Tradeweb Markets Inc. (NASDAQ:TW), a global operator of electronic marketplaces for rates, credit, equities, and money markets, and Kalshi, a regulated prediction market, today announced a strategic partnership.

The companies will collaborate with the goal to expand institutional access to Kalshi’s prediction market data and analytics and advance market infrastructure for prediction markets trading to institutional investors through Tradeweb’s global electronic trading platform.

Tradeweb has also made a minority investment in Kalshi.

As institutional participants increasingly seek forward-looking, data-driven signals to help manage risk, prediction markets are rapidly becoming an invaluable source of signal for investors looking to navigate complex market dynamics.

Through this strategic partnership, Tradeweb aims to combine its global institutional distribution, track record of shaping institutional markets, and electronic trading capabilities with Kalshi’s real-time event-driven data and leadership in prediction markets. Together, the companies aim to integrate probabilistic, forward-looking risk signals directly into core trading workflows used by Tradeweb’s more than 3,000 institutional clients, designed to deliver greater transparency, execution efficiency, and actionable intelligence across global macro markets.

Billy Hult, CEO of Tradeweb, said:

“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. As a leading global operator of electronic marketplaces across asset classes, 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.”

As the first step in the collaboration, Tradeweb and Kalshi seek to deliver an integrated data experience that incorporates Kalshi’s real-time event probabilities and market data directly into Tradeweb’s rates and credit marketplaces, including UI, APIs, and data-download tools.

The companies plan to co-develop new institutional-grade analytics utilizing both Kalshi’s event probabilities and Tradeweb’s existing pricing, liquidity, and macro-intelligence datasets, enabling institutional participants to analyze unique market signals inclusive of new forecasting, risk management, and pricing models and incorporate them into trading strategies.

Tradeweb and Kalshi will also explore the development of an institutional-focused portal for event contracts, combining Tradeweb’s central role in macro risk trading and expertise in market design with Kalshi’s preeminent depth across macroeconomic and policy outcomes.

Leveraging Kalshi’s advanced prediction markets platform, this initiative will focus on providing access to standardized event contracts including macroeconomic releases, Fed policy, political elections, and other key policy outcomes, with Tradeweb acting as the institutional front end to this potential new marketplace.

Tarek Mansour, Co-Founder & CEO of Kalshi, said:

“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.