Kalshi Taps Nasdaq for Market Surveillance Across Event Contracts and Perpetual Futures
Kalshi is integrating Nasdaq’s institutional-grade surveillance technology across its event contracts and perpetual futures markets as the exchange expands its trading infrastructure.
Kalshi has entered a multi-year partnership with Nasdaq Market Surveillance to strengthen monitoring across its event contracts and perpetual futures markets.
The agreement adds Nasdaq’s institutional-grade surveillance technology to Kalshi’s existing market oversight framework, giving the exchange additional capabilities to monitor trading activity as its product offering expands.
Kalshi plans to implement the system in phases, eventually providing cross-market and cross-asset monitoring across its prediction market and perpetual-style derivatives products.
The Nasdaq platform supports real-time detection of potential market manipulation, insider trading, market abuse and related misconduct. It will be integrated directly into Kalshi’s trading infrastructure and designed to scale as the exchange introduces additional products and markets.
Kalshi Adds Institutional Surveillance Infrastructure
The partnership also brings infrastructure commonly used across traditional financial markets into Kalshi’s prediction market operations.
According to Nasdaq, its Market Surveillance platform currently serves more than 50 exchanges and 20 international regulators globally.
“This deal reinforces Kalshi’s commitment to market integrity,” Kalshi VP of Business Development Max Crowley said.
“Implementing Nasdaq Market Surveillance gives our markets the same surveillance data used by the world’s largest exchanges, and it’s built to scale with us as we grow.”
Nasdaq Head of Regulatory Strategy and Innovation Tony Sio said the growth of prediction markets requires surveillance infrastructure capable of keeping pace with the market.
“Prediction markets are among the fastest-growing segments of the financial landscape, and they demand surveillance infrastructure with the scale and expertise that can match that pace,” Sio said.
The Nasdaq system will also assist Kalshi in delivering trade data to the Commodity Futures Trading Commission in the format required by the regulator.
Kalshi already operates its own prediction market surveillance and enforcement systems. The exchange prohibits market manipulation and insider trading, places restrictions on the types of markets it lists and conducts background checks on users before they are permitted to trade.
The Nasdaq partnership adds 24/7 institutional surveillance infrastructure, alongside those existing controls as Kalshi expands its markets and trading activity.