The US Dodd-Frank Act (DFA) introduced mandatory central clearing of standard (e.g. plain vanilla) swaps for big financial institutions in the US in 2013.
It might be a broad question but: what have been the quantitative concrete impact of these changes for risk managers, given that central clearing impose additional costs? Did these institutions/risk managers adjust their derivatives portfolios and started to use alternatives to swaps if additional costs were too high? Or did they change their risk management strategies?