July 07, 2026 — Market volatility has pushed corporate FX traders to step away from the consoles and pick up their phones.
As tariffs and other geopolitical events elevate uncertainty and volatility in global markets, corporate priorities are shifting from a focus on electronic efficiency back toward the value of relationships and specialized execution.
The results of the most recent Voice of the Client - Global Corporate Foreign Exchange Studies from Crisil Coalition Greenwich show that corporate FX market participants have cut back on their use of multidealer FX trading platforms in favor of single-bank platforms and old-fashioned voice trading. The share of trading volumes executed on multidealer platforms dropped from 74% in 2024 to 69% in 2025, indicating a renewed preference for direct access to dealers.
“Relationships and support from sell-side salespeople are driving more business than ever,” says Audrey Costabile, Senior Analyst in Market Structure & Technology at Crisil Coalition Greenwich and coauthor of High-touch service is redefining corporate FX.
Approximately 80% of the market participants in the study name “sales coverage and relationship management” as a key factor in their allocation of FX trading business, making it by far the most important consideration in that process. Meanwhile, the significance of “electronic execution and capabilities” has sharply declined.
“In the long-term, technology will win out, but it’s becoming clear that high-touch service will remain a feature in this market for as long as there is volatility in global FX,” says Tom Jacques, Director of Research in Client Intelligence Analytics at Crisil Coalition Greenwich and coauthor of the report.
Crisil Coalition Greenwich Report
High-touch service is redefining corporate FX presents the result of the firm’s most recent Voice of the Client - Global Corporate FX Studies, for which the firm interviewed corporate users around the world. The report analyzes trends in trade execution methods, counterparty selection and corporate treasury operations, and discusses the following additional key findings:
• Regional treasury structures differences abound: Geographical divergence exists in treasury structures. Treasury functions in Europe (84%) and the United States (93%) are highly centralized. In contrast, Asia’s model is much more decentralized, with 43% of treasury teams focusing only on local, in-country activities, requiring a more tailored and on-the-ground service approach.
• Emerging markets (EM) are an Asia-centric currency story: While corporates are active across emerging markets, participant EM trading volume is heavily concentrated in Asian currencies. These currencies account for the vast majority (67%) of participant EM trading volume, making Asian currency exposure the center of gravity for EM FX.
• Adoption of industry standards remains low: Despite efforts to promote best practices, corporate adherence to the FX Global Code is low, with only 10% of respondents adopting it. The primary reason is not resistance but a simple lack of awareness, which was cited by 71% of those who have not adopted the code.