CNQ has announced the fee and rebate structure for its Pure Trading platform.

Effective November 1, the active side of each trade in shares will be charged a fee of 0.32¢ per share; and, the passive side of each trade in shares will earn a rebate of 0.32¢ per share. Trading fees and rebates in the continuous auction market will be share volume-based.

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

Intentional crosses and trades in rights, warrants, notes and debentures won’t be charged a fee nor earn a rebate. 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.

Effective December 1, for the first 30 million shares traded on which a dealer is on the active side in a month, the fee will be 0.37¢ per share. For active trades in a month above this threshold, the fee will drop to 0.32¢ per share; and, for the first 30 million shares traded on which a dealer is on the passive side in a month, the dealer will earn a rebate of 0.27¢ per share. For passive trades in a month above this threshold, the dealer will earn a rebate of 0.32¢ per share.

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.

Again, intentional crosses and trades in rights, warrants, notes and debentures will neither be charged a fee nor earn a rebate up to and including February 28, 2008.

Also, each dealer will be charged a basic monthly participation fee of $500.

As Pure Trading is not contemplating providing a market on close facility, there will be no market on close specific fees. 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. 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.