(12)The financial markets in which CCPs authorised in the interbank market in the People’s Republic of China carry out their clearing activities is significantly smaller than that in which CCPs established in the Union carry out their clearing activities. In particular, over the past three years, the total value of derivative transactions cleared in CCPs supervised by the People’s Bank of China represented less than 1 % of the total value of derivative transactions cleared in the Union. Therefore, participation in such CCPs exposes clearing members and trading venues established in the Union to significantly lower risks than their participation in CCPs authorised in the Union.