Derivatives - transparency?

Lot of talk and ink is generated in innumerable proposals to make Warren Buffet's "weapons" of mass financial destruction more transparent.  They are in the center of the credit crisis storm.  One of the most proposed solution is to have a clearing house for derivatives - including most of the OTC stuff.  I am not sure how this will be done from a practical matter.  That's one of frustrations I have reading articles even by as distinguished people like them.  How will this get done?