Five principal Commodity Futures Trading Commission-registered clearinghouses demonstrated they had the financial resources to withstand a variety of extreme market price changes across a wide range of products and instruments during its first supervisory stress test of clearinghouses. The five clearinghouses were CME Clearing, ICE Clear Credit, ICE Clear Europe, ICE Clear U.S. and LCH Clearnet Ltd. The exercise covered the 15 largest clearing members at each clearinghouse and encompassed 11 different stress scenarios. According to the CFTC, its stress tests showed that all the clearinghouses had sufficient financial resources to cover a default by at least the two clearing members with the largest margin shortfalls – the base standard under US and international requirements for systemically important clearinghouses.