Global regulators have given pension funds and asset managers a one-year reprieve from regulation that will force them to put up cash collateral to back their derivatives trades, delaying post-crisis rules designed to make the financial system safer.

The Basel Committee on Banking Supervision and the International Organization of Securities Commissions agreed on July 23 to extend the implementation of the rules for smaller entities until September 2021, giving investors who were behind on their preparations extra time to get ready.