Successful 2006 for Gissing
Gissing's financial year coincides with the calendar year, and December 2006 saw the end of our most successful year yet. Revenues grew by more than 40% year on year, and the outlook for 2007 is looking extremely positive. We now have more than 30 clients with over 50 ConteX sites across the globe.
We noted some interesting trends among our clients:
- some clients reviewed their disaster recovery (DR) strategy during the year and replaced or upgraded their existing DR hot standby data centres to make them fully live-live. One of our prospective clients is going for a fully belt-and-braces approach and implementing three live sites, each fully capable of handling all its market data and trading requirements.
- a number of our clients who’ve been using Gissing ConteX MCS for their fixed income desks have installed new systems to handle contributions for other financial instruments. Equity derivatives have been a particular focus for many of these firms.
Other highlights during the year included winning four major new clients, all major investment banks, including Gissing's first Japanese banking client in Tokyo.
Gissing RealtimeXL made a significant contribution to revenues: it's now in use at seven clients including one particular client with more than 3,000 licenses. The release of Version 3 in December (see November/December newsletter for full details) has prompted several new product evaluations which we anticipate will lead to substantial new license sales during 2007.
Mike Vieyra, Chief Executive Officer of Gissing Software, said, “In many ways 2005 was a year of consolidation and completion of the major transition from a consulting company to a fully-focussed product company.  Gissing Software reaped the benefits of this initiative during 2006.
“We committed additional marketing resource which resulted in increased business as well as a much higher profile for the company in the marketplace. We will sustain this momentum during 2007 and continue to build our core business while taking advantage of the opportunities that MiFID presents for us in Europe.”
During the year Gissing has been very active in the MiFID arena, participating in both the Joint Working Group (JWG) and its real-time data subject group (JWGRTDSG). Richard Gissing has been in great demand as a speaker at conferences and in both the online and print media for his opinions on MiFID and its impact on the European Financial Services industry. We already have substantial interest in the deployment of Gissing technology to solve MiFID transparency challenges.
We expect that the widely anticipated publication of the Level 3 guidance, some of which has started to appear, will lead to significant business. Unlike some who claim to have shipping MiFID products already, we know that without Level 3 clarification of aspects of both transparency and best-execution it's impossible to deliver fully working and compliant MiFID products. We will finish, test and release our MiFID products within a few weeks of the final Level 3 guidance becoming available.
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