Overview
- Trading firm DRW and broker Marex completed a total return swap on Tuesday, October 13, 2026, that ran entirely on the permissioned Canton Network using Derivnex.
- The swap referenced a tokenized version of S&P DJI’s iBoxx USD Liquid Investment Grade Index that market-data firm Kaiko put onchain with embedded index values and usage permissions.
- Derivnex converted the agreed terms into a smart contract that holds every term and manages valuation and lifecycle events so both counterparties share one authoritative record.
- Key limits remain: the firms did not disclose the trade’s notional or settlement details, cash and collateral still move offchain, and the permissioned design keeps the ledger private rather than publicly verifiable.
- This transaction follows earlier 2026 experiments by S&P DJI and trading firms and could cut reconciliation work and lower costs if onchain licensing and settlement rails are made legally and operationally enforceable.