Abstract: We present an experimental demonstration of the feasibility of the first 20 + Mb/s Gaussian modulated coherent state continuous variable quantum key distribution system with a locally generated local oscillator at the receiver (LLO-CVQKD). To increase the signal repetition rate, and hence the potential secure key rate, we equip our system with high-performance, wideband devices and design the components to support high repetition rate operation. We have successfully trialed the signal repetition rate as high as 500 MHz. To reduce the system complexity and correct for any phase shift during transmission, reference pulses are interleaved with quantum signals at Alice. Customized monitoring software has been developed, allowing all parameters to be controlled in real-time without any physical setup modification. We introduce a system-level noise model analysis at high bandwidth and propose a new ‘combined-optimization’ technique to optimize system parameters simultaneously to high precision. We use the measured excess noise, to predict that the system is capable of realizing a record 26.9 Mb/s key generation in the asymptotic regime over a 15 km signal mode fibre. We further demonstrate the potential for an even faster implementation.