Federal Register #SR-KALSHIEX-2026-02

SEC Approval for Perpetual Security Futures Products Listing Standards

This opportunity centers on a regulatory approval for new financial products on a national securities exchange. - Government Buyer: - Securities and Exchange Commission (SEC) - OEMs and Vendors: - No traditional OEMs or commercial vendors; KalshiEX LLC (exchange operator), Kalshi Prime LLC (affiliate/intermediary), and Kalshi Klear LLC (clearing organization) are involved - Products/Services Requested: - Perpetual Security Futures Products (Perpetual SFPs) - Security futures contracts with no pre-specified expiration date - Based on underlying equity securities meeting strict criteria: - Minimum market capitalization: $100 billion - Estimated deliverable supply: over 20 million shares - Minimum average daily trading volume: $450 million (prior six months) - Each contract represents 100 shares, cash-settled, with daily funding payments - Minimum price fluctuation: $0.005 per share - Trading hours: 23 hours per day, Sunday evening to Friday evening ET - Unique or Notable Requirements: - Daily funding payment mechanism to align contract price with underlying security - Margin requirement: minimum 15.5% - Strict trading safeguards, position limits, and surveillance rules - Corporate actions and regulatory compliance for underlying securities - Transactions intermediated by Kalshi Prime LLC and cleared by Kalshi Klear LLC - No physical delivery; contracts are cash-settled - No procurement of physical goods or traditional services; this is a regulatory notice for financial product standards.

Description

The Securities and Exchange Commission (SEC) has approved a proposed rule change filed by KalshiEX LLC concerning listing standards for security futures products. The rule change allows KalshiEX to list perpetual security futures products (Perpetual SFPs) that convey exposure to the price of an underlying equity security without a pre-specified expiration date. The rule outlines specific requirements for underlying securities, including minimum public float, number of holders, trading volume, closing price, and market capitalization. The rule change is effective immediately and transactions will be cleared by Kalshi Klear LLC, a registered derivatives clearing organization.

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