5240. Circumstances under which debt margin surcharge is imposed

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    1. Higher margin requirements for debt securities, by way of a margin surcharge, may be established by IIROC in response to market conditions.

    2. IIROC monitors the price volatility of debt securities that Dealer Members trade, determines when a margin surcharge is required, and when it is no longer required.

    3. The margin surcharge required under this section 5240 is:

      1. 50% of the margin required in sections 5210 through 5226, and

      2. required for at least 30 days.

    4. A Dealer Member will be notified by IIROC of the imposition or revocation of a margin surcharge promptly following IIROC determining that the margin surcharge is, or is no longer, required. The notice is effective, and a Dealer Member must be in compliance with it, not less than five days after it is given.

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