Cantor Fitzgerald is rolling out brokered access to Kalshi's prediction markets for roughly 3,000 institutional clients, including hedge funds and family offices. Susquehanna International Group will supply pricing and liquidity for block trades through that channel, giving the platform a new layer of institutional depth.
Brokered access and block trading
The arrangement lets Cantor's clients trade Kalshi contracts without directly navigating the exchange's retail-facing systems. Susquehanna steps in as the liquidity provider for block-sized orders, a role that typically requires a firm willing to take on large positions and quote two-sided prices.
Block trades on Kalshi were formally authorized under rule changes certified by the exchange's parent, KalshiEX LLC, with the U.S. Commodity Futures Trading Commission on Jan. 28, 2026. The amendments to Rule 5.3 permit pre-execution communications and block trades, with an effective date no earlier than Feb. 12, 2026. They also spell out minimum block-size thresholds, eligible counterparty requirements, and request-for-quote procedures.
Why the rule change mattered
Before the amendment, Kalshi's matching engine handled only smaller, continuous orders. Institutional players often need to move larger notional amounts without moving the market against themselves, which is where block trades come in. The new rules create a legal pathway for that kind of execution, and Cantor's brokered access gives its clients a direct route to use it.
Susquehanna's participation is central to the design. As the designated liquidity provider for block trades via Cantor, the firm will be responsible for quoting prices and absorbing risk on size. That's a different function from market making on an order book, and it's what makes the institutional channel viable.
A wider network of venues
Kalshi has been expanding its institutional footprint all year. Interactive Brokers added Kalshi to its platform on May 14, 2026, letting eligible institutions trade Kalshi contracts alongside offerings from CME Group and ForecastEx. That move gave Kalshi distribution through one of the largest brokerage networks in the world.
Then on July 22, 2026, Talos integrated with Kalshi, providing a block-trading and RFQ interface designed for institutional flows. Talos is known for building execution infrastructure for digital assets and traditional venues, and its integration gives buy-side firms a familiar workflow for accessing Kalshi's markets.
Cantor Fitzgerald advised Talos on aspects of the institutional build-out, including the OTC and block execution plumbing. That advisory role connects the two efforts: Cantor is both a broker opening access to its own clients and a consultant to the technology layer that other institutions will use.
The plumbing is in place
The combination of regulatory approval, Cantor's brokered access, Susquehanna's liquidity commitment, and Talos's interface means Kalshi now has the full toolkit for institutional block trading. The question is how quickly the roughly 3,000 Cantor clients take advantage of it. The rules have been effective since February, the Interactive Brokers integration went live in May, and Talos came online in July. Whether the platform sees meaningful volume from these channels in the coming months will be the first real test of the new infrastructure.
