S&P Global Inc

S&P Global Ratings, a division of S&P Global, has launched its vault risk assessment, a new analytical approach delivering independent, forward-looking insights into the risks associated with digital asset lending vaults, according to a statement on Sunday. The framework provides independent risk transparency for on-chain investment vehicles, extending S&P Global's offerings across the DeFi space. Digital asset lending vaults are investment vehicles that operate on a blockchain, pooling investor deposits and deploying them according to defined strategies much like managed fixed-income funds. Total deposits in vaults reached $10 billion as of September 2026, up sharply from $1.5 billion two years earlier.

Cboe Global Markets, the major U.S. derivatives exchange, and S&P Dow Jones Indices announced on September 29 that they will extend their exclusive licensing agreement for index derivatives by 25 years, continuing it through 2051. Under the agreement, Cboe will retain the exclusive right to offer trading in S&P 500 index options, its flagship product, through 2051. The two companies said they may also collaborate on innovations beyond traditional index derivatives, citing tokenized options contracts as a candidate for future cooperation, though no specific product launch has been decided at this point, and the start date, the blockchain to be used, and the product's structure have not been disclosed. According to Cboe, annual trading volume in SPX options reached a record 970.6 million contracts in 2025, with a daily average of 3.9 million contracts, up 25 percent from the previous year. Cboe CEO Craig Donohue said the extension will allow the company to grow its SPX and VIX-related businesses while expanding room to pursue innovations that respond to changing investor needs and new technologies.

S&P Global is integrating its RatingsXpress credit data feed into the S&P Global AI Data Portal, making the company's credit ratings directly available inside AI-powered analytics and workflow tools. Customers can now pull RatingsXpress information through the AI portal alongside other structured datasets from S&P Global. The company runs benchmark, data, and analytics businesses across capital markets, energy and commodity, and automotive sectors, and the move connects one of its flagship datasets to a broader toolkit already used by institutional clients. The integration aligns with management's stated goal of turning AI and data delivery into higher margin, cross division revenue, and the thesis highlights rapid uptake of AI enabled distribution including more MCP connectors and a very large jump in API and LLM usage. Investors can watch for concrete disclosure on enterprise data and AI related revenue, as well as the volume of MCP enabled usage, in upcoming quarterly updates through 2027.

S&P Global Ratings reaffirmed Malaysia's 'A-/A-2' foreign currency and 'A/A-1' local currency sovereign credit ratings on Monday, keeping a stable outlook on expectations that steady growth and narrowing budget deficits will sustain the credit profile over the next two to three years. The agency pointed to a global surge in generative artificial intelligence investments and sustained high energy export values, forecasting real gross domestic product growth of 5.5% in 2026 after a 5.2% expansion in 2025. Malaysia has drawn an estimated MYR386 billion in cumulative data center investments between 2021 and mid-2026, though S&P warned that rapid digital infrastructure expansion is escalating energy and water constraints that could temper future capital inflows. On the fiscal side, S&P estimates the general government deficit will narrow to 3.1% of GDP in 2026, helped by broader sales tax frameworks and targeted subsidy rationalizations including the shift to market pricing for diesel. The agency also flagged that retaining subsidized RON95 petrol prices amid global crude volatility pushed subsidy outlays back up to 18% of the federal operating budget in the first quarter of 2026, while capital equipment imports for data centers lifted gross external financing needs above current account receipts and reserves, a pressure S&P expects to ease as projects are completed.

S&P Global Inc. has agreed to acquire OpenZeppelin, a provider of smart-contract security infrastructure for onchain finance, for undisclosed financial terms. OpenZeppelin's Contracts library underpins more than $37 trillion in value transferred, and the company has completed 900+ security engagements and identified more than 10,000 vulnerabilities before production. S&P Global said the transaction is not expected to have a material impact on its financial results, and OpenZeppelin will remain a separate business under its existing name, with CEO Demian Brener continuing to lead it. The deal follows S&P Global's leadership of a $110 million funding round for crypto-data provider Kaiko, whose services cover more than 150 crypto exchanges and protocols, as the company builds a broader digital-assets franchise. S&P Global reported total revenue rose 10% year over year in the first half of 2026, while Market Intelligence operating profit increased 13% to $293 million, and it generated $2.25 billion of free cash flow in the first six months.

Data from CoinDesk indicates that although the 10-year U.S. Treasury yield rose 15 basis points to a high not seen since 2007, breaking above 5.13% on Wednesday, the 90-day correlation between Bitcoin's daily returns and the 10-year U.S. Treasury yield stood at just -0.18, close to zero, while the 180-day correlation was -0.06 and the one-year correlation was -0.03. Lacie Zhang, head of research at Bitget Wallet, told CoinDesk that this near-zero correlation is a genuine advantage for portfolios, because it shows Bitcoin is not being traded as an interest-rate-sensitive asset. On performance, the price of Bitcoin has risen as much as 191% since 2021 and hit a record high of $126,000 last October, even as 10-year bond yields jumped more than 500 basis points in the United Kingdom and France and more than 400 basis points in the United States, Australia, Germany and Italy over the same period. However, the MOVE Index, which tracks expected volatility in U.S. Treasuries, surged 21% to 95 points on Wednesday, its highest level since April 1, helping explain Bitcoin's pullback from $87,200 to $83,500 the same day. The rise in yields was driven by S&P Global's preliminary U.S. composite PMI for manufacturing and services, which climbed to 58.4 in September, the highest since July 2021, from 56.0 in August.

Bitcoin fell below $85,000 on September 23 after US business activity came in stronger than expected, pushing US Treasury yields higher and liquidating leveraged long positions from the market. The selling intensified after S&P Global published its preliminary purchasing managers' index (PMI) for February. Within just one hour, more than $135.8 million worth of crypto positions were liquidated, according to data from CoinGlass, of which long positions accounted for $125.9 million. Of that total, Bitcoin saw $47.4 million liquidated and Ether another $23.9 million. Over the past 24 hours, total losses reached $510 million across 122,256 traders, with long traders losing $363.83 million. S&P Global's composite PMI climbed to 58.4 in September, its highest level in more than five years, while the services index rose to 58.7 and the manufacturing index reached 57. All three readings came in above expectations, and the yield on 10-year US Treasury bonds moved back above 5%, a level last seen in 2007.

The preliminary reading of the US Composite Purchasing Managers' Index for September, released by S&P Global on the 23rd, came in at 58.4, up from 56.0 the previous month and the highest level since July 2021. A sharp jump in new orders was the driving factor, with the index rising in both services and manufacturing. S&P Global said the result was consistent with annualized economic growth of about 5%, while noting that backlogs of uncompleted orders and supply chain delays have surged, and that insufficient operating capacity is feeding into higher prices. The new orders index rose to 58.2 from 55.2 in August, the highest since March 2022, while backlogs of orders reached their highest level since May 2022. The input prices index jumped to 66.4 from 59.9 the previous month, the highest since October 2022. Chris Williamson, chief business economist at S&P Global Market Intelligence, said both manufacturing and services are booming, and that this growth has been accompanied by the most severe supply chain bottlenecks in roughly 20 years of survey history, excluding the COVID-19 pandemic.

The flash reading of Germany's composite purchasing managers' index for September, published by S&P Global, came in at 53.8, up from 51.8 in August and the highest level since October 2025. Economists polled by Reuters had expected it to hold steady at 51.8 from the previous month. Within the breakdown, the services sector PMI rose to 52.9 from 49.7 in August, its highest in seven months, as service-sector business activity swung back to expansion after shrinking for five straight months through the prior month. The manufacturing PMI, meanwhile, fell to 53.8 from 54.3 in August but remained in expansion territory. Phil Smith, associate director of economics at S&P Global Market Intelligence, said production growth accelerated even as inflationary pressures picked up again, expectations for the outlook held steady, and employment rose for a second consecutive month. Input costs rose at their fastest pace in four months, well above the long-run average, with surveyed companies pointing to higher fuel prices and broadly higher energy costs.

S&P Global announced on September 17, 2026 that it has acquired OpenZeppelin, the industry standard for smart contract security, in a move that extends the ratings firm's risk-assessment mandate into the technology-risk layer of digital assets. OpenZeppelin's libraries underpin over $37 trillion in cumulative transfers and power 8 of the top 10 stablecoins, including USDC, and 10 of the top 10 tokenized money market funds, such as BlackRock's BUIDL and Franklin Templeton's BENJI. OpenZeppelin will operate as a separate business unit led by CEO Demian Brener, who will report directly to Yann Le Pallec, President of S&P Global Ratings. The deal lands on the same day the SEC granted a 5-year exemption for tokenized NMS stock trading, aligning with the broader GENIUS Act framework, and ahead of the DTCC Tokenization Service launch in October 2026. S&P Global is positioning itself as the gatekeeper of the technical standards regulators are expected to require for tokenized markets.

The U.S. Securities and Exchange Commission introduced a provisional, conditional exemption allowing certain tokenized U.S.-listed equities to trade on-chain under specified conditions, while S&P Global agreed to acquire OpenZeppelin, a firm specializing in smart contract security infrastructure. The SEC measure, set out in a "Statement on Innovation Exemptions" signed by Commissioner Mark T. Ueda, guarantees holders of equity tokens the same rights as holders of conventional shares and requires third parties to notify the issuer of the underlying stock in writing before dealing in tokenized shares. According to S&P Global, OpenZeppelin's technology has supported the transfer of more than $37 trillion in value cumulatively, including major stablecoins and tokenized funds. Following these announcements, the market capitalization of DeFi-related tokens rose about $7 billion on Friday, climbing 8.8% to $79.8 billion, while the total market capitalization of the broader crypto market rose 4% to $2.7 trillion. Hyperliquid's HYPE jumped 10.8% to an all-time high of about $90.46, giving it a market capitalization of $20.12 billion; Uniswap's UNI rose 29.1% over 24 hours to about $9.00, for a market capitalization of $5.59 billion; and Aave's AAVE gained 9.5% to about $135.28. Bitwise Chief Investment Officer Matt Hougan said the SEC is trying to put in place as much of a crypto regulatory framework as it can under its existing authority, and described tokenization as a massive tide.

Beijing-based AI startup Moonshot said Thursday it is launching Kimi for financial services, connecting its Kimi models to major industry data providers. Investment bank CICC and venture capital firms including Sequoia China, now rebranded as Hong Shan, are among the companies using Kimi on AI tools, the company said. Kimi users can directly access information commonly used for analysis and reports through data partners such as S&P Global Market Intelligence, Crunchbase, Wind, local financial news leaders and business database Tianyancha, according to Moonshot. The startup said Kimi can also directly access the U.S. Securities and Exchange Commission's EDGAR system for public companies' financial filings, the IMF, World Bank and the U.S. Federal Reserve Economic Data site, known as FRED. Subscriptions to Kimi start at 49 yuan, or $7.31, a month and can go up to 699 yuan, or $104.23. Samuel Fischer, Beijing branch manager at Deutsche Bank, said in a promotional video published by Moonshot on Thursday that the real inflection point is the combination of stronger AI capabilities with professional expertise, adding that AI companies that understand real financial workflows and can deliver reliability and data security will be particularly well positioned. It was not immediately clear whether Deutsche Bank was a client, and the bank did not immediately respond to a request for comment. The Kimi K3 model, released by Moonshot in July, competes with models from leading U.S. companies, and the Chinese startup has reportedly filed confidentially for a Hong Kong IPO, though the company has said it does not comment on market rumors or speculation.

S&P Global Inc. is exploring a potential spinoff of its Capital IQ Pro data and research platform, a move that could create a standalone company valued in the high single-digit billions of dollars, Bloomberg reported on Tuesday. Shares of S&P Global reversed earlier losses and traded more than 3% higher following the report. The company is said to be in early discussions about options for the unit, which could include establishing a publicly listed entity. The deliberations are preliminary, and S&P Global may choose not to proceed with any transaction involving the business, commonly known as CapIQ. Capital IQ Pro serves as a software platform for finance professionals to conduct research, providing access to data on more than 60 million private companies. A separation would position CapIQ as a direct competitor to companies including FactSet Research Systems Inc., which has a market value exceeding $11 billion, and the data division of London Stock Exchange Group Plc. S&P Global, under Chief Executive Officer Martina Cheung since 2024, has restructured portions of its operations in recent years, including the July spinoff of its automotive intelligence division into Mobility Global.

S&P Global reported second-quarter 2026 adjusted earnings of $4.83 per share, up 23% year over year and beating the Zacks Consensus Estimate of $4.49, while pro-forma revenues rose 11% to $3.68 billion, surpassing the consensus of $3.64 billion. The company's Ratings and Indices segments delivered record results, with Ratings revenues up 17% to $1.34 billion and Indices revenues up 20% to $534 million. S&P Global repurchased $500 million in shares during the quarter, bringing year-to-date buybacks to $1.5 billion, and expects total 2026 repurchases to exceed $7 billion following the Mobility separation. Management guided 2026 revenue growth of 5.9-7.9% excluding Mobility, with adjusted diluted earnings between $17.50 and $17.75. Since the earnings release, the consensus estimate has shifted down 6.25%, and the stock carries a Zacks Rank #4 (Sell).

Bill Ackman's Pershing Square Capital Management disclosed a new $1.12 billion stake in Visa Inc., according to a 13F filing covering holdings as of June 29, 2026. The fund bought 3.27 million shares of Visa, making it one of Pershing Square's larger positions at 5.4% of the portfolio, behind names like Uber, Brookfield Corp, Microsoft, and Amazon. The same filing shows new positions in Mastercard worth about $1.09 billion and S&P Global worth roughly $1.06 billion, bringing combined new investments in financial infrastructure to more than $3 billion. Visa's fiscal third-quarter 2026 results showed net revenue up 14% year over year to $11.6 billion and earnings per share up 11%, with quarterly payments volume crossing $4 trillion for the first time in company history.

S&P Global completed the spin-off of its Mobility division on July 1, leaving a four-division portfolio centered on ratings, benchmarks, data and analytics. Pro forma revenues increased 11% in the second quarter, while adjusted operating profit rose 15% and adjusted operating margin expanded 200 basis points to 54.3%. The company is expanding its use of artificial intelligence across products and internal operations, with customers using its large language model-ready data interfaces exceeding 500 in the second quarter, up more than 70% sequentially. Management expects organic constant-currency revenue growth of 6% to 8% for 2026, with adjusted operating margin projected to expand 35 to 60 basis points, or 75 to 100 basis points excluding OSTTRA. The Enterprise Data Organization has achieved nearly 60% of its targeted $100 million in annualized savings through AI-driven efficiencies and traditional productivity measures, with the full target expected before the end of 2027.

S&P Global announced an expanded collaboration with Microsoft that embeds its AI-ready data and analytics directly into Microsoft 365 Copilot tools and related agentic experiences. The announcement comes as S&P Global shares trade at $432.16, down 15.7% year to date and 16.6% over one year, despite a 3.5% gain over the past 90 days. The most followed narrative on S&P Global currently points to a fair value of $380, which sits below the latest close, reflecting concern about how durable the business model is as AI tools spread through finance and data heavy workflows. At a P/E of 25.9x, the stock trades in line with peers and materially below the US Capital Markets average of 38.5x.

Japan's preliminary manufacturing purchasing managers' index for August rose to 55.1 from 54.5 in July, supported by the fastest expansion in new orders since January 2018. S&P Global released the data today and said the factory sector continued to lead growth in both output and new orders. Annabel Fiddes, associate economics director at S&P Global Market Intelligence, said manufacturers saw total sales and foreign demand jump at the strongest pace in more than eight and a half years, helped by the semiconductor and artificial intelligence industries. The preliminary services PMI rose to 52.3 from 51.2, and the preliminary composite PMI covering manufacturing and services reached 53.4 from 52.7, the highest level since February. Cost pressures eased, with overall input price inflation slowing to a five-month low, but selling prices continued to rise at a record pace. Business confidence climbed to its highest level since February, with manufacturers more upbeat than services firms.

S&P Global has expanded its collaboration with Microsoft to bring AI-ready data and analytics into Microsoft 365 Copilot workflows. The integration gives clients access to S&P Global's proprietary intelligence directly inside familiar Microsoft 365 tools, aiming to streamline financial analysis, company research, and benchmarking for enterprise users. The move supports S&P Global's focus on AI-native experiences and deeper integration of its Market Intelligence offering into day-to-day operations. The partnership strengthens S&P Global's competitive position versus peers such as MSCI and Moody's that are pursuing their own AI distribution paths.

CARFAX has introduced a new feature that predicts the future reliability of specific vehicles based on their unique VIN-specific history. The company says the feature draws on over 151,000 data sources and more than 35 billion records to help shoppers anticipate repairs and costs over the next three years. The future Reliability insight now appears at the top of the CARFAX Report in a redesigned header that presents a vehicle's story through Past, Present, and Future lenses. CARFAX, part of S&P Global Mobility, says dealers are already seeing increased consumer confidence from the more complete picture. The company issued a correction removing language suggesting it is the first or only provider of a VIN-specific reliability product.

S&P Global updated its full-year 2026 guidance, now expecting GAAP revenue growth of 5.9% to 7.9%, GAAP diluted EPS of US$16.35 to US$16.60, and operating margin expansion of 335 to 360 basis points. The company also expanded its S&P Capital IQ Pro platform by integrating With Intelligence's private markets data and editorial insights following its 2025 acquisition, enabling users to manage the full private investment lifecycle within one platform. The integration deepens S&P Global's toolkit across public and private markets, though near-term performance still depends on healthy issuance in Ratings and execution of AI and product investments.

S&P Dow Jones Indices has introduced the S&P U.S. CLO Investment Grade Indices, a new series of benchmarks for the investment-grade collateralized loan obligation market. The indices measure the performance of USD-denominated, floating-rate, investment-grade CLO debt tranches and include four sub-indices: the S&P U.S. CLO AAA CLO Index, the S&P U.S. CLO AA CLO Index, the S&P U.S. CLO A CLO Index, and the S&P U.S. CLO BBB CLO Index. The launch expands S&P DJI's role in the leveraged finance ecosystem by combining independent market pricing, CLO analytics, credit expertise, and transparent methodologies. The indices draw on data and analytics from S&P Global Market Intelligence and credit insights from S&P Global Ratings to provide a differentiated framework for measuring investment-grade CLO performance.

S&P Global and Pantera Capital launched a new digital asset index that excludes Bitcoin and XRP while including Ethereum, Solana, and Hyperliquid. The S&P Pantera Digital Asset Index selects tokens based on protocol revenue and mechanisms that return value to holders, such as buybacks, burns, or staking rewards. Bitcoin was omitted because its transaction fees go to miners rather than holders, and XRP was excluded due to negligible fee revenue that fails to meet the index's threshold. The index is designed for institutional investors seeking crypto assets with financial fundamentals, and it may eventually underpin an exchange-traded fund.

S&P Global has launched integrated private markets intelligence on its Capital IQ Pro platform, incorporating data from With Intelligence, and introduced two new AI tools on its S&P Global AI Data Portal. The additions bring private markets, hedge fund, and allocator insights into the same environment as public markets content, supporting clients across private equity, private credit, hedge funds, and wealth segments. The new AI tools, Adaptive Retrieval and Deterministic Retrieval, allow clients and their AI agents to query S&P datasets in plain language and integrate results into internal models and workflows. These updates aim to enhance how investors source information and design products, though competing platforms investing in similar capabilities could limit differentiation.