Robinhood and Susquehanna Form Joint Venture to Operate CFTC-Licensed Exchange and Clearinghouse

Cravath, Swaine & Moore LLP represented Robinhood Markets, Inc. in the transaction. On November 25, 2025, Robinhood Markets, Inc. announced it is extending its prediction markets offering through a new joint venture and partnership with Susquehanna International Group to operate a CFTC‑licensed exchange and clearinghouse. Under the arrangement, Robinhood will serve as the controlling partner of the independent joint venture. The joint venture will serve Futures Commission Merchant platforms with futures and derivative products, including prediction markets, and will accelerate delivery of its services by acquiring MIAXdx. MIAXdx is a CFTC‑licensed Designated Contract Market, Derivatives Clearing Organization and Swap Execution Facility and a wholly owned subsidiary of Miami International Holdings, Inc. MIAX will remain invested in the exchange through a strategic 10% equity stake. Cravath, Swaine & Moore LLP represented Robinhood Markets, Inc. with a team composed by: Bethany A. Pfalzgraf (partner, M&A, lead); W. Peter Kim (associate, M&A); Penina Su (associate, M&A); Nathanael Ham (associate, M&A); Rohan Sagar Naik (associate, M&A); Jessica Early (associate, M&A); J. Leonard Teti II (partner, tax); Andrew T. Davis (partner, tax); Carlos Nicholas Obando (associate, tax); Jamie Hunter Lee (associate, tax); Jonathan J. Katz (partner, executive compensation and benefits); Nicholas J. Celli (associate, executive compensation and benefits); Oscar Porter (associate, executive compensation and benefits); David J. Kappos (partner, intellectual property); Callum A.F. Sproule (associate, intellectual property); and Jason Yung Liang (worked on intellectual property matters).

Robinhood and Susquehanna Form Joint Venture to Operate CFTC-Licensed Exchange and Clearinghouse

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