Instead of being fixed, a string of bits specifies the chip's design by telling it what linkages to forge between its various components (in this case, groups of transistors known as logic cells).

ECONOMIST: REPORT: EVOLVABLE HARDWARE

CBM, a consultancy, the main potential for online bond-trading is in fixed-income securities that are already fairly liquid: these (notably government bonds and blue-chip corporate bonds) are likely to become more liquid, and more keenly priced.

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Accommodating a 35mm sensor, the same chip that ships in Sony's a99 DSLR, in such a small housing meant going with a fixed 35mm lens.

ENGADGET: IRL: Sony's Cyber-shot DSC-RX100 and the full-frame RX1