X > 125MM shares | $0.0003 |
3 Applies to passive shares only.
4 Volume thresholds are based on volume activity billed as post-open continuous market trades.
High Priced Equity Fee Schedule:
Post-Open Continuous Market Trades for all TSX/TSXV equities where the trade price per-share is $1 or over:
| Monthly active volume: X 125MM shares 6 |
$0.0037 |
| Monthly active volume: 125MM < X 250MM shares |
$0.0035 |
| Monthly active volume: X > 250MM shares | $0.0033 |
5 Applies to active shares only.
6 Volume thresholds are based on volume activity billed as post-open continuous market trades.
| Monthly passive volume: X 125MM shares 8 |
$0.0029 |
| Monthly passive volume: 125MM < X 250MM shares |
$0.0030 |
| Monthly passive volume: X > 250MM shares | $0.0031 |
7 Applies to passive shares only.
8 Volume thresholds are based on volume activity billed as post-open continuous market trades.
- Orders marked Jitney are not volume activity billed as post-open continuous market trades, and are billed at the base rate.
- Where liquidity is provided by the undisclosed portion of an iceberg during the post-open continuous market the credit is capped at a credit of $0.0002 per share for equities where the trade price per-share is $1 or over, or capped at $0.000 for equities where the trade price per-share is under $1, for such undisclosed volume.
- Undisclosed iceberg volume and Jitney volume are not included in the determination of the volume thresholds for post-open continuous market trades.
- Any net post-open continuous market credit will be applied to offset the firm’s other trading charges.
| Cross Printing Facility: |
FREE Unintentional crosses are billed according to post-open continuous market fees |
| Specialty Crosses: |
FREE Basis, VWAP, Contingent, Special Trading Session, Internal crosses |
| Trades: | $0.0005 / share / side $3.00 per side minimum / $50.00 per side maximum |
| TSX Venture Exchange Listing Incentive Program |
| For details on the TSX Venture Exchange Listing Incentive Program refer to Notice to Participating Organizations & Members #2008-011. |
| Toronto Stock Exchange’s Electronic Liquidity Provider (ELP) Program |
| Post-Open Continuous Market Trades for all TSX equities specified by TSX for pre-approved qualifying ELPs where the trade price per-share is $1 or over: |
| Average daily active volume: X 1.1MM shares 10 |
$0.0035 |
| Average daily active volume: 1.1MM < X 2.7 MM shares |
$0.0034 |
| Average daily active volume: X > 2.7MM | $0.0033 |
9 Applies to standard continuously traded active shares only.
10 Volume thresholds are based on volume activity generated by the ELP as standard post-open continuous market trades.
| Average daily passive volume: X 2MM shares 12 |
$0.0033 |
| Average daily passive volume: 2MM < X 5 MM shares |
$0.0034 |
| Average daily passive volume: X > 5 MM shares | $0.0035 |
11 Applies to standard continuously traded passive shares only.
12 Volume thresholds are based on volume activity generated by the ELP as standard post-open continuous market trades.
- Each individual ELP within a Participating Organization or its direct market access customer must be pre-qualified by TMX based on its proven experience in conducting high-frequency electronic trading. Once pre-qualified, each direct market access customer of a Participating Organization that undertakes proprietary trading or proprietary traders within a Participating Organization may be assigned a unique ELP-eligible Trade ID. The above ELP rates will apply individually to each pre-qualified ELP that has traded ELP-eligible securities at least 65% passively with a minimum daily average of 500,000 passive shares within 25 or more ELP-eligible equities in a month. Participation in the ELP program is subject to an ELP subscriber agreement.
| TMX ETF Options Market Maker Rebate |
| Designated ETF Options Market Makers on Bourse de Montreal trading in their symbol of responsibility can generate fee credits to offset equity trading fees on TSX. Each ETF options contract traded by its market maker generates 60 credits of $0.0035 each that are applied to offset underlying ETF trading fees on TSX. The credits generated will be included on the TSX Trading Invoice for the ETF options Market Maker's firm, or to a designated Participating Organization acting as the ETF option market maker's agent. |
Other Fees
| Connectivity (LANX) | No Charge13 |
||
| New STAMP / FIX certification | $3,000 |
||
| Session bundle set-up | $500 per bundle |
||
| Broadcast Feeds (TBF / CBF): | |||
| Participating Organization/Member13 | $9,000 per month | $6,000 per month | $12,500 per month |
| Vendor14 | $10,000 per month | $6,500 per month | $14,500 per month |
| Additional broadcast feeds | $600 per port per month | ||
| Base amount for weekend tests | $2,500 per test |
||
| GTE only | $2,000 per month |
13 Vendor and participating organization/member are responsible for carrier communications costs
14 For standard 2 port set-up, limit 2 connections per port
All fees are in Canadian dollars
Page Last Updated: January 30, 2009
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