A report published by research firm Acuiti, in conjunction with valantic FSA, on Thursday showed that over 60% of respondents think it is impossible to consider a material de-dollarisation of global trade and financial flows within the next decade.

Despite ongoing geopolitical discussions, the US dollar’s role as the dominant global currency is not expected to materially weaken in the near term, according to the Acuiti report.

The report, based on a survey of fixed income experts, explored how firms are adapting their trading strategies, including a shift toward risk reduction, increased use of hedging instruments and a greater focus on liquidity management after the recent volatility.

When questioned about the factors that could drive de-dollarisation, geopolitical fragmentation stood out as the most significant answer, cited by 76% of respondents.

Concerns around US fiscal credibility and debt sustainability have also gained traction from 43% of participants.

While the likelihood of de-dollarisation is considered relatively low, its potential impact on fixed income markets would be substantial. The most widely anticipated consequence is higher US Treasury yields, identified by almost 90% of respondents, reflecting the prospect of reduced global demand for US government debt.

Depreciation pressure on the US dollar was also highlighted, with almost two-thirds of respondents identifying it as a key source of impact.

The report also provided insights into how fixed income infrastructure demonstrated a significant degree of resilience, despite the intense volatility and elevated volumes.

A majority of respondents reported that markets functioned with only minor issues, while a further 18% described performance as flawless.

While trading systems held up operationally, market participants reported a deterioration in liquidity conditions. Bid-offer spreads widened, dealer inventories became less transparent and some market-makers grew increasingly selective in providing liquidity.

Over 40% of respondents said they had increased their use of hedging instruments, while a third of respondents held higher levels of cash and collateral buffers.

The report highlighted that market-makers were generally said to have performed well during the recent volatility.

Execution trends during the period also underscored the growing importance of electronic trading tools. Multi-dealer request-for-quote (RFQ) platforms and algorithmic trading systems were rated as the most effective execution methods during volatile conditions, each selected by 40% of respondents.

Despite the turbulence, 77% of firms said the volatility had not changed their broader approach to electronic trading, reflecting the industry’s continued investment in automated execution capabilities over recent years.

Beyond trading activity, the report identified growing concerns around post-trade technology fragmentation.

Almost two-thirds of surveyed firms said they rely on multiple third-party vendors for post-trade workflows, while 82% of those firms viewed fragmentation as an operational risk.

Despite persistent uncertainty, sentiment across the fixed income industry remained broadly optimistic.

Seventy-three percent of respondents said they were optimistic about business performance over the next three months, suggesting firms continue to see opportunity in volatile markets even as liquidity and structural challenges remain in focus.

Meanwhile, a report published by research firm Acuiti, along with Avelacom, on Wednesday showed that proprietary trading firms demonstrated strong operational resilience during the first quarter of 2026, successfully navigating elevated trading volumes and volatile market conditions triggered by the US-Iran conflict.

This comes after another Acuiti report released last week showed that 80% of bank and non-bank futures commission merchants are planning to make material changes to their operations, following extreme volatility in the first quarter of 2026.