The head of the Commodity Futures Trading Commission is proposing to partially delay controversial cross-border derivatives rules slated to go into effect this Friday, according to people familiar with the negotiations.

The move is an about-face for CFTC Chairman Gary Gensler, who previously refused to delay a requirement that US banks operating abroad comply with US swaps rules, despite mounting pleas from fellow commissioners, lawmakers and overseas policy makers. Gensler now is floating a compromise that would implement some provisions almost immediately and delay others until the end of the year, said the people familiar with the negotiations.