Regulators in Australia and Japan have called on their US counterparts to grant them more time to prove that their regulatory regimes are in order as a key deadline in the over-the-counter derivatives market approaches.

Speaking at the Futures Industry Association conference in Singapore, officials at the Japan Financial Services Agency and the Australian Securities and Investment Commission, said they were working under "tremendous pressure" to demonstrate that their regulatory system meets US standards ahead of a critical December 21 deadline.