Gregory, The xVA Challenge: Counterparty Credit Risk, Funding, Collateral, and Capital reviews the following concepts:
Chapter 8: Central Clearing
Central Counterparties and Central Clearing
Novation under Central Clearing
Netting, Multilateral Offset, and Compression
Margin and Default Funds under Central Clearing
Risks Faced by a CCP and Exposure Management
Loss Waterfall Examples
Loss Absorption and Default Management in a CCP
Bilateral vs. Central Clearing
Initial Margin and Default Fund Requirements
Advantages and Disadvantages of Central Clearing