Smarkets

Jason Trost, CEO of Smarkets, joins Nasdaq's Kristina Ayanian to discuss the company's move to file for CFTC DCM and DCO licenses—backed by Susquehanna, one of the world's largest quant trading firms and the lead on its Series B—and what sets a regulated prediction market apart from sports betting, options trading, or gambling. He explains what it takes to build inside the US regulatory framework, why the structural difference from a sportsbook reshapes what market surveillance is for, and why prediction markets are finally breaking through after years of hype.