Prime Brokers Race to Open Kalshi to Wall Street

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Brokers to hedge funds and other institutional investors are moving to give clients access to Kalshi Inc.'s event bets, a sign of the growing push to open the nascent prediction market industry to Wall Street players. Clear Street, a broker to hedge funds and sophisticated traders, is expecting to clear its first trade on Kalshi later this month and begin offering it more broadly later this year.

Why it matters

The move by prime brokers to open up access to Kalshi's prediction market platform represents a significant step in bringing these alternative investment products to a wider institutional investor base on Wall Street. As the prediction market industry continues to grow, brokers see an opportunity to provide their hedge fund and other sophisticated trader clients with new trading and risk management tools.

The details

Clear Street, a broker to hedge funds and sophisticated traders, is expecting to clear its first trade on Kalshi later this month and begin offering it more broadly later this year, according to the company's CEO Ed Tilly. The London-based broker Marex Group is also working to provide its clients access to Kalshi's event betting platform.

• Clear Street expects to clear its first Kalshi trade later this month.
• Clear Street plans to begin offering Kalshi more broadly to clients later this year.

What they’re saying