The European Union's chief financial regulators rejected draft changes to collateral standards for derivatives, further complicating Europe's efforts to complete the rule after failing to meet a global deadline this month.

The regulators opposed a proposal by the European Commission, the EU's executive arm, to exempt pensions from some of the requirements. In a statement on Friday, they said the restrictions are "crucial for mitigating potential risks" in the US$493 trillion global market. 

The Brussels-based commission is assessing the regulators' position, a spokesperson said. The technical standards must be sent to EU lawmakers for consideration before they take effect.

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