Tradeweb Expands Kalshi Prediction Market Data, Index into Institutional Trading Workflows

Dedicated Kalshi pricing now live on Tradeweb for U.S. institutional clients

Kalshi’s American Power Index (KPOW) coming to Tradeweb in July

Tradeweb Markets Inc. (NASDAQ:TW), a global leader in electronic trading across asset classes, today announced the launch of a dedicated Kalshi pricing page on the Tradeweb platform, giving U.S. institutional clients access to key event contract data alongside the existing tools and information they use to analyze markets and manage risk.

The launch marks the first phase of Tradeweb’s previously announced strategic partnership with Kalshi and comes as investors increasingly seek additional sources of information to navigate market volatility, geopolitical uncertainty and rapidly evolving market conditions. Tradeweb is also a minority investor in Kalshi.

The new pricing page enables Tradeweb clients to monitor real-time market-implied probabilities across a range of political, economic, financial and global events directly within their existing workflows. It also allows users to build customized watchlists and monitor market expectations alongside Tradeweb’s existing data, analytics and execution capabilities.

The pricing page will also soon incorporate Kalshi’s American Power Index (KPOW), a real-time, market-implied gauge of U.S. political and policy risk. KPOW distills a variety of shifting market-implied probabilities across the presidency, the House and the Senate into a single, continuously updated signal of the macro and event risk that can move rates, credit and equity markets.

Troy Dixon, Managing Director, Co-Head of Global Markets, Tradeweb, said: "As prediction markets mature, they’ve become a real-time gauge of how investors price risk across the global economy. Our clients want access to that signal within the workflows they already use. Integrating Kalshi's data into Tradeweb places it alongside the data, analytics and execution tools clients rely on every day to manage and transfer risk."

Andy Ross, Head of Institutional, Kalshi, said: "Investors want to trade on real events, not proxies. Integrating prediction market data into one of the world's leading regulated, multi-asset institutional trading platforms is an important step toward more accurately pricing the future."

Tradeweb and Kalshi are continuing to explore adding capabilities as part of their broader partnership, including expanding access to prediction market data and integrating those insights more deeply into the Tradeweb platform. The companies plan to co-develop new institutional-grade analytics, using both Kalshi’s event probabilities and Tradeweb’s existing pricing, liquidity and macro-intelligence datasets. These analytics will allow institutional participants to analyze unique market signals including new forecasting, risk management and pricing models and incorporate them into trading strategies.

Tradeweb and Kalshi are also exploring the possibility of an institutional-focused platform for event contracts, combining Tradeweb’s central role in macro risk trading and expertise in market design with Kalshi’s preeminent depth across macroeconomic and policy outcomes.

About Tradeweb Markets

Tradeweb Markets Inc. (NASDAQ:TW) is a leading global operator of electronic marketplaces for rates, credit, equities and money markets. Founded in 1996, Tradeweb provides access to markets, data and analytics, electronic trading, straight-through-processing and reporting for more than 50 products to clients in the institutional, wholesale, retail and corporates markets. Advanced technologies developed by Tradeweb enhance price discovery, order execution and trade workflows while allowing for greater scale and helping to reduce risks in client trading operations. Tradeweb serves more than 3,000 clients in more than 85 countries. On average, Tradeweb facilitated more than $2.8 trillion in notional value traded per day over the past four fiscal quarters. For more information, please go to www.tradeweb.com.

About Kalshi

Founded in 2018, Kalshi is the world’s next-generation financial exchange. Prediction markets provide accurate, real-time information on the likelihood of events, making humanity more informed about the future. As the first regulated exchange for events, Kalshi is credited with legalizing and establishing prediction markets as a financial asset class. It’s the leading safe and regulated platform trusted by millions of individuals and a growing number of institutions in America. To learn more about Kalshi, visit www.kalshi.com.

FORWARD-LOOKING STATEMENTS

This release contains forward-looking statements within the meaning of the federal securities laws. Statements related to, among other things, our partnerships and collaborations, potential future offerings, future performance, the industry and markets in which we operate, our expectations, beliefs, plans, strategies, objectives, prospects and assumptions and future events are forward-looking statements.

We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factors, including those discussed under the heading "Risk Factors" in the documents of Tradeweb Markets Inc. on file with or furnished to the SEC, may cause our actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements contained in this release are not guarantees of future events or performance and future events, our actual results of operations, financial condition or liquidity, and the development of the industry and markets in which we operate, may differ materially from the forward-looking statements contained in this release. In addition, even if future events, our results of operations, financial condition, or liquidity, and events in the industry and markets in which we operate, are consistent with the forward-looking statements contained in this release, they may not be predictive of events, results or developments in future periods. Any forward-looking statement that we make in this release speaks only as of the date of such statement. Except as required by law, we do not undertake any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this release.

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Tradeweb Media Contacts:

Daniel Noonan

+1 646 767 4677

daniel.noonan@tradeweb.com

Savannah Steele

+1 646 767 4941

savannah.steele@tradeweb.com

Tradeweb Investor Contacts:

Ashley Serrao

+1 646 430 6027

ashley.serrao@tradeweb.com

Sameer Murukutla

+1 646 767 4864

sameer.murukutla@tradeweb.com

Kalshi Media Contacts:

Elisabeth Diana

media@kalshi.com