On the day after US President Barack Obama warned the financial industry to heed the lessons of the economic crisis, delegates at Sibos were warned that this would be only half the battle.

In a session that started late because of Typhoon Koppu, which passed close to Hong Kong on Monday evening, Greg Young, head of credit risk management and advisory in Asia at Goldman Sachs, said: "We are relatively happy with fighting the last battle. But I wouldn't want to overstate our ability to predict the next storm. We probably won't foresee the next bubble. [As an industry] we're pretty bad at that."