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Volume 1 — 5 February 2026
Fifty years ago, a single innovation transformed investing forever. The launch of the first index mutual fund marked the beginning of an investing revolution, broadening access to public markets and reshaping financial possibilities for millions.
We now stand at a similar inflection point. The forces shaping global capital markets are profound: Tokenization and the rapid expansion of exchange-traded funds, particularly in the fixed income market, are transforming how assets are created and traded; private markets are expanding and opening new avenues for growth; shifting bond markets are offering the promise of greater efficiency and flexibility; and AI is redefining how risk is assessed and how capital flows. These developments are not incremental; they represent a systemic shift toward an even more data-driven and dynamic financial markets ecosystem.
Progress is rarely the work of one institution or perspective. As we look ahead, adaptation and cooperation are critical. Progress will be determined by working together — across sectors and borders — to shape infrastructure and policies, and to source and showcase the essential intelligence that will unlock opportunities for everyone.
I am proud to introduce our new series from the Look Forward Council, “Partner Perspectives: Unlocking Potential Ahead.” The first volume features a collaboration between S&P Global and Vanguard. The combined expertise of our institutions delivers crucial insights, investment ideas and clarity in a complex world. Together, we help you understand the investment landscape and put that knowledge into action. Together, we have the power to shape a more rewarding future.
Thanks for reading.
S&P Global
President & CEO, S&P Global
Martina L. Cheung is President, CEO, and a member of the Board of Directors of S&P Global.
Previously, Ms. Cheung was President of S&P Global Ratings and served as the Executive Lead of S&P Global Horizons. Earlier, she was President of S&P Global Market Intelligence.
Ms. Cheung joined the Company in 2010 as Vice President of Operations for S&P Global Ratings and went on to serve as S&P Global’s Chief Strategy Officer. She also was Head of Risk Services for S&P Global Market Intelligence.
Prior to joining S&P Global, Ms. Cheung worked for Accenture’s Financial Services Strategy group and later as a Partner at Mitchell Madison Consulting.
Barron’s recognized Ms. Cheung as one of the 100 Most Influential Women in U.S. Finance in 2025. Ms. Cheung was named one of the Most Powerful Women in Finance by American Banker and included on the list of Influential Women in Institutional Investing by Pensions & Investments in 2024. Also in 2024, INvolve named her to its 100 Empower Executives list for the second consecutive year. Ms. Cheung received the Merit Award from The Women's Bond Club in 2022.
Ms. Cheung is a member of the Council on Foreign Relations and the Economic Club of New York.
Ms. Cheung served on the Board of Trustees for Catholic Charities New York and was a member of the Board of CRISIL, a global analytics company and India’s leading credit ratings agency.
She holds a bachelor’s degree in commerce and a master’s degree in business studies from National University of Ireland, Galway.
These articles were authored by a cross-section of representatives from S&P Global and in certain circumstances external guest authors. The views expressed are those of the authors and do not necessarily reflect the views or positions of any entities they represent and are not necessarily reflected in the products and services those entities offer. This research is a publication of S&P Global and does not comment on current or future credit ratings or credit rating methodologies.