Announcement facts are stated as of August 19, 2026 and verified against the Cantor release text; venue, rulebook, volume and litigation facts are as of the dates cited. Several attributions are deliberately narrow. The release names Susquehanna as a leading liquidity provider and does not say it is the exclusive counterparty; the ~3,000 client figure is from press coverage rather than the release; Kalshi’s 25,000-contract block floor and fifteen-minute reporting window come from the exchange’s help centre, not from Rule 5.3, which sets no numbers. On the June 10, 2026 Knicks game, $22.4 million is the loss to all market makers before fees; Susquehanna confirmed its biggest-ever sports loss without disclosing a figure, and we do not assert it took the largest share. In the reported La Liga transaction, the €6M cover, €1.2M premium and the broker Howden come from the club’s own statement while the chain to Kalshi and Susquehanna’s role are Semafor’s reporting; the size of the Kalshi position itself is not settled. Susquehanna is not confirmed as a designated market maker on Polymarket US, CME, ForecastEx or Crypto.com, and the piece treats those venues as accessible rather than home turf.

The worked examples in section 04 are stylized: prices, sizes, hedge ratios and venue capacities are illustrative and are not quotes, observed order-book data, or descriptions of any actual position held by any firm. Hedge-quality ratings, quadrant placements, risk severities and moat assessments are Kinetic Alpha’s judgments. No misconduct is asserted against any named firm, venue or individual; the enforcement matters described are public proceedings, and an indictment is an allegation. Nothing here is legal advice, a compliance opinion, or a recommendation of any instrument, venue, strategy or firm. Event contracts are speculative instruments on which most retail participants lose money. Research and education, not investment advice.