(7)To be eligible for recognition by the European Securities and Markets Authority (ESMA), CCPs clearing TBAs should comply with the rules applicable to CCPs qualified as covered clearing agencies and with legally binding requirements meeting certain risk management standards. ESMA should verify, in accordance with Article 25(2), point (b), of Regulation (EU) No 648/2012, that those risk management standards are part of the internal rules and procedures of any CCP that clears TBAs and that is supervised by the SEC and is applying for recognition in the Union. In particular, ESMA should check that the CCP applies a three-day liquidation period with respect to TBAs, on a net basis, and that the CCP applies measures designed to limit procyclicality that are equivalent in delivering stable and conservative margins to any of the three measures laid down Article 28(1) of Delegated Regulation (EU) No 153/2013.