Even in term of effectiveness of the CCP in reducing exposures, a recent paper concludes that introducing a CCP for a particular asset class is helpful if the number of dealers is sufficiently large relative to the exposure-weighted number of other asset classes that continue to be bilaterally netted; for plausible cases, adding a CCP for one class of derivatives such as credit default swaps (CDS) can actually reduce netting efficiency and thereby lead to an increase in collateral demands and average exposure to counterparty default.
In addition, authorities may engage in policy measures that have an impact on global value chains. For example, the Japanese government has already reserved the equivalent of 2 billion euros to encourage companies to bring back production to their own country and reduce their reliance on supply chains.