Recital 20

(20)Regulation (EU) 2024/2987 of the European Parliament and of the Council ⁸ which introduced those new rules into Regulation (EU) No 648/2012, was published in the Official Journal of the European Union on 4 December and entered into force on 24 December 2024. Those new rules will contribute to making Union clearing services more attractive and robust, preserving financial stability, and supporting a well-functioning capital markets union. The new rules will enable Union CCPs to bring new products to the Union market faster, giving market participants an incentive to clear and build liquidity at Union CCPs. The new rules will also allow for a safer and more resilient clearing system by improving the Union supervisory framework for CCPs, reinforcing the role of ESMA. The new framework will also contribute to reducing excessive reliance on systemic CCPs in third countries by requiring all market participants concerned to hold active accounts at Union CCPs and clear a representative portion of certain systemic derivative contracts within the single market.