DRW and Marex complete OTC swap referencing tokenized S&P iBoxx Index

Trading firms DRW and Marex have completed what S&P Dow Jones Indices and Kaiko described as the first over-the-counter 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. Kaiko tokenized the benchmark and provided official index values to support ongoing trade valuation.

The transaction illustrates how blockchain infrastructure could connect benchmark data, licensing and derivatives management, potentially streamlining traditionally fragmented institutional trading workflows, according to S&P DJI.

"Pairing a flagship index with controlled digital distribution through Kaiko extends our credit franchise into on-chain finance, building on more than two decades of liquidity, transparency and tradability on iBoxx benchmarks while preserving trusted rigor and governance," said Cameron Drinkwater, chief product operating officer at S&P DJI.

Canton provides shared infrastructure for Derivnex, allowing counterparties to coordinate transaction workflows while maintaining confidentiality. Derivnex CEO George Harrington said the platform gives counterparties a common digital representation of a trade from affirmation through its full lifecycle.

Last December, the Depository Trust & Clearing Corporation (DTCC) allowed participants to convert DTC-held U.S. Treasuries into blockchain tokens as part of a 2026 pilot using ComposerX and the Canton Network. Canton has also processed more than $350 billion in daily U.S. Treasury repo volume.

The transaction comes as traditional financial data providers expand into tokenized markets. S&P Global recently led a strategic investment in Kaiko, extending the crypto data provider's Series B funding round to $110 million.