Canadian National Stock Exchange (CNSX)/Pure Trading

Canadian National Stock Exchange (CNSX)/Pure Trading

March 20, 2009 12:00 ET

Pure Trading Notice 2009-007: Pure Trading Fees and Rebates for TSX-V Listed Securities

TORONTO, ONTARIO--(Marketwire - March 20, 2009) - Following extensive consultation with the Canadian trading community, CNSX Markets Inc. is announcing the launch of a pilot pricing programme for TSX-V listed securities posted on Pure Trading effective April 1, 2009. Designed to balance the needs of liquidity providers and consumers, CNSX Markets Inc. will closely monitor the pilot project with our customers in the coming weeks. If successful in addressing the needs of the community, this approach will be extended to TSX-listed securities that trade for less than $1.00.

For TSX-V securities (new):

There will be no fee charged for the passive side of a trade.

There will be a fee of $0.50 for each "same day" active order resulting in a trade, no matter how many passive orders it interacts with. These fees will be capped at $5,000 per month per participating dealer. Participating dealers may instead elect in advance to pay a fee of $3,000 per month for the right to remove an unlimited amount of liquidity.

For TSX securities (fees unchanged):

Fees for the trading of TSX-listed securities will remain at the levels announced on February 26, 2009 until further notice:



Securities trading for less than $1.00
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Fees to Take Liquidity $0.0026

Liquidity Provider Rebate
Monthly passive volume: X less than or equal to 60MM shares $0.0018
Monthly passive volume: X greater than 60MM shares $0.0022
------------------------------------------------------------------------

Securities trading for $1.00 and above
------------------------------------------------------------------------
Fees to Take Liquidity $0.0037

Liquidity Provider Rebate
Monthly passive volume: X less than or equal to 15MM shares $0.0027
Monthly passive volume: X greater than 15MM shares $0.0032
------------------------------------------------------------------------


Trades occurring in the market-on-open facility will have each side designated as active or passive, according to time priority, and will either be charged a fee or earn a rebate on the same terms as in the continuous auction market.

Intentional crosses will neither be charged a fee nor earn a rebate until further notice.

Trades in rights, warrants, notes and debentures will neither be charged a fee nor earn a rebate until further notice.

In General

Each dealer will be charged a basic monthly participation fee of $500.

The active side of a trade is the order that takes liquidity from the Pure Trading market and the passive side of a trade is the order that provides liquidity to the Pure Trading market.

Volume thresholds for calculating fees and rebates will be based solely on volume activity in the market on open facility and the continuous auction market.

Unintentional crosses will have each side designated as active or passive and will be either charged a fee or earn a rebate, as they are part of the continuous auction market.

There will be no minimum monthly trading fee and it is expected that some dealers will be earning a rebate from Pure Trading each month. For those who prefer, dealers may elect to defer realizing their rebates and instead preserve same as a rolling credit against future fee payments otherwise due to Pure Trading.

The fees and rebates described above are subject to change.

CNSX Markets Inc. is continuing to meet with all of the stakeholders impacted by trading fees, with an ongoing objective of arriving at solutions that work for the full community of participants.

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