According to a Bloomberg report on Wednesday, major U.S. brokerages (Prime Brokers) are working to provide hedge fund clients with access to the prediction market platform Kalshi. Clear Street, valued at over $12 billion, expects to settle its first Kalshi trade by the end of March; Marex Group, valued at approximately $2.6 billion, plans to follow suit in the coming months. Thomas Texier, global head of settlement at Marex, stated that large financial institutions have strong demand for prediction markets, not only seeking returns but also using them as a tool to hedge their positions. Kalshi CEO Tarek Mansour noted that prediction markets are becoming a core pillar of the financial ecosystem, with billions of dollars flowing through them weekly. Despite the accelerating institutional adoption, Clear Street CEO Ed Tilly emphasized that the company will proceed cautiously due to ongoing disputes among U.S. state regulators regarding the characterization of sports markets and insider trading risks. (Cointelegraph)