Robinhood suspends Football Championship market after CFTC request

The Commodity Futures Trading Commission has formally requested that Robinhood (HOOD) Derivatives “not permit customers to access” sports event contracts, the company said in a statement. It added, “While we continue to work with the CFTC to understand their concerns, we are suspending the rollout of the Pro Football Championship market. We have rolled this product out to roughly 1% of our customers, and for those who already placed trades, we plan on providing the option to close their positions or take them to resolution. We are disappointed by this outcome, especially given that we had been in regular communication with the CFTC about our intent and plans to offer this product. We’ve also taken steps to advocate for balanced regulation in the futures and derivatives markets, including participating directly in a CFTC roundtable, providing written feedback to the CFTC, and generally championing the economic benefits of event contracts.”