Horizon adds native Kalshi access for institutional market makers

Horizon Trading Solutions has added native connectivity to Kalshi, giving institutional clients direct access to the CFTC-regulated prediction market through its electronic trading platform. Horizon said the enhanced capability is available immediately to both existing and new clients, with market makers able to quote, trade and hedge event contracts alongside cash equities and listed derivatives.

The launch extends Horizon’s infrastructure into a market segment built around event-driven contracts, where prices reflect changing probabilities attached to real-world outcomes. For professional trading firms, that structure creates different operational demands from conventional instruments, including frequent repricing, high message traffic and risk controls that can account for exposure across venues.

Horizon said its platform is intended for market makers, liquidity providers and proprietary trading firms that need low-latency execution, high message throughput and continuous 24/7 monitoring. The company said the system also includes integrated risk management to help firms manage liquidity and exposure in event markets.

Institutional tools for event contracts

Event contracts allow participants to trade on defined outcomes, with quoted prices linked to the perceived likelihood of those outcomes. Market makers in such instruments typically need to update prices as new information changes probabilities, while also monitoring how positions relate to other contracts or hedges.

Horizon said its Kalshi connectivity is designed to address those features through probability-based quoting and cross-venue risk management. The company also said the platform supports hedging of short-dated exposures, a factor it identified as one of the challenges specific to event contracts.

Kalshi’s head of institutional business, Andy Ross, said institutional liquidity marks an important stage in the development of event markets. According to Ross, Horizon’s native connection should allow professional market makers to participate more efficiently and support liquidity across Kalshi markets.

Sylvain Thieullent, chief executive of Horizon Trading Solutions, said event-driven markets are becoming more relevant for institutional participants. He said Horizon is providing infrastructure for market makers on Kalshi that can scale with demand while addressing pricing, risk management and hedging requirements for event contracts.

The announcement places Kalshi access within Horizon’s broader electronic trading offering for capital markets. Horizon described itself as a provider of electronic trading solutions and algorithmic technology, with tools used across execution and risk functions.

Kalshi is identified by Horizon as a CFTC-regulated prediction market. The connectivity update does not change the structure of Kalshi’s contracts, but gives Horizon clients a direct technical route to interact with the venue through the firm’s trading stack.

This story draws on original reporting from Finextra Research.