Robinhood and Susquehanna to Launch CFTC-Approved Futures and Derivatives Exchange in 2026

Robinhood Markets is deepening its involvement in the futures and derivatives landscape through a new joint venture with market-making giant Susquehanna International Group. The partners will acquire a 90% stake in MIAXdx, a regulated derivatives exchange and clearing organization licensed by the Commodity Futures Trading Commission (CFTC), from Miami International Holdings, which will retain a 10% minority stake.

The acquisition is expected to close in the first quarter of 2026, with the exchange beginning operations later that year. Robinhood will act as the controlling partner, while Susquehanna will serve as the day-one liquidity provider to ensure tight spreads and smooth market functioning from launch.

This strategic move is driven by the explosive growth of Robinhood's prediction markets, now its fastest-growing product line. Since partnering with Kalshi in March 2025, Robinhood has seen over one million customers trade more than nine billion contracts, underscoring massive demand for event-based trading products tied to real-world outcomes like elections, sports, macroeconomic data, and blockchain metrics.

The new exchange will operate separately from Robinhood's retail app and feature its own clearinghouse, providing direct control over infrastructure and clearing. This positions Robinhood to compete head-to-head with major incumbents such as Intercontinental Exchange, CME Group, and Cboe, who are also expanding into the prediction market space. Future infrastructure may include support for tokenized settlement or on-chain data oracles as the sector evolves.