POPA ReconS&P Dow Jones Indices, Kaiko and Derivnex announced the first OTC swap transaction on Canton: DRW and Marex executed a total return swap referencing S&P DJI’s iBoxx USD Liquid Investment Grade Index. (S&P DJI announcement)
S&P DJI supplied the benchmark, which tracks liquid US dollar investment grade corporate bonds. Kaiko tokenized the index on Canton and provided signed official index values for valuing the swap. Derivnex represented and managed the OTC contract on its Canton based institutional platform; DRW and Marex were the trading counterparties. (S&P DJI announcement)
The announcement calls it the first OTC swap on Canton and the first OTC derivative referencing a fully tokenized index. The supplied information does not give the swap’s notional, price, maturity or direction.