If you poke around on that YT channel you'll find other videos from the same event like this one:
[youtube=https://www.youtube.com/watch?v=GXbyX4bBLXg]
And this one which seems to be the first sword spanking of the occasion:
[youtube=https://www.youtube.com/watch?v=GX04cOGselc]
I'm inclined to suspect that this isn't representative of any specific historical occurrence or bit of folklore but was invented or adapted from a confluence of various cultural and historical notions like the values of chivalry and honor for the event we're seeing here. That and the master of ceremonies is a spanko.
In regards to implements I'll close with this:
[youtube=https://www.youtube.com/watch?v=ygLPZEQ6EQ8]