SEC announces application details for perpetual contracts between Kalshi and Bitnomial stocks

The US SEC has released the application details for a perpetual contract between Kalshi and Bitnomial Exchange, requiring a market value of no less than $100 billion, a daily trading volume of no less than $450 million, and over 20 million outstanding shares. The contract prohibits trading by executives and insider information holders of the target company, and the application is currently pending approval from the US CFTC. The margin ratio of Kalshi contract shall not be less than 15.5%, and the upper limit of fund rate shall be 2%. The margin ratio for Bitnomial contracts is 15.25%, settled three times a day. Both institutions are regulated by NFA.