Regulatory Alerts2020-01-23
CSA Notice 23-325: Trading Fee Rebate Pilot Study
The Canadian Securities Administrators have approved a pilot study that temporarily prohibits Canadian marketplaces from paying trading fee rebates on selected equity securities and exchange-traded products. This initiative is conditional upon the implementation of a similar transaction fee pilot by the United States Securities and Exchange Commission and will be executed in two stages covering interlisted and non-interlisted securities. The study aims to analyze the impact of rebate prohibitions on market quality, order routing behavior, and intermediation levels through empirical analysis conducted by independent academics.
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