(37)To enhance the ability of Union bodies to have a comprehensive overview of market developments relevant for clearing in the Union, to monitor the implementation of certain clearing related requirements of Regulation (EU) No 648/2012 and to collectively discuss the potential risks arising from the interconnectedness of different financial actors and other issues related to the financial stability, it is necessary to establish a cross-sectoral monitoring mechanism bringing together the relevant Union bodies involved in the supervision of Union CCPs, clearing members and clients (Joint Monitoring Mechanism). The Joint Monitoring Mechanism should be managed and chaired by ESMA as the authority involved in the supervision of Union CCPs and supervising systemically important third-country CCPs. Other participants should include representatives of the Commission, EBA, EIOPA, the ESRB, the central banks of issue of the currencies in which the contracts belonging to clearing services of substantial systemic importance are denominated, national competent authorities, and the ECB in the framework of the tasks concerning the prudential supervision of credit institutions within the single supervisory mechanism conferred upon it in accordance with Regulation (EU) No 1024/2013.