S&P executes first-ever onchain derivatives swap

S&P Dow Jones Indices and Kaiko completed a total return swap on the Canton Network that references a tokenized iBoxx bond index One of Wall Street’s oldest benchmark makers has put a derivative on a blockchain. On October 13, 2026, S&P Dow Jones Indices (S&P DJI) and data provider Kaiko executed what they describe as the first over-the-counter (OTC) derivative swap conducted fully onchain. The trade ran on the Canton Network and referenced a tokenized version of S&P DJI’s iBoxx USD Liquid Investment Grade Index. The instrument was a total return swap.