Recital 18

(18)The current over-reliance of Union clearing members on services provided by UK CCPs still presents risks for the financial stability of the Union and for the transmission and conduct of the Union’s monetary policy, especially in the event of stress. This was confirmed by the assessment of the ESMA in December 2021. ⁸ That assessment identified three clearing services provided by UK CCPs as being of substantial systemic importance to the Union or to one or more Member States. While that assessment concluded that, at this point in time, the costs of derecognising those clearing services would outweigh the benefits, it nonetheless identified important risks and vulnerabilities in connection with a continued recognition of those clearing services, in particular, in times of stress in the market.