Tradeweb Markets Inc., a global operator of electronic marketplaces, and Kalshi, a regulated prediction market, have announced a strategic partnership that includes a minority investment by Tradeweb, aiming to expand institutional access to Kalshi’s prediction market data, analytics, and trading infrastructure.
The collaboration seeks to integrate probabilistic, forward-looking risk signals into core trading workflows utilized by Tradeweb’s over 3,000 institutional clients. This initiative is designed to enhance transparency, execution efficiency, and actionable intelligence across global macro markets, aligning with the growing institutional demand for data-driven signals to manage risk.
Billy Hult, CEO of Tradeweb, stated, “Prediction markets are increasingly becoming a key part of the trading landscape, and have the potential to become an indicator for institutions to dynamically assess macro risk and allocate capital more effectively. Tradeweb has invested in Kalshi based on our belief that the institutional trading stack will soon evolve to pair high-quality event data with modern market structure. Together, we’re positioned to deliver prediction markets intelligence to clients and, over time, build the prediction markets trading infrastructure that meets the standards of our institutional community.”
The initial phase of the partnership will focus on delivering an integrated data experience. This involves embedding Kalshi’s real-time event probabilities and market data directly into Tradeweb’s rates and credit marketplaces, accessible via UI, APIs, and data-download tools. The companies also plan to co-develop new institutional-grade analytics, combining Kalshi’s event probabilities with Tradeweb’s existing pricing, liquidity, and macro-intelligence datasets to facilitate new forecasting, risk management, and pricing models for trading strategies.
Furthermore, Tradeweb and Kalshi will explore the creation of an institutional-focused portal for event contracts. This venture aims to leverage Kalshi’s prediction markets platform to provide access to standardized event contracts covering macroeconomic releases, Fed policy, political elections, and other key policy outcomes, with Tradeweb potentially serving as the institutional front end for this new marketplace.
Tarek Mansour, Co-Founder and CEO of Kalshi, commented on the partnership, “I witnessed the institutional demand for prediction markets firsthand ten years ago. Investors were trying to figure out how to price and manage risks related to Brexit and the upcoming election. Institutional adoption requires scale, regulation, trust, and substantial liquidity. Today, Kalshi has the scale, breadth of markets, and liquidity required to help institutions manage the risks they face. Partnering with Tradeweb will help us accelerate the adoption we are seeing.”
Tradeweb Markets Inc., founded in 1996, is a global operator of electronic marketplaces for rates, credit, equities, and money markets, facilitating over $2.6 trillion in notional value traded on average per day. Kalshi, established in 2018, is known as the world’s largest prediction market and the first regulated exchange for events, credited with legalizing prediction markets as a financial asset class.
