Trading firm DRW and financial services group Marex have executed the first over-the-counter total return swap referencing a fully tokenized index on blockchain infrastructure. The transaction took place on October 13, 2026, using the Canton Network.
The derivative references the iBoxx USD Liquid Investment Grade Index, which was tokenized by the market data firm Kaiko. The trade utilized Derivnex, an institutional platform built on the Canton permissioned distributed ledger.
The deal was structured as a smart contract using the Common Domain Model framework. This approach allows both parties to access a single, shared record of the transaction, eliminating the need for separate accounting books.
While the companies did not disclose the trade size or settlement details, the project involved coordination between S&P Dow Jones Indices, Kaiko, Derivnex, DRW, and Marex. Future developments may include integrating cash and collateral movements into the same framework.
