Certain events leave an indelible mark on our lives. For people working in the area of finance, Lehman Brothers going into Chapter 11 on 15 September, 2008 clearly falls into this category. The global financial crisis was a watershed moment, dramatically changing the operating environment for financial markets, with the authorities tightening the regulatory framework appreciably since then. This has affected financial markets profoundly, and perhaps in ways unintended by policy makers. The new regulations, for example, aim to reduce market volatility and risks to intermediaries. However I would argue that not only are these safeguards yet to be tested, it remains unclear whether or not the current regime could dampen the negative impact of the next financial crisis—when it happens.