Beyond The Treasurer’s Desk: Record volatility has moved FX-risk management to the center of corporate strategy.
The building blocks of the global FX market were shifting in 2025.
Between President Donald Trump’s erratic trade policies, which weighed on the US dollar; a Bank of Japan rate hike in January that pushed policy rates to a 17-year-high; and extreme uncertainty over rate expectations across both developing and G7 currencies, trading volumes and risks were arguably at their highest in decades. According to data from the Bank for International Settlements (BIS), global FX volumes reached an all-time high of $9.6 trillion per day last April, coinciding with Trump’s “Liberation Day” global tariff announcements.
During that same period, interest rate derivatives surged even more dramatically, rising 59% to $7.9 trillion per day.
For corporates and treasurers, the volatility left no room for argument. Those looking to succeed in today’s macroeconomic environment need tailored solutions and higher technological capabilities that allow quicker, more-precise settlements.
Hedging Takes The Spotlight
More than four out of five companies (81%) now hedge at least part of their FX exposure, and a majority expect to either increase the proportion they hedge or extend their hedge horizons, a 2025 MillTechFX study of 750 senior finance leaders across North America, the UK, and Europe found.
“With currency volatility looking like it’s here to stay, corporate treasurers are under pressure to protect bottom lines from swings and dips in the currency market,” says Eric Huttman, CEO of MillTechFX. FX swaps—still the primary hedging and funding instrument for corporates—reached a record of around $4 trillion in daily turnover in April.
The jump in rate uncertainty also spilled into derivatives. Euro-denominated interest-rate contracts climbed to roughly $3 trillion per day, while sterling and yen contracts increased to $939 billion and $411 billion, respectively.
Those moves underscored how quickly treasurers need to adjust hedge timing and tenor as policy paths in Europe, the UK, and Japan became more volatile.
“Hedging currency risk is no longer seen as a nice-to-have but as essential for protecting companies’ bottom lines,” says Huttman. “Four in five corporates experienced rising hedging costs in the last year.”
FX Volatility Forces A Rethink Of Hedging Strategy
Against this backdrop, many companies are tightening their governance frameworks, emphasizing clearer decision-making around exposure measurement, hedge ratios, and hedge-accounting alignment. A growing number of corporates are also prioritizing cash-flow matching, adjusting hedge maturities to better track the timing of underlying receivables and payables: an approach that is becoming more important as policy surprises trigger abrupt forward-curve shifts.
Uncertainty around global trade is directly shaping hedging behavior, says Stephanie Larivière, managing director and global head of fixed income, currencies, and commodities sales at Scotiabank: “The outlook for exports into the US remains no less murky moving forward. As a result, client demand for structured FX solutions has only increased.”
The new environment is pushing companies to rethink not only how they hedge but also why, she adds. “Clients are focusing on cost management and incorporating flexibility into hedging programs via options-based solutions.”
Currency Demands Shift, But Dollar Remains King
Corporates are also progressively seeking more-comprehensive coverage across emerging-market and commodity-linked currencies. Over the three-year period from April 2022 to April 2025, BIS Triennial Central Bank Survey shows, turnover in South African rand contracts rose 176% to $86 billion per day, Thai baht activity climbed 134% to $114 billion, and Brazilian real contracts increased fivefold to $9.2 billion.
The appetite for emerging-market exposure reflects both shifting supply chains and sharper currency cycles in developing markets, particularly as the US dollar proves more volatile, says Marc Chandler, chief market strategist at Bannockburn Capital Markets.
“When the dollar was in an uptrend, many foreign companies would willingly accept dollars,” he notes. “However, the pronounced downtrend, especially in the first half of 2025, spurred exporters to the US to begin requesting payment in local currencies.”
Is The Dollar’s Role Beginning To Shift?
Rate volatility in advanced economies drove even larger moves in G7-linked derivatives. BIS reports that euro-denominated interest-rate contracts reached $3 trillion per day last April while sterling- and yen-denominated derivatives hit records of $939 billion and $411 billion, respectively.
“Foreigners have been buying long-dated Japanese government bonds at the fastest pace in 20 years and swapping the yen for dollars to earn better than US Treasuries,” Chandler says.
The increasing appetite for nondollar pairs has sparked debate as to whether the US dollar could see continued decline in demand.
Li Zhen, head of Foreign Exchange and Digital Assets, Global Financial Markets, at DBS Bank, anticipates “a more multipolar currency landscape as Asian economies deepen their capital markets and regional trade and investment links.” That does not imply “the end of dollar dominance, but it does point to a larger role for Asian currencies in trade invoicing, funding, and investment.”
Chandler agrees. “The dollar’s role in the world economy may be more a function of its store of value than as a means of exchange,” he suggests. In April, the dollar was on one side of 89% of all global FX transactions, and dollar-linked interest-rate derivatives reached $2.4 trillion per day, even as the share of overall dollar-denominated OTC rate activity declined, according to the BIS report.
Banks Rush to Meet Changing Client Demand
In an environment of relentlessly shifting client needs, banks spent the past year modernizing their FX architectures and technology infrastructure to narrow the gap between corporate expectations and demand. Strengthening automation, improving data accuracy, and removing long-standing operational friction that often slows hedging processes were focal points. Improving real-time digital FX platforms that enable corporates to stream prices, execute trades, and settle payments with greater precision was a significant part of this process.
Banks also stepped up their game in audit-ready reporting; hedge-performance dashboard clarity; and tools that support policy-driven execution, leveraging AI capabilities to deliver solutions via direct integration with treasury and ERP systems through APIs.
The scope of bank coverage also continued to expand, meeting demand for best-in-class offerings beyond the G7 bucket—particularly in nondeliverable forward and swap markets, which saw the highest liquidity demand. “Client demand for structured FX solutions has only increased,” says Larivière. “Clients have focused on cost management and incorporating flexibility into hedging programs via options-based solutions.”
Risks Soar Even Higher
Despite the improvements on the offering side, treasurers still face a more challenging hedging environment. Wider interest-rate differentials and elevated volatility are pushing the cost of protection higher than in recent years. Even so, many companies accept the added expense in exchange for greater budgeting stability.
That being the case, the focus is shifting to prioritization: identifying which exposures carry the highest earnings risk, determining the most efficient tenors, and sequencing hedges to mitigate market-timing risk. Rather than scaling back, corporates are becoming more selective and analytical, concentrating resources on targeted, scenario-based strategies designed to limit unexpected shocks.
As advanced FX risk management becomes essential rather than simply a competitive advantage, 2025 showed that banks are responding quickly, overhauling their operational frameworks to meet the surge in demand.
Methodology
Global Finance selects its award winners based on objective factors such as transaction volume, market share, breadth of offerings, and global coverage, as detailed in public company documents and media reports.
We also include subjective factors such as reputation, thought leadership, customer service, and technological innovation. We use input from industry analysts, surveys, corporate executives, and others. Although entries are not required in order to win, submissions that provide additional insight may inform decision-making.
GW Platt Foreign Exchange Bank Awards 2026: Global Winners
GW Platt Foreign Exchange Bank Awards 2026: FX Tech Global Winners
BTG Pactual delivers best-in-class FX execution across Latin America, driving volume growth through automation, platform upgrades, and regional expansion.
Latin America’s FX markets are shaped by persistent volatility, commodity-driven cycles, and complex cross-border flows, making execution quality and speed essential for corporates and investors.
Against this backdrop, certain firms have emerged as regional FX leaders, delivering best-in-class execution across Latin America.
Amid shifting market conditions, Global Finance’s regional winner has prioritized platform efficiency, regional connectivity, and automation to meet rising client demands. These investments strengthen its position as a key FX provider for corporates navigating Latin America’s complex and volatile markets.
Best FX Bank In Latin America
BTG Pactual
Supported by a surge in client activity and an expanding regional footprint, BTG Pactual continues to provide best-in-class FX execution for corporate clients across Latin America.
In the first half of last year, even as total FX volumes contracted in its home market of Brazil, BTG increased traded volume by 5.5% and more than doubled its transaction count, achieving 103% growth channels, including institutional, corporate, wealth, retail, and small and midsize enterprises (SMEs).
The bank responded to this surge by increasing FX-desk allocation to $15 million—a 25% YoY increase—directing resources to automation, execution quality, and platform modernization.
In July, BTG announced its intention to expand its regional network with the acquisition of HSBC’s operations in Uruguay, adding 50,000 clients and roughly 7% market share in a strategically important market for South America’s Southern Cone and offshore flows.
On the tech side, BTG’s rebuilt FX interface, released early last year, made onboarding noticeably faster and simplified the regulatory steps clients face before trading. The firm also rolled out an automated approval engine that now signs off on roughly 30% of FX transactions instantly, cutting processing time and removing a large share of routine manual checks.
Separately, the recent introduction of BTG’s OneSettlement platform marked a step forward for cross-border payments in Latin America. The system gives clients immediate local-currency credit on inbound US dollar flows, a feature that helped push settlement times down from more than 1,100 minutes to under 500.
A magnet for drama – especially at Christmas – every few years Coronation Street cafe worker Shona Platt’s life seems to hang in the balance. But could this time see her leave the show for good?
Christine Smith and Hannah Britt Features Editor (Advanced Content)
21:00, 31 Dec 2025
Coronation Street actress Julia Goulding(Image: PA)
Back in 2019, Corrie’s Shona Platt was left in a coma, fighting for life when she was shot by crazed gunman Derek Milligan, while hiding in a giant present intended for a treasure hunt. To add to the rollercoaster of Platt family dramas, doctors have now discovered a possible cancerous growth on the neck of the unborn baby she is expecting with husband David.
As a distraction they decide at the last minute to go to Debbie Webster’s wedding in a minibus taking guests from Wetherfield – only to end up in an almighty crash. And the much feted storyline on January 5 brings the cast of Coronation Street and Emmerdale together for one episode, dubbed ‘Corriedale.’ Rumour has it someone is killed and Julia Goulding, who plays Shona Platt, isn’t ruling herself out.
Julia, 40, tells The Mirror: ”I can’t say if she or David survive the crash or not, but it’s safe to say Shona is in a very delicate position. They both do get knocked out and it’s touch and go. If they are both affected, the stakes are going to be very high.”
Despite the precarious fate of her character, Julia was honoured to be cast in the extraordinary episode – the first time the two iconic soaps have come together. She says: “I was over the moon to be asked. I was very excited.”
Debbie’s wedding feels like something “normal’ to do, as Shona and David struggle to cope with their fears concerning their baby. Julia says: “Shona and David are in limbo. They know the baby has a mass on its neck, but they don’t know yet if it’s cancerous or not. Shona wants the wedding to take her mind off everything and thinks it’s a chance to enjoy the freedom while they can.”
For Julia it meant working with legendary Emmerdale stars like Emma Atkins, who plays Charity Dingle, and Chris Chittell, who plays Eric Pollard. She says of Emma: “It was absolutely brilliant working alongside her, as it was Chris. “There is a scene with Ken [Barlow] and Pollard and Shona and David. It was so surreal!
“I can’t say whether these scenes were before or after the crash, but it was a real pinch me moment.” While she is used to seeing Emmerdale actors at awards ceremonies, Julia hasn’t worked with them before.
She continues: “There is no rivalry between us all. It was so nice to finally work together. “Emma is a class actress and she is such a lovely person. We sat chatting in between scenes having a natter and we got on like a house on fire. “
Clearly impressed by the cliffhanger episode, she continues: “We’ve got Duncan Foster directing the episode. He has done some of Corrie’s biggest episodes and Emmerdale’s too, so you know you are in safe hands. He knows both casts and crew very well. It was so exciting to shoot.”
Meanwhile, Julia, who has two children – Franklin, six, and Emmeline, three, with her husband, Ben Silver, who she married on stage at Manchester’s Albert Hall in February 2019 – is grateful to have had much easier pregnancies than Shona. “It was tough filming the scenes when Shona found out about the mass,” she says. “It’s every parent’s worst nightmare and you don’t have to stretch yourself emotionally when you hear news like that. Thankfully, my own pregnancies were a hell of a lot smoother than what Shona is having to face.”
Slim Julia has been wearing a prosthetic bump made from rubber and prosthetic breasts, to make Shona’s pregnancy look more convincing. She says: “I was more comfortable when I was pregnant in real life. They are made from rubber and the bump is heavy and sweaty. I have had a bad back for the past eight weeks because it is so heavy!”
Despite the uncomfortable costume, Julia enjoys playing Shona now just as much as she did when she first stepped on to the cobbles nine years ago. After training at London’s prestigious RADA, it was her first TV role. “I love playing her,” she says. “Every day is different and exciting. Nothing is ever the same. You might be crying in the morning about your baby being sick, but then laughing and joking in the afternoon filming Christmas scenes.”
And she and Jack P. Shepherd, who plays David, are great friends. “We have been together in the soap for nine years,” she says. “Who has heard of a nine-year relationship in a soap? We are good mates and it’s a laugh a minute working with him. He is a funny soul. When the going gets tough, we both switch it on, but you also need to have the lighter moments. It’s so important to have down times on set and we have a lot of fun filming together.”
Julia has just enjoyed a brilliant family Christmas away from Corrie, recharging her batteries. “Now we have got children, Christmas is all about them,” she says. “I didn’t go wild present wise, as my children are not materialistic. But we had a lot of fun in the run up, doing things like glow walks. We love family stuff like that and it’s nice having time off. I feel lucky we do get given a holiday, as it is so important to spend it with your family.”
But she has no plans for making New Year’s resolutions. “I don’t often make them, because like 99 per cent of the population I fail in about a week! Although, this year I would like to get to the gym more, be active and healthy.”
And she has no intention of following her screen husband into the Celebrity Big Brother house. She says, firmly: “I would not do Celebrity Big Brother. It is one of the most terrifying thoughts ever to be that exposed for 24 hours on TV. Plus, I prefer to remain firmly behind a character, rather than to be myself. Give me a script me any day over live reality TV.”
Outside work, she says she has both sets of her kids’ grandparents to thank for helping make it possible for her to be a working mum. She says: “We are very lucky. We have got grandparents who can help. But it’s always then nice to get home to my babies.”
Returning her thoughts to Corriedale, Julia says: “It is going to be such a special episode. If Shona is lucky enough to survive the crash, I would love it if there was another Corriedale special episode at a future point. And I would be begging for Shona to be part of it. But I really do fear for Shona ahead of this first Corriedale episode…” Maybe Shona’s nine lives will finally run out.
*Corriedale will air on Monday 5th January at 8pm. Coronation Street will then air every weekday at 8.30pm on ITV1. Episodes can also be downloaded on ITVX
Coronation Street star Jack P Shepherd has been flooded with support from fans and friends
Angie Quinn Screen Time Reporter
17:13, 28 Dec 2025Updated 17:14, 28 Dec 2025
Coronation Street star Jack P Shepherd has received an outpouring of support from fans following a joint marriage update with his wife.
The 37-year-old actor, who first appeared on our screens in the ITV soap at the tender age of 12, is best known for his role as David Platt, the mischievous son of Martin Platt, portrayed by Sean Wilson, and Gail, played by Helen Worth.
Over the years, David’s character has been central to numerous dramatic storylines, including pushing his mum down the stairs in a near-fatal incident, seeking revenge on villain Richard Hillman, and a heart-wrenching suicide plot.
The couple tied the knot in a beautiful ceremony in Manchester earlier this year, surrounded by their nearest and dearest. The wedding came a year after Jack romantically popped the question to Hanni during a dreamy safari holiday, reports the Daily Star.
Joining the happy couple at their celebration were several of Jack’s Coronation Street co-stars, including Lucy Fallon, Alan Halsall, Tina O’Brien, and, notably, his former on-screen mum Helen Worth. Celebrity Big Brother co-star Chris Hughes was also among the showbiz friends in attendance.
This Christmas marked the first festive season that Jack and Hanni have enjoyed as husband and wife, and they took to social media to share snippets of their celebrations.
In one photograph, Jack and Hanni are captured wearing stunning outfits as they stand before a Christmas tree. Another image shows Hanni displaying her glittering wedding bands.
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Hanni wrote alongside the post: “Our first Christmas as Mr and Mrs Shepherd. We hope you all had a magical one.”
Admirers and pals of the newlyweds flooded the comments section with congratulations, with one person commenting, “Beautiful photos, beautiful couple.”
Another declared: “Power couple (flame emoji)”, whilst a third added: “Looks amazing.”
“Happy Xmas Mr and Mrs Shepherd”, one follower gushed, while someone else said: “You both look lush.”
Jack has marked 25 years portraying David Platt on Coronation Street. Presently, on the ITV drama, David and his wife, Shona (Julia Goulding), are awaiting their first child together, though they’ve recently faced a devastating choice.
During a standard appointment, Shona and David learned their unborn daughter faces complications, as a scan showed a mass/tumour on the baby’s neck, necessitating risky surgery or termination.
Shona remains resolute about having her baby, and the pair are proceeding with the pregnancy. Nevertheless, further dramatic tension awaits the couple as Corrie links up with Emmerdale.
In a preview for the special episode, broadcasting on January 5, Shona and expectant Charity Dingle (Emma Atkins) from the Dales are shown in distress following a car crash. Will Shona and David emerge unscathed?
Coronation Street airs Monday, Wednesday and Friday on ITV and ITVX
