DRW and Marex completed Canton's first OTC swap on a fully tokenized index: a total return swap on S&P's iBoxx investment grade index, priced with signed values via Kaiko and run on Derivnex.

S&P Dow Jones Indices, Kaiko and Derivnex said the total return swap was executed on Derivnex between DRW and Marex, referencing the iBoxx USD Liquid Investment Grade Index, which Kaiko tokenized on Canton. The trade was represented as a smart contract holding transaction terms and designed to remain with the trade through its lifecycle, giving both counterparties a shared, synchronized record for valuations. Kaiko also distributed signed S&P DJI official index values used to value the position. Derivnex incorporates the Common Domain Model and runs on Canton.

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