TSX Venture vs CSE vs TSX: Listing Rules Compared

Tiers, listing requirements, continued listing tests and oversight: a side-by-side look at the Toronto Stock Exchange, TSX Venture and the CSE.

Canada has three main exchanges for listed companies: the Toronto Stock Exchange, the TSX Venture Exchange and the Canadian Securities Exchange. They differ in who lists there, how much a company needs to qualify, and how each is structured. The rules below come from each exchange’s own policies, and the counts from their published statistics.

The three exchanges at a glance

	Toronto Stock Exchange	TSX Venture Exchange	Canadian Securities Exchange
Operator	TMX Group	TMX Group	CNSX Markets Inc.
Tiers	No tiers; separate listing categories by industry	Tier 1, Tier 2 and NEX	No tiers; separate rules for non-venture (NV) issuers
Listed issuers (August 31, 2026)	2,272, of which 1,412 are exchange-traded products	1,496	739 listed securities
Mining issuers (August 31, 2026)	185	890 (59% of the exchange)	n/a
Market capitalization (August 31, 2026)	$7,253.3 billion	$142.2 billion	n/a

TSX and TSX Venture figures are from TMX Group’s MiG report as at August 31, 2026. The CSE figure is from the exchange’s August 2026 performance release, published September 15, 2026.

Tiers and what they mean

TSX Venture sorts issuers into tiers. Its Policy 2.1 describes Tier 1 as the premier tier, reserved for the most advanced issuers with the most significant financial resources. Tier 2 is where most of the exchange’s issuers trade. A third board, NEX, is where former TSX Venture and TSX issuers that no longer meet Tier 2 continued listing requirements can keep trading.

The TSX has no tiers. It uses listing categories, and for mining it separates producing companies, exploration and development companies, and senior mining companies. The CSE also has no tiers. It applies a higher distribution test to NV issuers, meaning issuers that are not venture issuers under securities law.

Movement between tiers runs both ways. TSX Venture Policy 2.5 sets out how a Tier 2 issuer can graduate to Tier 1 and how a NEX company can return to Tier 2. The exchange deems any tier move, and any transfer to NEX, to be material information, so the issuer must announce it by news release, and the exchange publishes a bulletin.

Listing requirements for a mining company

Mining is the largest sector on both TMX exchanges by issuer count, so the mining standards are the most useful comparison.

Standard	TSX Venture Tier 2	TSX Venture Tier 1	CSE	TSX (exploration and development)
Property and work	$100,000 of approved expenditures in the prior 36 months; initial work program of at least $200,000	Material interest in a Tier 1 property; initial work program of at least $500,000; $2,000,000 net tangible assets	$150,000 of qualifying expenditures in the prior 36 months; first-phase budget of at least $250,000	Advanced property with a current mineral resource or reserve estimate; work program of at least $5 million
Funding	12 months of work and costs, plus $100,000 unallocated	18 months, plus $200,000 unallocated	12 months, with at least $200,000 working capital for a non-operating company	18-month run rate showing funding for the program
Public distribution	500,000 float shares, 200 public holders, 20% public	1,000,000 float shares, 250 public holders, 20% public	1,000,000 free trading shares, 150 public holders, 20% public	1,000,000 freely tradeable shares held by at least 300 public holders
Market value	No requirement	No requirement	No requirement	$50 million market capitalization

The TSX standards reflect amendments effective November 6, 2025. The CSE standards come from its Policy 2 as of March 20, 2024; the CSE also allows a smaller entry path ($75,000 of expenditures and a $100,000 budget) if the issuer accepts extra escrow. TSX Venture and CSE mining listings require a technical report under NI 43-101 recommending the work program. Our NI 43-101 explainer covers what those reports contain.

Staying listed

Qualifying once is not the end. TSX Venture Policy 2.5 sets continued listing requirements for Tier 2. A mining issuer needs at least 500,000 shares in the public float, 10% of shares in public hands, a public float worth at least $100,000, and 150 public holders with a board lot each. It needs working capital of the greater of $50,000 or six months of general and administrative costs. It also needs activity: $50,000 of exploration or development spending in the last financial year, or $100,000 across the last two. Issuers that fall short can be moved to NEX.

Who oversees what

Oversight is split in two. The exchanges run listings: they set and enforce listing standards, review transactions and publish bulletins. The Canadian Investment Regulatory Organization (CIRO) regulates trading. CIRO administers the Universal Market Integrity Rules, runs trade surveillance and imposes trading halts for market integrity reasons. Its list of regulated equity marketplaces includes the TSX, TSX Venture and the CSE.

Above both sit the provincial securities commissions. The Ontario Securities Commission recognizes the CSE as an exchange in Ontario. The Alberta Securities Commission’s 2002 order notes that TSX Venture is recognized by both the Alberta and British Columbia commissions. Companies on all three exchanges are reporting issuers subject to Canadian disclosure law.

By the numbers: size and graduation

Dividing sector market value by issuer count from the August 2026 MiG report shows the scale gap:

TSX mining: $1,269,443 million across 185 issuers, or about $6.9 billion per issuer on average.
TSX Venture mining: $93,321 million across 890 issuers, or about $105 million per issuer on average.

Averages are skewed by the largest companies, but the gap is roughly 65 to 1. Companies do move up. Eighteen TSX Venture issuers graduated to the TSX in the first eight months of 2026, against six in the same period of 2025.

What to watch

TMX Group’s monthly MiG report for listing counts, new listings and graduations.
The CSE’s monthly performance release for listings and financings.
TSX Venture bulletins for tier changes and transfers to NEX.
Policy amendment notices from the exchanges and their recognizing commissions.

Sources

Frequently asked questions

What is the difference between TSX Venture Tier 1 and Tier 2?

Tier 1 is TSX Venture’s premier tier for its most advanced issuers with the most significant financial resources. Tier 2 is where most issuers trade. For mining, Tier 1 requires a $500,000 work program and $2,000,000 in net tangible assets, while Tier 2 requires a $200,000 program and no minimum net tangible assets.

What are the CSE listing requirements for a mining company?

Under CSE Policy 2 as of March 20, 2024, a mineral exploration company needs $150,000 of qualifying expenditures in the prior 36 months, an NI 43-101 report recommending a first phase of at least $250,000, and 1,000,000 free trading shares held by at least 150 public holders, making up 20% of shares.

Who regulates the CSE and TSX Venture?

The exchanges set and enforce listing standards. CIRO regulates trading on the TSX, TSX Venture and CSE, including market surveillance and trading halts. Provincial commissions recognize the exchanges: the OSC recognizes the CSE, and the Alberta and British Columbia commissions recognize TSX Venture.

TSX Venture vs CSE vs TSX: How Canada’s Stock Exchanges Differ