Tensions could rise as pressure on obtaining high quality collateral increases, according to ESMA.
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.
New paper says anyone running a benchmark should have independent oversight to avoid conflicts of interest.
The majority of buy-side firms, including pension funds, are expected to begin clearing of derivatives from the second half of 2017.
Financial institutions may have underestimated the impact of Europe's Securities Financing Transaction Regulation.
With MiFID II now expected to be delayed until 2018, the one thing market participants can be certain of is more uncertainty.
MEP says MiFID II's technical standards will need to be amended before Parliament formally approves them.