List of securities eligible for reduced margin (LSERM)

Quarter ended December 31, 2025

This list is published quarterly and identifies securities that qualify for a reduced margin rate of 30% for client positions and 25% for Dealer Member (inventory) positions, which are:

1. Canada listed equity securities eligible for margin, or
2. Canada and United States inter-listed equity securities eligible for margin.

The list has been prepared using data available for the quarter ended December 31, 2025. The list must be used to identify securities eligible for reduced margin as set out in subsection 5310(1) of the Investment Dealer and Partially Consolidated Rules (IDPC Rules).

Eligibility status for cryptocurrency funds

Until further notice, cryptocurrency funds are not eligible for reduced margin. This eligibility status also applies to cryptocurrency funds against which OCC options are traded. For cryptocurrency funds, margin eligibility may be otherwise determined according to the requirements set out in subsections 5310(1) and 5311(1) of the IDPC Rules.

Microsoft Excel format

LSERM is available in Microsoft Excel format on the Supporting Schedules section of the Canadian Investment Regulatory Organization (CIRO) website, under Rules and Enforcement – Dealer Member Rules – Supporting Resources – Supporting Schedules.

Secure File Transfer Protocol (SFTP)

Dealer Members may also download the current LSERM (Microsoft Excel format) via SFTP connection to the Market Trade Reporting System 2.0 (MTRS 2.0). Dealer Members that report debt transactions to CIRO, will automatically have access to the current LSERM in a folder entitled “LSERM” in the Reference Data directory on the server. Other Dealer Members that wish to download the LSERM via SFTP will need to set up an account with CIRO.

This list supersedes the most recently issued LSERM and will be effective on February 27, 2026 (which is fifteen business days following the issuance date of this Bulletin).