December 17, 2024
Equities Notice 2024-037
TMX Equity Trading Notice
REQUEST FOR INDUSTRY FEEDBACK - Active / Passive fee models for unintentional crosses
TMX Markets has published a request for consultation (the "Consultation Paper") to solicit feedback from market participants regarding the impact on the Canadian market structure of certain active / passive fee models in Canada for unintentional crosses (the "sliding scale model"). Under this model, brokers can allocate fees and rebates asymmetrically between the active and passive sides of an unintentional cross trade, provided the net fee to the marketplace remains zero.
TMX Markets recognizes that there are differing views on the appropriateness of the sliding scale model within the Canadian market. TMX is committed to fostering innovation while ensuring a fair and transparent market structure. As such, we are seeking industry feedback to better understand the benefits, risks, and overall impact of this model in Canada.
The Consultation Paper can be found here. The comment period ends on January 31, 2025. TMX values its ongoing collaboration with clients and stakeholders to ensure market solutions align with participant needs and regulatory expectations.
We appreciate your participation in this important process and look forward to hearing your feedback.
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