Google Invests US$1 Billion in CME Group, Signs Cloud Migration Deal11 November 2021
Google has made a US$1 billion equity investment in CME Group, a diverse derivatives marketplace, and signed a 10-year strategic partnership to accelerate latter’s move to the cloud.
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.
Using Google Cloud’s fast, secure, global network, CME Group will be able to scale its infrastructure, while increasing access for more market participants, optimising costs, and helping onboard new users more easily and quickly.
With Google Cloud’s technology, CME Group will co-innovate new products, such as risk mitigation tools, analytics services, and user-centric platforms.
To help facilitate the cloud migration for CME Group, Duffy has appointed Ken Vroman to a new role as Chief Transformation Officer.
“CME Group has a century-long track record of helping investors access new markets and is known for innovation in financial markets.
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.”
said Thomas Kurian, CEO, Google Cloud.
“Through this long-term partnership with Google Cloud, CME Group will transform derivatives markets through technology, expanding access and creating efficiencies for all market participants.
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.”
said Terry Duffy, Chairman and Chief Executive Officer, CME Group.
This article first appeared on Fintech News Switzerland.
Featured Image: Edited from Unsplash
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