- Nasdaq has filed with the SEC to offer regulated binary “Outcome Related Options” for betting on event outcomes.
- The move places Nasdaq in direct competition with existing prediction platforms like Kalshi, Polymarket, and crypto.com, which are regulated by the CFTC.
- Other Wall Street giants, including ICE, CME Group, and Cboe, are also entering the rapidly growing prediction market space.
- The regulatory jurisdiction between the SEC and CFTC over these markets remains a contested issue.
Nasdaq Inc. filed early Monday to launch its first regulated prediction market, aiming to offer binary payoff options called “Outcome Related Options” according to an SEC filing. This strategic move allows traders to take yes-or-no positions on specified events, directly challenging established players.
Consequently, Nasdaq enters a space currently dominated by CFTC-regulated platforms like Kalshi and Polymarket. The explosive growth of these markets, which generate billions in weekly volume, has attracted significant institutional interest.
However, a jurisdictional debate persists over whether the SEC or CFTC should oversee prediction markets. SEC Chairman Paul Atkins acknowledged the overlap, stating “That is a huge issue we’re focused on” during discussions.
Meanwhile, other financial titans are already advancing. Intercontinental Exchange invested up to $2 billion in Polymarket last October, as The Wall Street Journal also reported similar moves by Cboe. This wave of institutional adoption signals a major shift for the prediction market industry.
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