Robinhood to Launch Futures and Derivatives Exchange in Partnership With Susquehanna

Highlights

• Robinhood forms a new joint venture to operate a futures and derivatives exchange and clearinghouse.
• Susquehanna International Group joins as a key partner and day-one liquidity provider.
• The venture will acquire MIAXdx, a CFTC-licensed DCM, DCO, and SEF.
• MIAX retains a 10% equity stake in the new exchange.
• Prediction markets now represent Robinhood’s fastest-growing revenue segment.
• More than 9 billion contracts traded by over 1 million customers within one year of launch.
• The new exchange is expected to begin operations in 2026 and will serve Robinhood Derivatives and additional FCMs.

Robinhood Markets, Inc. has announced a major expansion of its prediction markets and derivatives infrastructure through the creation of a new joint venture and partnership designed to operate a CFTC-licensed exchange and clearinghouse. The initiative marks a significant step in the company’s plans to broaden access to futures and derivatives products for its customer base.

New Exchange and Clearinghouse Initiative

The joint venture will operate an independent futures and derivatives exchange and clearinghouse. It will serve Futures Commission Merchant (FCM) platforms with a range of products, including futures, derivatives, and prediction markets.

Under the structure of the venture, Robinhood Markets, Inc. will act as the controlling partner. Susquehanna International Group has joined as a key partner, bringing day-one liquidity to the exchange. Additional liquidity providers are expected to join later to support execution quality across the platform.

Acquisition of CFTC-Licensed MIAXdx

To accelerate its operational timeline, the joint venture will acquire MIAXdx, a subsidiary of Miami International Holdings, Inc. MIAXdx holds licenses as a Designated Contract Market (DCM), Derivatives Clearing Organization (DCO), and Swap Execution Facility (SEF), enabling immediate readiness for regulated futures and derivatives trading.

MIAX will retain a 10% equity stake in the new exchange, maintaining a strategic interest as the platform develops.

Rapid Growth in Prediction Markets

Prediction markets have become Robinhood’s fastest-growing product category by revenue. Since launching one year ago, the offering has recorded 9 billion contracts traded by over 1 million customers.

The new institutional-grade exchange is designed to support broader consumer choice and enable faster development and deployment of additional contracts and trading services.

Operational Timeline and Market Reach

The upcoming exchange will serve Robinhood Derivatives as well as other FCMs. Operations are expected to begin in 2026. The new infrastructure aims to enhance product diversity and support the continued growth of futures and prediction market trading across Robinhood’s customer base.

About Robinhood Markets, Inc.

Robinhood Markets, Inc. (NASDAQ:HOOD) provides commission-free trading and access to financial markets for millions of customers. Its platform enables users to trade stocks, options, futures—including event contracts—and cryptocurrencies. Robinhood also offers retirement investing, interest-earning opportunities through Robinhood Gold, and professionally managed portfolios via Robinhood Strategies.