The first onchain S&P index derivatives swap was a total return OTC swap between DRW and Marex, referencing S&P DJI’s iBoxx USD Liquid Investment Grade Index, announced October 13, 2026. Kaiko tokenized the index on Canton, and the trade was represented on Derivnex. Announcement

The first onchain S&P index derivatives swap was a total return OTC swap between DRW and Marex, referencing S&P DJI’s iBoxx USD Liquid Investment Grade Index, announced October 13, 2026. Kaiko tokenized the index on Canton, and the trade was represented on Derivnex. Announcement

Kaiko delivered signed S&P DJI index values into the shared Derivnex contract state, which held the bilateral terms and supported valuation. The index token carried licensing controls, so the benchmark data was permissioned for the parties’ use. Announcement

The announcement describes shared trade state and coordinated valuation, not onchain cash settlement: a Canton transaction identifier was not published, and the swap’s notional, maturity, payment schedule, margin, and collateral terms were not disclosed. Connecting the positions to digital cash and collateral was described as future functionality. Announcement