Cantor Fitzgerald said Wednesday it will open block trading in event contracts to roughly 3,000 institutional clients on Kalshi, a CFTC-regulated exchange. Susquehanna International Group will provide the pricing and liquidity behind those trades.
Key Takeaways
- Cantor Fitzgerald will arrange institutional-size block trades in event contracts for about 3,000 clients as an introducing broker.
- Kalshi’s block framework lets buyers and sellers agree one price away from the exchange’s central order book.
- Susquehanna Predictions will price custom contracts for institutions hedging general market risk and bespoke industry risk.
- Cantor will run the desk inside its Global Markets division and expects to add venues beyond Kalshi.
- Neither firm disclosed minimum block sizes, fees, or how many of the 3,000 clients have signed on.
What We Know?
Cantor will act as an introducing broker, arranging and facilitating execution for clients who negotiate a single price through Kalshi’s block trading framework, away from the central order book. The firm said in its launch announcement that the business sits in its Global Markets division under co-CEOs Pascal Bandelier and Christian Wall.
Bandelier, who is also global head of equities, framed the launch as a supply-side milestone. He said in the statement:
Joe Grubb, head of business development at Susquehanna Predictions, said his firm can price and execute tailored contracts for counterparties hedging industry risk that traditional insurance markets leave unserved.
Today, Cantor announced the launch of institutional block trading in event contracts for prediction markets as an introducing broker on @Kalshi, a CFTC-regulated exchange, with Susquehanna providing institutional-scale pricing and liquidity for its prediction markets coverage.… pic.twitter.com/eDRCk8L1T8
— Cantor (@Official_Cantor) August 19, 2026
What the Off-Book Structure Changes?
Block trades matter because of where they do not happen. A 3,000 client pipeline routed through the central order book would move displayed odds on every large ticket, and that mechanic has kept size out of event contracts. Pricing away from the book lets an institution transfer risk without broadcasting the position first.
That creates a second order effect worth watching. Kalshi prices are quoted publicly as probabilities and cited widely as forecasts, so migration of large flow off-book may mean the visible price reflects less of the total risk changing hands. Anyone already trading Kalshi contracts should read screen prices as the retail order book alone.
The step extends an existing build-out. Kalshi completed its first block trade earlier this year and connected to Interactive Brokers, whose client base skews toward professional traders and hedge funds, while Coinbase entered regulated prediction markets through its own Kalshi tie-up.
What Has Not Been Disclosed
- Minimum block size and the fee structure for institutional trades?
- How many of the roughly 3,000 clients have onboarded?
- Which additional venues follow Kalshi, and on what timeline?
- Whether Susquehanna is the sole liquidity provider for Cantor’s flow?
The Bottom Line
The announcement solves a plumbing problem. Institutions could already watch Kalshi markets and follow how prediction market contracts price and resolve; what they lacked was a familiar intermediary and a way to execute size without slippage. Cantor supplies the first, Susquehanna the second, and both statements point at hedging use cases.
Whether event contracts become a genuine risk-transfer instrument depends on volume nobody has published yet. Kalshi’s institutional distribution push has run alongside its broader expansion and fundraising, and the block channel is the piece Wall Street risk desks can plug into directly. The disclosure so far establishes access. Adoption is still unmeasured.
