Cantor Fitzgerald will open brokered access to Kalshi’s prediction markets for roughly 3,000 institutional clients, with Susquehanna International Group set to provide pricing and liquidity for block trades, the Wall Street Journal reported on Aug. 19, 2026, via KuCoin. The move gives large investors a brokered path to execute size in event contracts without relying on the retail interface.
Cantor’s block-brokerage for 3,000 institutions
The reported arrangement places Cantor between eligible institutions and Kalshi’s order book to source, price and route large trades, while Susquehanna stands up pricing and liquidity for those blocks. The client set spans hedge funds and family offices. The structure mirrors block facilitation in listed derivatives, where a broker organizes counterparties for size and a market maker anchors quotes and risk. The Wall Street Journal report, relayed by KuCoin, did not specify contract lists or minimum ticket sizes for this distribution channel.
What makes block trades possible on Kalshi
Kalshi’s rulebook opened a formal path for institutional-size dealing earlier this year. On Jan. 28, 2026, KalshiEX LLC certified amendments to Rule 5.3 with the CFTC to permit pre-execution communications and Block Trades, including request-for-quote mechanics, eligibility criteria and minimum-size thresholds, with an effective date no earlier than Feb. 12, 2026 (CFTC filing).
- Pre-execution communications permitted for arranging trades away from the central order book.
- RFQ and quotation procedures set for block execution.
- Minimum block-size thresholds defined by contract.
- Eligible counterparty requirements specified for participation.
These changes turned what had been an on-screen, smaller-size market into one that can legally accommodate negotiated size. Cantor’s brokered access slots into that rule framework rather than creating a bespoke channel.
The growing distribution stack: IBKR and Talos before Cantor
Institutional connectivity to Kalshi has expanded in stages. On May 14, Interactive Brokers added Kalshi to a unified prediction-markets interface alongside CME Group and ForecastEx, allowing eligible institutions to access Kalshi markets through the IBKR platform (press release). That addition widened distribution by making event contracts visible and tradable in a venue institutions already use to manage futures and options.
On July 22, Talos announced an integration with Kalshi that included a block-trading and RFQ interface for institutional flows, connecting event contracts to standard institutional trading tools (press release). Cantor Fitzgerald was reported to have advised Talos on aspects of the institutional build-out, including plumbing for OTC and block execution (press release).
The sequence separates roles: IBKR enables platform access, Talos supplies an RFQ and block interface inside institutional workflows, and Cantor now brokers negotiated size directly.
| Channel | Institutional role | Source |
|---|---|---|
| Cantor Fitzgerald | Brokered block and bulk trades; SIG provides pricing/liquidity | WSJ via KuCoin |
| Interactive Brokers | Platform access to Kalshi alongside CME Group and ForecastEx | IBKR release |
| Talos | RFQ and block-trading interface; institutional integration | Talos release |
Liquidity meets size: Susquehanna’s role in practice
Block execution depends on a counterparty willing to quote meaningful size at a firm price. The WSJ report said Susquehanna International Group will provide pricing and liquidity for these negotiated trades (via KuCoin). That arrangement aligns with Kalshi’s RFQ mechanism and eligibility rules set out in the CFTC filing.
Having a designated market maker to respond to RFQs bridges the minimum-size thresholds in the rulebook with actual executable quotes for institutions that prefer bilateral negotiation to screen trading.
The rule amendments were certified Jan. 28 with effectiveness no earlier than Feb. 12, 2026, setting the timetable for the brokered path Cantor is now offering (CFTC filing).
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.