Ratings agency Moody’s has outlined criteria for measuring the safety of clearing houses, amid a continuing debate on their systemic importance.

Also known as CCPs, these entities stand in the middle of derivatives transactions between two counterparties, assuming the default risk for both sides. Their use has been expanded since a 2009 G20 agreement that required all standardised over-the-counter derivatives trades, such as those in interest rate or credit default swaps, to be centrally cleared.