Are giant trading houses too big to fail?

The proposed merger of Glencore and Xstrata is the biggest move yet in the rapid consolidation of the commodity traders who control everything we consume. An Enron style collapse would have global ramifications.

FT.com

The global financial crisis of 2008-09 made clear that large global banks, such as Goldman Sachs, are just too big to fail.

Could a future crisis in the commodities market reveal that trading houses such as Glencore pose a similar problem?

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