DRW and Marex execute first tokenized bond-index swap on Canton Network

Trading firms DRW and Marex executed the first over-the-counter total return swap referencing a fully tokenized benchmark on the Canton Network on October 13, 2026. The transaction referenced S&P Dow Jones Indices' iBoxx USD Liquid Investment Grade Index, tokenized by crypto data provider Kaiko and hosted on the Derivnex derivatives platform. Designed with strict privacy controls, Canton Network allows major Wall Street institutions to streamline trade valuation, licensing, and settlement on shared blockchain infrastructure.

First tokenized bond-index swap trade

• ▪Trading firms DRW and Marex executed the first over-the-counter total return swap referencing a tokenized bond index on the Canton Network on October 13, 2026.
• ▪The total return swap executed by DRW and Marex allows counterparties to receive investment performance from the S&P iBoxx USD Liquid Investment Grade Index without directly owning the underlying bonds.
• ▪The total return swap executed by DRW and Marex referenced S&P Dow Jones Indices' iBoxx USD Liquid Investment Grade Index, which crypto data firm Kaiko tokenized on the Canton Network.

Derivnex platform trade execution

• ▪Derivnex hosted the DRW-Marex trade on its platform, providing counterparties a common digital smart contract representation from affirmation through its full lifecycle.
• ▪Derivnex incorporates the Common Domain Model, a standardized framework for representing over-the-counter derivatives transactions and lifecycle events on the Canton Network.
• ▪Derivnex plans to connect derivatives positions with digital cash and collateral on Canton Network to automate margin and settlement payments within the platform.

Kaiko's tokenized benchmark controls

• ▪Crypto data firm Kaiko tokenized S&P Dow Jones Indices' benchmark and distributes signed official index values on Canton Network to support ongoing trade valuation on Derivnex.
• ▪Kaiko's index token combines benchmark data with access permissions and usage rules, allowing authorized participants to use the data while S&P Dow Jones Indices retains its intellectual property controls.

Blockchain solutions for OTC derivatives

• ▪Over-the-counter derivatives represent one of institutional finance's largest markets, but managing privately negotiated swaps traditionally relies on fragmented infrastructure and ongoing manual reconciliation.
• ▪S&P Dow Jones Indices stated that conducting financial derivatives on a shared blockchain framework harmonizes market data management, contract licensing, trade recording, and ongoing valuation within one network.

Canton Network institutional adoption

• ▪The Depository Trust & Clearing Corporation permitted participants to convert DTC-held U.S. Treasuries into blockchain tokens on Canton Network in December 2025 using ComposerX.
• ▪Financial institutions including Goldman Sachs, BNP Paribas, HSBC, Nasdaq, DTCC, JPMorgan, and Visa have explored or tested Canton Network's privacy-focused infrastructure.
• ▪Canton Network has processed over $350 billion in daily U.S. Treasury repurchase agreement volume.
• ▪Canton Network is an institutional blockchain framework that allows financial institutions to control transaction visibility while coordinating joint transactions and asset transfers.

S&P Global crypto data initiatives

• ▪S&P Global led a strategic investment in crypto data provider Kaiko, extending Kaiko's Series B funding round to $110 million.
• ▪S&P Dow Jones Indices entered cryptocurrency indexing at the end of 2020 by partnering with New York City-based software company Lukka.

Debatable claims

• ▪Canton Network's privacy controls prioritize institutional secrecy over public market transparency
• ▪Permissioned blockchains are more effective than legacy infrastructure for managing over-the-counter derivatives
• ▪Automating derivatives lifecycles through smart contracts reduces overall operational risk in OTC trading