Major European banks could be forced to start exchanging collateral in relation to their uncleared over-the-counter derivatives trades early in the New Year, as the region's lawmakers set about making up for lost time after missing an international deadline for implementing the rules.

The EU missed a key September 1 deadline, set by global regulators for the world's largest dealer banks to begin exchanging collateral on swaps trades that aren't routed to clearing houses, forcing it to play catch-up with the US, which has stuck to the international schedule.