Some clearinghouses want to "ring fence" each clearing member's deposits so that they cannot be touched if another clearing member defaults? And we profess to be strengthening the financial system?
Even under the existing clearing system where clearing members backstop each other when all other resources have been exhausted, it happens about as often as a hurricane in Montana.
If mutualized risk is such a bad idea, let's change (sorry, "reform") the insurance business so that my neighbors' homeowners policy premiums can't be sent to me after my house burns down. Where only my auto premiums can be used to repair my car.
There is much mischief in the Dodd-Frank Act, like quietly removing any distinction between instruments called "swaps" and what previously were considered to be "futures" or "options." Like freeing commercial hedgers from the exchange/clearing mandate if only they are clever enough to replicate futures or options using ISDA documentation.
Clearing works. Ask the TARP administrators who wrote absolutely no checks to any of the major clearinghouses. Every-man-for-himself "clearing" would be like solving the auto emissions problem by mandating that we ride horses instead.