{"success":true,"data":{"pressRelease":{"id":"167445","rtpr_id":"nPn1tsJnla-20261013","ticker":"SPGI","exchange":"NYSE","all_tickers":["SPGI"],"title":"S&P Dow Jones Indices and Kaiko Enable First On-chain OTC Swap Referencing a Tokenized Benchmark, Executed by DRW and Marex on Derivnex","author":"PR Newswire","published_at":"2026-10-13T12:00:01.563Z","article_body":"S&P Dow Jones Indices and Kaiko Enable First On-chain OTC Swap Referencing a Tokenized Benchmark, Executed by DRW and Marex on Derivnex\nPR Newswire\n\nNEW YORK, Oct. 13, 2026\n\nThe transaction references the tokenized iBoxx USD Liquid Investment Grade\nIndex and is represented on Derivnex, an institutional OTC derivatives\nplatform built on Canton\n\nNEW YORK, Oct. 13, 2026 /PRNewswire/ -- S&P Dow Jones Indices (\"S&P\nDJI\"), Kaiko and Derivnex, today announced the completion of the first OTC\nswap transaction on the Canton Network. The total return swap, executed on\nDerivnex between DRW and Marex, references S&P DJI's iBoxx USD Liquid\nInvestment Grade Index, which was tokenized on Canton by Kaiko.\n\nThe transaction represents the first OTC derivative to reference a fully\ntokenized index on distributed ledger infrastructure. It demonstrates how\nbenchmark data, licensing, trade representation and valuation can be connected\nwithin privacy-enabled infrastructure designed for institutional markets.\n\nOTC swaps are privately negotiated contracts that allow counterparties to gain\nor manage exposure to an asset or index without owning it directly. While\nthese markets are central to institutional finance, managing a swap over its\nlifecycle typically involves multiple systems, bilateral communications and\nongoing reconciliation between counterparties.\n\nThrough Derivnex, the trade was represented on Canton as a smart contract\ncontaining transaction terms and designed to remain with the trade throughout\nits lifecycle. This gives DRW and Marex a shared, synchronized record for\nmanaging valuations and other swap lifecycle events.\n\nThe Benchmark Behind the Trade\nKaiko tokenized the iBoxx USD Liquid Investment Grade Index on Canton. The\ntoken combines the benchmark data with access permissions and usage rules,\ndesigned to enable authorized participants to consume the index data within\ndigital financial workflows while preserving S&P DJI's licensing and\nintellectual-property controls.\n\nFor this transaction, Kaiko also distributed the signed S&P DJI official\nindex values that Derivnex uses to value the position throughout its\nlifecycle. Together, the tokenized benchmark and pricing infrastructure allow\nthe index to support a live OTC derivative transaction on distributed ledger\ninfrastructure.\n\nThe sample transaction gives benchmark providers a controlled and auditable\nway to distribute index intellectual property across new institutional markets\nand products. It also gives trading platforms and counterparties a\nstandardized way to consume benchmark data within their existing transaction\nand lifecycle workflows.\n\nA Framework for Institutional Derivatives\nDerivnex incorporates the Common Domain Model (CDM), providing a standardized\ndigital representation of derivatives transactions and lifecycle events. Built\non Canton, the platform enables bilateral OTC counterparties to coordinate\ntransaction workflows while maintaining the confidentiality required by\ninstitutional markets, providing a standardized digital representation of\nderivatives transactions and lifecycle events.\n\nThe transaction demonstrates how a derivatives workflow can connect benchmark\ndistribution, licensing, trade representation and valuation within shared\ninfrastructure. Future functionality is expected to connect Derivnex-managed\npositions with digital cash and collateral on Canton, enabling margin,\ncollateral and contractual payments to move within the same infrastructure as\nthe underlying transaction.\n\n\"OTC derivatives are one of the largest markets in institutional finance, but\nmuch of the infrastructure supporting them remains fragmented,\" said George\nHarrington, CEO of Derivnex. \"Derivnex gives counterparties a common digital\nrepresentation of a trade from affirmation through its full lifecycle.\nCompleting the first OTC swap on Canton shows how that model can work in a\nlive institutional market.\"\n\n\"This transaction shows how established benchmark infrastructure can support\nnew institutional market structures,\" said Cameron Drinkwater, Chief Product\nOperating Officer at S&P DJI. \"Pairing a flagship index with controlled\ndigital distribution through Kaiko extends our credit franchise into on-chain\nfinance, building on more than two decades of liquidity, transparency and\ntradability on iBoxx benchmarks while preserving trusted rigor and\ngovernance.\"\n\n\"This transaction demonstrates how tokenized benchmark infrastructure\ncan support new institutional markets and products, while preserving the\nlicensing, governance and operational standards required by financial\ninstitutions.\" said Ambre Soubiran, CEO of Kaiko.\n\n\"In line with Marex's focus on bridging traditional finance and digital\nassets, this transaction provides a practical example of how OTC derivatives\ncan be represented and managed on distributed ledger infrastructure,\" said\nNilesh Jethwa, CEO of Marex Solutions. \"It shows how new technology can\nsupport more coordinated and transparent workflows while preserving the\ncontrols required by institutional market participants.\"\n\nABOUT S&P DOW JONES INDICES\nS&P Dow Jones Indices is the largest global resource for essential\nindex-based concepts, data and research, and home to iconic financial market\nindicators, such as the S&P 500® and the Dow Jones Industrial Average®.\nMore assets are invested in products based on our indices than products based\non indices from any other provider in the world. Since Charles Dow invented\nthe first index in 1884, S&P DJI has been innovating and developing\nindices across the spectrum of asset classes helping to define the way\ninvestors measure and trade the markets. S&P Dow Jones Indices is a\ndivision of S&P Global (NYSE: SPGI), which provide essential intelligence\nfor individuals, companies, and governments to make decisions with confidence.\nFor more information, visit: www.spglobal.com/spdji\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4796245-1&h=905566092&u=http%3A%2F%2Fwww.spglobal.com%2Fspdji&a=www.spglobal.com%2Fspdji)\n.\n\nThe iBoxx USD Liquid Investment Grade Index (the \"Index\") is a product of\nS&P Dow Jones Indices LLC or its affiliates (\"SPDJI\") and has been\nlicensed for use by DRW and Marex Solutions. S&P®, S&P 500®, US\n500™, The 500®, iBoxx®, iTraxx® and CDX® are trademarks of S&P\nGlobal, Inc. or its affiliates (\"S&P\"); Dow Jones® is a registered\ntrademark of Dow Jones Trademark Holdings LLC (\"Dow Jones\"), and these\ntrademarks have been licensed for use by SPDJI and sublicensed for certain\npurposes by DRW and Marex Solutions. Financial products (including OTC Swaps)\nare not sponsored or sold by SPDJI, Dow Jones, S&P or their respective\naffiliates, and none of such parties make any representation regarding the\nadvisability of investing in such product(s) nor do they have any liability\nfor any errors, omissions, or interruptions of the Index.\n\nABOUT KAIKO\n\nKaiko provides institutional-grade data, regulated digital asset services, and\ninfrastructure for onchain finance. Founded in 2014, the company supports\ntrading, valuation, risk management, tokenized assets and onchain\napplications, connecting traditional and blockchain-based markets. Its clients\ninclude banks, asset managers, exchanges and leading financial institutions\nworldwide. For more information, visit www.kaiko.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4796245-1&h=3340598810&u=https%3A%2F%2Furldefense.com%2Fv3%2F__http%3A%2Fwww.kaiko.com__%3B!!DEyr4sPAfcQg!WQhziK9TF56qjks1sbvoh3QVNovXpIQAyFKah7LE449yO8y_zWK1rEjiGwPtsJ6KMdpGIcZ5G94_6RCxrbJgoYZA%24&a=www.kaiko.com)\n.\n\nFOR MORE INFORMATION:\n\nS&P Dow Jones Indices\nSilke McGuinness\nGlobal Head of Communications\n(+1) 415 205 8414\nsilke.mcguinness@spglobal.com (mailto:silke.mcguinness@spglobal.com)\n\nKaiko\nVictoria Calmon\nEditorial & Communications Manager\npress@kaiko.com (mailto:press@kaiko.com)\n\n \n\nView original content to download\nmultimedia:https://www.prnewswire.com/news-releases/sp-dow-jones-indices-and-kaiko-enable-first-on-chain-otc-swap-referencing-a-tokenized-benchmark-executed-by-drw-and-marex-on-derivnex-302907001.html\n(https://www.prnewswire.com/news-releases/sp-dow-jones-indices-and-kaiko-enable-first-on-chain-otc-swap-referencing-a-tokenized-benchmark-executed-by-drw-and-marex-on-derivnex-302907001.html)\n\nSOURCE S&P Dow Jones Indices\n\n\n\nPhoto: \nhttps://mmx.prnewswire.com/media/MS613849/S-AND-P-GLOBAL-SPDJI-Logo.jpg?id=OA3014900\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved.","article_body_html":"","raw_payload":{"data":{"id":"nPn1tsJnla-20261013","title":"S&P Dow Jones Indices and Kaiko Enable First On-chain OTC Swap Referencing a Tokenized Benchmark, Executed by DRW and Marex on Derivnex","author":"PR Newswire","ticker":"SPGI","created":"2026-10-13T12:00:01.563Z","tickers":["SPGI"],"exchange":"NYSE","article_body":"S&P Dow Jones Indices and Kaiko Enable First On-chain OTC Swap Referencing a Tokenized Benchmark, Executed by DRW and Marex on Derivnex\nPR Newswire\n\nNEW YORK, Oct. 13, 2026\n\nThe transaction references the tokenized iBoxx USD Liquid Investment Grade\nIndex and is represented on Derivnex, an institutional OTC derivatives\nplatform built on Canton\n\nNEW YORK, Oct. 13, 2026 /PRNewswire/ -- S&P Dow Jones Indices (\"S&P\nDJI\"), Kaiko and Derivnex, today announced the completion of the first OTC\nswap transaction on the Canton Network. The total return swap, executed on\nDerivnex between DRW and Marex, references S&P DJI's iBoxx USD Liquid\nInvestment Grade Index, which was tokenized on Canton by Kaiko.\n\nThe transaction represents the first OTC derivative to reference a fully\ntokenized index on distributed ledger infrastructure. It demonstrates how\nbenchmark data, licensing, trade representation and valuation can be connected\nwithin privacy-enabled infrastructure designed for institutional markets.\n\nOTC swaps are privately negotiated contracts that allow counterparties to gain\nor manage exposure to an asset or index without owning it directly. While\nthese markets are central to institutional finance, managing a swap over its\nlifecycle typically involves multiple systems, bilateral communications and\nongoing reconciliation between counterparties.\n\nThrough Derivnex, the trade was represented on Canton as a smart contract\ncontaining transaction terms and designed to remain with the trade throughout\nits lifecycle. This gives DRW and Marex a shared, synchronized record for\nmanaging valuations and other swap lifecycle events.\n\nThe Benchmark Behind the Trade\nKaiko tokenized the iBoxx USD Liquid Investment Grade Index on Canton. The\ntoken combines the benchmark data with access permissions and usage rules,\ndesigned to enable authorized participants to consume the index data within\ndigital financial workflows while preserving S&P DJI's licensing and\nintellectual-property controls.\n\nFor this transaction, Kaiko also distributed the signed S&P DJI official\nindex values that Derivnex uses to value the position throughout its\nlifecycle. Together, the tokenized benchmark and pricing infrastructure allow\nthe index to support a live OTC derivative transaction on distributed ledger\ninfrastructure.\n\nThe sample transaction gives benchmark providers a controlled and auditable\nway to distribute index intellectual property across new institutional markets\nand products. It also gives trading platforms and counterparties a\nstandardized way to consume benchmark data within their existing transaction\nand lifecycle workflows.\n\nA Framework for Institutional Derivatives\nDerivnex incorporates the Common Domain Model (CDM), providing a standardized\ndigital representation of derivatives transactions and lifecycle events. Built\non Canton, the platform enables bilateral OTC counterparties to coordinate\ntransaction workflows while maintaining the confidentiality required by\ninstitutional markets, providing a standardized digital representation of\nderivatives transactions and lifecycle events.\n\nThe transaction demonstrates how a derivatives workflow can connect benchmark\ndistribution, licensing, trade representation and valuation within shared\ninfrastructure. Future functionality is expected to connect Derivnex-managed\npositions with digital cash and collateral on Canton, enabling margin,\ncollateral and contractual payments to move within the same infrastructure as\nthe underlying transaction.\n\n\"OTC derivatives are one of the largest markets in institutional finance, but\nmuch of the infrastructure supporting them remains fragmented,\" said George\nHarrington, CEO of Derivnex. \"Derivnex gives counterparties a common digital\nrepresentation of a trade from affirmation through its full lifecycle.\nCompleting the first OTC swap on Canton shows how that model can work in a\nlive institutional market.\"\n\n\"This transaction shows how established benchmark infrastructure can support\nnew institutional market structures,\" said Cameron Drinkwater, Chief Product\nOperating Officer at S&P DJI. \"Pairing a flagship index with controlled\ndigital distribution through Kaiko extends our credit franchise into on-chain\nfinance, building on more than two decades of liquidity, transparency and\ntradability on iBoxx benchmarks while preserving trusted rigor and\ngovernance.\"\n\n\"This transaction demonstrates how tokenized benchmark infrastructure\ncan support new institutional markets and products, while preserving the\nlicensing, governance and operational standards required by financial\ninstitutions.\" said Ambre Soubiran, CEO of Kaiko.\n\n\"In line with Marex's focus on bridging traditional finance and digital\nassets, this transaction provides a practical example of how OTC derivatives\ncan be represented and managed on distributed ledger infrastructure,\" said\nNilesh Jethwa, CEO of Marex Solutions. \"It shows how new technology can\nsupport more coordinated and transparent workflows while preserving the\ncontrols required by institutional market participants.\"\n\nABOUT S&P DOW JONES INDICES\nS&P Dow Jones Indices is the largest global resource for essential\nindex-based concepts, data and research, and home to iconic financial market\nindicators, such as the S&P 500® and the Dow Jones Industrial Average®.\nMore assets are invested in products based on our indices than products based\non indices from any other provider in the world. Since Charles Dow invented\nthe first index in 1884, S&P DJI has been innovating and developing\nindices across the spectrum of asset classes helping to define the way\ninvestors measure and trade the markets. S&P Dow Jones Indices is a\ndivision of S&P Global (NYSE: SPGI), which provide essential intelligence\nfor individuals, companies, and governments to make decisions with confidence.\nFor more information, visit: www.spglobal.com/spdji\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4796245-1&h=905566092&u=http%3A%2F%2Fwww.spglobal.com%2Fspdji&a=www.spglobal.com%2Fspdji)\n.\n\nThe iBoxx USD Liquid Investment Grade Index (the \"Index\") is a product of\nS&P Dow Jones Indices LLC or its affiliates (\"SPDJI\") and has been\nlicensed for use by DRW and Marex Solutions. S&P®, S&P 500®, US\n500™, The 500®, iBoxx®, iTraxx® and CDX® are trademarks of S&P\nGlobal, Inc. or its affiliates (\"S&P\"); Dow Jones® is a registered\ntrademark of Dow Jones Trademark Holdings LLC (\"Dow Jones\"), and these\ntrademarks have been licensed for use by SPDJI and sublicensed for certain\npurposes by DRW and Marex Solutions. Financial products (including OTC Swaps)\nare not sponsored or sold by SPDJI, Dow Jones, S&P or their respective\naffiliates, and none of such parties make any representation regarding the\nadvisability of investing in such product(s) nor do they have any liability\nfor any errors, omissions, or interruptions of the Index.\n\nABOUT KAIKO\n\nKaiko provides institutional-grade data, regulated digital asset services, and\ninfrastructure for onchain finance. Founded in 2014, the company supports\ntrading, valuation, risk management, tokenized assets and onchain\napplications, connecting traditional and blockchain-based markets. Its clients\ninclude banks, asset managers, exchanges and leading financial institutions\nworldwide. For more information, visit www.kaiko.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4796245-1&h=3340598810&u=https%3A%2F%2Furldefense.com%2Fv3%2F__http%3A%2Fwww.kaiko.com__%3B!!DEyr4sPAfcQg!WQhziK9TF56qjks1sbvoh3QVNovXpIQAyFKah7LE449yO8y_zWK1rEjiGwPtsJ6KMdpGIcZ5G94_6RCxrbJgoYZA%24&a=www.kaiko.com)\n.\n\nFOR MORE INFORMATION:\n\nS&P Dow Jones Indices\nSilke McGuinness\nGlobal Head of Communications\n(+1) 415 205 8414\nsilke.mcguinness@spglobal.com (mailto:silke.mcguinness@spglobal.com)\n\nKaiko\nVictoria Calmon\nEditorial & Communications Manager\npress@kaiko.com (mailto:press@kaiko.com)\n\n \n\nView original content to download\nmultimedia:https://www.prnewswire.com/news-releases/sp-dow-jones-indices-and-kaiko-enable-first-on-chain-otc-swap-referencing-a-tokenized-benchmark-executed-by-drw-and-marex-on-derivnex-302907001.html\n(https://www.prnewswire.com/news-releases/sp-dow-jones-indices-and-kaiko-enable-first-on-chain-otc-swap-referencing-a-tokenized-benchmark-executed-by-drw-and-marex-on-derivnex-302907001.html)\n\nSOURCE S&P Dow Jones Indices\n\n\n\nPhoto: \nhttps://mmx.prnewswire.com/media/MS613849/S-AND-P-GLOBAL-SPDJI-Logo.jpg?id=OA3014900\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved."},"type":"article","timestamp":"2026-10-13T12:00:02.445666902Z","server_sent_at_ms":1791892802445},"received_at":"2026-10-13T12:00:02.497Z","source_url":"https://www.prnewswire.com/news-releases/sp-dow-jones-indices-and-kaiko-enable-first-on-chain-otc-swap-referencing-a-tokenized-benchmark-executed-by-drw-and-marex-on-derivnex-302907001.html"},"analysis":{"id":"155749","press_release_id":"167445","analysis_json":{"industry":{"label":"Financial Services","sector":"Financials"},"redFlags":[],"eventType":"operations_update","narrative":"S&P Dow Jones Indices, Kaiko and Derivnex completed the first OTC swap transaction on the Canton Network, referencing the tokenized iBoxx USD Liquid Investment Grade Index.\n\nThe total return swap was executed between DRW and Marex on Derivnex, marking the first OTC derivative to reference a fully tokenized index on distributed ledger infrastructure.\n\nFor S&P Global, the milestone extends the iBoxx credit franchise into on-chain finance and demonstrates a controlled, licensed way to distribute benchmark IP into new institutional digital-asset markets. No financial terms were disclosed.","sentiment":"bullish","agentHooks":{"shouldPost":false,"suggestedAngle":"SPGI extends its benchmark licensing franchise into tokenized finance with the first on-chain OTC swap on Canton."},"keyFigures":{},"quotedText":"Pairing a flagship index with controlled digital distribution through Kaiko extends our credit franchise into on-chain finance","namedEntities":{"people":[{"name":"George Harrington","role":"CEO of Derivnex"},{"name":"Cameron Drinkwater","role":"Chief Product Operating Officer, S&P DJI"},{"name":"Ambre Soubiran","role":"CEO of Kaiko"},{"name":"Nilesh Jethwa","role":"CEO of Marex Solutions"},{"name":"Silke McGuinness","role":"Global Head of Communications, S&P Dow Jones Indices"}],"products":["iBoxx USD Liquid Investment Grade Index","Derivnex","Canton Network"],"companies":[{"name":"S&P Dow Jones Indices","ticker":"SPGI","relationship":"filer subsidiary / index licensor"},{"name":"S&P Global","ticker":"SPGI","relationship":"filer"},{"name":"Kaiko","relationship":"partner"},{"name":"Derivnex","relationship":"platform partner"},{"name":"DRW","relationship":"counterparty"},{"name":"Marex","relationship":"counterparty"}],"dollarAmounts":[]},"materialImpact":{"score":2,"reasoning":"A first-of-its-kind tokenized benchmark OTC swap involving S&P DJI's iBoxx index extends SPGI's licensing franchise into on-chain finance, but it is a sample transaction with no stated revenue or financial impact."},"tickerRelevance":{"others":[],"primary":"SPGI"},"globalImportance":25,"audienceRelevance":25,"eventTypeSecondary":["partnership"],"importanceComponents":{"tickerTier":"mega-cap","eventGravity":"first-of-its-kind innovation milestone, sample transaction only","revenueImpact":"none stated","householdBrandBoost":"moderate"}},"event_type":"operations_update","event_type_secondary":["partnership"],"sentiment":"bullish","material_impact_score":2,"narrative":"S&P Dow Jones Indices, Kaiko and Derivnex completed the first OTC swap transaction on the Canton Network, referencing the tokenized iBoxx USD Liquid Investment Grade Index.\n\nThe total return swap was executed between DRW and Marex on Derivnex, marking the first OTC derivative to reference a fully tokenized index on distributed ledger infrastructure.\n\nFor S&P Global, the milestone extends the iBoxx credit franchise into on-chain finance and demonstrates a controlled, licensed way to distribute benchmark IP into new institutional digital-asset markets. No financial terms were disclosed.","key_figures":{},"named_entities":{"people":[{"name":"George Harrington","role":"CEO of Derivnex"},{"name":"Cameron Drinkwater","role":"Chief Product Operating Officer, S&P DJI"},{"name":"Ambre Soubiran","role":"CEO of Kaiko"},{"name":"Nilesh Jethwa","role":"CEO of Marex Solutions"},{"name":"Silke McGuinness","role":"Global Head of Communications, S&P Dow Jones Indices"}],"products":["iBoxx USD Liquid Investment Grade Index","Derivnex","Canton Network"],"companies":[{"name":"S&P Dow Jones Indices","ticker":"SPGI","relationship":"filer subsidiary / index licensor"},{"name":"S&P Global","ticker":"SPGI","relationship":"filer"},{"name":"Kaiko","relationship":"partner"},{"name":"Derivnex","relationship":"platform partner"},{"name":"DRW","relationship":"counterparty"},{"name":"Marex","relationship":"counterparty"}],"dollarAmounts":[]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:5c812bd9e28b810d","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-10-13T12:00:21.587Z","global_importance":25,"audience_relevance":25,"importance_components":{"tickerTier":"mega-cap","eventGravity":"first-of-its-kind innovation milestone, sample transaction only","revenueImpact":"none stated","householdBrandBoost":"moderate"}},"durationMs":5586,"modelName":"glm-5.3-flashx"}}