5614. Government debt securities of different issuers with same maturity band

Where a Dealer Member or a client has one of the following long government debt security position and short government debt security position pairings:

In subsection 5614(1) “Canada Municipal debt securities with a high issuer credit rating” are debt securities issued or guaranteed by a Canadian municipal government with a long-term issuer credit rating of “A” or higher by a designated rating organization.

Where a Dealer Member or a client has one of the following long government debt security position and short government debt security position pairings:

and the positions have the same currency denomination and market value and are within the same maturity band, the two positions may be offset and the minimum margin required for both positions may be computed as the greater of the margins normally required on the long (or short) and the short (or long) positions.