Since 2019 we have been conducting an annual survey of Hedgebook users to improve our systems and processes as well as charting trends across our customer base. This is our sixth survey and we have been charting the same set of questions since 2021 – meaning we can track changes over this period as well as any year-on-year insights.
While this is fascinating to us – we know you are most likely short on time.
Here are the top five Hedgebook User Survey 2025 learnings (full results to follow):
3.For the first time since we began the survey in 2021, ‘Reliability’ has been knocked off first place by ‘Value’. Reliability and Ease were second equal.
Insight: We all like to believe our products deliver value. So, it is especially encouraging when 88% rate the value Hedgebook delivers as being above average to excellent.
Insight:This is matched by a 3% year-on-year improvement in Hedgebook users reporting being ‘very’ or ‘extremely’ satisfied with Hedgebook overall. Results we are also ‘very’ or ‘extremely’ happy with.
5.Finally – what do users value most? There were no surprises here…at No.1 for five years: “Hedgebook gives me greater visibility, control and confidence in my hedged positions.”
Insight:This is the one we want to be the winner; it is fundamentally why Hedgebook exists and it is great to see this remaining the primary reason for using it.
Free ranging feedback
Finally, we always finish the user survey asking for comments and feedback. Anything product related goes straight to our product team for review and further investigation
Now – let’s dive into the full 2025 Hedgebook User Survey results
On average – how often do our clients use Hedgebook?
| Frequency | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Every working day | 14% | 6% | 11% | 3% | 3% |
| Once a week | 14% | 13% | 16% | 10% | 14% |
| Several times per week | 32% | 39% | 29% | 28% | 14% |
| Multiple times per month | 29% | 23% | 26% | 39% | 32% |
| Monthly | 11% | 13% | 11% | 11% | 32% |
| Quarterly | 0% | 6% | 8% | 8% | 3% |
| Annually | 0% | 0% | 0% | 0% | 2% |
And do they use Hedgebook to manage FX forwards, options and/or commodities?
| Product | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| FX Forwards | 80% | 90% | 84% | 75% | n/a |
| FX Options | 50% | 52% | 52% | 39% | n/a |
| Commodities | 25% | 10% | 20% | 25% | n/a |
The increase in frequency of usage is no surprise. The market remains volatile and there is generally far more understanding, at both board and management level, as to how important managing FX and interest rate risk is to a business.
It puts much more of a spotlight on those in Treasury roles who are in the FX risk management driving seat. They are being asked more questions than ever before and Hedgebook is becoming a weekly, if not daily, go-to solution, to provide the answers.
In terms of what is being managed in Hedgebook – Forwards and Options are outstandingly still the dominant drivers for using its tools. However, as you can see Commodities are making a bit of a comeback. Having done a dip in the past two years we are back to 2022 levels – it will be interesting to see if that trend continues next year.
What is ‘very important’ to Hedgebook Users in 2025
Next, we asked how important the following statements were as to why someone used Hedgebook – ranking them from 1st to 11th based on those who stated it was ‘very important’ to them.
| Why use Hedgebook? | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Enhanced analytic capability | 9= | 10 | 7 | 7 | 9 |
| Automated management reporting | 5 | 3 | 4 | 3 | 6 |
| Hedging multiple instruments | 6= | 6 | 5= | 6 | 4 |
| Improving operational efficiency | 2 | 4 | 1= | 5 | 8 |
| Independent derivative valuations | 3= | 5 | 5= | 4 | 3 |
| Reduce human error and key-person risk | 1 | 1 | 1= | 2 | 2 |
| Streamline hedge accounting | 9= | 8= | 9 | 8 | 8 |
| Using more complex derivatives | 11 | 11 | 11 | 11 | 11 |
| Year-end financial reporting compliance | 3= | 2 | 3 | 1 | 1 |
| It’s a Cloud hosted solution | 8 | 8= | 8 | 9 | 7 |
| Being able to share information with my bank / broker | 6= | 7 | 10 | 10 | 10 |
There is no real surprise that reducing human error and key-person risk remains the number one reason companies use Hedgebook. As the focus on managing FX risk increases, the appetite for adding to that risk correspondingly decreases.
Hedgebook brings the high-level of accuracy and in-built checks needed to have confidence in what you’re seeing. This naturally goes hand in hand with improving operational efficiency, which sits at number two. You want more accuracy, less risk and not have to add any more resources.
The increased market volatility also puts more of a focus on derivative valuations and year-end financial reporting compliance – both sitting at third equal. Being able to provide third-party, independent valuations that are accepted by auditors can lead to a quicker and less stressful reporting period.
What does the Hedgebook user experience ranking tell us?
There were some interesting changes in how users rated their experience – none of which we would have predicted.
| Ranking | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| 1 | Value | Reliability | Reliability | Reliability | Reliability |
| 2 | 2nd = Reliability /Ease of Use | Support | Support | Support | Value |
| 3 | Value | Value | Value | Effectiveness | |
| 4 | Support | Ease of Use | Ease of Use | Effectiveness | Support |
| 5 | Effectiveness | Effectiveness | Effectiveness | Ease of Use | Ease of Use |
| 6 | Training | Training | Training | Training | |
| 7 | Product Innovation | Product innovation | Product innovation | Product Innovation |
Where Hedgebook is positioned in the market – in terms of what we charge – hasn’t changed. So having ‘value’ being the number one driver for using Hedgebook is incredibly pleasing.
Reliability and ease of use remain strong drivers, also supporting the increased frequency of the use of Hedgebook across teams. All of these factors come together reflecting the value Hedgebook now delivers to a wider footprint within organisations, on a regular basis.
More insights on what Hedgebook users say they value
Next, we asked users to rate Hedgebook across four different points, based on their experience. There was relatively little change to note here with only a few points between the ranking positions. The only pick up was the rise of ‘spending less time processing information and more time on things that drive value’ reflecting the consistent story we are seeing around increased usage and being able to work more effectively as a result.
| Statement | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| HB gives me greater visibility, control and confidence in my hedged positions | 1 | 1= | 1 | 1= | 1 |
| HB gives me more confidence in the data to drive better decision making | 2= | 1= | 4 | 3 | 2= |
| HB allows me to spend less time processing information and more time on things that drive value | 2= | 4 | 2 | 4 | 4 |
| HB removes the stress from month end and year end compliance reporting | 4 | 3 | 3 | 1= | 2= |
Now let’s take a look at Hedgebook User sentiment in 2025
We gauge user sentiment across a range of questions – scoring this based on collating the percentage that responded ‘very’ or ‘extremely’ to the following questions:
| Statement | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| How disappointed would you be if you couldn’t use Hedgebook any more? | 86% | 83% | 61% | 78% | 65% |
| How valuable is it being on the same platform as your bank/broker | 33% | 30% | 32% | 39% | 25% |
| How likely are you to share information using the Hedgebook platform? | 56% | 53% | 50% | 40% | 43% |
| How likely are you to try new modules / products / services? | 60% | 40% | 58% | 47% | 25% |
| How satisfied are you with Hedgebook overall? | 96% | 93% | 76% | 83% | 81% |
| How likely are you to recommend Hedgebook to another colleague? | 97% | 90% | 70% | 86% | 81% |
Everything is trending upwards which is pleasing. The big mover was the likelihood of users to try new modules, products or services which are up by a third. This seems to align with the expanding list of what Hedgebook covers – with managing TARFs being the most recent addition.
Interest Rate Swaps (question introduced in 2023)
We asked if respondents had used Hedgebook for their interest rate swaps when managing interest rate risk in the past 12 months.
| Response | 2025 | 2024 | 2023 |
|---|---|---|---|
| Yes | 61% | 65% | 61% |
| No | 39% | 35% | 39% |
And as to why they someone wasn’t using Hedgebook to manage IRS?
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| We don’t have enough debt to worry about it | 45% | 42% | 29% |
| We manage interest rate risk using another tool | 0% | 17% | 6% |
| We manage interest rate risk in a spreadsheet | 27% | 25% | 30% |
| Other | 27% | 16% | 35% |
The reason almost half of users with interest rate swaps are not using Hedgebook to manage their interest rate risk, is due to materiality i.e. debt and interest rate risk is not a material risk to the company’s performance.
We will endeavour to encourage those using spreadsheets to convert to Hedgebook as there is likely efficiency gains they could be enjoying but are not aware of.
So that wraps up the 2025 Hedgebook User Survey results.
If you are not a customer – and having read this would like to become one – it only takes us a day to get you set up and running in Hedgebook. Contact us to set up a demo and you too will be completing a Hedgebook Annual User Survey, before you know it.
Want to see more comparisons? Check out last year’s survey results.