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.