Aequitas NEO Exchange Inc. Membership and Trading Fee Schedule

Transcription

1 Aequitas NEO Exchange Inc. Membership and Trading Fee Schedule as of June 1, 2015 A E Q U I T A S N E O E X C H A N G E 1

2 TABLE OF CONTENTS 1 DOCUMENT VERSION HISTORY INTRODUCTION... 4 SCOPE MEMBERSHIP FEES TRADING FEES... 6 TRADING IN THE LIT BOOK Opening Call - Aequitas NEO Exchange Listed Securities Continuous Trading Session All Traded Securities... 6 TRADING IN THE NEO BOOK TM Continuous Trading Session - All Traded Securities... 7 PRINTING TRADES IN THE CROSSING FACILITY... 7 A E Q U I T A S N E O E X C H A N G E 2

3 1 Document Version History Date Comments / Revision Type 2015/02/17 Initial version for Aequitas NEO Exchange launch Adjustments to Lit Book and NEO Book TM trading fees effective A E Q U I T A S N E O E X C H A N G E 3

4 2 Introduction All fees in this document are in Canadian dollars and are based on total number of shares traded per month, unless otherwise specified. Capitalized words and phrases used but not defined in this document have the respective meanings given to them in the Aequitas NEO Exchange Member Agreement and Aequitas NEO Exchange Trading Policies. All fees in this document are governed by the Aequitas NEO Exchange Member Agreement. Scope This document provides information about all fees applicable to trading on Aequitas NEO Exchange. The fees in this document apply to all Members and do not include connectivity fees (governed by the Aequitas NEO Exchange Connectivity Services Agreement) or market data fees (governed by the Aequitas NEO Exchange Data Agreement), which may or may not apply depending on the specific Member s setup. A E Q U I T A S N E O E X C H A N G E 4

5 3 Membership Fees All Members are subject to membership fees outlined in the table below. At the time of application, there are two options available to choose from. After the application process is complete, the Member may not switch between membership fee options for a period of 2 years. Upon the expiry of the initial 2 year period, Members may switch between the options. 1 Application Fee (one time charge) Option A $2,000 $1,000 2 Option B $4,000 Monthly Membership Fee $2,000 (minimum) Each month Member pays the monthly membership fee, plus any trading fees accumulated for that month. Each month Member pays either: (a) the monthly minimum fee (comprising the total accumulated trading fees and the remainder in membership fees) 3, or (b) no monthly membership fee, if the Member s total accumulated trading fees for that month meet or exceed the minimum monthly fee. 1 Members may switch upon 90 days written notice to Aequitas NEO Exchange. 2 The monthly membership fee for Option A is waived until Aequitas NEO Exchange reaches 5% market share in total across all books, based on one or more of the following: total trading volume, total trading value or total number of trades, in each case over one month and across all Canadian marketplaces. Upon reaching this threshold, Aequitas NEO Exchange will provide 30 days' prior written notice to Members that it will begin charging the monthly fee. 3 For the avoidance of doubt, if the accumulated trading fees for the month do not meet or exceed the minimum monthly fee in Option B, the Member will only pay a membership fee such that, when combined with the trading fees, the total equals the minimum fee. A E Q U I T A S N E O E X C H A N G E 5

6 4 Trading Fees Trading in the Lit Book The Lit Book follows a make-take fee model where passive orders receive a rebate and active orders pay a fee except during the opening call. In the event of an unintentional cross (i.e. a trade that occurs with the same Member on both sides of the trade) the active order pays a reduced fee. For notes and debentures, all the same fees below apply but per $1000 par value traded instead of per share traded. There is no difference in fees between odd lot orders and board lot orders Opening Call - Aequitas NEO Exchange Listed Securities Opening Trade $ per share per side Continuous Trading Session Interlisted Securities Securities $1.00 or over Securities under $1.00 Passive Rebate $ $ Active Fee - Normal Trade $ $ Unintentional Cross $ $ Notes: The list of interlisted securities will be published on the website on a monthly basis. For the re-opening auction following a trading halt the net fee (difference between active fee and passive rebate) will be evenly distributed between the two sides of the trade Continuous Trading Session All Non-Interlisted Securities Securities $1.00 or over Securities under $1.00 Passive Rebate $ $ Active Fee - Normal Trade $ $ Unintentional Cross $ $ Notes: For the re-opening auction following a trading halt the net fee (difference between active fee and passive rebate) will be evenly distributed between the two sides of the trade. A E Q U I T A S N E O E X C H A N G E 6

7 Trading in the NEO Book TM The NEO Book TM follows a take-take fee model where both the passive and active side of the order pay a fee. In the NEO Book TM some differentiation exists for the active fees based on the classification of the Trader ID associated with the order, or in the event of an unintentional cross (i.e. a trade that occurs with the same Member on both sides of the trade) regardless of Trader ID classification Continuous Trading Session - All Traded Securities Securities $1.00 or over Securities under $1.00 Passive Fee $ $ Active Fee - Non-Retail $ $ Retail Customer 4 $0 $0 - DMM 5 $0 $0 - Unintentional Cross $0 $0 Printing trades in the Crossing Facility The Crossing Facility is only intended for posting intentional crosses and does not interfere with orders in any of the Trading Books. Printing trades is free of charge, but Aequitas NEO Exchange will pay a credit on the first 400 million shares 6 crossed each month. Cross Credit $ per share crossed up to a maximum of $100/cross and for the first 400 million shares per month. 4 A NEO Trader TM Trader ID certified by the Member as used exclusively to send order from Retail Customers. 5 Only applicable for the DMM s assigned securities. 6 Counted as total crossed volume in the Crossing Facility across all Members. A E Q U I T A S N E O E X C H A N G E 7