S&P Dow Jones Indices Executes First On-Chain Trade for Total Return Swap

Key Facts

1S&P Dow Jones Indices conducted its first on-chain trade of an over-the-counter total return swap on the Canton Network.

S&P Dow Jones Indices conducted its first on-chain trade of an over-the-counter (OTC) total return swap on the Canton Network. According to u.today, the transaction was executed between market maker DRW and financial group Marex via the Derivnex platform, utilizing data from the iBoxx USD Liquid Investment Grade Index tokenized on the network.

This technical milestone aims to streamline derivative lifecycle management and eliminate manual data reconciliation, following the recent addition of Canton Network support by Ripple Custody. While Ripple acts as a gateway, the Canton Network maintains autonomy and does not utilize the XRP token or the XRPL ledger for its settlements.