# DRW and Marex Complete First OTC Derivative Tied to Tokenized S&P Index

- URL: https://stocks.freetheai.org/news/drw-and-marex-complete-first-otc-derivative-tied-to-tokenized-s-p-index-9282d1
- Published: 2026-10-13T15:00:29Z
- Category: crypto; sentiment: neutral; impact: medium
- Written by our AI from expert market sources across the web for FreeTheAI Stocks, built by Vibhek Soni
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Trading firms DRW and Marex have executed an over-the-counter derivative referencing a fully tokenized market index on blockchain infrastructure. The transaction, structured as a total return swap, was completed on the Derivnex platform using the Canton Network and references the S&P iBoxx USD Liquid Investment Grade Index. Crypto market data provider Kaiko tokenized the benchmark and supplied official values to support trade valuations.

The transaction illustrates how blockchain technology can link benchmark data, licensing, and contract management within a single shared infrastructure. By replacing fragmented traditional systems, financial institutions can coordinate trade affirmation and lifecycle administration while keeping proprietary details private.

Traditional financial data providers are increasingly expanding into digital asset infrastructure. S&P Global recently led a strategic investment that brought Kaiko's Series B funding round to $110 million, while the Canton Network continues to gain institutional traction, including processing substantial daily U.S. Treasury repo volume.

## Key points

- DRW and Marex completed an over-the-counter total return swap referencing a tokenized index on the Canton Network.
- Kaiko tokenized the S&P iBoxx USD Liquid Investment Grade Index and supplied official valuation data.
- Derivnex provided the platform for counterparties to manage trade workflows from affirmation through execution.
- S&P Global recently led a strategic investment that extended Kaiko's Series B funding round to $110 million.

## Questions and answers

### What is the tokenized S&P index OTC derivative trade?

It is an over-the-counter total return swap completed by DRW and Marex that references a fully tokenized S&P iBoxx corporate bond index using blockchain infrastructure.

### Which blockchain network was used for the tokenized derivative?

The transaction was executed on the Derivnex platform using the Canton Network, which provides shared digital infrastructure for confidential institutional workflows.