Clearing for IRDs Close to Complete | ISDA Research Note
A research paper from ISDA here (http://www2.isda.org/functional-areas/research/research-notes/) explains how much progress has been made in clearing Interest Rate products, and neatly concludes that the amount remsining to be cleared is much lower than the amount already cleared (of clearable products). What does this mean for recent regional CCPs in Chile, Poland, China, Japan and Australia? Perhaps they built their business case assuming low volumes anyway and hope they can take market share to grow.
The ISDA paper is attached below for convenience.