CDS Clearing: How do we know it works?

Come March, CDS clearing will have been available for a full year.  After months of political pressure and industry commitments, open interest for cleared CDS is well into the billions, volumes are well into the trillions, three clearinghouses are officially live and industry estimates (including those of TABB Group) show that CDS clearing will generate hundreds of millions in revenue.  Sounds like a success to me.  Or is it?

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