(5)The authorisation process for existing CCPs established in the Union has been taking place but will not be completed by 15 December 2014. With regard to existing CCPs established in third countries that have already applied for recognition, for the time being no recognition has been granted yet to such CCPs. A further extension of the transitional period will therefore enable institutions established in the Union (or their subsidiaries established outside the Union) to avoid significant increase in the own funds requirements due to the lack of recognised CCPs established in each of those relevant third countries and providing, in a viable and accessible way, the specific type of clearing services that those Union institutions require. 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. An additional six-month extension of the transitional periods, i.e. until 15 June 2015, is therefore necessary.