(20)The legal and supervisory arrangements of the USA applicable to CCPs qualified as covered clearing agencies should therefore be deemed equivalent, provided that the internal rules and procedures of a CCP applying for recognition meets certain requirements with respect to risk management. In particular, a CCP should apply a 2-day liquidation period with respect to non-OTC derivative contracts and a 5-day liquidation period with respect to OTC derivative contracts, both on a net basis. Moreover, the CCP should apply measures designed to limit pro-cyclicality that are equivalent in delivering stable and conservative margins to any of the three measures set out under Regulation (EU) No 648/2012.