Robinhood Markets has announced a new joint venture with Susquehanna International Group to launch a dedicated prediction markets exchange and clearinghouse in the United States.
The venture will operate a CFTC-licensed futures and derivatives venue. This gives Robinhood customers access to fully regulated event contracts tied to politics, macroeconomic data, sports, and other real-world outcomes.
Joint Venture Structure and MIAXdx Acquisition
Under the agreement, Robinhood Markets will serve as the controlling partner of an independent exchange entity. Additionally, Susquehanna will act as a “day-one” liquidity provider and key market-making partner.
To accelerate regulatory readiness, the venture will acquire 90% of MIAXdx owned by Miami International Holdings. The company already holds CFTC approvals as a Designated Contract Market (DCM), Derivatives Clearing Organization (DCO), and Swap Execution Facility (SEF). Miami International Holdings will retain a 10% equity stake, giving it continued exposure to the growth of prediction-based futures trading.
MIAXdx previously cleared and listed derivative products, including contracts inherited from LedgerX after the collapse of FTX. Integrating that infrastructure allows Robinhood Markets and Susquehanna to bypass a lengthy licensing process. It also enables them to move more quickly toward launching new event-driven derivatives.
The transaction plans to close in the first quarter of 2026, pending standard regulatory and closing conditions.
Robinhood Expands Prediction Markets Offering
Prediction markets have become Robinhood’s fastest-growing product line by revenue, with more than 9 billion event contracts traded by over 1 million customers in the first year since launch. Currently, Robinhood offers access to Kalshi’s CFTC-regulated event contracts. The new joint venture aims to complement that partnership by giving Robinhood direct control over listing, clearing, and risk management for its own suite of prediction products.
Once live, the exchange will list fully collateralized futures and options linked to outcomes such as election results, Federal Reserve decisions, inflation readings, and major sports events. Susquehanna, one of the world’s largest proprietary trading and options market-making firms, will provide continuous liquidity, with additional market makers expected to join later. This structure aims to keep spreads tight and support institutional-scale trading volumes alongside retail order flow.
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