While central clearing has been successfully used in derivative markets for years, global swaps-clearing mandates are in the process of expanding adoption well beyond levels the market has ever seen. As such, determining whether or not that ultimately benefits the market as intended, or conversely creates new risks as some believe, requires a deeper analysis of both market perceptions and the realities of clearinghouse operating models.MethodologyThroughout 2014 Greenwich Associates interviewed 4,036 global fixed-income investors about their dealer relationships and use of various fixed-income products including interest-rate derivatives. In the fourth quarter of 2014, Greenwich Associates conducted an additional 72 interviews with key research participants to more deeply understand their views on systemic risk, the impacts of central clearing and their expectations for the interest-rate derivatives market going forward.