The G-20 leaders’ commitment that all standardised over-the-counter derivatives will be centrally cleared by the end of 2012 is intended to increase the safety and resilience of the global financial system. Achieving these objectives depends on the arrangements through which market participants obtain access to central clearing. Such arrangements could include: (i) increased use of existing global central counter parties ("CCPs"); (ii) the establishment of domestic CCPs in a number of jurisdictions; and (iii) the possible construction of links between CCPs. This report analyses the potential implications for financial stability and efficiency of these alternative access arrangements to CCPs.