(8)The IFSC financial market is significantly smaller than the markets in which CCPs established in the Union are active. Since 2020, there has been minimal trading or clearing in derivatives. Therefore, participation in CCPs established in the IFSCs exposes clearing members and trading venues established in the Union to significantly lower risks than their participation in CCPs authorised in the Union. The MII Regulations applicable to CCPs authorised by the IFSCA, complemented by the byelaws and rules of those CCPs, which require compliance with the PFMIs, adequately mitigate that lower level of risk that clearing members and trading venues established in the Union may be exposed to and can therefore be considered to achieve a risk-mitigation outcome equivalent to that pursued by Regulation (EU) No 648/2012.