This month, MFI interviews Managing Director & Head of ICD Tory Hazard, a year after the company's buyout by Tradeweb. We discuss the portal marketplace, corporate investor issues and the latest technology initiatives with one of the industry's biggest online money fund trading portals. Our Q&A follows. (Note: The following is reprinted from the August issue of Money Fund Intelligence, which was published on August 7. Contact us at info@cranedata.com to request the full issue or to subscribe, and let us know too if you'd like to see our latest list of ESG, Social and D&I share class money market funds.)
MFI: Tell us a little about your history. Hazard: ICD was founded in 2003 as the first independent investment platform focused solely on corporate treasury. From the beginning, the goal was to give treasury teams better access, transparency, and control over their short-term investments. I joined ICD in 2009, to help grow and scale the business. At the time, the idea of a digital platform for institutional money funds was still gaining traction, and it's been exciting to be part of shaping that evolution.
Now, as part of Tradeweb, we've added even more depth to our offering -- bringing new products, expanded global access, and additional resources to support treasury teams. But the mission remains the same: to empower treasury professionals with innovative tools and exceptional service to help them manage liquidity with confidence. As for the word 'portal,' I think it's functional -- it gets the point across. But what we've built is more than just a place to trade. It's an integrated platform that helps treasury teams manage investments, analyze risk and exposure, and stay compliant. So, while 'portal' may be the industry shorthand, it doesn't really capture the full scope of what we do today.
MFI: How's the Tradeweb deal going? Hazard: The first year with Tradeweb has been incredibly productive. One of the most impactful changes for our clients is broader access -- ICD clients now have the ability to tap into more than 50 fixed income products across 30+ currencies through Tradeweb. That includes U.S. Treasuries, sovereigns, international bills and bonds, commercial paper, and repo -- giving treasury teams greater flexibility to diversify and optimize their liquidity strategies.
This expanded reach also benefits our fund partners. With access to Tradeweb's large and diverse institutional client base, we're able to broaden distribution opportunities and create more visibility for funds on our platform. On the international front, we're making strong progress as well. We're in the advanced stages of obtaining a license in Singapore, which will open new opportunities in the APAC region and enable us to provide 24-hour live customer support from licensed professionals -- something our global clients truly appreciate.
What's made the integration so successful is the alignment between our organizations. ICD and Tradeweb share a strong culture centered on client success and investing in our people. That common foundation has helped us integrate quickly, without losing momentum. In the end, this acquisition has strengthened ICD's ability to serve corporate treasury teams while reinforcing Tradeweb's commitment to the market. Together, we're delivering a more complete liquidity and investment management solution—backed by innovation, global scale, and service excellence.
MFI: Tell us about the addition of T-bills. Hazard: The addition of U.S. Treasury Bills to ICD Portal is a meaningful step forward and a clear milestone in our integration with Tradeweb. It's the first product to be brought onto the portal through our new relationship, and it represents exactly what we set out to do -- expand investment options for corporate treasury teams while maintaining the ease of use, transparency, and reporting ICD is known for.
By offering direct access to T-Bills within ICD Portal, we're enabling clients to diversify into government-backed securities without giving up the operational efficiency they rely on. It's a great example of how the Tradeweb acquisition is already paying off for our clients. And we're just getting started. We fully expect to add more direct securities to the portal over time. What we prioritize will be guided by client demand -- our goal is to continue expanding access to relevant, high-quality products while keeping the client experience seamless.
MFI: What else are you working on? Hazard: Integration is definitely a top priority for us right now -- particularly when it comes to aligning more closely with Tradeweb's infrastructure. We're focused on bringing additional products, data, and automation to corporate treasury teams in a way that feels seamless. The goal is to create a more unified experience across execution, analytics, and compliance, while also expanding access to new instruments like T-Bills.
In parallel, we're continuing to enhance our Portfolio Analytics offering and broader reporting capabilities. Much of that work is driven directly by client feedback—things like deeper risk metrics, compliance tools, and portfolio-level insights that help treasury teams make more informed decisions. On the regulatory front, U.S. MMF reform implementation is largely behind us, but we're keeping a close eye on Europe. There are still discussions underway around potential updates to European MMF regulations, and we're actively engaged in monitoring those developments. Our aim, as always, is to stay ahead of any changes and ensure our clients are prepared to navigate whatever comes next in the liquidity landscape.
MFI: Tell us about your customer base? Hazard: Our core client base is corporate treasury -- primarily multinational organizations across a wide range of industries. Today, we work with many of the world's most sophisticated treasury teams, including approximately 17% of the Fortune 500. That said, our platform is just as valuable for mid-market firms, which often benefit from the same level of transparency, security, and operational efficiency that we deliver to larger organizations.
What sets us apart is our focus on providing purpose-built investment technology tailored to the needs of treasury and finance professionals—regardless of company size, geography, or sector. In addition to corporates, we also serve a growing number of non-bank financial institutions and government entities that require reliable access to short-term investment products and strong reporting capabilities. With the Tradeweb acquisition, our potential client base has expanded even further. Many Tradeweb clients—particularly those active in fixed income—are now discovering ICD as a natural extension of their liquidity strategy.
MFI: What are customers asking about? Hazard: The results of our 2025 client survey were quite telling. Geopolitical risk was the top concern—nearly three out of four respondents flagged it as a major factor weighing on their investment decisions. That's closely followed by uncertainty around interest rates, especially in the U.S., and what that could mean for returns if yields start to decline.
Beyond the macro environment, we're also seeing frustration around cash forecasting. Market volatility has only made it harder for treasury teams to project cash needs accurately, and that's a challenge when you're trying to strike the right balance between liquidity and yield. In an effort to improve forecasting, over 83% of our clients leverage at least one ICD integration into another solution in their technology stack.
Another theme that's emerged this year is around technology -- specifically AI. A lot of our clients are interested in the potential, but also cautious. There's a concern about how to integrate AI meaningfully without overcomplicating their tech stack or stretching already lean teams. They're looking for practical, well-integrated tools -- not just another layer of complexity. All of this reinforces the importance of having flexible investment options, strong analytics, and systems that support better decision-making. That's where we're continuing to invest, especially now with Tradeweb, as we help clients navigate an increasingly complex landscape.
MFI: Do you offer ultra-shorts, offshore, ETFs or tokenized MMFs? `Hazard: Yes, ICD offers access to a broad range of ultra-short bond funds and offshore money funds -- both are important tools for today's multinational treasury teams managing global liquidity <b:>`_.... These products are fully integrated into ICD today, so clients can execute trades, consolidate reporting, and monitor compliance all in one place—without disrupting their existing workflows.
As for ETFs and tokenized MMFs, we don't currently offer those on the platform, but they're very much on our radar. We're actively exploring both areas in partnership with Tradeweb as interest builds and the regulatory environment continues to take shape. Our approach is always client-led, so as demand for new vehicles increases -- and where it makes sense operationally and from a compliance standpoint -- we'll look to expand our offerings.
MFI: What about the future of MMFs? Hazard: MMFs continue to be a core part of the corporate treasury toolkit, offering that critical balance of liquidity, stability, and yield -- even as the rate environment shifts. If you look at AFP's Annual Liquidity Survey, there has been an increase in MMF investment as compared to a drop in deposit products over the past few years. In our most recent annual survey, a large number of treasury teams indicated plans to increase their MMF allocations this year. That's a strong signal that confidence in the product remains high, even after the recent regulatory changes.
As we look ahead, we expect money market funds to maintain their position as a go-to vehicle for managing operating cash and short-term liquidity. With greater regulatory clarity in the U.S. and ongoing conversations in Europe, we believe the market is settling into a more stable rhythm. At the same time, we're seeing MMFs increasingly used alongside other instruments -- like T-Bills and ultra-short bond funds -- as part of more diversified strategies. Overall, we see a healthy, resilient MMF market, and one that will continue to evolve to meet the changing needs of corporate investors.
