The interest rate derivatives market in Europe was analyzed to understand how different parties are connected. The study looked at both direct clearing between central counterparties and their members, and client clearing between clients and clearing members. It found that client clearing is highly interconnected, with around 90% of all relationships in the market. Client clearing involves a wider range of parties from different locations and financial sectors. It is also more unstable over time compared to direct clearing. This shows the importance of studying both direct and client clearing to better understand and prevent potential issues in the interest rate derivatives market.