(5)The authorisation process for existing CCPs established in the Union is ongoing but will not be completed by 15 June 2016. There are still 2 CCPs established in the Union that await authorisation. If the transitional period is not extended, institutions established in the Union having exposures to those 2 CCPs would see significant increases in the own funds requirements for those exposures. While such increases may only be temporary, they could potentially lead to the withdrawal of those institutions as direct participants in those CCPs or to the, at least temporary, cessation of the provision of clearing services to those institutions' clients and thus cause disruption in the markets in which those CCPs operate and potentially in Union markets in general.