(5)As of 31 December 2023, according to the Bank for International Settlements, the outstanding notional amount of OTC derivatives was about EUR 603 trillion worldwide, of which interest rate derivatives represent about 80 % and foreign exchange derivatives almost 18 %. More than 30 % of all OTC derivatives are denominated in euro and other currencies of the Member States. The market for central clearing of OTC derivatives is highly concentrated, in particular the market for central clearing of euro-denominated OTC interest rate derivatives, of which more than 90 % are cleared in one single CCP established in the United Kingdom (‘UK CCP’).