In Europe, daylight saving time may not end until the last week of October; nonetheless the continent's asset backed securitization market may have already suffered through its darkest hour. Investors have cautiously returned, and investment banks are restructuring and refinancing in order to make amends. Ratings agencies are back on the ball, and the EU is mulling new regulations in order to prevent a repeat of the crash.

"We think the negative news is over," said one investment director at an Edinburgh-based firm. "We saw Northern Rock and thought to ourselves that a bank run is as bad as it can get. We can tell ourselves it should not have happened and focus on the past, or we can get a lot more rigorous and start taking up a lot more offers."

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