DRW and Marex complete tokenized index swap on blockchain rails

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DRW, Marex tokenized index swap

Highlights

DRW and Marex completed the first over-the-counter derivative swap referencing a fully tokenized S&P DJI index on Derivnex via the Canton Network.
Kaiko tokenized the benchmark and supplies official index valuations, enabling S&P DJI to extend its credit index franchise onto blockchain infrastructure while maintaining governance and transparency.
Canton Network processes over $350 billion in daily U.S. Treasury repo volumes, reflecting surging institutional adoption and following S&P Global's recent investment in Kaiko's $110 million Series B.

Tokenized benchmark trade structure

As reported by The Block, citing S&P Dow Jones Indices, the transaction is described by S&P DJI and Kaiko as the first over-the-counter derivative referencing a fully tokenized index on blockchain infrastructure. The swap is executed on Derivnex's platform on the Canton Network, with Kaiko tokenizing the benchmark and supplying official index values for ongoing valuation.

S&P DJI says the trade shows how blockchain-based rails could bring benchmark data, licensing and derivatives management into a single workflow, addressing processes that are typically fragmented in institutional markets. Cameron Drinkwater, chief product operating officer at S&P DJI, says pairing a flagship index with controlled digital distribution through Kaiko extends the company's credit index franchise into on-chain finance while maintaining existing governance and transparency standards.

Canton provides the shared infrastructure used by Derivnex, enabling counterparties to coordinate transaction workflows while keeping details confidential. Derivnex CEO George Harrington says the platform gives trading parties a common digital representation of a transaction from affirmation through the full lifecycle.

Broader push into tokenized finance

The deal emerges as established financial market operators broaden their involvement in tokenized assets and blockchain settlement tools. Last December, the Depository Trust & Clearing Corporation allowed participants to convert DTC-held U.S. Treasuries into blockchain tokens in a 2026 pilot using ComposerX and the Canton Network.

Canton has also processed more than $350 billion in daily U.S. Treasury repo volume, underscoring growing institutional use of the network's infrastructure. The transaction also follows S&P Global's recent strategic investment in Kaiko, which extended the crypto data provider's Series B funding round to $110 million.

Our earlier report on LSEG’s talks to potentially acquire credit-data provider Octus outlined how major market operators are seeking to strengthen specialized credit intelligence and analytics for banks and investors. We noted that adding deeper distressed-credit data capabilities could broaden data services and support faster, better-governed decision-making across volatile markets—an angle that helps frame today’s push to bring benchmark data and derivatives workflows onto blockchain rails.

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