Safe to come out?

September's market turmoil and the subsequent end of the merchant bank business model, ushers in a new era for commodities trading, risk management and investment, many experts believe.

Beyond the immediate challenge of dealing with any trading positions held with Lehman Brothers before its collapse on September 14, energy market players now face an array of longer-term challenges - credit risk and liquidity risk topping the list. They stem from two sources. Firstly there are now fewer players in

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