 In this model, both parties to the trade face the CCP, and all members of the CCP pay into a fund to cover costs in the event that one member defaults.Indices are currently cleared through several CCPs, with ICE Clear Credit (formerly ICE Trust) and ICE Clear Europe, and Chicago Merchantile Exchange (CME) launching in 2009, and LCH.Clearnet in 2012.From March 2013, certain indices under the USA's CFTC's jurisdiction became mandated to clear on trade date.