Making Hay While the Sun Shines

As the sub-prime mess continues to unwind, at worst, it means fewer mortgage-backed securities traders to support as the market dries up.

However, the game will change come the implementation of the Markets in Financial Instruments Direct (Mifid) in November.

The threat won't come from fine-imposing national regulators, but from a well-informed consumer.

Imagine if the sub-prime mess happened under Mifid, and banks had to explain to their investors that the AAA-rated mortgages they purchased were

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