Does the Anonymity of a CLOB Increase or Decrease Concerns about Counterparty Risk?

The anonymity of a CLOB decreases immediate concerns about counterparty risk for the trader, but only because that risk has been transferred to a central clearing house (CCP). Traders do not need to know or trust who is on the other side of their trade because the CCP guarantees settlement.

Therefore, the anonymity is a feature enabled by the CCP's risk management. However, it concentrates systemic risk onto the clearinghouse itself.

If the CCP were to fail, the entire market would be exposed, a far greater risk than any single counterparty default.