Kalshi引入纳斯达克市场监控技术，强化合规体系
Kalshi Adds Nasdaq Market Surveillance as Compliance Push Continues to Expand
Kalshi is adding Nasdaq’s market surveillance technology to its exchange, the latest step in a broader push this year to strengthen its systems for detecting insider trading, market manipulation and other potentially abusive activity.
Kalshi正在将纳斯达克的市场监控技术引入其交易所，这是今年为加强其检测内幕交易、市场操纵和其他潜在滥用行为的系统而采取的更广泛举措中的最新一步。
Under a multi-year partnership announced Monday, Kalshi will integrate Nasdaq Market Surveillance into its trading infrastructure in phases, covering both its prediction markets and perpetual futures. The system provides real-time monitoring as well as cross-market and cross-asset surveillance, and will also support the delivery of Kalshi trade data to the Commodity Futures Trading Commission (CFTC) in the format required by the regulator.
根据周一宣布的一项多年合作伙伴关系，Kalshi将分阶段将纳斯达克市场监控整合到其交易基础设施中，涵盖其预测市场和永续合约。该系统提供实时监控以及跨市场和跨资产监控，还将支持以监管机构要求的格式向商品期货交易委员会（CFTC）提供Kalshi交易数据。
Nasdaq says its surveillance platform is used by more than 50 exchanges and 20 regulators globally. Kalshi described the technology as one part of its existing market-oversight framework rather than a replacement for its current systems, an important distinction as the company has continued adding new surveillance and compliance tools throughout 2026.
纳斯达克表示，其监控平台被全球50多家交易所和20家监管机构使用。Kalshi将该技术描述为其现有市场监督框架的一部分，而非替代其现有系统，这是一个重要的区别，因为该公司在2026年继续增加新的监控和合规工具。
“This deal reinforces Kalshi’s commitment to market integrity,” Max Crowley, Kalshi’s vice president of business development, said in Monday’s announcement. “Implementing Nasdaq Market Surveillance gives our markets the same surveillance data used by the world’s largest exchanges, and it’s built to scale with us as we grow.”
“这笔交易强化了Kalshi对市场诚信的承诺，”Kalshi业务发展副总裁Max Crowley在周一的公告中表示。“实施纳斯达克市场监控为我们的市场提供了与全球最大交易所相同的监控数据，并且它能够随着我们的成长而扩展。”
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Kalshi keeps adding surveillance tools
Kalshi持续增加监控工具
The Nasdaq agreement comes just a week after Kalshi expanded its relationship with another trade-surveillance provider. On Aug. 3, Kinetic Markets, Kalshi’s affiliated futures commission merchant (FCM), selected Solidus Labs to monitor trading activity as it prepares to serve institutional customers. Solidus has separately provided surveillance technology for KalshiEX’s event contracts since February.
纳斯达克协议达成仅一周前，Kalshi扩大了与另一家交易监控提供商的关系。8月3日，Kalshi的关联期货佣金商（FCM）Kinetic Markets选择了Solidus Labs来监控交易活动，为其服务机构客户做准备。自2月以来，Solidus已单独为KalshiEX的事件合约提供监控技术。
Kalshi brought in Solidus to augment surveillance systems it had developed internally, using the firm’s technology to detect and investigate potential market abuse across thousands of Kalshi markets. At the same time, Kalshi created an independent Surveillance Advisory Committee, appointed Robert DeNault as head of enforcement, and brought in outside experts to advise on insider trading and manipulation risks.
Kalshi引入Solidus是为了增强其内部开发的监控系统，利用该公司的技术在数千个Kalshi市场中检测和调查潜在的市场滥用行为。与此同时，Kalshi成立了一个独立的监控咨询委员会，任命Robert DeNault为执法主管，并引入外部专家就内幕交易和操纵风险提供建议。
The expansion to Kinetic extends Solidus monitoring beyond the exchange itself as Kalshi builds out infrastructure aimed at institutional participants. Kinetic Chief Compliance Officer James Hill said the company needed its compliance systems to grow alongside those capabilities.
随着Kalshi为机构参与者建设基础设施，向Kinetic的扩展使Solidus对Kalshi的监控范围超越了交易所本身。Kinetic首席合规官James Hill表示，公司需要其合规系统与这些能力同步发展。
“Extending their relationship with Kalshi to Kinetic Markets was the fastest, most credible path to surveillance that can stand up to CFTC scrutiny from day one,” Hill said in the Aug. 3 announcement.
“将他们的关系从Kalshi扩展到Kinetic Markets，是获得能够从第一天起就经受住CFTC审查的监控的最快、最可信的途径，”Hill在8月3日的公告中表示。
What Nasdaq adds to Kalshi’s surveillance stack
纳斯达克为Kalshi的监控体系增添了哪些内容
There is some overlap between Nasdaq and Solidus, but the Nasdaq agreement also explicitly extends surveillance to a part of Kalshi’s business that did not exist when it hired Solidus in February: perpetual futures. Kalshi’s earlier Solidus announcement focused on surveillance across its event contract markets, while Monday’s Nasdaq deal specifically covers both prediction markets and perps.
纳斯达克与Solidus之间存在一些重叠，但纳斯达克的协议也明确将监控范围扩展到Kalshi在2月聘请Solidus时并不存在的业务部分：永续合约。Kalshi早前关于Solidus的公告侧重于其事件合约市场的监控，而周一的纳斯达克协议则明确涵盖了预测市场和永续合约。
That distinction has become more important as perps have quickly grown into a significant source of trading activity for Kalshi. The company launched U.S. crypto perpetual futures in late May. By July 9, cumulative perp volume had reportedly reached $16.1 billion. Kalshi has since moved to expand perps beyond crypto, filing in July for CFTC approval to offer a perpetual future tied to gold, while also considering additional products tied to other metals, currencies and energy.
随着永续合约迅速成为Kalshi交易活动的重要来源，这一区别变得更加重要。该公司于5月底推出了美国加密货币永续期货。据报道，到7月9日，累计永续合约交易量已达到161亿美元。此后，Kalshi已着手将永续合约扩展到加密货币之外，于7月提交了CFTC批准申请，以提供与黄金挂钩的永续期货，同时还在考虑与其他金属、货币和能源相关的额外产品。
Nasdaq also brings broader cross-market and cross-asset surveillance capabilities as Kalshi expands beyond event contracts. Its platform can monitor order-book activity, generate automated alerts and support investigations across different products and trading venues. Kalshi has not detailed exactly how those functions will be divided between Nasdaq and Solidus, saying only in Monday’s announcement that Nasdaq will complement its existing surveillance framework.
随着Kalshi扩展到事件合约之外，纳斯达克还带来了更广泛的跨市场和跨资产监控能力。其平台可以监控订单簿活动，生成自动警报，并支持跨不同产品和交易场所的调查。Kalshi尚未详细说明这些功能将如何在纳斯达克和Solidus之间分配，仅在周一的公告中表示纳斯达克将补充其现有的监控框架。
The CFTC is also a Nasdaq surveillance customer. The regulator adopted Nasdaq Market Surveillance in August 2025, replacing an older system with technology designed to provide automated alerts, cross-market analytics and more detailed order-book analysis.
CFTC也是纳斯达克监控的客户。该监管机构于2025年8月采用了纳斯达克市场监控系统，用旨在提供自动警报、跨市场分析和更详细订单簿分析的技术取代了旧系统。
Nasdaq surveillance is not entirely new to CFTC-regulated event contracts. Nadex, which was acquired by Crypto.com in 2022, disclosed in a 2020 filing that it used Nasdaq’s SMARTS platform to monitor trading activity in real time. Nadex had offered binary event contracts for years before the acquisition.
纳斯达克监控对CFTC监管的事件合约并非全新。Nadex于2022年被Crypto.com收购，在2020年的一份文件中披露，其使用纳斯达克的SMARTS平台实时监控交易活动。在收购之前，Nadex已提供二元事件合约多年。
Kalshi also adds tools for employee trading oversight
Kalshi还增加了员工交易监督工具
Kalshi has also been building connections to compliance systems used by financial institutions to monitor their own employees. On Aug. 4, Comply announced an integration that allows firms to bring employees’ Kalshi contract activity into the same platform used to oversee trading in securities, futures and digital assets. Compliance teams can set preclearance requirements, analyze trading patterns and investigate potential violations involving material nonpublic information.
Kalshi 还在与金融机构用于监控自身员工的合规系统建立连接。8月4日，Comply 宣布了一项集成，允许公司将员工的 Kalshi 合约活动纳入用于监督证券、期货和数字资产交易的同一平台。合规团队可以设置预先审批要求、分析交易模式，并调查涉及重大非公开信息的潜在违规行为。
That followed a June partnership with StarCompliance that similarly lets financial firms monitor employee activity on Kalshi. Those integrations serve a different function from Solidus and Nasdaq: rather than policing activity across Kalshi’s exchange, they give employers tools to identify potentially problematic prediction market trading by their own personnel.
此前，6月份与 StarCompliance 的合作也类似地允许金融公司监控员工在 Kalshi 上的活动。这些集成与 Solidus 和 Nasdaq 的功能不同：它们不是监管 Kalshi 交易所上的活动，而是为雇主提供工具，以识别其员工可能存在的有问题的预测市场交易。
Recent cases put surveillance in focus
近期案例将监控置于焦点
Kalshi’s surveillance buildout comes as prediction market platforms continue to face scrutiny over insider trading and manipulation, including several recent cases involving activity on its own exchange that drew national headlines.
Kalshi 加强监控之际，预测市场平台持续面临内幕交易和操纵的审查，包括最近几起涉及该交易所活动的案件，这些案件登上了全国头条。
On July 31, the CFTC ordered former U.S. Rep. George Santos to pay $35,000 over manipulative trading in a Kalshi contract tied to whether he would attend the 2026 State of the Union. The regulator said Santos made misleading public statements about his plans while trading the market, ultimately earning more than $17,500. Kalshi had detected the activity and referred it to regulators.
7月31日，美国商品期货交易委员会（CFTC）责令前美国众议员 George Santos 支付 35,000 美元，原因是他在一个与是否出席 2026 年国情咨文相关的 Kalshi 合约中进行操纵性交易。监管机构表示，Santos 在交易该市场时对其计划做出了误导性公开声明，最终获利超过 17,500 美元。Kalshi 检测到该活动并将其移交给监管机构。
A separate case surfaced in July involving Gabriel Perez, President Donald Trump’s longtime teleprompter operator, who is under CFTC investigation for potential insider trading in Kalshi markets tied to words and phrases used during public appearances. Kalshi identified the activity through its surveillance and customer-onboarding systems and referred the matter to the agency.
另一起案件于7月浮出水面，涉及唐纳德·特朗普总统的长期提词器操作员 Gabriel Perez，他因在 Kalshi 市场上进行潜在的内幕交易而受到 CFTC 调查，这些市场与公开露面中使用的词语和短语相关。Kalshi 通过其监控和客户入职系统识别了该活动，并将此事移交给该机构。
“Our surveillance team promptly flagged and referred these trades to the CFTC after an exchange investigation,” DeNault told Reuters in July. “We have been assisting regulators on this matter and provided evidence we collected, as we do in any referral.”
“我们的监控团队在交易所调查后迅速标记并将这些交易移交给 CFTC，”DeNault 在7月对路透社表示。“我们一直在协助监管机构处理此事，并提供了我们收集的证据，就像我们在任何移交中做的那样。”
With Nasdaq’s surveillance technology, Kalshi is adding another tool to identify the kind of suspicious trading activity that has already prompted referrals to the CFTC, while extending that oversight to its growing perpetual futures business.
借助 Nasdaq 的监控技术，Kalshi 正在增加另一种工具来识别那种已经促使向 CFTC 移交的可疑交易活动，同时将这种监督扩展到其不断增长的永续合约业务。
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