TMX Group Ltd. is introducing a new set of fees alongside the planned implementation of a dual market maker model, the exchange operator announced Monday.

TMX is increasing the passive rebates and symbol credits for securities with less liquidity, and adding a bonus tier to offer further incentives for higher trading activity, with the highest rebates being paid for the least liquid securities.

“The fee changes are primarily meant to incentivize market making in less liquid securities, for which there is greater risk and need for market making,” TMX says in an equities trading notice.

The planned fee changes have received regulatory approval, and will be implemented on March 1, TMX says, alongside the launch of the first phase of its dual market maker business with a subset of securities.

Last year, TMX began testing secondary market making by temporarily assigning secondary market makers on a pilot basis. By the end of the second quarter, all corporate securities will be eligible to have a secondary market maker assigned.