(3)As of 31 December 2020, according to the Bank for International Settlements the outstanding notional amount of OTC derivatives was about EUR 477 trillion worldwide, of which interest rate derivatives represent about 80 % and foreign exchange derivatives almost 17 %. More than 30 % of all OTC derivatives are denominated in euro and other Union currencies. The market for central clearing of OTC derivatives is highly concentrated, in particular the market for central clearing of euro-denominated OTC interest rate derivatives, of which more than 90 % are cleared in one single CCP established in the United Kingdom (‘UK CCP’).