Tensions could rise as pressure on obtaining high quality collateral increases, according to ESMA.
Report by IOSCO suggests digital disruption is too complex for regulators and puts investor protection at risk.
The effects of the measures on competition could mean higher costs.
ESMA has six weeks to revise the proposals and to submit them to the European Commission.
Rule set to expose investors to currency risks in derivatives transactions.
Investigation into rigging forex markets will no longer continue, following lack of evidence to convict.
US CCPs will now be allowed to apply to ESMA for clearing status.
Last month EU and US regulators reached a landmark agreement on cross-border supervision of clearing houses.
Trading venues and swaps dealers will be subject to a wave of new pre-trade transparency requirements.
As the industry moves to implement more commission sharing agreements, firms may find they fall short of regulatory expectations.