During the financial crisis, the global over-the-counter (OTC) derivatives market received widespread criticism as the crisis highlighted risks that could arise from the failure of a counterparty (CCP) in derivative markets. In an attempt to resolve this problem, several countries have introduced, or are in the process of introducing, laws and regulations to require or provide incentives for entities to 'novate' many OTC derivatives to a clearing house (CCP).

The EU European Market Infrastructure Regulation (EMIR) and the Dodd-Frank Wall Street Reform and Consumer Protection Act in the US are examples of such regulatory measures.