Clearing houses have emerged as an important component of the post-crash financial system. But a proposal to fundamentally change the way they interconnect has split the industry.

At their heart, clearing houses stand as middle agents between buyers and sellers of bonds, equities, derivatives or any other financial assets and step in to guarantee trades if one party cannot complete. Regulators globally have been pushing more markets to use clearing houses so the risks can be tracked and hopefully contained - unlike deals done privately, over the counter between banks.