As evidenced by the Financial Stability Board (FSB), there also seems to be scope for substantial further growth in central clearing, especially for interest rate swaps (IRS) and credit default swaps (CDS) (FSB, 2016). Inevitably, the increased share of central clearing has been associated with further risk concentration in CCPs. This in itself is not a concern.
As long as CCPs are superior risk managers and act as pillars of strength rather than sources of contagion during potential crisis situations, they act as risk poolers, not risk takers, and they therefore reduce the overall level of risk in the global financial system (not to mention other benefits such as a more efficient use of scarce collateral).