Robinhood has unveiled plans to build a new regulated derivatives exchange in the United States, further strengthening its presence in the rapidly growing prediction-market segment. The company will develop the platform in partnership with Susquehanna International Group (SIG), which will act as an initial liquidity provider.
To accelerate the launch, Robinhood and SIG will acquire and integrate MIAXdx, a subsidiary of Miami International Holdings that already holds multiple licenses from the U.S. Commodity Futures Trading Commission (CFTC). MIAXdx is currently registered as a designated contract market (DCM), a derivatives clearing organization (DCO), and a swap execution facility (SEF). The acquisition gives the joint venture a fully regulated foundation from day one.
The new entity will manage the exchange, with Robinhood serving as the controlling partner. While SIG will inject liquidity into the platform early on, both companies expect additional market makers to join once the marketplace gains traction. According to the agreement, MIAX will retain a 10% stake in the new exchange. The ownership percentages of Robinhood and SIG remain undisclosed. The launch is scheduled for 2026.
The venue will support Robinhood’s own derivatives products as well as other offerings that fall under futures commission merchant (FCM) oversight — including event contracts, which Robinhood began rolling out in late 2024 before expanding the lineup in early 2025.
Robinhood emphasized that customer interest in prediction markets has surged, motivating its investment in a dedicated infrastructure.
“Customers are showing strong demand for prediction markets, and we’re excited to build on that momentum,” said J.B. Mackenzie, CEO of Futures and International at Robinhood. “These investments in our core infrastructure will help us deliver a more advanced experience and more innovative products.”
Susquehanna’s involvement is notable: the firm is already a major liquidity provider for the event-contracts platform Kalshi, an area historically constrained by limited market-maker participation. Large institutional players — including Galaxy Digital, which is reportedly exploring partnerships with Polymarket and Kalshi — are now showing increased interest in the sector.
Robinhood’s new exchange aims to capitalize on that shift, positioning the company as a major force in the next generation of regulated prediction and derivatives markets.
