S&P Dow Jones Indices, Kaiko complete first on-chain OTC swap tied to tokenized iBoxx credit index
SPGI•S&P Global’s S&P Dow Jones Indices partnered with Kaiko and Derivnex to complete the first on-chain OTC swap on Canton, referencing a tokenized iBoxx USD investment-grade credit index.
1. Swap executed on Canton
The total return swap was executed between DRW and Marex on Derivnex and referenced the tokenized iBoxx USD Liquid Investment Grade Index. Kaiko tokenized the index on Canton with access permissions and usage rules intended to preserve S&P DJI’s licensing and intellectual property controls. Derivnex represented the trade as a Canton smart contract, creating a synchronized record for counterparties to use for valuation across the trade’s lifecycle.
