This is a significant development, since for instance SwapClear claims to clear currently more than 40% of the global interest rate swap market, with a total notional principal of 229 trillion USD. Central clearing by CCPs not only mitigates counterparty risk,  BIS Review 140/2010  3  but also minimises the cash flows between counterparties.
In addition, a CCP increases transparency, as it registers all transactions. Also, CCPs require daily collateralisation of open derivative positions which reduces the leverage in the financial system and contributes to financial stability.