Why Susquehanna Is Building a Prediction Markets Business
Odd Lots
Bloomberg
4.5 • 2K Ratings
🗓️ 6 June 2026
⏱️ 35 minutes
🧾️ Download transcript
Summary
Prediction markets that enable you to bet on pretty much everything are everywhere nowadays. But there's still a big question over whether they can expand to include larger institutional investors like hedge funds. Part of the problem is that a lot of prediction market contracts are illiquid and trading volumes can sometimes be shallow. That's where trading firm Susquehanna International Group comes in. In this episode, recorded live at New York's City Winery, we talk to Jeremy Maletz, Susquehanna's head of macro trading and prediction markets, about the firm's market-making business with Kalshi. We talk about how big investors could use prediction markets, what Susquehanna is seeing in terms of flows, how a market-maker hedges risk on these contracts, and how it makes money from them.
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Transcript
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| 0:00.0 | Oddlots is brought to you by Vanek. For years, investors basically forgot about real assets, |
| 0:05.3 | energy, gold, and infrastructure. But look at what's driving markets now. Central banks loading up |
| 0:10.5 | on gold, massive capex cycles, currencies doing weird things, these assets are at the center of it. |
| 0:17.1 | RACS, the Vanek Real Assets ETF is an actively managed one-stop shop for real assets, |
| 0:22.6 | spanning gold, commodities, natural resource equities, and more. |
| 0:26.1 | Go to vanek.com slash RAAX pod to learn more. |
| 0:30.8 | Fun disclosures later in this episode. |
| 0:33.8 | Some follow the noise. |
| 0:36.3 | Bloomberg follows the money. |
| 0:38.5 | Because behind every headline is a bottom line. |
| 0:42.3 | Whether it's the funds fueling AI or crypto's trillion dollar swings, |
| 0:46.9 | there's a money side to every story. |
| 0:49.6 | And when you see the money side, you understand what others miss. |
| 0:53.9 | Get the money side of the story. |
| 0:56.0 | Subscribe now at Bloomberg.com. |
| 1:03.2 | Bloomberg Audio Studios, Podcasts Radio News. |
| 1:08.1 | Music Radio News. |
| 1:22.1 | Hello and welcome to another episode of the Odd Lots podcast. |
| 1:23.5 | I'm Jill Wisenthall. |
| 1:24.6 | And I'm Tracy Allaway. |
| 1:32.0 | So, Tracy, we're still rolling out shows from our live show on May 28th in New York City at City Winery. |
| 1:41.3 | As we discussed in our last episode from the show, it had a sort of future of markets, future of trading theme to the night's conversation. Right. And if you're talking about future of markets and trading, |
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