(9)The Malaysian financial market is significantly smaller than that in which CCPs established in the Union are active. Since 2016, there has been minimal trading or clearing in derivatives. Therefore, participation in CCPs authorised in Malaysia exposes clearing members and trading venues established in the Union to significantly lower risks than their participation in CCPs authorised in the Union. The primary rules applicable to CCPs authorised in Malaysia, complemented by their internal rules and procedures, which require compliance with the PFMIs, adequately mitigate the lower level of risk that clearing members and trading venues established in the Union may be exposed to and therefore can be considered to achieve a risk-mitigation outcome equivalent to that pursued by Regulation (EU) No 648/2012.