MIAX sells 90% of derivatives exchange to Robinhood-Susquehanna venture

Miami International Holdings (NYSE: MIAX) completed the sale of 90% of its MIAX Derivatives Exchange subsidiary to a joint venture between Robinhood Markets (NASDAQ: HOOD) and Susquehanna International Group, according to a company statement. MIAX retained a 10% equity stake in the exchange.

MIAXdx operates as a Designated Contract Market and Derivatives Clearing Organization with regulatory approval from the Commodity Futures Trading Commission to list and clear fully collateralized futures, options on futures, and swaps.

"Our sale of MIAXdx reaffirms our strategy of partnering with industry leaders to accelerate our growth strategies and we're pleased to gain exposure to the growing prediction market through our retained equity stake in the exchange," said Thomas P. Gallagher, Chairman and Chief Executive Officer of MIAX.

Robinhood said the acquisition advances its investment in prediction markets. "The purchase of MIAXdx accelerates our investment in the prediction markets and improves our position to deliver a better experience for customers in this growing asset class," said JB Mackenzie, VP and GM of Futures and International at Robinhood.

MIAX operates eight exchanges across options, futures, equities and international markets. The company also owns Dorman Trading, a futures commission merchant.

The transaction details, including financial terms, were not disclosed in the announcement made January 21.

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