I gave up on the first query - was 30 mins and counting! Massively appreciate your time Chris.
Ive tried another way albeit a copout from the IF EXISTS method - it seems to look like it works but could you please check it as well. It only took 2 minutes.
With TCM AS(
select distinct OTPTradeId from confirmationaudit where confoauditsenderref like 'HBEUM0%'
union
select distinct tradeid from confirmationsent cs, confirmationaudit ca where cs.confoid = ca.otptradeid
)
select TradeId, OTPTradeId As 'TCM ID',
case when OTPTradeId is NULL Then 'No' Else 'Yes' End as 'TCM'
from Trade left join TCM on TradeID = OTPTradeId
where tradedate = '17 Jun 2013'