Robinhood’s Joint Venture and Partnership with Susquehanna to Operate CFTC-Licensed Exchange and Clearinghouse
November 26, 2025
On November 25, 2025, Robinhood Markets, Inc. (“Robinhood”) announced it is extending its prediction markets offering through a new joint venture and partnership with Susquehanna International Group (“Susquehanna”) to operate a CFTC-licensed exchange and clearinghouse. Robinhood will serve as the controlling partner. The independent joint venture will serve Futures Commission Merchant platforms with futures and derivative products, including prediction markets. The venture will accelerate delivery of its services by acquiring MIAXdx, a CFTC-licensed Designated Contract Market, Derivatives Clearing Organization and Swap Execution Facility, and wholly-owned subsidiary of Miami International Holdings, Inc. (“MIAX”). MIAX will remain invested through a strategic 10% equity stake in the exchange. Cravath is representing Robinhood in connection with the transaction.
The Cravath team is led by partner Bethany A. Pfalzgraf and includes associates W. Peter Kim, Penina Su, Nathanael Ham, Rohan Sagar Naik and Jessica Early on M&A matters; partners J. Leonard Teti II and Andrew T. Davis and associates Carlos Nicholas Obando and Jamie Hunter Lee on tax matters; partner Jonathan J. Katz and associates Nicholas J. Celli and Oscar Porter on executive compensation and benefits matters; and partner David J. Kappos and associate Callum A.F. Sproule on intellectual property matters. Jason Yung Liang also worked on intellectual property matters.
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J.D., 2014, Columbia Law SchoolHarlan Fiske Stone Scholar
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B.A., 2010, Boston CollegeCollege of Arts and Sciences Honors Program, cum laude
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J.D., 2005, University of Virginia School of LawOrder of the Coif
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A.B., 1999, Princeton Universitywith Honors
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LL.M., 2020, New York University School of Law
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J.D., 2014, Stanford Law School
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A.B., 2010, Princeton University
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LL.M., 2013, New York University School of Law
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J.D., 2007, Benjamin N. Cardozo School of LawOrder of the Coif, Dean's Distinguished Scholar, summa cum laude
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B.S., 2003, Cornell University
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J.D., 1990, University of California, Berkeley, School of Law
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B.S., 1983, University of California, Davissumma cum laude
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