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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.

Martina L. Cheung

S&P Global

Martina L. Cheung

President & CEO, S&P Global


In this edition

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.