Global regulators' plans for a coordinated start next month toswap-collateral rules are breaking down, with countries takingdifferent approaches to the deadline and traders in the $544trillion industry scrambling to get ready.

The European Union plans to stick to the March 1 start date, andregulators have little power to quickly adjust laws after they goon the books, according to an EU official. In Hong Kong, Singaporeand Australia, authorities granted the industry six months to phasein the requirement, eager to avoid a messy start to a key policyintended to make the market safer following the 2008 financialcrisis.

In the U.S., the picture is even more complicated. The actingchairman of the Commodity Futures Trading Commission, who took overafter President Donald Trump was inaugurated, said the deadline isunrealistic and wants to find a way to smooththe implementation of a rule that seeks to bolster thefinancial system by forcing banks, asset managers and other tradersto hold more collateral to protect against risks stemming from adeal going bust.

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