DRW and Marex Execute First On-Chain OTC Swap on Canton Network

The transaction, executed on the Derivnex platform, utilizes the Canton Network to create a synchronized, smart-contract-based record for both counterparties. By tokenizing the iBoxx index, Kaiko enabled the inclusion of specific usage rules and licensing controls directly within the digital asset, ensuring that benchmark data remains compliant with intellectual property standards while moving through on-chain workflows.

Traditionally, OTC derivatives rely on fragmented systems, bilateral communication, and manual reconciliation processes. Derivnex attempts to solve these inefficiencies by incorporating the Common Domain Model, which provides a standardized digital representation of trade terms and valuation events. This integration allows participants to manage valuations and lifecycle events within a shared, privacy-enabled environment. Future iterations of this infrastructure are expected to integrate digital cash and collateral, potentially allowing margin and contractual payments to occur on the same ledger as the underlying derivative.