Kalshi CEO: Potential market size for institutional risk transfer bulk trading could reach $10-15 trillion Odaily Planet Daily News: Regarding the first customized commodity transaction completed on the Kalshi platform recently, Kalshi CEO Tarek Mansour stated in an article on X platform that "historically, the bottleneck of institutional risk transfer has been liquidity. The bottleneck of liquidity lies in the lack of price benchmarks for each type of related risk (such as WTI for oil). Kalshi has built a large community of top global forecasters who are at the forefront of risk pricing in the world. This enables us to provide price benchmarks for a wider range of issues faced by people and institutions. Institutions have begun to adopt these price benchmarks by incorporating them into traditional asset pricing models. Although there is still work to be done, we see that data usage cases and integrations are rapidly expanding. The next stage is to use price benchmarks to transfer risk through bulk trading and request for quotation (RFQ). This stage is still in its early stages, but it has already begun to take shape. The size of the risk transfer market for non-traditional financial targets is still difficult to estimate. The closest reference is the reinsurance market and the derivatives department of banks: reinsurance is about $700 billion; Insurance related securities and parametric insurance (such as disaster bonds) amount to approximately $120-135 billion; Bank derivatives (structured products, dealer to dealer, exotic goods, etc.) amount to approximately $200-400 billion. The current market is around 1-1.5 trillion US dollars, but most of it is illiquid and traded over-the-counter (OTC) with a single counterparty. Whenever major OTC markets shift towards exchange trading, the market experiences significant growth due to the establishment of price benchmarks, narrowing of bid ask spreads, no longer monopolized access by Wall Street elites, and the entry of new participants. Interest rate swaps increase by 10-15 times, stock options increase by 20-30 times, and energy derivatives increase by 5-8 times. The use cases of institutions in predicting the market may form a market of 10-15 trillion US dollars, with greater upside potential, depending on the degree to which they democratize products currently limited to Wall Street