Recital 6

(6)With regard to CCPs established in third countries that have applied for recognition so far, 21 CCPs have already been recognised by the European Securities and Markets Authority (ESMA). Of those, three CCPs from the United States of America have been recognised after the adoption of Implementing Regulation (EU) 2016/892. Furthermore, additional CCPs from the United States of America may be recognised on the basis of Commission Implementing Decision (EU) 2016/377 ⁸ . However, the remaining third-country CCPs are still awaiting recognition and the recognition process will not be completed by 15 December 2016. If the transitional period is not extended, institutions established in the Union (or their subsidiaries established outside the Union) having exposures to the remaining third-country CCPs would be required to increase significantly their own funds for those exposures. Even if such increases may only be temporary, they could potentially lead to the withdrawal of those institutions as direct participants in those CCPs or, at least temporary, to the cessation of the provision of clearing services to those institutions' clients and thus cause severe disruption in the markets in which those CCPs operate.