Key Highlights
- Kalshi enters a multi-year agreement with Nasdaq to implement advanced market surveillance technology
- The surveillance system offers real-time monitoring for market manipulation, insider trading, and abusive practices
- Implementation will cover both prediction markets and emerging perpetual-style derivative products
- Nasdaq’s surveillance infrastructure currently supports more than 50 exchanges and 20 global regulators
- The partnership follows recent high-profile cases involving alleged insider trading on the platform
CFTC-regulated prediction market exchange Kalshi has entered into a long-term partnership with Nasdaq to deploy Nasdaq’s institutional-grade market surveillance technology across its entire trading ecosystem.
JUST IN: Kalshi partners with Nasdaq to further strengthen surveillance program. Nasdaq will offer real-time trading alerts and a full surveillance suite for Kalshi available to both customers and regulators. pic.twitter.com/GLvpL94JQZ
ā Whale Insider (@WhaleInsider) August 11, 2026
Announced on August 10, 2026, the collaboration will provide Kalshi with access to surveillance infrastructure currently utilized by some of the globe’s most prominent financial exchanges.
The Rationale Behind Kalshi’s Decision
In recent months, Kalshi has experienced increased scrutiny from regulatory bodies and legislative officials. Several prominent insider trading incidents have drawn significant attention to the platform’s oversight mechanisms.
Last month, the U.S. Commodity Futures Trading Commission imposed a $35,000 penalty on former Republican Congressman George Santos for allegedly engaging in manipulative trading activities on Kalshi.
Additionally, a teleprompter operator from the White House is currently facing investigation for potentially trading on insider information through the platform. Kalshi voluntarily reported the suspicious activities in both instances to the appropriate regulatory authorities.
The platform maintains strict policies prohibiting market manipulation and insider trading. All users undergo comprehensive background verification before receiving trading privileges.
Implementation Details and Functionality
Kalshi intends to deploy Nasdaq’s surveillance infrastructure through a phased implementation approach. The system will operate in conjunction with the exchange’s current monitoring capabilities.
The surveillance infrastructure supports continuous, round-the-clock operations. Coverage will extend to both existing prediction markets and the platform’s expanding portfolio of perpetual-style derivative instruments.
A critical component of the system includes facilitating the transmission of trading data to the CFTC in compliance with regulatory specifications. As a CFTC-regulated entity, Kalshi must adhere to stringent reporting requirements.
Max Crowley, vice president of business development at Kalshi, stated that the agreement equips its markets with the identical surveillance capabilities employed by the world’s premier exchanges.
Tony Sio, head of regulatory strategy and innovation at Nasdaq, noted that prediction markets represent one of the most rapidly expanding sectors within finance and require surveillance capabilities that can scale accordingly.
Throughout this year, Kalshi has simultaneously been expanding its in-house surveillance operations. The Nasdaq collaboration complements this internal development with enterprise-level technological infrastructure.
Nasdaq’s surveillance technology ranks among the most extensively deployed systems globally. The platform currently supports operations for over 50 exchanges and provides services to 20 international regulatory organizations throughout worldwide capital markets.
This collaboration demonstrates the increasing maturation of prediction markets as a legitimate asset category. As institutional participation continues to expand, this agreement underscores the heightened compliance requirements accompanying such development.
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