Susquehanna expands prediction markets role

On June 6, 2026, Bloomberg published a video interview with Jeremy Maletz, head of macro trading and prediction markets at Susquehanna International Group, focusing on the firm’s activities on Kalshi. Maletz described Susquehanna’s business as a market‑maker in regulated event‑contract venues, with a particular emphasis on how the firm operates on Kalshi’s prediction‑market platform.

Maletz said many prediction‑market contracts remain illiquid and that trading volumes on individual contracts can be shallow. Against that backdrop, he outlined how Susquehanna steps in to quote both buy and sell prices, helping to provide two‑sided liquidity so that other participants can enter and exit positions more easily.

In the interview, Maletz also discussed how Susquehanna hedges the exposure it takes on through these event contracts. He described internal risk‑management processes designed to manage positions that arise from making markets, as well as the mechanics by which the firm monetizes this activity through spreads and trading on the platform.

According to Maletz, the relatively shallow volumes in many contracts shape how Susquehanna approaches pricing and inventory. The firm must continuously adjust quotes as new information arrives while dealing with the constraints of limited depth in order books. This environment makes risk management central to its prediction‑market operations.

Maletz highlighted that Susquehanna’s provision of two‑sided liquidity is intended to keep markets functional even when natural buyers or sellers are scarce. By standing ready to take the other side of trades, the firm facilitates price discovery on Kalshi, while using hedging strategies to control the risks associated with volatile or thinly traded contracts.

He further explained that the monetization of this business depends on the relationship between the prices at which Susquehanna buys and sells contracts and on how effectively it manages and offsets its aggregate exposure. The interview framed these activities as part of a broader effort to build out a prediction‑markets business across regulated venues.

A June 5, 2026 article from DeFiRate reported that the Rothera exchange is controlled by a joint venture between Robinhood (HOOD) and Susquehanna International Group. This structure links a major retail trading platform with a large proprietary trading and market‑making firm in the event‑contract space.

The DeFiRate report places this joint venture alongside Susquehanna’s role on Kalshi, indicating that Susquehanna is active across multiple prediction‑market venues. Control of Rothera via the Robinhood (HOOD)–Susquehanna joint venture adds another regulated exchange where Susquehanna can apply its liquidity‑provision and risk‑management approach.

DeFiRate also reported that Robinhood will route some 2026 World Cup prediction‑market contracts through Kalshi. This arrangement connects Robinhood’s user base and the Rothera joint‑venture structure with Kalshi’s regulated event‑contract marketplace, where Susquehanna is already a key liquidity provider.

DeFiRate estimated that Americans would trade more than $2.5 billion on 2026 World Cup prediction markets. Of that total, approximately $1.47 billion was projected to take place on Kalshi. These estimates suggest that a substantial share of expected volume in World Cup‑related markets could be concentrated on the venue where Susquehanna is actively making markets.

Taken together, the Bloomberg and DeFiRate reports depict a growing intersection between Susquehanna’s market‑making operations, Robinhood’s distribution channels, and regulated prediction‑market venues such as Kalshi and Rothera. The combination of liquidity provision, joint‑venture exchange control, and projected event‑driven trading volume frames why Susquehanna is building out its prediction‑markets business.