First On-chain OTC Swap Referencing Tokenized Benchmark Executed on Derivnex
S&P Dow Jones Indices, in collaboration with Kaiko and Derivnex, has completed the first over-the-counter (OTC) swap referencing a tokenized benchmark index. The transaction involved DRW and Marex executing an OTC total return swap based on S&P DJI's iBoxx USD Liquid Investment Grade Index, which was tokenized by Kaiko on Canton Network. This milestone demonstrates how institutional derivatives can be represented as smart contracts within privacy-enabled distributed ledger infrastructure. By using Derivnex’s platform built on the Common Domain Model (CDM), both counterparties have a synchronized record for managing valuations and lifecycle events of the swap, reducing reliance on fragmented systems and bilateral communications. The tokenized index allows benchmark providers to distribute data in an auditable manner while preserving licensing controls. Future developments aim to integrate digital cash and collateral into the same infrastructure as trades, potentially streamlining institutional finance workflows.
Tickers: $MARX.OLD1
Topics: blockchain index trading OTC derivatives tokenization
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