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DRW and Marex execute first on-chain OTC swap referencing tokenized iBoxx index on Canton

Trading firms DRW and Marex completed an on-chain over-the-counter total return swap on the Derivnex platform using the Canton Network, referencing a tokenized iBoxx index enabled by S&P Dow Jones Indices and Kaiko.

Graphic depicting an on-chain derivatives swap between Marex and DRW on the Canton blockchain, featuring the S&P Global logo.
Image: @solidintel_x

Trading firms DRW and Marex have executed what S&P Dow Jones Indices and Kaiko described as the first on-chain over-the-counter total return swap referencing a fully tokenized benchmark. The transaction was carried out on Derivnex's platform across the Canton Network blockchain.[2][3][6]

The derivative contract references the iBoxx USD Liquid Investment Grade Index. Kaiko tokenized the benchmark and is providing official index values to support ongoing trade valuation throughout the life of the swap.[3][4]

Following the trade's announcement, Canton's CC token climbed more than 6% over a four-hour window to reach $0.13, according to Coin Bureau.[1]

Key facts

  • DRW and Marex executed an on-chain OTC total return swap on Derivnex's platform over the Canton Network.
  • The transaction references the tokenized iBoxx USD Liquid Investment Grade Index from S&P Dow Jones Indices.
  • S&P Dow Jones Indices and Kaiko enabled the trade, framing it as the first OTC derivative referencing a tokenized benchmark on distributed ledger infrastructure.
  • Kaiko tokenized the index and provides official index values for ongoing trade valuation.
  • Canton's CC token rose over 6% within four hours of the announcement to reach $0.13, according to Coin Bureau.

Sources 路 6 sources

  1. CB

    Coin Bureau@coinbureauPost on X 路

    馃毃MAJOR: S&P Dow Jones Indices, Kaiko and Derivnex complete the FIRST OTC swap on the Canton Network, executed between DRW and Marex. The trade uses a tokenized iBoxx bond index, marking a major step toward bringing institutional derivatives on-chain. Canton's $CC surged over 6% in the past 4 hours to $0.13 following the announcement.

    Open source
  2. FC

    Frank Chaparro@fintechfrankPost on X 路

    First OTC swap on a tokenized index. S&P Dow Jones, Kaiko and Derivnex executed a total return swap between DRW and Marex on Canton, referencing the tokenized iBoxx USD Liquid Investment Grade Index. Wall Street is moving onchain. https://t.co/ZtQ9v9I6Uz

    Open source
  3. TB

    The Block@TheBlockCoPost on X 路

    THE BLOCK: DRW and Marex have completed what S&P Dow Jones Indices and Kaiko described as the first OTC derivative referencing a fully tokenized index on blockchain infrastructure. The total return swap, executed on Derivnex's platform on the Canton Network, references S&P's iBoxx USD Liquid Investment Grade Index, which Kaiko tokenized and provided with official index values for ongoing trade valuation.

    Open source
  4. CO

    CoinGape@CoinGapeMediaPost on X 路

    馃毃 S&P Completes First Onchain OTC Swap #DRW and #Marex executed the first onchain #OTC derivatives swap referencing an S&P #tokenized index on the @CantonNetwork , with Kaiko tokenizing the index. 馃敆 Know more in comments

    Open source
  5. CO

    Cointelegraph@CointelegraphPost on X 路

    馃敟 JUST IN: S&P Dow Jones Indices and Kaiko enable the first onchain OTC swap referencing a tokenized benchmark on the Canton Network. https://t.co/CBhiQHfKS0

    Open source
  6. CB

    Crypto Briefing@Crypto_BriefingPost on X 路

    馃敟NEW: S&P Dow Jones Indices and Kaiko enabled the first OTC swap referencing a fully tokenized index on distributed ledger infrastructure. The transaction was executed by DRW and Marex through Derivnex on the Canton Network. https://t.co/JfPiWtplfG

    Open source