For the first time, the financial firms DRW and Marex completed a total return swap on the Canton blockchain, using the iBoxx USD Liquid Investment Grade Index from S&P Dow Jones Indices, tokenized by the French company Kaiko. The transaction was recorded on Derivnex, a platform specializing in OTC financial contracts. Marex, listed on Nasdaq, provided the contract while DRW, founded by Don Wilson, acted as the counterpart. This transaction marks a new step in the adoption of blockchain by traditional finance, with recording in the form of a smart contract allowing both parties to track the contract’s evolution in real time. Kaiko, which had already launched a range of crypto indices with S&P Global, enabled the tokenized representation of the index data on Canton.
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