(6)If an extension of the transitional periods is not granted, institutions established in the Union (or their subsidiaries established outside the Union) would see a significant increase in the own funds requirements for their exposures to those CCPs that have not yet been authorised or recognised, as applicable. While such an increase may only be temporary, it could potentially lead to their withdrawal as direct participants in those CCPs and hence cause disruption in the markets in which those CCPs operate.