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How did the fund perform? This would suggest bad or not that great and they decided they could get more - or perhaps just a stable income - from licensing the tech.

Fairly significant, the clearing conversations (Dealer-to-Customer) are much further ahead in the US as you would expect but this should kick-start things in Europe.

So who will be the major ccps (LCH,CME,ICE?) - what about EUREX?

'Central Register' - basically SDR - surley DTCC will win here or will there be competition and thus fragmentation? (which would defeat the objective)

Not sure there is a technical trade-off between reliability and speed, it’s a question of investment priorities. Agreed that over last 5-ish years it has been all about speed and perhaps some re-balancing is required.

Natwest also have a 'large' device which means I end up using their private banking number instead of going on-line when at work.

These guys should take a look at what Google have done with their 2-step verification feature which works of SMS and a native android app. I think all the banks will have to eventually go this way instead of trying to win the war on best custom reader.