The Commodity Futures Trading Commission determined that the Chicago Mercantile Exchange, ICE Clear US Inc. and LCH Ltd were all able to generate sufficient liquidity to fulfill their settlement obligations on time during a test of their settlement liquidity in the case of a failure of the same two systematically important clearing members at each clearinghouse. This test, as of August 16, was the second systemic stress test of clearinghouses by the CFTC; the first was conducted in 2016. (Click here for background in the article “Five Regulated Clearinghouses Pass CFTC-Administered Stress Tests” in the November 20, 2016 edition of Bridging the Week.)