How to implement soft law in international finance has been always a theoretical and practice puzzle. G20 summits introduce the central counterparty clearing mechanism to mollify and even eliminate the counterparties' default risks in over-the-counter derivatives markets and push it all over the world through the New International Finance Architecture (NIFA). With respect to such international plan,China takes relatively moderate territorial application strategy, while U.S. takes more intrusive exterritorial application strategy. However, both of these two implementation modes lead to the possibility of regulatory ossification. Besides, these two implementation modes have the effects of converging financial risks to central counterparties, and it could ignite another round of financial crises if there is improper supervision. Considering that the internationalization and standardization of regulation and form convergence under the current NIFA are far from the ideal way to the establishment of global finance governance, the regulatory authorities should introduce the substantive compliance mechanism during their implementation of the international plan and create adequate development space for the evolution of financial supervision system to prevent another round of financial crises resulting from regulatory ossification.