The May 29 list gives dealers room to breathe — here's what qualifies.
More than 1,500 Canadian and inter-listed securities now qualify for reduced margin rates under CIRO's first-quarter 2026 LSERM, effective May 29 — fifteen business days after the May 7 bulletin.
The list cuts required margin to 30 percent for client positions and 25 percent for Dealer Member inventory positions, down from standard rates under subsection 5310(1) of the IDPC Rules.
CIRO compiled the 1,592-security list using data for the quarter ended March 31, 2026, and it supersedes all previously issued LSERMs.
Eligible securities must be Canada-listed equities or Canada-US inter-listed equities trading on an approved exchange.
In Canada, those include the TSX, TSX Venture Exchange (Tier 1 and 2), Canadian Securities Exchange, Cboe Canada, and Nasdaq CXC Limited.
In the US, eligible exchanges span the NYSE and its affiliates (Arca, American, National, Chicago), Nasdaq (Global Select, Global Market, Capital Market), Cboe BZX, and Investors Exchange.
SPACs make the cut if listed on an SEC-recognised national exchange, the TSX, the Canadian Securities Exchange, or Cboe Canada.
Capital Pool Companies and foreign-listed structured products — including foreign-listed debt-based structured products — do not qualify on any exchange.
Cryptocurrency funds remain ineligible for reduced margin until further notice, including those against which OCC options are traded.
Margin eligibility for those funds falls back on subsections 5310(1) and 5311(1) of the IDPC Rules.
The LSERM is available in Excel format on CIRO's website under Rules and Enforcement – Dealer Member Rules – Supporting Resources – Supporting Schedules.
Dealer Members that report debt transactions to CIRO receive automatic SFTP access via MTRS 2.0; others must set up a separate CIRO account.
