Canton and Derivnex said on Oct. 13, 2026, that DRW and Marex completed the first over-the-counter swap transaction on the Canton Network. The total return swap references S&P Dow Jones Indices’ iBoxx USD Liquid Investment Grade Index, placing both the benchmark data and a record of the trade’s lifecycle on distributed-ledger infrastructure.
The transaction is described as the first OTC derivative referencing a fully tokenized index on distributed-ledger infrastructure. It combines a tokenized version of the credit benchmark with signed official index values for continuing valuation, rather than using blockchain solely as a post-trade recordkeeping layer.
DRW and Marex complete total return swap tied to iBoxx credit index
The swap was executed between DRW and Marex and references the iBoxx USD Liquid Investment Grade Index, according to a Canton Network announcement. A total return swap transfers the economic performance of a referenced asset or index between counterparties under agreed terms.
The first-of-its-kind designation rests on the use of a fully tokenized index in an OTC derivative workflow. FinanceFeeds reported that Derivnex uses the derivatives industry’s Common Domain Model to standardize trade and lifecycle representations.
Tokenized index and signed values support valuation
Kaiko tokenized the iBoxx USD Liquid Investment Grade Index on Canton. It also supplied signed official S&P DJI index values to Derivnex for the swap’s ongoing valuation, according to an S&P Dow Jones Indices release.
That arrangement is central to the transaction’s operational design: the index representation is on Canton, while official signed index values are used in valuing the contract through its life.
Derivnex records trade terms and lifecycle events on Canton
Derivnex represented the transaction as a smart contract on Canton containing the trade terms, giving DRW and Marex a synchronized record for valuations and other lifecycle events, Canton said. The workflow links the benchmark, official valuation inputs and the contract record within the same network environment. Canton’s disclosures do not provide financial terms for the swap or indicate broader volumes of OTC derivatives executed through the arrangement.
