In 2008, it was sub-prime mortgages. In March of 2020 it was money-market funds. And now, regulators fear, a crisis is brewing in commodity markets.

“Every crisis has a dimension, where we look at something that maybe we should have been looking at a lot harder before the crisis,” Ashley Alder, chair of the International Organization of Securities Commissions, said on 26 April at the City Week 2022 conference in London. The IOSCO is an association of organisations that regulate securities and futures markets. “This time around we have commodities.”