Federal Register #SR-KALSHIEX-2026-03

SEC notice on KalshiEX proposal to revise IPO listing standards for perpetual security futures

This SEC notice concerns KalshiEX LLC’s proposed changes to listing standards for perpetual security futures after certain IPOs; it is not a procurement or award. - Government entities: Securities and Exchange Commission (SEC), which published the notice; KalshiEX LLC is also registered with the Commodity Futures Trading Commission (CFTC). - Filing party: KalshiEX LLC proposed the rule change. No manufacturers, resellers, or procurement vendors are identified. - Proposal: Allow perpetual security futures on certain covered securities to qualify for listing sooner after an IPO. - For securities with less than one month of trading history, require at least 2,400,000 shares traded since the IPO. - For qualifying securities with an IPO offering-price market capitalization of at least $3 billion, waive the five-business-day share-price lookback during the first three business days after the IPO. This could allow listing from the second business day. - Other eligibility requirements would remain, including the $100 billion market-capitalization requirement and existing listing standards. - Procurement items: No products or services are requested for purchase; there are no product or service line items.

Description

KalshiEX LLC proposes changes to its listing standards for underlying securities of perpetual security futures products. The changes would allow certain covered securities to qualify for listing sooner after an IPO, including through a 2,400,000-share trading-volume threshold and a proposed waiver of the five-day price lookback period for qualifying securities. Other existing eligibility criteria would continue to apply. The proposed rule change is stated to become effective on November 19, 2026.

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