Robinhood and Susquehanna International Group are joining forces to create their own futures and derivatives exchange, along with a clearinghouse. They plan to build the new business after buying a 90 percent stake in LedgerX, a licensed and CFTC regulated platform that was once owned by Miami International Holdings. The price of the deal was not shared, and the new exchange is expected to begin trading in 2026.

As part of the agreement, Robinhood will take the lead role in the partnership. The company will provide access to its large base of retail customers and help drive distribution for the new exchange. A press statement said this structure will give the joint venture a strong start as it works toward building a wider presence in the futures and prediction markets space.

Susquehanna to Supply Key Liquidity for Launch

Susquehanna International Group, known for its long history as a top market maker, will serve as a major liquidity provider from the first day of trading. The companies said other liquidity partners will be added as the venture grows. With Susquehanna’s involvement, the exchange is expected to have solid trading volume and stable pricing from the start.

JB Mackenzie, Robinhood’s vice president and general manager for futures and international operations, said customer interest in prediction markets has grown rapidly. He noted that Robinhood’s investment in new infrastructure will help the company offer a better trading experience and create more innovative financial products for users.

Existing Links to Kalshi Highlight Competitive Shift

Robinhood and Susquehanna already have established ties with Kalshi, one of the main companies operating in the US prediction market industry. Robinhood currently offers Kalshi contracts to its retail clients, while Susquehanna acts as a market maker for Kalshi products. Their new joint venture means the companies are now preparing to compete directly in the same market they previously supported.

The timing of the announcement comes shortly after a federal judge in Nevada overturned an earlier ruling that allowed Robinhood and Kalshi to offer sports related prediction contracts in the state. The reversal has raised new questions about how prediction markets will be regulated in the future.

Prediction Markets Drive Robinhood’s Fastest Growth

Despite the uncertainty, Robinhood says prediction markets have become its fastest growing product line by revenue. The company reported that more than nine billion contracts have been traded by over one million customers in the year since the product launched. 

Robinhood stated that creating a strong, institutional grade exchange will give traders more options and allow the company to roll out new contracts and services more quickly. The joint venture marks a major step in Robinhood’s efforts to expand further into the futures, derivatives and prediction market sectors.