S&P Global is a leading provider of independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide. It has operations in more than 31 countries and it utilizes both proprietary as well as third-party distribution channels to serve its global customers. The company's key segments are S&P Global Ratings (50% of 2018 operating profit), S&P Global Market Intelligence (18%), S&P Dow Jones Indices (19%) and S&P Global Platts (13%). The U.S is the largest market for S&P Global accounting for 60% of total revenue while the balance is derived from Europe (25%), Asia (10%) and RoW (5%). S&P 500 and S&P Dow Jones are the most popular indices worldwide. More than 40% of S&P’s total revenues are subscription based, followed by non-subscription revenues (23%), non-transaction revenue (22%), asset linked fees (9%) and royalties (3%).