European market participants likely won't face mandatory derivatives clearing before mid-2014, Verena Ross of the European Securities and Markets Authority said at an industry conference, signaling further delay to the global timetable for derivatives reform. Ross also said the buy side should make itself heard more in rule creation. "The buy side has historically only posted collateral, but under the new [over-the-counter] derivatives rules, ESMA is supportive of a two-way system, where collateral moves both ways," she said.

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