(7)Following that Communication, in early 2021, the Commission established a Working Group on the opportunities and challenges related to transferring the clearing of derivatives from the United Kingdom to the Union. The Working Group focused on how to reduce the Union’s excessive reliance on clearing services provided by the CCPs established in the United Kingdom, identifying possible impediments to reducing exposures in UK CCPs, finding ways to overcome such impediments and incentives to move clearing services to CCPs established in the Union.