Forex derivatives are currently non-standardised as they are primarily driven by customised client needs. With regard to CDS, the product is standardised since inception. It has been decided that the option of CCP for settlement could be examined once volumes improve and reach critical mass. BIS central bankers’ speeches  9  V.IV.III Swap execution facility 38.
With regard to introduction of SEF, a trading system for IRS is expected to be operational in the second half of 2014. A related issue is whether these derivative trades can be moved to exchanges. The SEF cannot be compared to exchanges as they are mainly accessed by institutional investors (including dealers-brokers) for trading in specialized products and in large amounts.