This week marked the 2nd Anniversary of the collapse of Lehman Brothers, perhaps the most significant collapse of the banking crisis. Ironic perhaps then that the anniversary coincided with the publication of stricter international banking rules requiring banks to hold larger cash reserves. The hope is that these minimum requirements will ensure banks are better able to withstand periods of economic stress. There are concerns though. The FT reports that some are concerned that the reforms will backfire and the high-risk businesses will not stop but instead move into less regulated areas such as private equity firms, hedge firms and even energy companies. The argument being that these players gain the competitive advantage as trading counterparties (effectively shadow banks) because they do not have the same regulatory capital requirements that the banks now have. The truth is that the large energy companies have been trading derivatives for a long time helping clients to hedge risk – some now expect this to accelerate. If it does it will be partly to do with the capital advantage but more to do with an increasingly risk aware client base that is actively seeking the tools to help manage energy risks.