S&P completes first onchain OTC derivatives swap on Canton

This landmark transaction represents the first OTC derivative to reference a fully tokenized index on distributed ledger infrastructure. The swap allows counterparties to gain exposure to the index without direct ownership, with trade terms managed via a smart contract on Canton throughout the trade lifecycle. This provides DRW and Marex with a synchronized record for managing valuations and other swap lifecycle events.

Kaiko was responsible for tokenizing the S&P DJI index on the Canton network and distributing official index values for pricing throughout the transaction's lifecycle. The tokenized index integrates benchmark data with access permissions and usage rules, enabling market participants to transact with data while maintaining S&P DJI's licensing and intellectual property controls.

Cameron Drinkwater, S&P DJI Chief Product Operating Officer, stated that the transaction demonstrates how established benchmark infrastructure can support new institutional market structures and extends their credit franchise into onchain finance.