Tradeweb's ICD Portal Client Survey
A press release titled, "Geopolitical Risk Concerns Surge for Corporate Treasurers, According to 2026 Tradeweb ICD Portal Client Survey," tells us, "Tradeweb Markets (TW), a global leader in electronic trading across asset classes, ... announced the results of its 2026 ICD Portal Client Survey, which found that corporate treasurers' geopolitical concerns have surged, alongside increased allocations to money market funds (MMFs) and growing adoption of new technologies. The annual survey, now in its ninth year, was conducted in January 2026 and found that nearly nine in ten respondents (88%) reported moderate-to-high concern around the current geopolitical environment, with almost half (48%) citing 'high concern' -- an 11-percentage point increase from last year's survey." It continues, "Against this backdrop, treasurers are adopting a more defensive investment strategy. In 2026, 27% of firms plan to increase their MMF allocations, compared with just 9% planning to decrease them, reinforcing a broader 'flight to safety' amid macro uncertainty. Cash balance expectations have become more balanced year-over-year -- with 29% of respondents expecting increases and 23% expecting decreases, versus 31% and 18%, respectively, in 2025 -- suggesting corporate treasurers are reallocating liquidity rather than building cash positions." Tom Britton, Head of International Corporate and Global Corporate Product at Tradeweb, comments, "We're seeing a distinct change in how treasurers are managing liquidity amid heightened geopolitical uncertainty. Rather than simply building cash positions, firms are becoming more deliberate in how they allocate it, with a growing focus on instruments that offer stability, transparency and immediate access. In this environment, electronic trading is playing an increasingly important role in helping firms access and manage liquidity more efficiently in real time." The release also says, "At the same time, corporate treasurers are increasingly turning to technology to navigate a more complex trading environment. While fewer than 5% of treasury groups reported investing in crypto or digital assets in 2025, interest in tokenization is clearly on the rise. Tradeweb's 2026 survey found that 25% of respondents are moderately to very interested in tokenized MMFs and 19% in stablecoins, signaling growing appetite for digital asset innovation." Tradeweb's Daniel Staniford adds, "These findings highlight a clear shift in how treasurers are approaching liquidity in an increasingly uncertain world. As geopolitical risk intensifies, treasury teams are prioritizing flexibility, speed and access to liquidity, driving growing interest in innovations such as tokenized money market funds and 24/7 markets. While adoption remains early, this marks a meaningful step toward a more digital, always-on liquidity ecosystem."
