Kalshi, the next-generation financial exchange, today
announced a multi-year partnership with Nasdaq Market Surveillance to enhance monitoring and oversight of trading activity on its markets. The agreement forms one component of Kalshi's broader approach to market oversight, complementing the exchange’s existing surveillance framework.
Kalshi plans to implement Nasdaq Market Surveillance in a phased approach, providing access to advanced cross-market, cross-asset monitoring capabilities for both prediction markets and perpetual-style derivatives.
The institutional-grade platform is designed to support real-time detection of market abuse, manipulation, insider trading, and related misconduct. It will be integrated into Kalshi’s trading infrastructure, with the ability to scale alongside the exchange as the asset class expands and new products and markets come online. The platform will also support the delivery of Kalshi’s trade data to the Commodity Futures Trading Commission (CFTC), in the format the agency requires, in line with Kalshi’s obligations as a CFTC-regulated exchange.
“This deal reinforces Kalshi’s commitment to market integrity,” said Max Crowley, VP of
Business Development at Kalshi. “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.”
"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," said Tony Sio, Head of Regulatory Strategy and Innovation at Nasdaq.
Kalshi bans market manipulation and insider trading and has limits on the types of markets it lists. Kalshi also completes a background check on every user before trading is permitted. Kalshi has spent years building custom prediction market trade surveillance and enforcement systems, and this agreement will put institutional-grade, 24/7 surveillance infrastructure behind its markets as trading volume continues to scale and major institutions continue to adopt prediction markets.
Nasdaq Market Surveillance is one of the most widely used market surveillance platforms globally, serving over 50 exchanges and 20 international regulators, helping to support oversight of capital market ecosystems around the world.
