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The CFTC Division of Data, Division of Market Oversight and
Division of Clearing and Risk (collectively, the
"Divisions") granted conditional no-action relief from
certain swap reporting and recordkeeping requirements for fully
collateralized "binary options" transactions executed by
KalshiEX LLC ("Kalshi"), a designated contract market,
and cleared by LedgerX, LLC ("LedgerX"), a derivatives
clearing organization. (A "binary option" is an option on
an event in which the purchaser of the option receives either a
fixed amount or zero, depending on whether the event occurs. It is