Kalshi has signed a multi-year partnership with Nasdaq Market Surveillance, to integrate the offering into its existing framework.
Tony Sio
Currently, existing safeguards at Kalshi include bans on market manipulation and insider trading, limits on the types of markets it lists and a background check on every user before they are permitted to trade.
Under a phased rollout, Kalshi will now gain access to advanced cross-market, cross-asset monitoring capabilities spanning both prediction markets and perpetual-style derivatives.
The system is designed to support real-time detection of market abuse, manipulation, insider trading, and related misconduct.
Tony Sio, head of regulatory strategy and innovation at Nasdaq, said: “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.”
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Currently, Nasdaq Market Surveillance is used by more than 50 exchanges. Integrated into Kalshi’s existing surveillance framework, it provides the ability to scale alongside the exchange as the asset class expands and new products and markets go live.
The platform will also support the delivery of Kalshi’s trade data to the Commodity Futures Trading Commission (CFTC), in the format the regulator requires, in line with Kalshi’s obligations as a CFTC-regulated exchange.
Max Crowley, vice president of business development at Kalshi, said: “This deal reinforces Kalshi’s commitment to market integrity, 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.”
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This agreement will put institutional-grade, 24/7 surveillance infrastructure behind Kalshi’s markets as trading volume continues to scale and major institutions adopt prediction markets.
The deal reflects the backdrop of rapid growth across prediction markets, with participants increasingly drawing on established surveillance principles and tailoring them to the characteristics of event contracts and perpetual-style products, rather than debating whether existing frameworks still apply.