With significantly lower commodity prices, a plethora of new regulations to deal with, structural changes in the industry (read renewables largely), more difficult to find trading opportunities and so on, the market for CTRM software has been difficult this last 18-months or so. However, with much of the regulatory work now behind us, there does seem to be signals of an increase in activity levels. As I talk with many of the vendors in Europe, I am hearing that there are more incoming opportunities in the form of RFPs and that pipelines are quite robust in terms of opportunities. Maybe, we are across the hump (sag?) in demand? However, things have definitely changed. Traditionally, we have looked at the market as segments and tiers where the tiers are made up of buyers of a certain size in each of the segments. There are simply fewer top tier market participants these days and those that are top-tier, seem to be considering custom builds to a significant degree. Now that custom build may utilize some purchased components so its not all bad news. The middle-tier, often thought of as packaged software consumers, also appears to have been squeezed a bit such that
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