Event-risk markets for institutions.
Parallax lists standardized event contracts on defined real-world outcomes, quoted 0 to 100 and cash-settled to named public sources. Markets clear through uniform-price auctions, with RFQ and block workflows for size. Contracts clear on one central risk layer and expose visibility only to the roles that require it.
Designed for macro funds, multi-strategy platforms, proprietary trading firms, bank trading desks, asset managers, and market makers.
Event risk is still mostly traded indirectly.
Elections, policy decisions, macro releases, regulatory outcomes, and legal judgments can reprice portfolios quickly. Institutions usually manage these exposures through securities, options, baskets, or bespoke bilateral structures. The result is basis risk, operational complexity, and limited payoff precision.
Undefined economics
Pool-based designs can leave participants exposed to final pool composition rather than a locked execution price. Institutions require firm economics at execution: a cleared price, a standard contract, and defined settlement.
Weak controls
Open-access venues cannot meet the KYC/AML, conduct, and surveillance obligations that institutional participation requires.
No clearing backbone
OTC event trades carry bilateral counterparty credit risk. Retail venues lack segregation, portfolio margin, and default-management discipline.
From event view to cleared position.
The mechanics a PM, trader, or risk officer should expect from a Parallax market, from order entry through cleared settlement.
- 1Select a listed event contract.
Pick a listed contract on a defined real-world outcome. Every contract is quoted from 0 to 100 and cash-settled to the named source.
- 2Submit hidden limit interest during Open.
Participants route orders privately. Other participants do not see individual orders, size, or direction.
- 3The market publishes indicative price, paired volume, and imbalance.
Public market data shows where the auction is clearing and how much size is paired, without revealing who submitted it.
- 4Freeze applies risk and collar checks.
Before the clear, pre-trade credit checks, position limits, collars, and self-match prevention run against accepted orders.
- 5Accepted orders clear at a single uniform price; the position novates to the clearing layer.
One price for everyone that clears. The cleared position is fungible and sits on the central risk layer with segregation and netting.
- 6The contract resolves to the named source and cash-settles under the contract specification.
At observation, an independent Resolution Committee applies the documented source hierarchy. Positions cash-settle at 0 or 100 per the specification.
Event risk as a standardized, cleared asset class.
Parallax is designed to make event risk a first-class institutional instrument: standardized contracts, locked economics at execution, central clearing, tiered visibility, and independent governance. Disciplined in risk, credible in price formation.