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. Follow-on polling in early March 2026, conducted after the start of the conflict in the Middle East, showed that figure rising further from 48% to 68%.
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.
“We’re seeing a distinct change in how treasurers are managing liquidity amid heightened geopolitical uncertainty,” said Tom Britton, Head of International Corporate and Global Corporate Product at Tradeweb. “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.”
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.
Artificial intelligence (AI) is also moving from evaluation to real-world deployment within corporate treasury. In the 2025 survey, nearly two-thirds (63%) of respondents identified areas such as cash forecasting and financial reporting as key use cases for AI. In 2026, that interest is translating into action, with 22% of treasury teams already deploying AI solutions, most notably in cash forecasting, marking a transition from experimentation to implementation.
“These findings highlight a clear shift in how treasurers are approaching liquidity in an increasingly uncertain world,” said Daniel Staniford, Head of Americas Corporate and Global Corporate Sales at Tradeweb. “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.”
Tradeweb’s corporate treasury offering includes a suite of solutions designed for treasury professionals, providing a fully integrated investment experience that enables treasury and finance teams to analyze, optimize and manage liquidity efficiently. Tradeweb’s ICD Portal serves more than 600 clients globally, including 21% of the S&P 100. Through ICD Portal, clients can access more than 500 investment products from over 60 providers, alongside Tradeweb’s global network of fixed income securities across all major currencies.
The 2026 Tradeweb ICD Portal Client Survey is based on responses from 120 treasury and finance professionals globally and provides insights into liquidity management, investment strategies and technology adoption trends.
