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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 and CEO
Martina L. Cheung is President of S&P Global Ratings. She has ultimate responsibility for all aspects of the business, including commercial, analytical, control, and operations functions. S&P Global Ratings is regulated in many of the countries in which it operates, and Martina is a director of three of its largest legal entities, S&P Global Ratings Europe Limited, S&P Global Ratings UK Limited and Standard & Poor’s Financial Services LLC. Ms. Cheung also serves as the Executive Sponsor of S&P Global Sustainable1, supporting to drive the enterprise-wide growth strategy for ESG. Ms. Cheung is a member of the Council on Foreign Relations, the Economic Club of New York, and served on the U.S. Commodity Futures Trading Commission’s (CFTC) subcommittee on Climate-Related Market Risk. Ms. Cheung has spoken on key industry topics covering ESG, cyber security, technology and diversity in the workforce across public forums that include the World Economic Forum at Davos, the Institute for International Finance membership meeting, and Politico Women Rule, among others. Ms. Cheung joined S&P Global in 2010 as Vice President of Operations and went on to serve as S&P Global’s Chief Strategy Officer, where she was responsible for the execution and measurement of S&P Global’s continuing expansion of its global footprint. She also served as Head of Risk Services in S&P Global Market Intelligence, where she leveraged S&P Global’s significant risk intellectual property to serve clients in managing complex risk challenges. She most recently served as President of S&P Global Market Intelligence and Ms. Cheung formally served on the Board of CRISIL. Ms. Cheung is the Executive Sponsor for the Asian Professionals for Excellence (APEX), and Women’s Initiative for Networking Success (WINS). She also has active involvement in other S&P Global ERGs including Women in Technology (WIT) and S&P Global's LGBTQ+ & Friends ERG (Spectrum). Ms. Cheung’s philanthropic efforts include support for organizations such as Upwardly Global and YWCA. Prior to joining S&P Global, she worked in the consulting industry, first in Accenture’s Financial Services Strategy group and later as a Partner at Mitchell Madison Consulting. 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.