Proposed amendments to permit reduced margin for swap position partial offsets held in inventory

Date opened: August 4, 2022

Date closed: October 3, 2022

Status: Closed


IIROC is proposing amendments to the IIROC Rules (Proposed Amendments) that would permit margin reductions for Dealer Member (Dealer) inventory offsets of:

  • non-equivalent notional amounts between two swap positions, and
  • non-equivalent quantities between swap positions and underlying securities.

The purpose of the Proposed Amendments is to align the margin requirements for swap contract offsets with the net position risk by extending the current margin treatment for swap offsets to partial swap offsets.

Notices about this consultation:

Welcome to!

We have a new look! You can find the Canadian Investment Regulatory Organization (CIRO) at with our fresh look and feel.

You can now find new publications published by CIRO since January 1, 2023 on If you are looking for past notices or bulletins published by MFDA or IIROC, you can find those on our legacy websites. Enforcement related content will continue on those websites as well.

You can now find previous Annual Reports and Enforcement Reports on, along with Halts and Resumption, and our ePublications sign up (for all previous MFDA and IIROC subscriber lists).

We will continue moving items off MFDA and IIROC in 2023/2024. Stay tuned for future updates.