This Study was undertaken on behalf of the Banking Association of South Africa (BASA). It analyses the central counterparty (CCP) clearing model that is currently used in South Africa’s financial markets and compares it with the leading clearing models used in major international financial markets. The Study draws a number of conclusions and recommends changes that would improve the existing South African clearing arrangements and some related aspects of market structure, as well as better position the market to expand centralised clearing to other instruments and asset classes. The Study is composed of 8 chapters as follows: