Toronto-based TMX Group Ltd. is proposing revisions to its planned liquidity provision program to drive liquidity to TSX Alpha Exchange, the exchange operator announced Thursday.

TMX announced the program in July. TSX Alpha Liquidity Program (ALP) would allow traders that meet volume thresholds to earn reductions on their passive fee rates for trading on TSX Alpha.

In a notice published Thursday, TMX proposes a number of changes to the planned program. For instance, “the current proposal expands eligibility for participation to all of an exchange member’s trader IDs regardless of the nature of the order flow,” the notice states.

“[ALP] is intended to promote better fill rates, larger fill sizes and lower trading costs for dealers that route their active order flow to TSX Alpha, by incenting quoted liquidity more continuously on TSX Alpha throughout the day and across more symbols,” it adds.

TMX  also scrapped plans for a requirement for an agreement to be signed between TSX Alpha and exchange members setting out the terms of the program.

Comments on the revised version of the program are due by Oct. 1.

The proposed program is expected to take effect on Nov. 1, at the earliest.