S&P Dow Jones Indices completes first on-chain swap on Canton Network

S&P Dow Jones Indices, in collaboration with Kaiko and Derivnex, has completed the first on-chain over-the-counter (OTC) total return swap on the Canton Network. The transaction was executed between market maker DRW and financial group Marex.

The deal utilized a fully tokenized version of the iBoxx USD Liquid Investment Grade Index, with data distributed via Kaiko. By using the Canton Network's distributed ledger infrastructure, the parties managed the entire lifecycle of the derivative through a single blockchain interface based on International Swaps and Derivatives Association (ISDA) standards. This approach allowed the firms to bypass manual data reconciliation processes.

This milestone demonstrates how traditional Wall Street derivatives can be integrated into private blockchain frameworks while maintaining the privacy required by large financial institutions. Participants intend to eventually manage cash settlements and collateral management directly through the Canton Network.