Trading firms DRW and Marex have completed what S&P Dow Jones Indices and Kaiko describe as the first over-the-counter derivative referencing a fully tokenised index on blockchain infrastructure.
The total return swap was executed on Derivnex’s platform on the Canton Network. It is linked to the S&P iBoxx USD Liquid Investment Grade Index, which Kaiko tokenised for the transaction.
Kaiko also supplied official index values to support the ongoing valuation of the trade.
S&P Dow Jones Indices said the deal demonstrated how blockchain infrastructure could bring together benchmark data, licensing and derivatives management. The approach could help streamline institutional trading processes that have traditionally been handled through separate systems.
“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.
The Canton Network supplies shared infrastructure for Derivnex, enabling counterparties to coordinate transaction workflows while keeping information confidential.
Derivnex chief executive George Harrington said the platform provides both sides with a common digital representation of a trade, covering the process from affirmation through to the end of its lifecycle.
The transaction follows a move by the Depository Trust & Clearing Corporation (DTCC) last December to allow participants to convert DTC-held U.S. Treasuries into blockchain tokens.
That initiative forms 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 deal comes as established financial data companies increase their involvement in tokenised markets.
S&P Global recently led a strategic investment in Kaiko, taking the crypto data provider’s Series B funding round to $110 million.
