The clearing industry had already started to undergo structural changes before the financial crisis in 2007‑2009 against the backdrop of globalised financial markets, regulatory harmonisation, the removal of trade barriers, and technological process reducing the cost of services provided by CCPs (CPSS, 2010).
The financial crisis subsequently underscored the benefits of central clearing in terms of systemic risk reduction through robust counterparty risk management, greater transparency and more efficient use of collateral through multilateral netting.