Canadian securities regulators have set out the legal measures that will keep a scheduled trading-fee reduction from taking effect on 2 November for eligible US interlisted securities. The 1 October notice implementing Coordinated Blanket Order 23-930 turns an earlier policy delay into jurisdiction-specific arrangements for marketplaces and their broker customers.[1]
The retained ceiling is CAD0.0030 per share or ETF unit, rather than the planned CAD0.0017. The relief concerns securities listed on a recognised Canadian exchange and a US national securities exchange, trading at CAD1 or more, where an incoming order executes against a displayed order. It is a ceiling on that marketplace execution charge, not a prescribed commission for a retail brokerage account.[2]
The implementation step follows a June decision
The CSA adopted its fee amendments in April, with implementation initially expected in November. Regulators had sought closer alignment with the United States and a common cap for securities priced at CAD1 or more.[4]
On 22 June, the CSA and CIRO had already announced that relevant fee and tick-size changes would be delayed following US relief extending implementation to 1 November 2027. The October instruments implement the fee-cap portion. CIRO’s tick-size changes are a parallel measure, not a rule amendment made by this blanket order.[3]
How the Canadian implementation differs by jurisdiction
| Jurisdiction | Mechanism and duration |
|---|---|
| Alberta | Relief takes effect 2 November 2026 and ends when the SEC’s temporary relief, including any extension, expires.Source 2 |
| Ontario | Blanket-order relief expires 1 May 2028 unless extended or revoked.Source 1 |
| Nova Scotia and Prince Edward Island | Local blanket orders provide the exemption.Source 1 |
| Other participating jurisdictions | The relevant amendments will not be brought into force on 2 November 2026.Source 1 |
The cost difference is a ceiling illustration
For a hypothetical one million eligible shares executed at the maximum rate, the retained cap permits CAD3,000 in charges against CAD1,700 under the scheduled lower ceiling: a CAD1,300 difference. This calculation applies the two regulatory rates to identical volume. It is not an observed invoice or a forecast of savings; actual venue rates, rebates and brokerage charges determine the amount ultimately paid.[2][4]
For an execution desk, the immediate budgeting consequence is that a reduction attributed solely to the regulatory change cannot be assumed for November. The relevant comparison still requires the security, execution price, order’s interaction with displayed liquidity and the venue’s applicable tariff. A broker’s customer pricing may also incorporate services and charges outside the marketplace fee being capped.
The longer-term timetable remains linked to US implementation, with local legal expiry dates requiring separate attention. The Canadian notice contemplates alignment with a 1 November 2027 US start, but an extension or further rule change could alter that sequence.[1]
The distinction matters for systems planning: the commercial assumption may be shared across markets, while the legal mechanism and expiry trigger are local. Firms updating rate tables need to follow the operative domestic instrument as well as the cross-border policy announcement.
Sources & further reading
- CSA Notice regarding Coordinated Blanket Order 23-930: temporary exemption from the trading fee cap Canadian Securities Administrators · 1 Oct 2026 · Accessed 21 Oct 2026
- Coordinated Blanket Order 23-930: temporary exemption from the trading fee cap Alberta Securities Commission · 1 Oct 2026 · Accessed 21 Oct 2026
- CSA and CIRO to delay implementation of final amendments to access fee and tick size rules Canadian Securities Administrators and Canadian Investment Regulatory Organization · 22 Jun 2026 · Accessed 21 Oct 2026
- CSA announces adoption of final amendments to trading fee caps charged by marketplaces Canadian Securities Administrators · 23 Apr 2026 · Accessed 21 Oct 2026