The importance of central counterparties (CCPs) has grown in the years following the 2008 financial crisis. At a summit in Pittsburgh in 2009, leaders of the Group of 20 countries called for rules requiring over-the-counter derivatives to be centrally cleared and reported to trade repositories. But different countries have woven these principles into law in varying ways, giving rise to overlapping and sometimes contradictory requirements. As a result, exchanges and CCPs catering to a global