Kalshi Nasdaq surveillance deal will add Nasdaq’s market surveillance platform to the event contracts exchange under a multi-year agreement announced on Monday.
Kalshi said it will roll out the system in phases beside its current surveillance setup. The platform will cover prediction markets and the perpetual-style derivatives that Kalshi is adding. Meanwhile, the same Nasdaq system already runs at the Commodity Futures Trading Commission.
The companies said the combined setup aims to spot manipulation and insider trading in real time. It will also send trade data to the CFTC in the format the agency requires. For brokers that route event contracts, that changes the reporting path because Kalshi and the CFTC will use the same engine for alerts.
Tony Sio, Nasdaq’s head of regulatory strategy and innovation, said prediction markets need surveillance tools that can keep up with their pace. However, neither company gave the value of the deal or a timeline for each phase.
Kalshi Nasdaq Surveillance Deal Adds to Existing Tools
The Nasdaq platform will sit on top of the Solidus Labs system that has monitored Kalshi since February. Kalshi also extended that coverage to Kinetic Markets, its futures commission merchant, on August 3. As a result, the Nasdaq agreement marks the fourth surveillance arrangement Kalshi has announced this year.
Kalshi also signed StarCompliance in June and Comply on August 4. Those deals send Kalshi trade data into software that employers use to monitor staff trading. Comply says its platform serves more than 5,000 firms.
CFTC Already Uses the Same System
The CFTC said in August 2025 that it was deploying Nasdaq Market Surveillance. The agency said the move would replace a system from the 1990s and add automated alerts and cross-market analytics. Additionally, Nasdaq said its surveillance technology runs at more than 50 exchanges and 20 international regulators.
Nasdaq also said it added AI to its investigation workflow in late 2025. That change automated steps that investigators had previously done by hand.
Kalshi has kept enforcement in-house, according to the source article, and uses outside tools to support that work. It says it bans manipulation and insider trading, and it referred both cases that surfaced this year to regulators itself.
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Source: Finance Magnates
