Greenlight Structures and Brokers Historic Over-the-Counter Trade on Kalshi
HOUSTON, April 27, 2026 /PRNewswire/ — Greenlight Commodities, the Houston-based CFTC-regulated Introducing Broker, today announced that it has structured, brokered, and executed the first institutional prediction market trade in history. The transaction was executed over-the-counter on the Kalshi platform between a Houston-based environmental hedge fund and Jump Trading Group, one of the world’s most sophisticated institutional liquidity providers.
The milestone marks a new phase for event contracts and prediction markets: institutional block orders are now here. These transactions can be facilitated through the same established regulatory framework used across traditional wholesale commodities markets, including NFA registration, CFTC market oversight, and execution through designated contract markets (DCMs) and derivatives clearing organizations (DCOs), like Kalshi and other regulated exchanges.
Greenlight drove this trade from concept to execution. The firm sourced both institutional counterparties, structured the contract, coordinated with the exchange, and brought the transaction across the finish line — delivering the first institutional prediction market print in market history.
“This is the shot heard round the world for institutional prediction markets. We have been saying for months that event contracts were coming to institutional scale. Today we proved it. First movers win, and today every party on this trade is a first mover,” said John Conlon, Director at Greenlight Commodities. “What we proved today is that risk touches every part of the world. Every business. Every person. And now there is a simple, pure, institutional hedge for it. There is not a single event on earth that cannot be hedged, almost perfectly, with an event contract. Today was day one.”
The firm credits Montauk Capital with recognizing the institutional opportunity in prediction markets well ahead of broader market adoption.
“Montauk identified this opportunity early and understood where the market was heading,” Conlon added. “Today’s transaction reflects that foresight and the value of backing emerging market infrastructure before consensus forms.”
The trade was structured around the outcome of the upcoming May 20, 2026 California Air Resources Board (CARB) Joint Auction #47, a quarterly auction in which companies purchase carbon allowances—permits required to emit greenhouse gases under California’s cap-and-trade program.
Rather than trading the underlying carbon allowances directly, the hedge fund used a Kalshi event contract, created and certified for this purpose, to express a view on the auction’s clearing price. The structure enabled a defined-risk position tied to a specific, measurable outcome.
On the opposite side of the transaction, Jump, a leading global liquidity provider supplied the pricing sophistication, risk management, and institutional scale required to support the inaugural trade—further validating growing professional interest in the category.
The Greenlight Commodities team — Larry Burns in New York, James Malick in Houston, and Jake Marcello in Florida — executed at the highest institutional standard from day one through final print, managing KYC, onboarding, regulatory workflow, counterparty coordination, and every operational detail a first-of-its-kind trade demands. Larry, James, and Jake did the work trades of this magnitude require, and Greenlight is first in the market because of them.
Kalshi has done the foundational work to stand up a legitimate, regulated venue for prediction markets at institutional scale, and that work made today possible. Max, Eduardo, and the Kalshi team have been true partners to Greenlight at every step.
“As more institutions seek new ways to express views, hedge exposure, and access event-driven opportunities, prediction markets are evolving into a serious component of modern market structure,” Conlon said. “This first block trade is only the beginning.”
About Greenlight Commodities
Greenlight Commodities is a CFTC-regulated Introducing Broker headquartered in Houston, Texas. The firm operates at the center of global institutional markets, with a legacy network spanning energy, environmental commodities, insurance, reinsurance, banking, fixed income, FX, equities, high-frequency and proprietary trading, and hospitality. Greenlight is part of the Montauk Capital ecosystem of companies.
SOURCE Greenlight Commodities
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