NO.PZ2020020601000030
问题如下：
What are pro-cyclical actions? Why might the actions of a CCP be pro-cyclical?
解释：
Actions that reinforce the severity of economic cycles are referred to as procyclical. During stressed periods, a CCP is likely to ask for more initial margin from its members. This could exacerbate liquidity problems already being experienced by members and therefore be procyclical.
