After the global financial crisis of 2007-09, regulators mandated clearing for a wider range of derivatives, meaning they must pass through a clearer backed by a default fund to ensure completion of trades.

More recently, the United States has adopted rules to force more trades in the $26 trillion U.S. Treasury market through clearers.

As a result of such changes, some clearers have become vital to financial systems in more than one jurisdiction, meaning their failure could damage financial stability unless they can be stabilised or "resolved", meaning closed down, in an orderly way.