Derivnex completes first OTC swap on Canton Network

On October 13, according to Canton's official website, Derivnex announced the completion of the first over-the-counter swap (OTC Swap) transaction on the Canton network with DRW and Marex, marking the first on-chain derivative trade referencing the S&P Dow Jones Indices iBoxx USD Investment Grade Index, with index tokenization handled by Kaiko.

Recorded on-chain as a smart contract, this transaction allows DRW and Marex to perform valuation management and lifecycle event processing on a single shared ledger, effectively replacing the inefficient model in traditional OTC derivatives markets that relies on multiple systems, bilateral communication, and continuous reconciliation. Derivnex employs the industry-standard Common Domain Model (CDM) to provide a standardized digital representation of derivative trades.