资本市场的未来展望

Future of Capital Markets Volume 10 Get the full picture —anytime, anywhere. Scan the QR code to accessthe complete journal online. Introduction Volatility and uncertainty are persistent challenges for financial markets, making it difficult to clearlyvisualize the future of capital markets.Still, financial markets continue to innovate and adapt, with arelentless drive to ensure that they can support and enable future business and capital needs. Privatecapital and digitalization advance that future by enabling a dynamic and scalable debt capital market. Tomorrow’s complex fundraising needs are already reshaping financial markets, establishing afoundation that is more customized and digital yet also possibly more fragmented. Private credit isfunding new loans and debt instruments for thousands of new borrowers. Meanwhile, the growth ofdigital currencies and tokenized assets may provide the infrastructure to scale these financing avenues.The financial world is steadily increasing the capacity for tailored and creative funding solutions, andnew systems for payment and asset transfers are creating new channels through which capital will flow. Financial innovation combined with new technology could revolutionize the connective tissue of marketsand bring the potential to offer customized capital at scale. Private credit may be more customized and less commoditized, but it lacks a standard marketframework. Without such standardization, markets risk becoming increasingly fragmented and illiquidwith continued private credit growth. Tokenization will accelerate the pace of capital flows, enabling instant settlement, around-the-clocktrading and expanded access to financial products for capital market transactions on a blockchain.Although the technology has been proven in real market use cases, widespread adoption will requirea liquid secondary market for tokenized assets. So far, a lack of industry standards and regulatoryalignment across jurisdictions has hindered progress. Taken together, private credit and tokenization could provide enough connectivity between financialmarket participants to allow private credit to reach new levels in a world where debt capital goesdigital. While each of these innovations faces challenges regarding broader adoption and access,the development of AI agents could offer new capabilities for market participants to integrate thesetechnologies at scale, though great care is required to ensure such technology and innovation do notbring adverse, unintended consequences. The confluence of financial innovation and technological advancements could revolutionize the futureof capital markets. This is occurring at a time when much capital is needed to fund transformationsin power and digital infrastructure. Financial markets are finding creative ways to address borrowers’needs today, laying the groundwork for markets to meet the demands of tomorrow. Alexandra Dimitrijevic Global Head of Analytical Research & DevelopmentS&P Global Ratings Contents Private credit promises bespoke capital With private credit providing more tailored funding for agrowing multitude of borrowers, the credit market couldbecome more fragmented. Accelerating value flow in financial marketsthrough tokenization 10 Tokenization in capital markets is still fairly new and facestechnical and regulatory challenges, but as adoption increases,it will intersect with the growth of private credit and AI as asignificant market disruptor over the next decade. Beyond automation: Agentic AI and scalingfragmented financial markets 15 Agentic AI could transform financial markets, enabling efficient,intelligent decision-making for market participants and helpingfirms achieve scale in complex, fragmented spaces such asprivate credit. Private capital will play a pivotal role fundingthe future of infrastructure 21 Private credit has become an important source of funding forboth the energy transition and infrastructure needed to enabletechnological advancements in capital markets. Exchange-traded funds: Expanding access tofinance’s future 27 Crypto ETFs and private credit ETFs provide a point ofentry to new assets using the existing infrastructure offinancial markets. Private credit promisesbespoke capital With private credit providing more tailored funding for a growing multitudeof borrowers, the credit market could become more fragmented. Evan Gunter, Director, Lead Research Analyst, Private Markets AnalyticsS&P Global Ratings Dylan Thomas, Private Equity ReporterS&P Global Market Intelligence Thierry Grunspan, Director, Financial Institutions RatingsS&P Global Ratings Molly Mintz, Lead Strategist and Writer, Private Markets AnalyticsS&P Global Ratings Highlights With its flexibility, private credit is increasingly being tailored to suit a multitude of different funding situations,from smaller corporate borrowers to fund-based finance, infrastructure and asset-based finance. As a result, private credit is ex