S&P Dow Jones Indices and data provider Kaiko have executed the first over-the-counter total return swap conducted entirely onchain. The transaction took place on October 13, 2026, utilizing the Canton Network infrastructure.
The derivative instrument referenced a tokenized version of the iBoxx USD Liquid Investment Grade Index. The trade was completed between the trading firm DRW and the broker Marex through the Derivnex platform.
Kaiko facilitated the process by embedding index data and usage permissions directly into the Canton Network. This approach allows for synchronized records of valuation and lifecycle events while maintaining compliance with S&P DJI licensing requirements.
This development follows the company's previous entry into digital markets in March 2026, when it licensed the S&P 500 index for perpetual contracts on Hyperliquid. The use of the Canton Network enables private bilateral contracts for institutional participants.
