DRW and Marex Complete What Derivnex Calls the First OTC Swap on the Canton Blockchain

CONFIRMED: This is based on a press release from Canton Network. The “first” and “industry-first” descriptions are the companies’ own claims.

Trading firm DRW and financial services group Marex have completed a swap trade recorded on Canton, a blockchain aimed at banks and other financial institutions, using a new platform called Derivnex [1].

The companies describe it as “the first OTC swap transaction on Canton” and call it “industry-first” (COMPANY CLAIM) [1]. The size and terms of the trade were not disclosed.

What happened

• The trade: a total return swap. Marex acted as swap provider and DRW as counterparty [1].
• What it tracks: the iBoxx USD Liquid Investment Grade Index, an S&P Dow Jones Indices benchmark of US corporate bonds. Data firm Kaiko tokenized the index on Canton and distributed the official index values Derivnex uses to value the position [1].
• How it is recorded: the trade terms sit in a smart contract that stays with the trade for its whole life, so both sides share one synchronised record for valuations and other events. Derivnex uses ISDA’s Common Domain Model, a standard digital format for derivatives [1].

The release says this makes it “the first OTC derivative to reference a fully tokenized index on distributed ledger infrastructure” (COMPANY CLAIM) [1].

Why it matters

OTC (over-the-counter) swaps are private contracts that let two parties gain or hedge exposure to an asset without owning it. Managing one usually means several systems, back-and-forth messages and repeated checks that both sides’ records match [1].

“Uncleared OTC derivatives are a large and growing market with cumbersome back office workflows,” said Don Wilson, DRW’s founder and CEO. “With Derivnex on Canton, Marex and DRW are able to work from the same record, thereby streamlining processes” [1].

“Completing the first OTC swap on Canton shows how that model can work in a live institutional market,” said George Harrington, Derivnex’s CEO [1].

What comes next

Derivnex says it will first focus on equity and index derivatives. It expects later to link positions with digital cash and collateral on Canton, so margin and payments can move on the same system as the trade [1].

What this means

• One trade, two big names. It shows a live institutional swap can be recorded and valued on a shared ledger.
• The “firsts” are self-described. TSN cannot independently check them.
• The bigger step is still ahead: moving cash and collateral on the same system, which the companies describe as future work.

Sources

1. Canton Network via PR Newswire, “Derivnex Launches Industry-First OTC Swap on Canton with DRW and Marex”, 13 October 2026. https://www.prnewswire.com/news-releases/derivnex-launches-industry-first-otc-swap-on-canton-with-drw-and-marex-302906256.html

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