Prime brokers push Wall Street access to prediction markets: Report
Clear Street and Marex Group are planning to offer prediction markets to clients, with Kalshi’s CEO tipping it to become a “core pillar of the financial ecosystem.”
US-based prime brokers, financial institutions that provide services to hedge funds, are reportedly working to give their clients access to Kalshi’s event bets, with prediction markets booming over the past year.
According to a report from Bloomberg on Wednesday, executives from both Clear Street and Marex Group Plc confirmed that their firms expect to open up access to Kalshi’s prediction markets in the near future.
Clear Street, which is valued at over $12 billion, is expected to be the first of the two to make the jump, with CEO Ed Tilly stating that the firm expects its first Kalshi trade to clear in late March. Marex, valued at around $2.6 billion, plans to follow suit in the next few months.