The regulators have not stated a new implementation date, potential causing conflicts over harmonisation.
State Street has agreed to pilot the service in order to deal with incoming collateral rules.
The NetOTC Bilateral platform was intended to go live this year to coincide with incoming margin requirements.
The US bank eyes European expansion in collateral services, as Tradition plans its own repo trading platform.
A large portion of asset managers have yet found the need to become clients of collateral management utilities.
MiFID II is set to be a game-changer for ETFs, and will see them used in a wide variety of ways from securities lending to collateral.
The acceptance of ETFs could boost the growth of non-cash collateral.
Dealers and settlement houses seek out high quality collateral to meet demand from clients for transformation services.
Tensions could rise as pressure on obtaining high quality collateral increases, according to ESMA.
Europe's pension funds could be forced to withdraw from the OTC derivatives market if rules on variation margin are not reviewed.