Graph 1  Click to view larger  4  BIS central bankers’ speeches  Both pricing and regulatory factors have contributed to this. Of course, the anticipation of a mandate being introduced has been an important factor. But more generally over time, a material pricing differential has emerged between cleared and non-cleared transactions, which has reinforced this trend.
In a democratic system it is very difficult to convince voters, especially if they do not perceive any imminent danger, that in some cases a discretionary interpretation of the rule is needed to avoid the worst. This was shown clearly in Europe when it came to deciding on the support package for Greece.