Whereas EMIR 3.0’s main focus was geared towards the Active Account Requirement and whether or not to centralise the supervision of EU CCPs with the European Securities and Markets Authority (ESMA), regulators and market participants would be ill-advised to let discussions over third-country CCP equivalence issues and supervision of CCPs distract them from other important and persistent challenges in the derivatives clearing markets. In this policy brief, we focus on three pressing issues that require attention: clearing access and capital rules, portability and clearing models, as well as liquidity and collateral optimisation. Failure to address them risks undermining the key driver for derivatives clearing, which is increasing financial stability.