Switch to seedless. Get 30% off with SWITCH30 till Oct 21S&P and Kaiko complete first onchain OTC derivatives swap
6.9 Tech S&P Dow Jones Indices and Kaiko completed the first onchain OTC derivatives swap on Canton Network, with DRW and Marex executing a tokenized bond index swap via Derivnex.
S&P Dow Jones Indices and Kaiko have completed the first-ever onchain over-the-counter (OTC) derivatives swap on the Canton Network. The transaction involved trading firms DRW and Marex, who executed a total return swap referencing a tokenized version of the S&P DJI iBoxx USD Liquid Investment Grade Index. Kaiko handled the tokenization of the index, embedding official index values and permissions directly onto the Canton Network. The swap was facilitated via Derivnex, an OTC derivatives platform, using a smart contract that maintained synchronized records and lifecycle events for both parties. This milestone highlights the integration of blockchain technology with traditional financial instruments, streamlining trade execution, valuation, and management through onchain infrastructure. It marks a significant step forward in the adoption of tokenized assets and the evolution of institutional trading workflows.
