There are many factors at play behind such an outcome and their interrelationships are complex. However, two stand out in this respect.
We must be careful to avoid inconsistencies here, because this will drive regulatory arbitrage in this global market. To accomplish meaningful systemic risk reduction, we need robust globally agreed standards of soundness for all central counterparties. And governments should ensure that the determination of which derivatives should subject be to central clearing is not left to central counterparties alone.