The buy side should make itself heard more in regulation of collateral management and automated trading, said Verena Ross, executive director of the European Securities and Markets Authority. "The buy side has historically only posted collateral, but under the new [over-the-counter] derivatives rules, ESMA is supportive of a two-way system, where collateral moves both ways," she said. Ross also says European market participants likely won't face mandatory derivatives clearing before mid-2014. Her comments signal further delay to the global timetable for derivatives reform.