Google and CME Group announced a 10-year partnership that will see the futures exchange operator transition to Google’s cloud platform.
The financial sector is an increasingly lucrative field for cloud operators, with AWS, Microsoft and Google competing for advantage. Under the terms of the deal, CME will accelerate its move to the cloud, adopting Google’s platform and giving the number three cloud provider a big win.
“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,” said Terry Duffy, Chairman and Chief Executive Officer, CME Group. “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.”
Google also announced it has made a $1 billion equity investment in CME Group.
“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, Google Cloud. “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.”