Abstract This chapter aims to formulate conjectures about the directions in which centrally cleared over-the-counter (OTC) derivatives markets may develop in the future. It begins by examining the potential effects for centrally cleared OTC derivatives markets of four emerging risks: cyber risk, environmental risk, new technologies, and legal risk. The assessment of these emerging risks serves as an anchor point to discuss the potential flipside of the respective risks, that is, possible future benefits for centrally cleared OTC derivatives markets that are connected to the fields in which the risks may materialize. The chapter then identifies certain challenges that come with the friction between a market for centrally cleared OTC derivatives that is increasingly cross-border in nature and a regulatory and supervisory approach towards central counterparties (CCPs) that has remained largely domestic or regional. It also reflects on potential future directions for CCP governance.