S&P Global publishes the 10th edition of its Look Forward series, focusing on the future of capital markets. The new report identifies private credit, tokenisation, and agentic AI as transformative forces reshaping finance. The research explores how bespoke funding models, decentralised finance technologies, and AI agents are redefining capital flows and decision-making across financial systems.
S&P Global has released its latest research instalment, Look Forward: Future of Capital Markets, highlighting critical innovations that are redefining financial markets in response to rapidly evolving capital needs. This edition, the 10th in the Look Forward series, analyses emerging trends including the rise of private credit, the role of tokenisation in capital flow, and the growing influence of agentic artificial intelligence.
The report brings together insights from across S&P Global’s divisions to present a comprehensive view of how financial markets are adjusting to the demands of digital transformation, the global energy transition, and customised funding structures. It explores how a combination of private capital and technological tools is enabling more scalable and adaptive financial models, while also pointing to potential challenges related to regulation and market standardisation.
Private credit reshaping debt markets
One of the report’s central themes is the growing importance of private credit. As companies and borrowers increasingly seek customised funding arrangements, private credit is expanding as a flexible, albeit fragmented, alternative to traditional finance. However, this growth brings structural challenges, particularly the lack of standardisation in private credit markets, which could lead to reduced liquidity and increased market fragmentation.
According to S&P Global, “Private credit promises bespoke capital,” but this rise in tailored funding options could create parallel, less connected credit ecosystems.
Tokenisation accelerating capital flows
The report identifies tokenisation as a major enabler of efficiency in capital markets. By allowing assets to be digitised and transacted on blockchain systems, tokenisation opens the possibility for near-instant settlement, round-the-clock trading, and expanded access to financial instruments. This is especially relevant in the context of private credit and illiquid assets.
However, despite proven real-world applications, challenges persist. The lack of regulatory coordination and market-wide standards across jurisdictions continues to slow broader adoption. S&P Global notes that a liquid secondary market for tokenised assets remains essential for long-term success.
Agentic AI enhancing market decision-making
A third trend explored is the emergence of agentic AI—autonomous digital agents that could transform how institutions make financial decisions and manage complex data environments. In markets such as private credit, where data points are numerous and non-standardised, agentic AI could help firms operate at scale and with greater precision.
S&P Global points out that while the integration of AI brings efficiency, care must be taken to manage associated risks and prevent unintended consequences.
The Infrastructure Imperative: Private Capital in Focus
The report highlights that large-scale private capital is essential to funding the future of energy and digital infrastructure. With capital-intensive projects on the rise, especially in green technologies and connectivity, access to flexible and substantial financial resources is critical. Private markets are increasingly being positioned as key sources for this kind of funding.
ETFs as gateways to new asset classes
Another insight shared by S&P Global is the growing role of Exchange-Traded Funds (ETFs) in democratising access to financial innovation. Crypto and private credit ETFs offer investors a familiar structure to access emerging asset classes without leaving traditional financial systems. This accessibility is expected to further integrate new financial instruments into mainstream markets.
Navigating adoption challenges
While these innovations present exciting opportunities, Look Forward: Future of Capital Markets does not overlook the regulatory, operational, and structural hurdles that must be addressed. From fragmented standards to jurisdictional misalignments, market adoption will depend on improved regulatory clarity and shared frameworks for new financial technologies.
“Financial innovation combined with new technologies could revolutionise the connective tissue of markets and create the potential for customised capital at efficient scale,” says Alexandra Dimitrijevic, Global Head of Analytical Research & Development at S&P Global Ratings and Founder-Chair of the S&P Global Research Council. “As we look towards the future of markets, the ability to offer and access bespoke solutions for capital-intensive projects will be essential for funding the innovative infrastructure of tomorrow.”
This report marks the 10th edition in the Look Forward series, a flagship research initiative by S&P Global that explores the most pressing global trends and shifts in economic, financial, and technological domains. The series is known for offering in-depth analysis to support business leaders, investors, and policymakers in strategic planning.
About S&P Global
S&P Global (NYSE: SPGI) provides essential intelligence. It empowers governments, businesses, and individuals with the right data, technology, and insights to make informed decisions. The company is a trusted provider of credit ratings, benchmarks, analytics, and workflow solutions across capital, commodity, and automotive markets. With a focus on sustainability and global economic transformation, S&P Global helps organisations plan for tomorrow, today.
Shikha Negi is a Content Writer at ztudium with expertise in writing and proofreading content. Having created more than 500 articles encompassing a diverse range of educational topics, from breaking news to in-depth analysis and long-form content, Shikha has a deep understanding of emerging trends in business, technology (including AI, blockchain, and the metaverse), and societal shifts, As the author at Sarvgyan News, Shikha has demonstrated expertise in crafting engaging and informative content tailored for various audiences, including students, educators, and professionals.
