The paper analyzes bid-ask spreads on the Toronto Stock Exchange (TSE) and compares them to those of the New York Stock Exchange (NYSE). Pricing data were compiled for a total of 177 TSE stocks from December 1 to December 13, 1971. Comparisons with NYSE pricing data from previous studies reveal spreads to be wider and marketability services as a whole more costly on the TSE. Possible explanations include structural differences between the two markets, as well as the differing roles of NYSE specialists and TSE registered traders.