BBA, ISDA and AFME have published a joint response to the House of Lords' Call for Evidence on derivatives markets. The associations do not believe central clearing of OTC derivatives should be necessary, although they are happy for more OTC derivatives to be eligible for clearing. But they say non-cleared derivatives should not suffer punitive capital charges. They caution that CCPs will become more systemically important the more contracts they clear, which suggests national regulation of CCPs will be needed. Their other concerns are disclosure of individual counterparty information and how the information might be used and by whom, and about possibly inappropriate extension of the Market Abuse Directive.