(5)The authorisation process for existing CCPs established in the Union is ongoing but will not be completed by 15 December 2015. With regard to existing CCPs established in third countries that have already applied for recognition, several CCPs established in third countries have already been recognised by ESMA and some others may be recognised on the basis of the equivalence decisions under Article 25 of Regulation (EU) No 648/2012 that the Commission adopted on 13 November 2015. The recognition process will not, however, be completed by 15 December 2015. The need to avoid disruption to the international financial markets that led previously to the extension of the transitional period laid down in Article 497(2) of Regulation (EU) No 575/2013 regarding CCPs established in third countries would therefore remain after the expiry of the extension of the transitional period set out in Implementing Regulation (EU) 2015/880. A further extension of the transitional period should 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 relevant third country which provide, in a viable and accessible way, the specific type of clearing services that institutions established in the Union require. While such an increase may only be temporary, it could potentially lead to the withdrawal of those institutions as direct participants in those CCPs and cause disruption in the markets in which those CCPs operate. An additional six-month extension of the transitional periods is therefore appropriate.