As reported by Poker News Daily, Kalshi is adding Nasdaq’s market-surveillance tools to bolster oversight across its prediction-market platform. The exchange said the Nasdaq Market Surveillance system will work alongside Kalshi’s current monitoring setup and will apply to both event-based contracts and perpetual-style products.
Poker News Daily also reported that the integration broadens what Kalshi can examine by letting the exchange recreate trading activity in detail and flag suspicious behavior across multiple venues, instruments, and asset types. That matters in prediction markets because questionable activity may only become apparent when related trades are viewed together. For example, a participant might spread a position across connected markets, use different products to mask an approach, or try to influence pricing in one contract to benefit a separate trade.
According to Poker News Daily, the new setup is also expected to help Kalshi provide trading records to the U.S. Commodity Futures Trading Commission in the format the regulator requires. Tony Sio, Nasdaq’s head of regulatory strategy and innovation, told Poker News Daily that surveillance capabilities need to scale with the continued expansion of prediction markets.
Per Poker News Daily, the agreement lands as regulators pay closer attention to conduct in these markets. In July, the CFTC ordered former Rep. George Santos to pay $35,000 for manipulative trading tied to a Kalshi contract on whether he would attend the State of the Union. Reuters separately reported that a White House teleprompter operator is being investigated over possible trades made with advance knowledge of President Donald Trump’s remarks, adding to concerns about insider-information risks in politically linked contracts.
As Poker News Daily reported, Kalshi had already been expanding its compliance toolkit before this deal. The exchange built an in-house surveillance program called “Poirot” and had previously brought in technology from Solidus Labs. In February, Kalshi said it had opened more than 200 investigations over the prior year and frozen accounts associated with suspicious activity. Adding Nasdaq’s system gives the company another layer of analytics drawn from traditional financial-market surveillance.
According to Poker News Daily, the broader takeaway is that prediction markets may have trouble maintaining long-term credibility and liquidity if everyday traders conclude that unusual price swings are regularly driven by access to confidential information.
