(4)Moreover, Article 28(1) of Delegated Regulation (EU) No 153/2013 requires that a CCP applies at least one of three measures that limit procyclicality to ensure that initial margins do not fall too low in stable economic times and do not increase precipitously in times of stress. Such measures deliver stable and conservative margins. The primary rules contain no such specific requirement for TBAs. The CCPs that clear TBAs, however, do have in place internal rules and procedures with anti-procyclical effects. Therefore, a CCPs’ binding internal rules and procedures deliver substantive outcomes that are equivalent to the effects of the Union rules on anti-procyclicality for TBAs.