This is an important paper on the pros and cons of clearing of derivatives traded over the counter from the ISDA (International Swaps and Derivatives Association). Craig Pirrong is a first rate scholar, especially on this subject.
A quick summary of The Economics of Central Clearing: Theory and Practice:
Regulations requiring the clearing of certain OTC derivatives through central counterparties (CCPs) are causing a profound change in market structure and trading practices. This paper discusses how CCPs are structured and what effects increased use of them will have on the financial system.
Even shorter version: There are dangers.
You should have a copy. Go here to get a PDF.