S&P Global
SPGI · NYSE · Financials · Ratings, Indices & Financial Data
LIVE MARKET DATA NOT YET CONNECTED — price, movement, and market cap will appear here with source and timestamp once a data provider is integrated.
Red Cardinal Snapshot
WHAT IT DOES
S&P Global grades debt (credit ratings), defines benchmarks (the S&P 500 and thousands of other indices), and sells the data and reference prices — from company financials to the Platts price of a barrel of oil — that markets use to describe themselves.
HOW IT MAKES MONEY
Three tolls on the same road. Companies and governments pay a fee when they issue rated debt. Index funds, ETFs, and derivatives exchanges pay licensing royalties to track S&P benchmarks. And banks, insurers, and energy traders pay subscriptions for its data terminals, feeds, and commodity price assessments.
WHY WE TRACK IT
Whoever defines the benchmark owns a piece of everything measured against it. S&P Global sells the measurement layer of capitalism — which makes it a barometer of debt issuance, passive investing, and the data economy all at once.
THE SIMPLE THESIS
Markets cannot function without a shared language for risk and performance. S&P Global owns much of that language, is paid every time it is spoken, and regulation plus habit make switching languages nearly unthinkable. The question is whether the tolls stay uncapped.
PREMIUM RESEARCH
The rest of the S&P Global dossier
The Five Minute Brief, our intelligence rating and thesis health, the competitive position, the bull and bear cases, what would invalidate the thesis, and every source behind it.
- Five Minute Brief
- Intelligence rating and thesis health
- Competitive position and moat analysis
- Bull case, bear case, and what breaks it
- Systemic importance and cascade effects
- Full source list and methodology
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