The formation of a handful of clearing houses covering most derivatives trades may suit regulators and banks in Europe and the United States but may not suit all markets, the governor of the Reserve Bank of Australia, Glenn Stevens, said yesterday.Through the Financial Stability Board, international financial regulators are working on proposals to steer many over-the-counter derivatives (with banks frequently being a counter-party) into clearing houses. At present, no such system of central clearing exists for many derivatives transactions."There is a reasonable chance that left to itself the international system… will see most of this clearing done globally by a few central counter-parties," said StevensStevens said this prospect was "fine" when viewed from the interest of regulators in Europe and the US."But for institutions like the ones we have [here] that could see [a rise in] the concentration of the few institutions they clear with."You could easily get banks other than those in the very largest jurisdictions being treated as second class citizens and having to clear through global players."So, issues of equality of access and reasonable terms; they are very important."Stevens said financial regulators in Canada have taken the lead in having this issue considered by the FSB.