O' Malia demands regulators to recognise ISDA's standardised model for calculating margin.
ISDA estimates costs of €100 million for European end-users due to the current trade reporting framework.
Compression services are increasingly being adopted by banks to reduce derivatives exposures.
The derivatives industry has seen execution costs for USD swaps contracts fall by as much as $40 million daily since the onset of new trading rules, according to research from the Bank of England.
The ISDAfix manipulation case may not have been as headline grabbing as Libor and FX scandals but the rate is just as important to derivatives end-users active in swaps trading.