CME Group and Google Cloud today announced a 10-year strategic partnership to accelerate CME Group’s move to the cloud amid a wider industry overhaul of how global derivatives markets operate with technology. Google has also made a $1 billion equity investment in a new series of non-voting convertible preferred stock of CME Group.
Terry Duffy, chair and CEO of CME Group, said in a statement: “To ensure a smooth transition, we will work closely with clients to implement a phased approach. This partnership will enable CME Group to bring new products and services to market faster – all in a flexible and scalable environment that will create a wide range of opportunities for the marketplace.”
Under the agreement, CME Group will migrate its technology infrastructure to Google Cloud beginning next year with data and clearing services, and eventually moving all of its markets to the cloud. Listed benefits in a statement included: expanding access, creating real-time data and analytics capabilities; increasing efficiencies; and introducing new products and services.
“CME Group has a century-long track record of helping investors access new markets and is known for innovation in financial markets,” said Thomas Kurian, CEO of Google Cloud, in a statement. “Bringing together CME Group’s best-in-class financial talent with Google Cloud’s deep engineering expertise will help accelerate technological innovation in capital markets infrastructure.”