The global financial system is entering a new era. The innovations that once reshaped markets – from index funds to ETFs – have become commoditized. In their place, a new wave of financial engineering is emerging: tokenized assets, private credit, litigation finance, and the financialization of everything from sports teams to lawsuits. With the end of free money, these untested innovations are being stress-tested in real time, creating new risks and new power brokers.

The Ledger with Liz Hoffman convenes finance’s heaviest hitters for defining conversations about which innovations will endure and become part of the financial system’s future, and which will collapse under their own weight.