Robinhood, Susquehanna to launch U.S. futures exchange in 2026

Robinhood Markets and Susquehanna International Group will form a joint venture to build a U.S. futures and derivatives exchange and clearinghouse, targeting a 2026 launch. 

The venture, controlled by Robinhood, will acquire a 90% stake in MIAXdx, a Commodity Futures Trading Commission (CFTC) regulated derivatives exchange and clearinghouse, from Miami International Holdings, which will retain the remaining 10%. Susquehanna will act as a day-one liquidity provider.

MIAXdx holds Designated Contract Market (DCM), Derivatives Clearing Organization (DCO) and dormant Swap Execution Facility (SEF) registrations, giving the venture trading and clearing infrastructure for futures, derivatives and event contracts.

Robinhood cites demand for event-based trading. The company reports prediction markets are its fastest-growing revenue line, with more than 9 billion contracts traded by over 1 million customers. 

Robinhood is seeing strong customer demand for prediction markets. Our investment in infrastructure will position us to deliver an even better experience and more innovative products for customers, 

said JB Mackenzie, vice president and general manager of futures and international. 

Earlier this year, Robinhood added a prediction-markets hub in its app through Robinhood Derivatives, initially covering U.S. politics, macroeconomic indicators and sports via a partnership with Kalshi. In August, the offering expanded to sports markets tied to NFL and NCAA football.

This development comes as event-based contracts face new legal challenges. A federal judge in Nevada ruled that sports betting contracts are not swaps under the Commodity Exchange Act, meaning they are not subject to CFTC oversight. 

The decision challenges the view that registration as a designated contract market preempts state gambling laws. Judge Andrew Gordon wrote that Nevada’s gaming interests could be affected if federally registered exchanges listed sports outcome contracts nationwide without complying with state rules.

The platform at the center of the case has requested a stay pending appeal. Nevada officials have signaled that they will oppose the appeal and pursue enforcement. The appellate court will consider whether the swap definition can cover outcome-based contracts. If not, operators may need to comply with state laws.

As we covered previously, S&P Dow Jones Indices said AppLovin, Robinhood, and Emcor Group added to the S&P 500, replacing MarketAxess Holdings, Caesars Entertainment, and Enphase Energy.