ICD Surveys Trends in Institutional Money Markets and Treasury Technology


More than 100 treasury organisations in the US, UK, and Europe shared their plans regarding cash, investments and the interplay between staff and technology in the 2022 ICD Client Survey, which closed in February.

“We see treasury teams preserving capital and keeping investments short to take advantage of expected yield in a rising interest rate environment,” says ICD CEO Tory Hazard. “Further, institutional investors are looking to grow their investments in prime money market funds in the Americas and LVNAV assets in the U.K. and Europe.”

Highlights of the 2022 ICD Survey include:

  • 71% – Treasury teams expect to maintain or increase cash balances in the first half of 2022, up from 61% reported last year, suggesting uncertainty over macroeconomic and geopolitical developments.
  • 83% – Organisations are maintaining or increasing investment in money market funds ahead of rate hikes to maximise yield while maintaining liquidity and safety.
  • 94% – Most UK/Europe respondents are invested in or planning on investing in Short-Term LVNAV money market funds, an increase of 52% over last year.
  • 46% – Treasury teams in the Americas are investing in or planning on investing in Demand Bank Deposits; down 19% from last year.
  • 56% – Respondents in the Americas said they are invested in or planning on investing in prime money market funds, up 19% from last year, to take advantage of increased yields.
  • 62% – Organisations are engaging in treasury transformations over the course of the year, turning to technology to close the gap between limited resources and increasing responsibilities.

To read the full 2022 ICD Survey, visit icdportal.com/resources.

Most recent episodes

Embedded Finance: A 101 Guide for Treasurers

Our latest TreasuryCast guest, Aman Narain (HSBC) sits down with TMI's Eleanor Hill to consider the ways in which treasury might be impacted by embedded finance. In this podcast, Aman explains the differences between embedded finance and BaaS, shares his hopes for the future in this space, and provides...


Audio TMI - A Modern, Agile, and Efficient Machine

UniCredit's Raphael Barisaac and Massimo Ortino explain how the fir...

What’s on the Horizon for Short-term Investments?

The treasury community has risen to the ongoing challenge of rising interest rates and inflation, with corporate cash serving as the sought-after safety net. Here, Daniel Farrell (Northern Trust Asset Management) and Karl Adams (ICD) consider how the latest MMF reform proposals affect short-term...


Transitioning a Corporate from LIBOR to CME Term SOFR

The loans market has predominantly moved to forward looking term rates, and both corporate borrowers and global lenders are increasingly turning to CME Term SOFR as the forward looking risk-free benchmarks to support their activities. Listen to this podcast, featuring Gavin Lee, Marco Bianchi (CME...


HSBC’s Sibos Spotlight – View from Sibos

TMI's Eleanor Hill invites Neil Atkinson, Nadine Lagarmitte, and Vinay Mendonca (HSBC) to discuss the critical treasury topics and conversations highlighted at this year's Sibos conference in Amsterdam. Amongst a wealth of market insights, our guests consider the most critical developments emerging from...


ECB’s Targeted TLTRO Tweaks Set to Drain Excess Market Liquidity

Welcome to the latest edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management, one of the world’s largest cash managers. Tune in each month to discover the very latest insights on the UK, Eurozone and US markets. This edition was recorded on the 7th...


Asian Treasury Trends: Learnings and Opportunities

Former corporate treasury professional, Valerie Heng (Deloitte) joins Eleanor Hill to discuss the hot topic of treasury transformation, alongside other key shifts treasurers should be aware of. In this podcast, Valerie uses her knowledge of the Asian Treasury market to explain how the role of the...


Collaborative Trade Finance: How to Unlock Liquidity at Speed

Imagine if trade finance applications were fully collaborative and corporates could communicate with every trade participant via an open digital hub.  In this podcast, Vincent Almering (Interfood Holding B.V.) and Enno-Burghard Weitzel (Surecomp) explain to TMI's Ben Poole how collaborative trade...


Critical Trends in Trade and Supply Chain Management

Three trade finance experts from Societe Generale join Ben Poole (TMI) in the virtual TreasuryCast studio to discuss critical developments in the trade space that are particularly impactful to corporate treasurers. In this podcast, Isabel Santos, Ariel Emirian and Pierre-Antoine Barreault (Societe...