The IInd Clare Benedict Cup took place in 1954 in Zürich. It was first and only individual tournament in the history of the event. It is not included in the all-time statistics thus the 1955 edition is referred to as "2nd Clare Benedict Cup" as well. The line-up was very strong, with two GMs and four IMs, very impressive those years. There were 12 players from 7 countries, as Switzerland, the home nation fielded as much as six players. The Netherlands were represented by ex-World Champion Euwe, Yugoslavia - the only communist nation ever taking part in Clare Benedict tourney - sent GM Trifunović, Italy and Spain fielded two mature, experienced IMs while West Germany were represented by 26-year old Lothar Schmid.

The German had an impressive start defeating GM Trifunović and IM Beni in first two rounds to take sole lead. As he lost to Nievergelt on day four, it was Euwe who came into the lead at 3½ points. Nievergelt leveled on points with Euwe after fifth round winning fourth consecutive game. L.Schmid made up for a lost ground then winning one by one to re-take the lead after seven rounds at 5½ points, half of a point ahead of Nievergelt, Euwe and Canal of Spain.

As Schmid beat Kupper and Szabados on day 8 and 9 respectively he virtually sealed his well-earned triumph while Nievergelt took surprise second position taking two victories in two final rounds. Euwe was third at 7½ points. Canal conceded three games in a row to finish in shared 5th position. Petar Trifunović gave disappointing display finishing at mere 50%.

Schmid's success resulted in a GM title awarded to him in 1959.