A read through this New York Times article on derivatives clearing, and the exclusivity that big banks seek to maintain, would look very much like an article on large-scale peering, to someone who is not expert in both topics. The transit-free club and the "derivatives dealers club" may have other similarities in the future, and it's worth watching how further government regulation develops in this area. It may lead to insight into how government might eventually regulate ISPs seeking to become settlement-free. "“It appears that the membership criteria were set so that a certain group of market participants could meet that, and everyone else would have to jump through hoops,” Mr. Katz said." http://www.nytimes.com/2010/12/12/business/12advantage.html?pagewanted=1&_r=1&src=busln -- Jeff S Wheeler <jsw@inconcepts.biz> Sr Network Operator / Innovative Network Concepts