Buy-side cleared inflation swaps volumes have rocketed since 1 September with dealers offering cheaper prices.
The NetOTC Bilateral platform was intended to go live this year to coincide with incoming margin requirements.
Banks will be able to offset margin calls for cleared interest rate swaps and listed futures.
O' Malia demands regulators to recognise ISDA's standardised model for calculating margin.
Introduction of new margin rules will be highly detrimental to the buy-side, according to an industry panel.